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$VAR 2Q15 10-Q: At April 3, 2015 (vs. at Sept. 26, 2014): Cash & cash equivalents were $862.2MM vs. $849.3MM. Inventories were $651.8MM vs. $572.3MM. Goodwill was $232.6MM vs. $240.6MM. The Company had $2MM of in-process R&D assets. The outstanding fixed fees and license fees commitments for the Siemens agreement were $5MM & $12MM, respectively.
Medical devices maker $VAR said it received ANVISA registration for its cancer treatment device Halcyon in Brazil. The registration allows the company to market the new system in the Latin American country. Halcyon is designed to simplify operations and save time without compromising on quality.
Healthcare firm $VAR appointed Michael Bruff as VP of Investor Relations, effective August 7, 2017. He replaces Spencer Sias, who retired in June. Most recently, Bruff served Dell, Inc. as SVP of North America Sales Strategy & Planning. Earlier, he held the posts of SVP and CFO of Dell's Asia Pacific and Japan Commercial Business.
$VAR reported that a patient was treated with its HyperArc High Definition Radiotherapy, a new radiosurgery treatment, for the first time at Sacro Cuore Don Calabria Cancer Care Centre in Italy. The clinicians can now deliver more compact radiation doses on the tumors and healthy tissues are spared. HyperArc has CE mark and FDA 510(k) clearance.
Medical devices company $VAR has entered into a strategic collaboration with PetCure Oncology for the treatment of pets suffering from cancer. Under the partnership, Varian's software suite will be deployed across PetCure's veterinary cancer care centers. PetCure will acquire six Varian Halcyon treatment systems for use in select sites in the US.
$VAR begins advanced breast cancer treatments using Edge radiosurgery system in combination with respiratory gating. The Edge radiosurgery system enables clinicians to attack tumors from outside the body using carefully shaped high-energy X-rays.
$VAR said it received FDA clearance for its cancer treatment device Halcyon, which enhances image-guided volumetric intensity modulated radiotherapy. The system is designed to accelerate installation timeframes, expedite commissioning and automate treatment.
$VAR said it is working with Sify Technologies to provide software-as-a-service (SaaS) to radiotherapy centers across India. The innovative service is being implemented as part of a multi-million dollar investment in treatment equipment and software across Cancer Treatment Services International network of cancer hospitals in India and South Asia.
$VAR said it has been selected through its distributor, Business Alignment, to supply and install a Varian ProBeam Compact single-room proton therapy system in the oncology center at King Chulalongkorn Memorial Hospital in Bangkok, Thailand. First patient treatments are expected to start in 2H19. $VAR is booking order for equipment in 3Q17.
$VAR selected by Proton International to install $VAR ProBeam Compact single-room proton therapy system in a new cancer treatment center on the campus of the Delray Medical Center in Delray Beach, Florida. $VAR is partnering with Proton International for the installations, and first patient treatments are expected to start in Spring 2019.
For 2017, $VAR now expects revenue growth of 2-4%, and EPS of $3.56-3.64, which includes the $0.34 impairment of proton account receivables in 1Q. For second through fourth quarters of FY17, $VAR sees revenue growth of 3-5% and EPS of $2.98-3.06. For 3Q17, $VAR sees revenue growth of about 3% and non-GAAP EPS of of $0.92-0.96.
$VAR reported a drop in 2Q17 earnings due to higher operating expenses and charges from completion of spin-off of Imaging Components business. Net income fell to $56.1MM or $0.60 per share from $97MM or $1.01 per share last year. Revenue grew to $655MM from $615.2MM. Non-GAAP EPS increased to $0.89 from $0.87.
$VAR reached a confidential settlement with Elekta to end its ongoing patent litigation involving technology used for radiation oncology and the treatment of cancer. $VAR and Elekta resolved the disputes in the US, Germany, and the UK, including the suit by Elekta AB and William Beaumont Hospital, with no payments exchanged by the plaintiffs.
$VAR appointed two persons to its BoD, effective March 1, 2017. They are Jose Baselga, Physician-in-Chief at Memorial Sloan Kettering Cancer Center, and Jean-Luc Butel, Senior Adviser to McKinsey Healthcare Practice. They will serve until their re-election or their successors are elected at the next annual meeting of stockholders in 2018.