Varex Imaging Corporation (NASDAQ:VREX) Q3 2020 Earnings Conference Call - Final Transcript

Aug 12, 2020 • 05:00 pm ET


Varex Imaging Corporation (NASDAQ:VREX) Q3 2020 Earnings Conference Call - Final Transcript


Loading Event

Loading Transcript


Greetings, and welcome to the 3Q FY '20 Earnings Conference Call. At this time, all participants are in a listen-only mode. A question-and-answer session will follow the formal presentation. [Operator Instructions]

I would now like to turn the conference over to your host, Mr. Howard Goldman, Director of Investor Relations. Thank you. You may begin.

Howard Goldman

Good afternoon, and welcome to Varex Imaging Corporation's earnings conference call for the third quarter of fiscal year 2020. With me today are Sunny Sanyal, our President and CEO; Sam Maheshwari, our new CFO; and Clarence Verhoef, our retiring CFO.

To simplify our discussion, unless otherwise stated, all references to the quarter are for the third quarter of fiscal year 2020. Unless otherwise stated, comparisons are to the same quarter of the prior year.

On today's call, we will discuss certain non-GAAP financial measures. These non-GAAP measures are not presented in accordance with, nor are they a substitute for GAAP financial measures. We provided a reconciliation of each non-GAAP financial measure to the most directly comparable GAAP financial measure in our earnings press release, which is posted on our website.

Please be advised that during this call, we will be making forward-looking statements, which are predictions or projections about future events. These statements are based on current expectations and assumptions that are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated. Risks relating to our business are described in our quarterly earnings release and our filings with the SEC. Additional information concerning factors that could cause actual results to materially differ from those anticipated is contained in our SEC filings, including Item 1A Risk Factors of our quarterly reports on Form 10-Q and our annual report on Form 10-K. The information in this discussion speaks as of today's date, and we assume no obligation to update or revise these forward-looking statements in this discussion.

And now I'll turn the call over to Sunny.

Sunny Sanyal

Thank you, Howard. Good afternoon, everyone, and welcome. Before we begin, it's my pleasure to introduce you to our new CFO, Sam Maheshwari. Sam brings to us more than 20 years of experience in finance with private and public high tech companies. And this experience will be instrumental in leading Verax into our next stage of growth. Sam will have some remarks today before we get into the Q&A.

Also here with us is Clarence Verhoef, who's been our CFO up to this point. On behalf of everyone at Varex, I want to thank him for his service during the past 15 years, and particularly for his leadership during the spin-off of Varex and in getting us established as an independent public company. We wish Clarence all the best in his retirement.

The COVID-19 pandemic began to impact our business in the second quarter of this year, and it began as a shift in mix largely between our Medical and Industrial segments, along with a bubble of demand in certain areas of Medical such as CT