Dienstag,
26.01.2021 22:10
von
PR Newswire
| Aufrufe: 173
Varian Reports Results for First Quarter of Fiscal Year 2021
Ein Arzt nutzt ein Tablet (Symbolbild).
© nito100 / iStock / Getty Images Plus / Getty Images
http://www.gettyimages.de/
PR Newswire
PALO ALTO, Calif., Jan. 26, 2021
PALO ALTO, Calif., Jan. 26, 2021 /PRNewswire/ --
First Quarter 2021 Summary
- Oncology Systems gross orders grew 2% in dollars or 1% in constant currency in the quarter; trailing twelve months gross orders down 5% in dollars or 6% in constant currency
- 13 EthosTM orders received, including 8 in the Americas, 4 in EMEA, and 1 in Asia-Pacific
- 1 Proton order awarded in China
- Total company revenues down 6% in dollars, or 8% in constant currency, to $779 million
- GAAP operating earnings grew 7% at 15.1% of revenues; non-GAAP operating earnings grew 1% at 17.5% of revenues
- GAAP net earnings per diluted share of $1.05; non-GAAP net earnings per diluted share of $1.14
- Cash flows from operations of $141 million, up 26%
| All growth rates are year-over-year. Any reference to dollars is US dollars. |
Varian (NYSE: VAR) today announced its first quarter fiscal year 2021 results.
"I am pleased with our solid start to the fiscal year, especially given the current global landscape due to the pandemic. Our performance in the quarter reflects the unwavering focus of our employees to deliver critical cancer care solutions for our customers," said Dow Wilson, Chief Executive Officer of Varian. "Our long-term fundamentals remain strong and we are excited about the opportunity to shape the future of cancer care with the pending combination with Siemens Healthineers."
As previously announced on August 2, 2020, Varian entered into a definitive agreement to combine with Siemens Healthineers AG (Frankfurt: SHL) in an all-cash transaction valued at $16.4 billion on a fully diluted basis. On October 15, 2020, Varian's stockholders voted in favor of the proposal to adopt the merger agreement with Siemens Healthineers. The transaction is expected to close in the first half of calendar year 2021, subject to regulatory approvals and other customary closing conditions.
Summary
| (Dollars and shares in millions, except per share amounts) | Q1 2021 | | Q1 2020 | | Y/Y | |||||
| Revenues | $ | 778.8 | | | $ | 828.9 | | | (6) | % |
| Gross margin as a percentage of revenues | 46.1 | % | | 44.2 | % | | 190 bps | |||
| GAAP net earnings attributable to Varian | $ | 96.5 | | | $ | 88.2 | | | 9 | % |
| GAAP net earnings per share - diluted | $ | 1.05 | | | $ | 0.96 | | | 9 | % |
| Net cash provided by operating activities | $ | 141.4 | | | $ | 112.6 | | | 26 | % |
| Non-GAAP net earnings attributable to Varian (1) | $ | 105.3 | | | $ | 106.6 | | | (1) | % |
| Non-GAAP net earnings per share - diluted (1) | $ | 1.14 | | | $ | 1.16 | | | (2) | % |
| Shares used in computing GAAP and non-GAAP net earnings per diluted share | 92.2 | | | 91.7 | | | | |||
| | |
| (1) | Non-GAAP net earnings and non-GAAP net earnings per diluted share are defined as GAAP net earnings and GAAP net earnings per diluted share adjusted to exclude the amortization of intangible assets and amortization of inventory step-up, acquisition and integration-related expenses or benefits and in-process research and development, impairment charges, restructuring charges, significant litigation charges or benefits, legal costs, gains and losses on equity investments, and significant non-recurring tax expense or benefits. Reconciliation of GAAP and non-GAAP financial measures can be found at the end of the press release. |
The company ended the quarter with $773 million in cash and cash equivalents and $210 million in debt. Net cash provided by operating activities was $141 million in the quarter.
Oncology Systems Segment
Oncology Systems revenues totaled $744 million, down 5%. Gross orders were $789 million, up 2%. Gross orders in the Americas were down 4%, with flat growth in North America. In EMEA, gross orders grew 21%. In Asia-Pacific, gross orders were down 12%.
Proton Solutions Segment
Proton Solutions revenues totaled $26 million, down 7%. The company received one new system order in the quarter.
Other Segment
Revenues for the Other segment were $9 million, down 54%. The Other segment is comprised of the Interventional Solutions business, including cryoablation, embolic microspheres, and microwave ablation. Additionally, it includes investments in cardiac radioablation.
Non-GAAP Adjustments
This quarter, our GAAP net earnings and GAAP EPS included a $9.4 million benefit from change in fair value from our public equity investments and $4.9 million in costs related to the proposed acquisition by Siemens Healthineers. As a reminder, in the first quarter of fiscal year 2020, GAAP net earnings and GAAP EPS included a charge of $8.8 million for a change in the fair value of contingent consideration.
Investor Conference Call
In light of the pending transaction with Siemens Healthineers, Varian will not be hosting a conference call for its first quarter of fiscal year 2021 earnings.
About Varian
At Varian, we envision a world without fear of cancer. For more than 70 years, we have developed, built and delivered innovative cancer care technologies and solutions for our clinical partners around the globe to help them treat millions of patients each year. With an Intelligent Cancer Care approach, we are harnessing advanced technologies like artificial intelligence, machine learning and data analytics to enhance cancer treatment and expand access to care. Our 10,000 employees across 70 locations keep the patient and our clinical partners at the center of our thinking as we power new victories in cancer care. Because, for cancer patients everywhere, their fight is our fight. For more information, visit http://www.varian.com and follow @VarianMedSys on Twitter.
Forward-Looking Statements
Except for historical information, this news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements concerning the timing of the company's acquisition by Siemens Healthineers; the company's long-term growth and value creation strategies future orders, backlog, liquidity, capital allocation priorities, and the continued impact of the COVID-19 pandemic on our business; and any statements using the terms "could," "believe," "expect," "promising," "outlook," "should," "well-positioned," "will" or similar statements are forward-looking statements that involve risks and uncertainties that could cause the company's actual results to differ materially from those anticipated. Such risks and uncertainties include the continuing impact of the COVID-19 pandemic on our business, including but not limited to, the impact on our workforce, operations, supply chain, demand for our products and services, and our financial results and condition; our ability to successfully manage the challenges associated with the COVID-19 pandemic; our ability to achieve expected synergies from acquisitions; risks associated with integrating recent acquisitions; global economic conditions and changes to trends for cancer treatment regionally; currency exchange rates and tax rates; the impact of the Tax Cuts and Jobs Act; the impact of the Affordable Health Care for America Act (including excise taxes on medical devices) and any further healthcare reforms (including changes to Medicare and Medicaid), and/or changes in third-party reimbursement levels; recent and potential future tariffs, cross-border trade restrictions or a global trade war; demand for and delays in delivery of the company's products; the company's ability to develop, commercialize and deploy new products; the company's ability to meet Food and Drug Administration (FDA) and other regulatory requirements, regulations or procedures; changes in regulatory environments; risks associated with the company providing financing for the construction and start-up operations of particle therapy centers, challenges associated with commercializing the company's Proton Solutions business; challenges to public tender awards and the loss of such awards or other orders; the effect of adverse publicity; the company's reliance on sole or limited-source suppliers; the company's ability to maintain or increase margins; the impact of competitive products and pricing; the potential loss of key distributors or key personnel; challenges related to entering into new business lines; the occurrence of any event, change or other circumstances that could give rise to the termination of the merger agreement with Siemens Healthineers; the failure to obtain certain required regulatory approvals or the failure to satisfy any of the other closing conditions to the completion of the merger; risks related to disruption of management's attention from the company's ongoing business operations due to the merger; the effect of the announcement of the merger on the ability of the company to retain and hire key personnel and maintain relationships with its customers, suppliers, distributors and others with whom it does business, or on its operating results and business generally; the ability to meet expectations regarding the timing and completion of the merger; and the other risks listed from time to time in the company's filings with the Securities and Exchange Commission, which by this reference are incorporated herein. For additional information concerning factors that could cause actual results and events to differ materially from those projected herein, please refer to our Form 10-K for the year ended October 2, 2020 and subsequent Forms 8-K and 10-Q filed with the Securities and Exchange Commission. The company assumes no obligation to update or revise the forward-looking statements in this release because of new information, future events, or otherwise.
Varian has not filed its Form 10-Q for the quarter ended January 1, 2021. As a result, all financial results described here should be considered preliminary, and are subject to change to reflect any necessary adjustments, completion of purchase accounting, or changes in accounting estimates, that are identified prior to the time the company files the Form 10-Q.
| Varian Medical Systems, Inc. and Subsidiaries | ||||||||
| Preliminary Condensed Consolidated Statements of Earnings | ||||||||
| (Unaudited) | ||||||||
| | | | | | ||||
| (Dollars and shares in millions, except per share amounts) | | Q1 2021 | | Q1 2020 | ||||
| Gross orders | | $ | 853.7 | | | $ | 818.6 | |
| Oncology Systems | | 789.4 | | | 773.8 | | ||
| Proton Solutions | | 55.6 | | | 25.9 | | ||
| Other | | 8.7 | | | 18.9 | | ||
| Order backlog | | 3,381.7 | | | 3,305.3 | | ||
| Revenues Werbung Mehr Nachrichten zur Varian Medical Systems Aktie kostenlos abonnieren
E-Mail-Adresse
Bitte überprüfe deine die E-Mail-Adresse.
Benachrichtigungen von ARIVA.DE (Mit der Bestellung akzeptierst du die Datenschutzhinweise) -1  Vielen Dank, dass du dich für unseren Newsletter angemeldet hast. Du erhältst in Kürze eine E-Mail mit einem Aktivierungslink. Hinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Andere Nutzer interessierten sich auch für folgende News
27.04.24 - wallstreet:online ...
| ||||||||
