Varex Imaging Reports Mixed FY24 Results Amid Expansion

Varex Imaging Corporation ( (VREX) ) has released its Q4 earnings. Here is a breakdown of the information Varex Imaging Corporation presented to its investors.

Varex Imaging Corporation is a leading company specializing in the innovation, design, and manufacture of X-ray imaging components used in medical, industrial, and security imaging applications. With a history spanning over 70 years, Varex’s products are integral to systems that detect, diagnose, protect, and inspect globally.

Varex Imaging Corporation recently reported its financial results for the fourth quarter and fiscal year 2024, showcasing a mixed performance. The company achieved revenues of $206 million in the fourth quarter, which was at the high end of its guidance, largely driven by its Industrial segment. However, the company faced challenges with a year-over-year revenue decline.

Key highlights from the earnings report include a 10% decrease in quarterly revenues compared to the previous year, with specific declines in both the Medical and Industrial segments. The company’s non-GAAP net earnings per diluted share for the fourth quarter was $0.19, a significant drop from $0.45 the previous year. Despite these challenges, Varex ended the fiscal year with a solid cash position of $213 million.

The company has made notable progress in technological advancements, particularly in photon counting and nanotube technologies. Additionally, Varex is expanding into the promising cargo systems vertical within its Industrial segment, indicating strategic growth initiatives.

Looking ahead, Varex Imaging Corporation expects revenues between $195 million and $215 million for the first quarter of fiscal year 2025. The company’s management remains focused on technological advancements and strategic expansions, positioning Varex to navigate future challenges and opportunities in the imaging component industry.