Varex Imaging reports Q4 EPS 19c, consensus 9c

Reports Q4 revenue $205.7M, consensus $199.4M. CEO Sunny Sanyal stated, “Revenue of $206 million in the fourth quarter of fiscal year 2024 was at the high-end of our guidance range, driven by strength in our Industrial segment. Cash generation in the quarter was solid, ending the fiscal year with $213 million of cash and marketable securities on the balance sheet. Varex’s revenues in the fourth quarter decreased 10% year-over-year. Medical segment revenue of $144 million was down 12% year-over-year. Industrial revenue of $61 million declined 4% year-over-year. Non-GAAP gross margin was 33% percent in the current quarter compared to 36% in the fourth quarter of fiscal year 2023. Non-GAAP EPS decreased to $0.19 in the current quarter from $0.45 in the fourth quarter of fiscal year 2023. Fiscal 2024 was a year of promising technological achievements. We made substantial progress in advancing innovative technologies like photon counting and nanotubes into applications development and commercialization phases. In our Industrial segment we have taken initial steps to expand into the significant and rapidly growing cargo systems vertical.”