Varian Medical Systems, the Palo Alto-based maker of oncology and X-ray equipment, announced first quarter net earnings were down 1 percent from last year.
Revenues for the quarter were $625 million, up 8 percent from the same period a year ago, but net earnings were still down, according to a company press release.
Varian’s oncology services dominated its line of business, accounting for $488 million in first quarter revenue, followed by x-ray services at $113 million.
"While we met our guidance for net earnings and revenues, this was a challenging quarter for the company in a variety of ways," says Tim Guertin, president and CEO of Varian Medical Systems, according to the release. "We experienced order push outs in our North American oncology business and X-Ray Product orders and sales were hurt by inventory adjustments by our customers in Japan.”