Varian Medical Systems is reporting "healthy" growth in revenue and net orders for the second quarter of fiscal year 2012. The company generated $720 million in revenues during the quarter, up 11 percent from the prior-year period, and ended the period with a $2.7 billion backlog, up 18 percent from the same point in fiscal year 2011.
Net earnings of $0.94 per diluted share are up 9 percent from $0.86 per diluted share in the same quarter last year. The results include a $2.5 million or $0.02 per diluted share restructuring charge associated with realigning resources to address growth prospects in emerging markets.
The company ended the second quarter with $617 million in cash and cash equivalents and $162 million of debt.
For fiscal 2012, the company expects earnings to increase over fiscal 2011 totals by 9 to 12 percent to a range of $3.76 to $3.84 per diluted share, and that annual revenues should increase over the fiscal 2011 total by about 10 percent.
In a separate announcement, the Palo Alto, Calif-based company says it has inked a deal with Siemens to jointly market and represent each other's imaging and radiotherapy products, as well as develop software interfaces to allow their imaging products to work together.