Varian Medical Systems Sees "Healthy Growth" in Revenue and Orders in Q2
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. For the full report, click here.