Varex Announces Financial Results for First Quarter Fiscal Year 2025

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[{"type":"text","content":" SALT LAKE CITY--(BUSINESS WIRE)--\nVarex Imaging Corporation (Nasdaq: VREX) today announced its unaudited financial results for the first quarter of fiscal year 2025.\n\n\n1QFY25 Summary\n\n\n\nRevenues of $200 million\n\n\n\nGAAP gross margin 34% | Non-GAAP gross margin* 35%\n\n\n\nGAAP operating margin 6% | Non-GAAP operating margin* 7%\n\n\n\nGAAP net loss $0.01 per diluted share | Non-GAAP net earnings* $0.07 per diluted share\n\n\n\nCash flow from operations was $10 million\n\n\n\nSunny Sanyal, Chief Executive Officer, stated, \"Demand in the first quarter was solid, with both Medical and Industrial revenue up year-over-year. Favorable sales mix and productivity gains across both segments resulted in higher than expected profitability and earnings per share.\" Sanyal added, \"We expect to see continued solid demand across both segments in the second quarter of fiscal 2025.\"\n\n\nVarex’s revenue of $200 million was up 5% year-over-year. Medical segment revenue of $145 million was up 3% year-over-year. Industrial segment revenue of $55 million was up 10% year-over-year. Non-GAAP gross margin was 35% in the quarter compared to 31% in the first quarter of fiscal year 2024 and non-GAAP EPS increased to $0.07 in the quarter from $0.06 in the first quarter of fiscal year 2024.\n\n\nBalance Sheet & Cash Flow\n\n\nCash flow from operations was $10 million in the first quarter of fiscal year 2025. Cash, cash equivalents, and marketable securities, was $219 million at the end of the first quarter of fiscal year 2025 compared to $213 million at the end of fiscal year 2024.\n\n\nOutlook\n\n\nOur guidance for the second quarter of fiscal year 2025 is as follows:\n\n\n\nRevenues are expected to be between $200 million and $215 million\n\n\n\nNon-GAAP net earnings per diluted share is expected to be between $0.05 and $0.20\n\n\n\nGuidance for the company's net earnings per diluted share is provided on a non-GAAP basis only. This non-GAAP financial measure is forward-looking, and the company is unable to provide a meaningful or accurate reconciliation to a GAAP forecast of net earnings per diluted share without unreasonable effort due to certain of these reconciling items being uncertain, out of our control, and the amount and timing of these items being unable to be reasonably predicted. The actual amounts of such reconciling items could...

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