Varex Announces Financial Results for First Quarter Fiscal Year 2024

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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 2024.\n\n\n1QFY24 Summary\n\n\n\nRevenues $190 million\n\n\n\nGAAP gross margin 30% | Non-GAAP gross margin* 31%\n\n\n\nGAAP operating margin 2% | Non-GAAP operating margin* 5%\n\n\n\nGAAP net loss $0.01 per diluted share | Non-GAAP net earnings* $0.06 per diluted share\n\n\n\nCash flow from operations was $10 million\n\n\n\n“Revenue of $190 million in the first quarter of fiscal 2024, was at the mid-point of our guidance, however unfavorable mix in both the Medical and Industrial segments impacted profitability.” said Sunny Sanyal, Chief Executive Officer of Varex.\n\n\nVarex’s revenue of $190 million was down 8% year-over-year. Medical segment revenue of $140 million was down 13% year-over-year. Industrial segment revenue of $50 million was up 10% year-over-year. Non-GAAP gross margin was 31% in the quarter compared to 32% in the first quarter of fiscal year 2023 and non-GAAP EPS decreased to $0.06 from $0.21 in the first quarter.\n\n\nBalance Sheet & Cash Flow\n\n\nCash flow from operations was $10 million in the first quarter of fiscal year 2024, due primarily to stable working capital management. Cash, cash equivalents, marketable securities, and CDs remained flat at $195 million at the end of the first quarter of fiscal 2024 compared to the end of fiscal year 2023.\n\n\nOutlook\n\n\nThe following guidance is provided for the second quarter of fiscal year 2024:\n\n\n\nRevenues are expected to be between $195 million and $215 million\n\n\n\nNon-GAAP net earnings per diluted share is expected to be between $0.10 and $0.30\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 have a significant impact on the company's GAAP net income (loss) per diluted share.\n\n\nNon-GAAP Financial Measures\n\n\n*Please r...

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