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Varex Announces Financial Results for Fourth Quarter and Fiscal Year 2019
SALT LAKE CITY--(BUSINESS WIRE)-- Varex Imaging Corporation (Nasdaq: VREX) today announced its unaudited financial results for the fourth quarter and fiscal
About this update from Varex Imaging Corporation
[{"type":"text","content":" SALT LAKE CITY--(BUSINESS WIRE)--\nVarex Imaging Corporation (Nasdaq: VREX) today announced its unaudited financial results for the fourth quarter and fiscal year 2019.\n\n\nHighlights\n\n\n\nFY19 Revenues were $781 million\n\n\nFY19 Gross margin was 33% | Adjusted gross margin* was 35%\n\n\nFY19 Net earnings were $0.43 per diluted share | Adjusted net earnings were $1.30 per diluted share\n\n\n\n\n4Q19 Revenues were $202 million\n\n\n4Q19 Gross margin was 35% | Adjusted gross margin* was 36%\n\n\n4Q19 Net earnings were $0.24 per diluted share | Adjusted net earnings were $0.46 per diluted share\n\n\n\nFiscal Year 2019 Results\n\n\nRevenues for fiscal year 2019 increased to $781 million compared to $773 million in the prior year. Medical segment revenues decreased 1% to $597 million. Industrial segment revenues increased 7% to $184 million.\n\n\n“Our annual growth was led by higher sales of medical products for oncology and CT modalities and industrial products for airport baggage screening and non-destructive testing applications,” said Sunny Sanyal, Chief Executive Officer of Varex. “In China, shipments of CT tubes to our local OEM customers more than doubled from the prior year level, partially offsetting a tariff-related reduction in sales of radiographic digital detectors,” Sanyal added.\n\n\nNet earnings for fiscal year 2019 were $0.43 per diluted share compared to $0.72 per diluted share in the prior year. Adjusted net earnings* were $1.30 per diluted share, the same as in the prior year.\n\n\nFourth Quarter Fiscal Year 2019 Results\n\n\nRevenues for the fourth quarter of fiscal year 2019 were $202 million compared to $205 million in the prior year quarter. Medical segment revenues were $152 million and Industrial segment revenues were $50 million.\n\n\nGross margin for the fourth quarter of fiscal year 2019 was 35% of revenues compared to gross margin of 29% of revenues in the prior year quarter. Adjusted gross margin* was 36% of revenues and compared to 33% of revenues in the prior year quarter.\n\n\nThe company recorded $3 million of restructuring charges in the fourth quarter of fiscal year 2019 related to previously announced plans to close its digital detector manufacturing operations in Santa Clara, California and transfer production to other Varex facilities.\n\n\nNet earnings for the fourth quarter of fiscal y...