Varex Announces Financial Results for Fourth Quarter and Fiscal Year 2022

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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 fourth quarter of fiscal year 2022.\n\nQ4 FY22 Summary\n\n\nRecord revenues of $231 million\n\n\nGAAP gross margin 32% | Non-GAAP gross margin* 33%\n\n\nGAAP operating expense $50 million | Non-GAAP operating expense* $47 million\n\n\nGAAP operating margin 11% | Non-GAAP operating margin* 13%\n\n\nGAAP net earnings $0.32 per diluted share | Non-GAAP net earnings* $0.42 per diluted share\n\n\nFY22 Summary\n\n\nRecord revenues of $859 million\n\n\nGAAP gross margin 33% | Non-GAAP gross margin* 34%\n\n\nGAAP operating expense $195 million | Non-GAAP operating expense* $179 million\n\n\nGAAP operating margin 10% | Non-GAAP operating margin* 13%\n\n\nGAAP net earnings $0.73 per diluted share | Non-GAAP net earnings* $1.43 per diluted share\n\n\n“I am pleased to announce a strong finish to another fiscal year, with revenues reaching $231 million in the fourth quarter of fiscal 2022, a new quarterly record for Varex. Global demand for our products was solid during the quarter and a slowly improving supply chain and our supplier diversification efforts allowed us to convert more orders to sales,” said Sunny Sanyal, Chief Executive Officer of Varex. Sanyal added, “As we start a new fiscal year, I look forward to our prospects to grow in fiscal 2023 and beyond.\"\n\nVarex’s revenues in the fourth quarter increased 8% sequentially from the third quarter of fiscal year 2022 with the Medical segment up 9% and the Industrial segment up 6%. Compared to prior year Q4, overall revenues grew 2% with Medical flat and Industrial up 9%. Non-GAAP gross margin was 33% percent and non-GAAP EPS of $0.42 was driven primarily by higher sales along with disciplined operating expense management.\n\nSanyal continued, \"Fiscal year 2022 presented various challenges, including supply chain disruptions and inflationary pressure. Varex employees managed through these disruptions, leading to growth in sales and earnings, and we made progress with new products and investments in future growth.”\n\nBalance Sheet & Cash Flow\nCash flow from operations was $17 million for the fourth quarter of fiscal year 2022. Cash, cash equivalents and marketable securities finished the quarter and fiscal year at $113 million. This included a $27 mill...

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