Varex Announces Financial Results for Second 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 second quarter of fiscal year 2024.\n\n\n2QFY24 Summary\n\n\n\nRevenues $206 million\n\n\n\nGAAP gross margin 32% | Non-GAAP gross margin* 33%\n\n\n\nGAAP operating margin 4% | Non-GAAP operating margin* 6%\n\n\n\nGAAP net earnings $0.03 per diluted share | Non-GAAP net earnings* $0.16 per diluted share\n\n\n\nCash flow from operations was $3 million\n\n\n\n\"Revenue of $206 million in the second quarter was in line with guidance, but down year-over-year primarily due to lower sales to our customers in China,\" said Sunny Sanyal, Chief Executive Officer of Varex. \"Sales in the first half of fiscal 2024 were as expected, but we are lowering our expectations for the second half of the fiscal year due to continued softness in our medical segment, particularly in China.\"\n\n\nVarex’s revenue of $206 million was down 10% year-over-year. Medical segment revenue of $149 million was down 15% year-over-year. Industrial segment revenue of $57 million was up 6% year-over-year. Non-GAAP gross margin was 33% in the quarter compared to 33% in the second quarter of fiscal year 2023 and non-GAAP EPS decreased to $0.16 from $0.26 in the second quarter of fiscal year 2023.\n\n\nBalance Sheet & Cash Flow\n\n\nCash flow from operations was $3 million in the second quarter of fiscal year 2024. Cash, cash equivalents, marketable securities, and CDs was $190 million at the end of the second quarter of fiscal year 2024 compared to $195 million at the end of fiscal year 2023.\n\n\nOutlook\n\n\nThe following guidance is provided for the third quarter of fiscal year 2024:\n\n\n\nRevenues are expected to be between $200 million and $220 million\n\n\n\nNon-GAAP net earnings per diluted share is expected to be between $0.05 and $0.25\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 ...

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