Varex Announces Financial Results for Third Quarter Fiscal Year 2022

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 third quarter of fiscal year 2022.\n\n3QFY22 Summary\n\n\nRevenues $214 million\n\n\nGAAP gross margin 34% | Non-GAAP gross margin* 35%\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 $0.20 per diluted share | Non-GAAP net earnings* $0.37 per diluted share\n\n\n“Our supply chain diversification efforts are beginning to show results in an otherwise challenging environment, and this enabled us to focus on meeting our customer's needs and realize sales at the high-end of our guidance range,” said Sunny Sanyal, Chief Executive Officer of Varex. Sanyal added, “Demand remains robust and we are excited about our future growth prospects.\"\n\nVarex’s revenues of $214 million were flat sequentially, with the Medical segment down 2% and the Industrial segment up 7% from the second quarter of fiscal year 2022. Compared to the third quarter of fiscal year 2021, total revenues increased 2%, with the Medical segment flat and the Industrial segment up 8%. Non-GAAP gross margin increased to 35% in the quarter compared to 34% last quarter and non-GAAP EPS was flat sequentially at $0.37.\n\nBalance Sheet & Cash Flow\n\nCash flow from operations was a use of $3 million in the third quarter of fiscal year 2022, primarily due to continued investment in inventory to support growth in the current environment. Cash, cash equivalents and marketable securities declined $5 million sequentially to $110 million at the end of the third quarter.\n\nOutlook\n\nThe following guidance is provided for the fourth quarter of fiscal year 2022:\n\n\nRevenues are expected to be between $210 million and $240 million\n\n\nNon-GAAP net earnings per diluted share is expected to be between $0.25 and $0.45\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 GAAP forecast of net earnings per diluted share without unreasonable effort due to the uncertainty of amounts and timing of unusual items.\n\nNon-GAAP Financial Measures\n\n*Please refer to \"Reconciliation betw...

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