Varex Announces Financial Results for Fourth Quarter and 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 fourth quarter and fiscal year 2024.\n\n\nQ4 FY24 Summary\n\n\n\nRevenues of $206 million\n\n\n\nGAAP gross margin 33% | Non-GAAP gross margin* 33%\n\n\n\nGAAP operating expense $56 million | Non-GAAP operating expense* $53 million\n\n\n\nGAAP operating margin 5% | Non-GAAP operating margin* 7%\n\n\n\nGAAP net earnings $(1.22) per diluted share | Non-GAAP net earnings* $0.19 per diluted share\n\n\n\nCash flow from operations $26 million\n\n\n\nFY24 Summary\n\n\n\nRevenues of $811 million\n\n\n\nGAAP gross margin 32% | Non-GAAP gross margin* 32%\n\n\n\nGAAP operating expense $225 million | Non-GAAP operating expense* $210 million\n\n\n\nGAAP operating margin 4% | Non-GAAP operating margin* 6%\n\n\n\nGAAP net earnings $(1.17) per diluted share | Non-GAAP net earnings* $0.55 per diluted share\n\n\n\nCash flow from operations $47 million\n\n\n\nSunny Sanyal, Chief Executive Officer, stated, \"Revenue of $206 million in the fourth quarter of fiscal year 2024 was at the high-end of our guidance range, driven by strength in our Industrial segment.\" Sanyal added, \"Cash generation in the quarter was solid, ending the fiscal year with $213 million of cash and marketable securities on the balance sheet.\"\n\n\nVarex’s revenues in the fourth quarter decreased 10% year-over-year. Medical segment revenue of $144 million was down 12% year-over-year. Industrial revenue of $61 million declined 4% year-over-year. Non-GAAP gross margin was 33% percent in the current quarter compared to 36% in the fourth quarter of fiscal year 2023. Non-GAAP EPS decreased to $0.19 in the current quarter from $0.45 in the fourth quarter of fiscal year 2023.\n\n\nSanyal added, \"Fiscal 2024 was a year of promising technological achievements. We made substantial progress in advancing innovative technologies like photon counting and nanotubes into applications development and commercialization phases. In our Industrial segment we have taken initial steps to expand into the significant and rapidly growing cargo systems vertical.\"\n\n\nBalance Sheet & Cash Flow\n\n\nCash flow from operations was $26 million for the fourth quarter of fiscal year 2024. Cash, cash equivalents, marketable securities, and certificates of deposits as of the en...

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