Varex Announces Financial Results for Third 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 third quarter of fiscal year 2024.\n\n\n3QFY24 Summary\n\n\n\nRevenues $209 million\n\n\n\nGAAP gross margin 32% | Non-GAAP gross margin* 32%\n\n\n\nGAAP operating margin 4% | Non-GAAP operating margin* 7%\n\n\n\nGAAP net earnings $0.03 per diluted share | Non-GAAP net earnings* $0.14 per diluted share\n\n\n\nCash flow from operations was $8 million\n\n\n\nSunny Sanyal, Chief Executive Officer, stated, \"Revenue in the third quarter of fiscal 2024 came in as expected, driven primarily by continued strength in our cargo inspection business, which drove a 6% year-over-year increase in our Industrial segment.\"\n\n\nVarex’s revenue of $209 million was down 10% year-over-year. Medical segment revenue of $149 million was down 15% year-over-year. Industrial segment revenue of $60 million was up 6% year-over-year. Non-GAAP gross margin was 32% in the quarter compared to 34% in the third quarter of fiscal year 2023 and non-GAAP EPS decreased to $0.14 in the quarter from $0.37 in the third quarter of fiscal year 2023.\n\n\nBalance Sheet & Cash Flow\n\n\nCash flow from operations was $8 million in the third quarter of fiscal year 2024. Cash, cash equivalents, marketable securities, and CDs was $192 million at the end of the third quarter of fiscal year 2024 compared to $195 million at the end of fiscal year 2023.\n\n\nOutlook\n\n\nDue to challenging market conditions, our guidance for the fourth quarter of fiscal year 2024 is as follows:\n\n\n\nRevenues are expected to be between $190 million and $210 million\n\n\n\nNon-GAAP net earnings per diluted share is expected to be between $0.00 and $0.15\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 reconciling items could have a significant impact on the company's GAAP net income (loss) per diluted share.\n\n\nNon-GAAP...

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