Varex Announces Record Financial Results for Fourth Quarter and Fiscal Year 2021

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 fourth quarter of fiscal year 2021.\n\n4QFY21 Summary\n\n\nRevenues $226 million\n\n\nGAAP gross margin 33% | Non-GAAP gross margin* 34%\n\n\nGAAP operating expense $49 million | Non-GAAP operating expense* $45 million\n\n\nGAAP operating margin 12% | Non-GAAP operating margin* 14%\n\n\nGAAP net earnings $0.20 per diluted share | Non-GAAP net earnings* $0.45 per diluted share\n\n\nFY21 Summary\n\n\nRevenues $818 million\n\n\nGAAP gross margin 33% | Non-GAAP gross margin* 35%\n\n\nGAAP operating expense $197 million | Non-GAAP operating expense* $181 million\n\n\nGAAP operating margin 9% | Non-GAAP operating margin* 13%\n\n\nGAAP net earnings $0.43 per diluted share | Non-GAAP net earnings* $1.31 per diluted share\n\n\n“I am excited to report a strong finish to the year. Broad-based strength globally, especially in our Medical Segment drove record quarterly revenue of $226 million in the fourth quarter of fiscal 2021,” said Sunny Sanyal, Chief Executive Officer of Varex. Sanyal added, “Profitability improved in the quarter driven by strong growth and stable operating expenses. Improved earnings and working capital management helped drive robust cash generation, with cash flow from operations of $51 million in the quarter.”\n\nVarex’s revenues in the fourth quarter increased 7% sequentially from the third quarter of fiscal year 2021 with both the Medical and Industrial segments showing strong growth. Similarly, robust growth in both segments drove a 33% increase in revenues year-over-year. Non-GAAP gross margin was 34%, as strong volumes were partially offset by supply chain challenges. Lower operating expenses helped drive non-GAAP EPS of $0.45.\n\nSanyal continued, “I am extremely proud of the immense effort our global employees made to prioritize meeting the very high demand environment while working to mitigate a dynamic supply chain. We look forward to carrying this momentum into fiscal year 2022.”\n\nBalance Sheet & Cash Flow\nCash flow from operations was $51 million for the fourth quarter of fiscal year 2021 driven by solid profitability and working capital management. Cash and cash equivalents improved $17 million sequentially to $145 million at the end of the fourth quarter. In addition, th...

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