Varex Announces Strong Financial Results for Second Quarter Fiscal Year 2023

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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 2023.\n\n\n2QFY23 Summary\n\n\n\nRevenues $228 million\n\n\n\nGAAP gross margin 32% | Non-GAAP gross margin* 33%\n\n\n\nGAAP operating margin 7% | Non-GAAP operating margin* 10%\n\n\n\nGAAP net earnings $0.10 per diluted share | Non-GAAP net earnings* $0.26 per diluted share\n\n\n\nCash flow from operations $27 million\n\n\n\n“We are pleased to report results for the second quarter that exceeded the high-end of our guidance. Demand for our products was strong during the quarter. Revenue growth for the Industrial segment exceeded our expectations, while Medical segment revenue growth was as expected,” said Sunny Sanyal, Chief Executive Officer of Varex. Sanyal added, “We are encouraged by the demand levels we are seeing, and we anticipate our growth to remain solid in the second half of the fiscal year.”\n\n\nVarex’s revenue of $228 million was up 11% sequentially and 6% year-over-year. Medical segment revenue of $174 million was up 9% sequentially and 2% year-over-year. Industrial segment revenue of $54 million was up 19% sequentially and 22% year-over-year. Non-GAAP gross margin was 33% in the quarter compared to 32% in the first quarter of fiscal year 2023 and non-GAAP EPS increased to $0.26 from $0.21 last quarter.\n\n\nBalance Sheet & Cash Flow\n\n\nCash flow from operations was $27 million in the second quarter of fiscal year 2023, due primarily to a reduction in inventory. Cash, cash equivalents, marketable securities and CDs increased $14 million sequentially to $122 million at the end of the second quarter.\n\n\nOutlook\n\n\nThe following guidance is provided for the third quarter of fiscal year 2023:\n\n\n\nRevenues are expected to be between $220 million and $240 million\n\n\n\nNon-GAAP net earnings per diluted share is expected to be between $0.20 and $0.40\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 GAAP forecast of net earnings per diluted share without unreasonable effort due to the uncertainty of amounts and timing of unusual items.\n\n\nNon-GAAP Financial Measures\n\n\n*Please refer ...

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