Slide 1: Making the Invisible Visible - Q4 FY25 Earnings Presentation
Making the Invisible Visible Q4 FY25 Earnings Presentation November 18, 2025 11/18/2025 1
Slide 2: Forward Looking Statements / Non-GAAP Measures
Forward Looking Statements / Non-GAAP Measures Forward Looking Statements This supplement contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements concerning unaudited financial results; revenue and earnings guidance; key growth ini
Slide 3: Q4 FY25 Results
Q4 FY25 Results Non-GAAP Non-GAAP Cash, Cash Equiv., Revenue Gross Margin1 EPS1 & Mkt. Sec.2 $229M $155M 34% $0.37 Medical sales up 5% y/y on strong CT sales Industrial sales up 25% y/y driven by cargo security Gross margin above expectations on volume and mix Cash balance remained strong 1
Slide 4: Q4 FY25 Performance
Q4 FY25 Performance Revenue (Y/Y) Gross Margin (Non-GAAP; Adjusted EBITDA (Y/Y) $229 Y/Y) $35 34% $206 33% $23 +11% +130bps +55% Q4FY24 Q4FY25 Q4FY24 Q4FY25 Q4FY24 Q4FY25 Diluted EPS (Non-GAAP; Cash, Cash Equiv. & Mkt. Y/Y) $0.37 Sec.1 (Q/Q) $153 $155 $0.16 +131% +2% Q4FY24 Q4FY25 Q3FY25 Q4FY25 Note
Slide 5: FY25 Performance
FY25 Performance Revenue (Y/Y) Gross Margin (Non-GAAP; Adjusted EBITDA (Y/Y) Y/Y) $122 $845 $811 35% 32% $89 +4% +230bps +37% FY2024 FY2025 FY2024 FY2025 FY2024 FY2025 Diluted EPS (Non-GAAP; Cash, Cash Equiv. & Mkt. Y/Y) $0.90 Sec. $213 Cash used to pay down $0.52 convertible debt $155 on June 1, 20
Slide 6: Q4 FY25 Sales Performance
Q4 FY25 Sales Performance1 CT Mammography Radiography & Fluoroscopy Others Oncology Industrial Dental 1Sales performance is Q4FY25 sales compared to five quarter average trend 11/18/2025 6
Slide 7: Revisiting Growth Initiatives
Revisiting Growth Initiatives Continue to advance key innovative technologies for future growth Photon Counting Detectors Industrial Scanning Systems Radiographic Detectors • Significant progress with • Booked over $55M in orders • India facility complete and current OEMs & modules in FY25 RAD detec
Slide 8: FY 2025 Segment Revenue Splits
FY 2025 Segment Revenue Splits Medical Industrial* FY2025 Revenue by Modality FY2025 Revenue by Vertical Other Gov't / Sci. Sorting / Irradiation Recycling Mammo Food Insp. Dental Battery / Elec's XRF / CT Analytical Security Oncology $593M $252M Fluoro Non- destructive testing (NDT ) RAD FY2025 Rev
Slide 9: Q4 FY25 Revenue Details
Q4 FY25 Revenue Details Segment Mix Geographic Mix ($ in millions) ($ in millions) $77 $74 $72 $152 $83 Medical Industrial Americas EMEA APAC Revenue, $M Q4 25 Q3 25 Q2 25 Q1 25 Q4 24 Revenue, $M Q4 25 Q3 25 Q2 25 Q1 25 Q4 24 Medical 152 142 154 145 144 Americas 72 71 69 65 66 Industrial 77 61 59 55
Slide 10: Quarterly & Annual Results - GAAP
Quarterly & Annual Results - GAAP $ in Millions, except per share Q4 FY25 Q4 FY24 FY 2025 FY 2024 data Revenue $229 $206 $845 $811 Gross Margin 34% 33% 34% 32% $58 $56 $318 $225 Operating Expenses 25% 27% 38% 28% $20 $11 ($28) $32 Operating Income (Loss) 9% 5% (3%) 4% Net Earnings (Loss) $12 ($51) (
Slide 11: Quarterly & Annual Results – Non-GAAP
Quarterly & Annual Results – Non-GAAP1 $ in Millions, except per share Q4 FY25 Q4 FY24 FY 2025 FY 2024 data Revenue $229 $206 $845 $811 Gross Margin (Non-GAAP) 34% 33% 35% 32% $55 $53 $213 $210 Operating Expenses (Non-GAAP) 24% 26% 25% 26% $23 $15 $80 $52 Operating Income (Non-GAAP) 10% 7% 10% 6% Ne
Slide 12: Select Balance Sheet Data
Select Balance Sheet Data $ in Millions Q4 FY25 Q3 FY25 Q4 FY24 Assets Cash, Cash Equiv., Mkt. Sec. & CDs* $155 $153 $213 Accounts Receivable, net $157 $137 $158 Inventories, net $299 $299 $265 Total Assets $1,107 $1,073 $1,214 Liabilities Accounts Payable $70 $71 $59 Total Debt, net $368 $368 $443
Slide 13: Select Debt and Cash Flow Statement Data
Select Debt and Cash Flow Statement Data $ in Millions Q4 FY25 Q3 FY25 Q4 FY24 Debt Gross Debt1 $370 $370 $447 (Ratings: Moody’s B2 / S&P B+) Net Debt2 $215 $217 $234 Adjusted EBITDA3 Adjusted EBITDA $35 $29 $23 Adjusted EBITDA (TTM) $122 $110 $89 Net Debt Leverage (TTM) 1.8x 2.0x 2.6x Cash Flow Sta
Slide 14: Guidance Q1 FY26
Guidance Q1 FY26 Revenue Non-GAAP EPS, diluted $200 - $215M $0.05 - $0.25 Gross Margin: 32% – 34% Operating Expense: ~$52M Assumptions Interest & Other Expense, net: ($8M) – ($9M) Tax rate: ~23% Share count, diluted: ~42M shares 11/18/2025 14
Slide 15: Q&A
Making the Invisible Visible Q&A 11/18/2025 15
Slide 16: Non-GAAP Reconciliation
Making the Invisible Visible Non – GAAP Reconciliation 11/18/2025 16
Slide 17: Reconciliation between GAAP and Non-GAAP Financial Measures (Unaudited)
Reconciliation between GAAP and Non-GAAP Financial Measures (Unaudited) Three Months Ended Twelve Months Ended (In millions) October 3, 2025 September 27, 2024 October 3, 2025 September 27, 2024 GROSS PROFIT RECONCILIATION Revenues, net $ 228.9 $ 205.7 $ 844.6 $ 811.0 Gross profit 77.8 67.1 290.5 25
Slide 18: Reconciliation between GAAP and Non-GAAP Financial Measures (Unaudited)
Reconciliation between GAAP and Non-GAAP Financial Measures (Unaudited) Three Months Ended Twelve Months Ended (In millions) October 3, 2025 September 27, 2024 October 3, 2025 September 27, 2024 SELLING, GENERAL, AND ADMINISTRATIVE EXPENSE RECONCILIATION Selling, general, and administrative $ 34.0 $
Slide 19: Reconciliation between GAAP and Non-GAAP Financial Measures (Unaudited)
Reconciliation between GAAP and Non-GAAP Financial Measures (Unaudited) Three Months Ended Twelve Months Ended (In millions) October 3, 2025 September 27, 2024 October 3, 2025 September 27, 2024 OPERATING INCOME (LOSS) RECONCILIATION Operating income (loss) $ 19.6 $ 10.9 $ (27.8) $ 32.1 Amortization
Slide 20: Reconciliation between GAAP and Non-GAAP Financial Measures (Unaudited)
Reconciliation between GAAP and Non-GAAP Financial Measures (Unaudited) Three Months Ended Twelve Months Ended (In millions, except per share amounts) October 3, 2025 September 27, 2024 October 3, 2025 September 27, 2024 INCOME (LOSS) BEFORE TAXES RECONCILIATION Income (loss) before taxes $ 14.1 $ 2
Slide 21: Reconciliation between GAAP and Non-GAAP Financial Measures (Unaudited)
Reconciliation between GAAP and Non-GAAP Financial Measures (Unaudited) Three Months Ended Twelve Months Ended (In millions) October 3, 2025 September 27, 2024 October 3, 2025 September 27, 2024 ADJUSTED EBITDA RECONCILIATION Net income (loss) attributable to Varex $ 12.2 $ (51.1) $ (70.3) $ (48.8)
Slide 22: Discussion of Non–GAAP Financial Measures
Discussion of Non–GAAP Financial Measures This press release includes non-GAAP financial measures derived from our Condensed Consolidated Statements of Operations. These measures are not presented in accordance with, nor are they a substitute for U.S. generally accepted accounting principles, or GAA
Slide 23: Making the Invisible Visible
Making the Invisible Visible