Varex Imaging Corporation (Nasdaq: VREX) has announced its unaudited financial results for the first quarter of fiscal year 2025, showing solid growth across both its Medical and Industrial segments.
Chief Executive Officer Sunny Sanyal commented on the results, saying, “Demand in the first quarter was strong, with both our Medical and Industrial revenues showing year-over-year growth. Favorable sales mix and productivity improvements in both segments led to better-than-expected profitability and earnings per share.” Sanyal also noted that the company anticipates continued robust demand across both sectors in the second quarter of fiscal year 2025.
Total Revenue: Varex’s revenue for the quarter totaled $200 million, reflecting a 5% increase compared to the same period last year.
Medical Segment: Revenue from the Medical segment reached $145 million, up 3% year-over-year.
Industrial Segment: The Industrial segment saw a 10% increase in revenue, bringing in $55 million.
Non-GAAP Gross Margin: The non-GAAP gross margin for the quarter was 35%, a significant improvement from 31% in the first quarter of fiscal year 2024.
Non-GAAP Earnings Per Share (EPS): Non-GAAP EPS increased to $0.07, up from $0.06 in the same quarter last year.
Balance Sheet and Cash Flow:
Varex reported operational cash flow of $10 million for the first quarter of fiscal year 2025. As of the end of the quarter, the company’s cash, cash equivalents, and marketable securities totaled $219 million, compared to $213 million at the close of fiscal year 2024.
Second Quarter Fiscal Year 2025 Outlook:
Looking ahead, Varex provided guidance for the second quarter of fiscal year 2025:
Revenue: Expected to range between $200 million and $215 million.
Non-GAAP EPS: Projected to be between $0.05 and $0.20.
The company noted that its earnings per diluted share guidance is based on non-GAAP measures, as it is unable to offer a meaningful reconciliation to GAAP figures due to certain unpredictable and uncontrollable factors that could significantly impact GAAP net income.
Varex will continue to monitor market conditions and expects to provide further updates in the coming months.
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