Varian Reports Results for First Quarter of Fiscal Year 2020

PALO ALTO, Calif., Jan. 29, 2020 /PRNewswire/ --First Quarter 2020 Summary

Oncology Systems gross orders grew 8% in dollars or 9% in constant currency in the quarter and over the trailing twelve months

Total company revenues grew 12% in dollars, or 13% in constant currency, to $829 million; organic revenues grew 8%(1)

GAAP operating earnings declined 1% at 13.3% of revenues; non-GAAP operating earnings grew 13% at 16.2% of revenues

GAAP net earnings per diluted share of $0.96; non-GAAP net earnings per diluted share of $1.16

No change to fiscal year 2020 guidance

(1)A Excludes the year-over-year impact of foreign exchange and growth from our CTSI and Interventional Solutions businessesVarian (NYSE: VAR) today announced its first quarter fiscal year 2020 results."In the first quarter, our business fundamentals remained strong and our team delivered solid results with double-digit revenue growth in our Oncology Systems business driven by strong software and services revenue growth," said Dow Wilson, Chief Executive Officer of Varian.A  "We continue to make planned investments across the portfolio to scale our global sales and operations infrastructure as we execute on our long-term growth and value creation strategy."
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