Mark PlungyVarian Medical Systems+1 (650) 424-5630 [emailprotected], Investor ContactMike BruffVarian Medical Systems+1 (650) 424-5163[emailprotected]. For everyone. We define non-GAAP operating earnings as operating earnings excluding amortization of intangible assets and inventory step-up, acquisition-related expenses or benefits and in-process research and development, impairment charges, and significant litigation charges and legal costs. Ms. Kennedy joined Varian in 1997 as Marketing Manager for radiation therapy delivery systems, and assumed other strategic roles including President of Varian Oncology Systems. Our effective tax rate decreased in fiscal year 2020 over fiscal year 2019, primarily because the prior period included a goodwill impairment charge and an in-process research and development expense, neither of which generated a tax benefit for the Company. Expecting to continue our strong operational performance, the company plans to invest in our growth initiatives including: driving core business growth in China, fueling growth of our recent acquisitions by building out global sales and distribution capacity, and touching more patients by ramping research and development investments in technology-enabled services, FLASH technology, our Noona patient reported outcome offering, and cloud-based software. The mandatory deemed repatriation of unremitted foreign earnings results in an estimated benefit of $1.5 million in the fourth quarter and an estimated charge of $6.3 million in fiscal year 2019 and a benefit of $8.5 million in the fourth quarter and an estimated charge of $164.6 million in fiscal year 2018. PALO ALTO, Calif., Oct. 23, 2019 /PRNewswire/ --, New President of Interventional Oncology and New Chief Financial Officer. These documents are available under the following internet link https://www.corporate.siemens-healthineers.com/investor-relations/presentations-financial-publications. Our 9,200 employees across 70 countries keep the patient and our clinical partners at the center of our thinking as we power new victories in cancer care. Varian (NYSE: VAR) today announced its fourth quarter and full fiscal year 2019 results and new appointments to key leadership roles. He also held leadership positions in corporate reporting at MCI Telecommunications and served as vice president, Services Accounting and Finance at CA, Inc. Bruff began his career in accounting and auditing at Deloitte and Touche in Washington, D.C. "Mike understands the Varian processes and strategy, and he has the right background and experience to help navigate Varian through the next growth stages," said Wilson. For more information, visit http://www.varian.com and follow @VarianMedSys on Twitter. This document is an English language translation of the German document. Information regarding Varian's directors and executive officers is contained in Varian's Annual Report on Form 10-K for the year ended September 27, 2019 and in the proxy statement for Varian's 2020 annual meeting of Contacts: Aehr Test Systems: MKR Investor Relations Inc. Ken Spink: Todd Kehrli or Jim Byers: Chief Financial Officer: Analyst/Investor Contact (510) 623-9400 x309 [8][9], Varian Medical Systems has acquired other companies including Pan-Pacific Enterprises,[17] ACCEL Instruments,[18] Bio-Imaging Research, Inc.[19] Sigma Micro Informatique Conseil,[20] Argus Software,[21] Dosetek Oy,[22] Velocity Medical Solutions. The amount of purchase price allocated to intangible assets and the term of amortization can vary significantly and are unique to each acquisition or purchase. We believe that disclosing non-GAAP financial measures provides useful supplemental data that, while not a substitute for financial measures prepared in accordance with GAAP, allows for greater transparency in the review of our financial and operational performance. Gross orders in the Americas were up 11% for the fourth quarter. The non-GAAP financial measures should not be considered in isolation from measures of financial performance prepared in accordance with GAAP. Varian Medical Systems (NYSE: VAR) . Continuing to invest in meaningful innovation, go-to-market capabilities, and scalable infrastructure is aligned with our commitment to drive long-term growth for shareholders. We believe that excluding amortization of intangible assets allows the users of our financial statements to better review and understand the historic and current results of our operations, and also facilitates comparisons to peer companies. Magnus Momsen, 42, has been named Senior Vice President and Corporate Controller for Varian, replacing Clarence Verhoef, who has assumed the role of Chief Financial Officer for Varex. Includes a $20.8 million charge associated with the write-off of in-process research and development acquired in the CyberHeart acquisition in fiscal year 2019. "pageType": "news-article", Our ongoing consideration of all the factors described above could result in impairment charges in the future, which could adversely affect our operating results. PALO ALTO, Calif., Jan. 30, 2017 /PRNewswire/ -- Varian Medical Systems (NYSE: VAR) today announced it has successfully completed the separation of its Imaging Components Business, which is now established as Varex Imaging Corporation (NASDAQ: VREX). This is primarily done by automating several functions typically performed manually by radiographers, such as switching between treatment beams automatically. Varian Medical Systems Achieves Economies of Scale with a Unified Accounts Payable Platform. Discover the stories of pioneers pushing the boundaries of whats possible in healthcare to help improve peoples lives around the world. These values are presented on a non-GAAP basis. Although these events are reflected in our GAAP financials, these unique transactions may limit the comparability of our on-going operations with prior and future periods. The guidance assumes a Non-GAAP effective tax rate of 22.5% to 23.5% and a weighted average diluted share count of 92 million. The Company's securities have not been and will not be registered under the United States Securities Act of 1933, as amended (the "Securities Act"), and may not be offered or sold in the United States absent registration or an exemption from registration under the Securities Act. These measures are not presented in accordance with, nor are they a substitute for U.S. generally accepted accounting principles, or GAAP. Varian is today's market leader in radiation therapy, treating over four million cancer patients last year. The company assumes no obligation to update or revise the forward-looking statements in this release because of new information, future events, or otherwise. For everyone. The company will file a Form 8-K later this week to show Varian's detailed pro forma statements of earnings excluding both the separation costs and the results of its Imaging Components business for fiscal years 2014 through 2016. The amount of purchase price allocated to intangible assets, the step-up of inventory values, and the term of amortization can vary significantly and are unique to each acquisition or purchase. We consider the use of the non-GAAP measures to be helpful in assessing the performance of the ongoing operation of our business. Our fiscal year 2020 guidance considers the recently announced tariff exclusions from both China and the United States Trade Representative. For the past 70 years, Varian Medical Systems has helped lead the fight against cancer by developing new and more effective cancer treatments. Includes $12.3 million, $1.9 million, $20.3 million and $6.5 million, respectively in cost of revenues for the periods presented. Sign up to get PRNs top stories and curated news delivered to your inbox weekly! Wayne, PA 19087. PALO ALTO, Calif., Aug. 10, 2017 /PRNewswire/ -- Varian Medical Systems (NYSE: VAR) today announced it has named J. Michael Bruff as Vice President of Investor Relations effective August. . We exclude such expenses or benefits as they are related to acquisitions and have no direct correlation to the operation of our on-going business. En vous inscrivant la newsletter, vous consentez la rception de contenus de notre part. Varian has not filed its Form 10-K for the year ended September 27, 2019. Siemens Healthineers is continuously developing its product and service portfolio, with AI-supported applications and digital offerings that play an increasingly important role in the next generation of medical technology. This new solution[buzzword] is designed to deliver an entire adaptive treatment in a typical 15-minute timeslot, from patient setup through treatment delivery. Mr. Bruff earned his Bachelor of Arts in Economics and Bachelor of Science in Accounting from the University of Maryland in 1990 and 1992, respectively. , . Forward-Looking Statements Except for historical information, this news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements concerning industry or market outlook, including growth drivers; the company's future orders, revenues, operating expenses, tax rate, cash flows, earnings growth or other financial results; and any statements using the terms "could," "believe," "expect," "promising," "outlook," "should," "well-positioned," "will" or similar statements are forward-looking statements that involve risks and uncertainties that could cause the company's actual results to differ materially from those anticipated. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. He also held executive and leadership roles in financial planning & analysis, internal audit and Enterprise Solutions Group finance. Other Industries. The parties do not expect there to be any disruption to the existing business or customers. The replay can be accessed by dialing 1-877-660-6853 from inside the U.S. or 1-201-612-7415 from outside the U.S. and entering conference ID 13694509. Varian Medical Systems, Inc. engages in the manufacture of medical devices and software for treating cancer and other medical . Our guidance continues to consider the projected market growth and momentum of our products and solutions in the market. "During his tenure as CFO, Gary reset resource and capital allocation to invest in organic and inorganic opportunities focused on driving long-term growth and value creation. Patient-centered innovation has been and always will be at the core of our company. Non-GAAP net earnings per fully diluted share excludes the following items: Amortization of intangible assets: We do not acquire businesses and assets on a predictable cycle. In addition, this measure may be different from non-GAAP measures used by other companies, limiting its usefulness for comparison purposes. Siemens Healthineers AG (Frankfurt: SHL) today announced that it has successfully completed the acquisition of Varian Medical Systems, Inc. ("Varian"). Mr. Bruff served Dell for 19 years in both domestic and international roles, most recently as Senior Vice President of North America Sales Strategy & Planning. Varian Announces First Participant Treated in RADIATE-VT Clinical Trial of Cardiac Radioablation . First-hand information for our shareholders and the capital market, Second-quarter results FY2023 | May 10, 2023, Goldman Sachs 44th Annual Global Healthcare Conference, Dana Point. MYnd-Arcadian customers include major health plans, health systems, and community-based organizations. During the quarter, the company invested $32 million to repurchase279,000 shares of common stock. Everywhere. Based on the success of the integration and the robust early performance by our Interventional Oncology Solutions business, it is the right time to move this new business from the incubation stage under the Chief Growth Office, and it will now report directly to Bischoping in his new role as president of Interventional Oncology Solutions. [34] Varian also develops medical software and radiology information system for proton treatment planning system. Both executives will report directly to Dow Wilson, Varian CEO. These new applications will enhance the companys foundation in in-vitro diagnostics, image-guided therapy, in-vivo diagnostics, and innovative cancer care. Varian Medical Systems Inc CIK: 203527 Ticker: VAR Investor Relations Contact Anshul Maheshwari Vice President, Treasury and Investor Relations +1 (650) 424-5163 investors@varian.com Press Contact Kathy Conner Vice President, Global Corporate Marketing +1 (650) 424-5695 kathy.conner@varian.com FOR IMMEDIATE RELEASE We exclude such gains and losses because we do not believe they are reflective of our core business. We have strong momentum exiting our fourth quarter and our long-term growth and value creation strategy is delivering for patients, clinicians and our shareholders. We also believe that disclosing non-GAAP financial measures provides useful information to investors and others in understanding and evaluating our operating results and future prospects in the same manner as management and in comparing financial results across accounting periods and to those of peer companies. In EMEA, gross orders in the quarter rose 10%, driven in part by orders for 13 TrueBeam systems as a part of the Tata Trusts framework agreement. PALO ALTO, Calif., Jan. 30, 2017 /PRNewswire/ --Varian Medical Systems (NYSE: VAR) today announced it has successfully completed the separation of its Imaging Components Business, which is now established as Varex Imaging Corporation (NASDAQ: VREX). About Varian Medical SystemsVarian Medical Systems focuses energy on saving lives and is the world's leading manufacturer of medical devices and software for treating and managing cancer. We consider the use of the non-GAAP measures to be helpful in assessing the performance of the ongoing operation of our business. For more than 70 years, we have developed, built, and delivered innovative cancer care technologies and solutions for our clinical partners around the globe to help them treat millions of patients each year. In APAC, gross orders decreased 9% with a challenging quarter in Japan that was partially offset by growth in China and South East Asia and Korea. Non-GAAP earnings per diluted share from continuing operations for the second through fourth quarters of the fiscal year are expected to be in the range of $2.94 to $3.06. Represents the charge to income tax expense due to the increase of a valuation allowance as a result of an acquisition. Since then, he has built a robust investor relations strategy and enhanced the company's financial planning and business partnership functions. We utilize a number of different financial measures, both GAAP and non-GAAP, in analyzing and assessing the overall performance of our business, in making operating decisions, forecasting and planning for future periods, and determining payments under compensation programs. Gains and losses on equity investments:We may incur gains and losses from the sale of our equity investments in privately-held companies. Any failure to comply with these restrictions may constitute a violation of the laws of other jurisdictions. Restructuring and impairment charges: We incur restructuring and impairment charges that result from events, which arise from unforeseen circumstances and/or often occur outside of the ordinary course of our on-going business. "articleDate": "January 30, 2017", "Varian is now focused exclusively on expanding its position as the leader in systems and software for the treatment of cancer. Varian has prepared the attached pro forma financial information for Varian as a stand-alone company for fiscal years 2014, 2015 and 2016 as well as the quarterly financial information for fiscal year 2016 as if Varian and its Imaging Components business were separated as of the beginning of 2014. Discover the stories of pioneers pushing the boundaries of whats possible in healthcare to help improve peoples lives around the world. Non-GAAP operating earnings and non-GAAP net earnings exclude the following items, except for gain and losses on equity investments, and significant non-recurring tax expense or benefit, which are only excluded from non-GAAP net earnings: Amortization of intangible assets and amortization of inventory step-up:We do not acquire businesses and assets on a predictable cycle. , . Non-GAAP items are generally included in selling, general and administrative expenses, unless otherwise specified. Compare this 10-K Annual Report to its predecessor by reading our highlights to see what text and tables wereremoved, added and changedby Varian Medical Systems Inc. Varian Medical Systems Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2020 10-K Annual Report includes: Given the uncertain impact of COVID-19 and/or other market factors on our business, our cash flow projections for this business could decrease in the future, which could lead to an impairment of goodwill. Beginning with the company's fiscal second quarter, Varian's Imaging Components segment will be reflected as a discontinued operation for the first four months of fiscal year 2017, and the company has guided for continuing operations for the second through the fourth quarters of fiscal year 2017. U.S. generally accepted accounting principles, or GAAP performance of the ongoing operation our! Pioneers pushing the boundaries of whats possible in healthcare to help improve peoples lives around world. Payable Platform in assessing the performance of the ongoing operation of our business against by! Http: //www.varian.com and follow @ VarianMedSys on Twitter a result of an acquisition engages in market! Visit http: //www.varian.com and follow @ VarianMedSys on Twitter and have no direct correlation to the existing business customers. Consentez la rception de contenus de notre part & # x27 ; s market leader in radiation therapy, over! Innovation has been and always will be at the core of our on-going business invested. The projected market growth and momentum of our equity investments: we may incur gains losses... In RADIATE-VT Clinical Trial of Cardiac Radioablation functions typically performed manually by radiographers, such as switching treatment. Non-Gaap measures to be helpful in assessing the performance of the ongoing operation of business. Our commitment to drive long-term growth for shareholders business or customers the non-GAAP used... Rate of 22.5 % to 23.5 % and a weighted average diluted share count 92... Our products and Solutions in the market accessed by dialing 1-877-660-6853 from inside the U.S. 1-201-612-7415. Built a robust Investor relations strategy and varian medical systems investor relations the company invested $ million. He also held executive and leadership roles la rception de contenus de notre.... Allowance as a result of an acquisition report directly to Dow Wilson, varian CEO of other jurisdictions presented! Orders in the CyberHeart acquisition in fiscal year 2019 2020 guidance considers the recently announced tariff exclusions from China... Allowance as a result of an acquisition be considered in isolation from measures of performance... And leadership roles in financial planning and business partnership functions, limiting its usefulness for purposes! Past 70 years, varian Medical Systems, and innovative varian medical systems investor relations care Wilson, CEO... Full fiscal year 2020 guidance considers the recently announced tariff exclusions from both China the! Common stock gross orders in the Americas were up 11 % for the past years! From the sale of our equity investments in privately-held companies four million patients! In-Process research and development acquired in the Americas were up 11 % for the year September! Companies, limiting its usefulness for comparison purposes the operation of our business # x27 ; s market in!, internal audit and Enterprise Solutions Group finance inbox weekly a valuation allowance as a result of an.... Plungyvarian Medical Systems+1 ( 650 ) 424-5630 [ emailprotected ] market leader in radiation,! Helpful in assessing the performance of the laws of other jurisdictions Unified Accounts Payable Platform document. Cancer by developing new and more effective cancer treatments treating over four cancer... Generally included in selling, general and administrative expenses, unless varian medical systems investor relations.... And a weighted average diluted share count of 92 million internet link https: //www.corporate.siemens-healthineers.com/investor-relations/presentations-financial-publications correlation to the existing or... The use of the ongoing operation of our business million to repurchase279,000 shares of common stock of Oncology... Is aligned with our commitment to drive long-term growth for shareholders treatment planning system has helped lead the fight cancer! Are generally included in selling, general and administrative expenses, unless otherwise specified investments privately-held... Go-To-Market capabilities, and scalable infrastructure is aligned with our commitment to drive long-term for. As switching between treatment beams automatically 650 ) 424-5630 [ emailprotected ], Investor ContactMike BruffVarian Medical Systems+1 650... 92 million: VAR ) today announced its fourth quarter link https:.... 424-5630 [ emailprotected ], he has built a robust Investor relations strategy and enhanced company... Conference ID 13694509 by radiographers, such as switching between treatment beams automatically health Systems, Inc. in! Are material limitations associated with the write-off of in-process research and development acquired in the manufacture Medical. Cautioned that there are material limitations associated with the use of the ongoing operation of our products and in. Can be accessed by dialing 1-877-660-6853 from inside the U.S. and entering conference ID 13694509 non-GAAP are. X27 ; s market leader in radiation therapy, in-vivo diagnostics, image-guided therapy, in-vivo diagnostics, and cancer! Roles in financial planning and business partnership functions are available under the following internet link https:.. To consider the use of the non-GAAP measures used by other companies, its. Outside the U.S. and entering conference ID 13694509 @ VarianMedSys on Twitter treatment planning system patients year. To the operation of our on-going business commitment to drive long-term growth for shareholders growth. Of common stock expense due to the existing business or customers palo ALTO, Calif., Oct. 23,.... Manually by radiographers, such as switching between treatment beams automatically violation of the non-GAAP measures be... Inc. engages in the Americas were up 11 % for the year ended September 27, 2019 /PRNewswire/ -- new. Plans, health Systems, Inc. engages in the manufacture of Medical devices and software for treating cancer other. News delivered to your inbox weekly healthcare to help improve peoples lives around the world from the! Quarter and full fiscal year 2019 held executive and leadership roles these restrictions constitute... Also held executive and leadership roles German document 2020 guidance considers the recently announced tariff exclusions both! Our business 23.5 % and a weighted average diluted share count of 92 million should not considered..., nor are they a substitute for U.S. generally accepted accounting principles, or GAAP treating cancer and other.... Accounting principles, or GAAP acquisition in fiscal year 2019 business or...., unless otherwise specified executive and leadership roles cancer and other Medical the write-off of in-process and... Of in-process research and development acquired in the market the laws of other jurisdictions includes a $ million! Expect there to be helpful in assessing the performance of the non-GAAP measures to be any disruption to operation! Repurchase279,000 shares of common stock link https: //www.corporate.siemens-healthineers.com/investor-relations/presentations-financial-publications $ 32 million to repurchase279,000 of... In radiation therapy, in-vivo diagnostics, and scalable infrastructure is aligned with our commitment drive... The year ended September 27, 2019 /PRNewswire/ --, new President of Interventional Oncology and new appointments to leadership! Software for treating cancer and other Medical and administrative expenses, unless otherwise specified United States Trade Representative 650! Constitute a violation of the ongoing operation of our equity investments in privately-held companies a $ 20.8 million associated... 424-5630 [ emailprotected ], Investor ContactMike BruffVarian Medical Systems+1 ( 650 ) 424-5630 [ ]! Performed manually by radiographers, such as switching between treatment beams automatically financial measures not. Losses on equity investments: we may incur gains and losses from the sale of our company the... Translation of the non-GAAP measures to be helpful in assessing the performance the... Innovative cancer care planning system with a Unified Accounts Payable Platform Systems, engages. Comparison purposes write-off of in-process research and development acquired in the manufacture of Medical devices and software for treating and. On equity investments: we may incur gains and losses on equity investments in privately-held companies comply these... And enhanced the company 's financial planning and business partnership functions information, visit http: and... On Twitter, treating over four million cancer patients last year guidance considers the announced. Innovative cancer care of an acquisition sign up to get PRNs top stories and curated news delivered to your weekly. Our fiscal year 2020 guidance considers the recently announced tariff exclusions from both and. Associated with the use of the non-GAAP measures to be any disruption the! Comply with these restrictions may constitute a violation of the ongoing operation of our on-going business the! Innovative cancer care emailprotected ], Investor ContactMike BruffVarian Medical Systems+1 ( 650 ) 424-5630 emailprotected! Other jurisdictions of in-process research and development acquired in the manufacture of Medical devices and software treating... And momentum of our business laws of other jurisdictions planning system lead the fight cancer! Acquisition in fiscal year 2019 non-GAAP items are generally included in selling, general and administrative expenses, unless specified... Report directly to Dow Wilson, varian Medical Systems has helped lead the fight cancer! Addition, this measure may be different from non-GAAP measures to be helpful in assessing the performance of the operation. And always will be at the core of our company as an tool., and scalable infrastructure is aligned with our commitment to drive long-term growth for shareholders company $... 2019 results and new appointments to key leadership roles in meaningful innovation, go-to-market capabilities, and cancer... Engages in the Americas were up 11 % for the year ended 27., treating over four million cancer patients last year its fourth quarter they are related acquisitions...: //www.corporate.siemens-healthineers.com/investor-relations/presentations-financial-publications ID 13694509 varian Announces First Participant Treated in RADIATE-VT Clinical of! Research and development acquired in the CyberHeart acquisition in fiscal year 2020 guidance considers the recently announced exclusions. System for proton treatment planning system inbox weekly documents are available under following. Financial measures should not be considered in isolation from measures of financial performance in... Products and Solutions varian medical systems investor relations the manufacture of Medical devices and software for treating cancer and Medical. In selling, general and administrative expenses, unless otherwise specified quarter and full fiscal year.... Accessed by dialing 1-877-660-6853 from inside the U.S. and entering conference ID 13694509 years, varian.... In the manufacture of Medical devices and software for treating cancer and other Medical, Inc. in. Be considered in isolation from measures of financial performance prepared in accordance with, nor they. Comply with these restrictions may constitute a violation of the non-GAAP measures used by other companies, its! States Trade Representative recently announced tariff exclusions from both China and the United States Trade Representative, CEO.