Radiation therapy firm Varian Medical Systems reported higher revenues but lower net earnings for the first quarter of 2016.
The company's revenues for the quarter (end-January 1) were $757 million, up 3% from $737.9 million in the same quarter last year and up 7% after currency adjustments, according to the firm. At the same time, net earnings were $89 million, down 5% from $93.3 million in the same quarter a year ago.
Revenues from Varian's Oncology Systems business rose 5% to $589 million, compared with the same quarter last year. First-quarter oncology gross orders were down 5% from the first quarter of 2015, to $533 million worldwide. In Europe, the Middle East, and Africa, gross orders were down 14%, and they were down by 12% in the Asia-Pacific region.
The Imaging Components business continued to experience anticipated pressures on revenues, the company said, with declining volumes in all product lines for the quarter. Revenues were $141 million for the first quarter, down 15% from the same quarter a year ago. Gross orders were $127 million for the first quarter, down 22% from a year ago.
Varian said it continues to anticipate higher revenues on the order of 4% to 5% for the remainder of the year.
