Led by 8% growth in its Oncology business, radiation therapy firm Varian Medical Systems reported "substantial improvements" in gross and operating margins in the financial report for its third fiscal quarter (end-July 1).
Revenue inched up 1% to $789 million, compared with $784 million in the same quarter of fiscal 2015. Net earnings, however, decreased to $98.9 million in the quarter, compared with net earnings of $113.6 million in fiscal 2015's third quarter.
For the nine-month period, revenue also advanced 1% to $2.3 billion, compared with $2.28 billion in the same period last year. Net income slipped to $284.9 million for the period, compared with net earnings of $312.9 million in the first nine months of 2015.
Varian also forecasted that revenues for fiscal 2016 will increase by approximately 3% over 2015.
