COVID-19 affects Varian's Q2 results

By staff writers

May 5, 2020 -- Due in part to the COVID-19 pandemic, radiation oncology firm Varian Medical Systems posted mixed financial results in its second quarter of fiscal 2020.

For the quarter (end-March 31), revenue increased 2% to $794.5 million, compared with $779.4 million in the second quarter of fiscal 2019. However, net earnings decreased to $43.1 million, compared with $88.4 million in 2019, Varian said.

Sales in the company's oncology systems segment rose 2%, from $746.8 million in 2019 to $760.5 million for this period. But Varian's proton solutions segment took a hit, with revenues totaling $22.3 million, down 32% from 2019's $32.6 million.

The company has withdrawn its March 9 guidance for 2020 due to the COVID-19 pandemic.

"The uncertainty around the severity and duration of COVID-19 has impacted the company's ability to reliably estimate the financial impact of the pandemic for the balance of the fiscal year," it said.

Copyright © 2020

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