Varian's revenues slip for Q4, full year

By AuntMinnie.com staff writers

October 28, 2020 -- Radiation oncology vendor Varian Medical Systems saw its revenues fall slightly for the full year and fourth quarter of its 2020 fiscal year, although the company was able to maintain profitability in the year's final quarter.

For the fourth quarter (end-October 2), Varian reported revenues of $850.5 million, down 3% compared with $878.9 million in the corresponding quarter of 2019. The company's net earnings for the quarter were $76.6 million, compared with $70.7 million in the fourth quarter of 2019.

For the year, Varian posted revenues of $3.168 billion, down 2% compared with sales of $3.225 billion for the full year in 2019. For the full year, the company's net earnings were $269.2 million, compared with $291.9 million for the entire year in 2019.

In discussing the results, the company reported that while the COVID-19 pandemic was a "headwind," the company expected to enter its 2021 fiscal year with "momentum" and planned to focus on closing its acquisition by Siemens Healthineers in the first half of calendar 2021.


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