Varian Medical shares rise on Street-beating Q3

Shares in Varian Medical (NYSE:VAR) have risen in after-hours trading today after the medical device maker beat expectations on Wall Street with its third quarter fiscal year 2018 earnings results.

The Palo Alto, Calif.-based company posted profits of $72.5 million, or 79¢ per share, on sales of $709.1 million for the three months ended June 29, seeing bottom-line growth of 3.7% while sales grew 12.1% compared with the same period during the previous year.

Adjusted to exclude one-time items, earnings per share were $1.04, ahead of the 99¢ consensus on Wall Street where analysts expected too see sales of $664.4 million, which the company handily topped.

“In the third quarter, the team continued to deliver robust results, and we strengthened our leadership in radiation therapy with strong orders and revenue performance. Investment will continue to be a key driver of our long-term growth and value creation, and we made strategic investments in the quarter in R&D, Sales, and Marketing to support the company’s future innovation and growth strategies,” CEO Dow Wilson said in a prepared statement.

Varian updated its financial guidance for the fiscal year 2018, expecting to see revenue growth of between 9% and 11% and non-GAAP earnings per share of between $4.43 and $4.48.

Shares in Varian have risen 3.3% in after-hours trading, at $123.10 as of 4:51 p.m. EDT.

In May, Varian said it inked a software technology training and education cooperation agreement with the Brazil Ministry of Health and seven universities and science and tech institutes in the country.

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