Varex meets The Street with fiscal Q2 earnings

Varex Imaging (NSDQ:VREX) yesterday met the consensus forecast with its fiscal second-quarter results, powered by a 30% top-line surge, sending share prices up today.

The Salt Lake City-basedX-ray imaging components maker posted profits of $12.2 million, or 32¢ per share, on sales of $201.2 million for the three months ended March 30, for a bottom-line slide of -18.7% compared with Q2 2017. Adjusted to exclude one-time items, earnings per share were 45¢, in-line with The Street, where analysts were looking for revenues of $187.3 million.

“We had a strong quarter led by higher sales of our products for the CT, oncology and industrial markets. Our revenues increased significantly from the same quarter a year ago and, for comparative purposes, were up 5% year-over-year if revenues from the acquired imaging business had been included in the prior year quarter. Revenues from dental 3-D imaging digital detectors returned to historical levels in the second quarter,” CEO Sunny Sanyal said in prepared remarks.

Varex said it still expects to report adjusted EPS of $1.82 to $1.92 for the full fiscal year, on sales growth of 13% to 14%.

VREX shares were up 3.0% to $36.97 apiece today in mid-afternoon trading.

The post Varex meets The Street with fiscal Q2 earnings appeared first on MassDevice.

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