Varex Imaging Corporation is a leading innovator, designer and manufacturer of X-ray imaging components, which include X-ray tubes, digital detectors and other image processing solutions that are key components of X-ray imaging systems. With a 70+ year history of successful innovation, Varex's products are used in medical imaging as well as a number of industrial applications. Global OEM manufacturers incorporate Varex's X-ray sources, digital detectors, connecting devices and imaging software in their systems to detect, diagnose, protect and inspect. Headquartered in Salt Lake City, Utah, Varex employs approximately 2,000 people located in North America, Europe, and Asia.

Company profile
Ticker
VREX
Exchange
Website
CEO
Sunny Sanyal
Employees
Incorporated
Location
Fiscal year end
Industry (SIC)
SEC CIK
Corporate docs
Subsidiaries
3901 Carnation Street, LLC • Dexela Limited • Direct Conversion AB • Direct Conversion GmbH • Direct Conversion Ltd • MeVis Medical Solutions AG • Oy Direct Conversion Ltd. • Varex Imaging Americas Corporation • Varex Imaging Arabia, LLC • Varex Imagens Brasil, Ltda. ...
VREX stock data
Press releases
Varex Announces Financial Results for Second Quarter Fiscal Year 2022
3 May 22
Varex Schedules Second Quarter Fiscal Year 2022 Earnings Release and Conference Call
18 Apr 22
Varex to Present at Oppenheimer's 32nd Annual Healthcare Virtual Investor Conference
8 Mar 22
Varex Announces Partial Redemption of Senior Secured Notes
7 Mar 22
Calendar
4 May 22
20 May 22
30 Sep 22
Financial summary
Quarter (USD) | Apr 22 | Dec 21 | Oct 21 | Jul 21 | |
---|---|---|---|---|---|
Revenue | |||||
Cost of revenue | |||||
Operating income | |||||
Operating margin | |||||
Net income | |||||
Net profit margin | |||||
Cash on hand | |||||
Change in cash | |||||
Diluted EPS |
Annual (USD) | Oct 21 | Oct 20 | Sep 19 | Sep 18 | |
---|---|---|---|---|---|
Revenue | |||||
Cost of revenue | |||||
Operating income | |||||
Operating margin | |||||
Net income | |||||
Net profit margin | |||||
Cash on hand | |||||
Change in cash | |||||
Diluted EPS |
Cash burn rate (est.) | Burn method: Change in cash | Burn method: Operating income | Burn method: FCF (opex + capex) | Last Q | Avg 4Q | Last Q | Avg 4Q | Last Q | Avg 4Q |
---|---|---|---|---|---|---|
Cash on hand (at last report) | 116.5M | 116.5M | 116.5M | 116.5M | 116.5M | 116.5M |
Cash burn (monthly) | 14.23M | (no burn) | (no burn) | (no burn) | 2.77M | (no burn) |
Cash used (since last report) | 23.28M | n/a | n/a | n/a | 4.53M | n/a |
Cash remaining | 93.22M | n/a | n/a | n/a | 111.97M | n/a |
Runway (months of cash) | 6.5 | n/a | n/a | n/a | 40.5 | n/a |
Recent insider trades
Date | Owner | Security | Transaction | Code | Indirect | 10b5-1 | $Price | #Shares | $Value | #Remaining |
---|---|---|---|---|---|---|---|---|---|---|
15 Feb 22 | Mark S. Jonaitis | Common Stock | Payment of exercise | Dispose F | No | No | 23.47 | 3,488 | 81.86K | 49,463 |
15 Feb 22 | Mark S. Jonaitis | Common Stock | Option exercise | Acquire M | No | No | 0 | 4,890 | 0 | 52,951 |
15 Feb 22 | Mark S. Jonaitis | Common Stock | Option exercise | Acquire M | No | No | 0 | 1,354 | 0 | 48,061 |
15 Feb 22 | Mark S. Jonaitis | Common Stock | Option exercise | Acquire M | No | No | 0 | 1,147 | 0 | 46,707 |
15 Feb 22 | Mark S. Jonaitis | RSU Common Stock | Option exercise | Dispose M | No | No | 0 | 4,890 | 0 | 4,890 |
15 Feb 22 | Mark S. Jonaitis | RSU Common Stock | Option exercise | Dispose M | No | No | 0 | 1,354 | 0 | 1,354 |
15 Feb 22 | Mark S. Jonaitis | RSU Common Stock | Option exercise | Dispose M | No | No | 0 | 1,147 | 0 | 0 |
15 Feb 22 | Kimberley E. Honeysett | Common Stock | Payment of exercise | Dispose F | No | No | 23.47 | 3,578 | 83.98K | 7,543 |
15 Feb 22 | Kimberley E. Honeysett | Common Stock | Option exercise | Acquire M | No | No | 0 | 5,086 | 0 | 11,121 |
15 Feb 22 | Kimberley E. Honeysett | Common Stock | Option exercise | Acquire M | No | No | 0 | 1,397 | 0 | 6,035 |
Institutional ownership, Q1 2022
13F holders | Current |
---|---|
Total holders | 189 |
Opened positions | 23 |
Closed positions | 39 |
Increased positions | 56 |
Reduced positions | 75 |
13F shares | Current |
---|---|
Total value | 900.91M |
Total shares | 42.23M |
Total puts | 22.8K |
Total calls | 324.5K |
Total put/call ratio | 0.1 |
Largest owners | Shares | Value |
---|---|---|
BLK Blackrock | 6.67M | $142.02M |
Vanguard | 4.3M | $91.58M |
Allspring Global Investments | 2.57M | $54.77M |
JHG Janus Henderson | 2.08M | $44.21M |
STT State Street | 1.93M | $41.02M |
American Century Companies | 1.74M | $37.08M |
Artisan Partners Limited Partnership | 1.63M | $34.62M |
Dimensional Fund Advisors | 1.62M | $34.55M |
Cooke & Bieler | 1.43M | $30.39M |
PZN Pzena Investment Management | 1.32M | $28.01M |
Financial report summary
?Competition
Nano X ImagingRisks
- Current economic conditions, including supply chain disruptions and logistical challenges, as well as the military conflict between Russia and Ukraine, have increased our costs, and have impacted and may in the future impact our ability to obtain materials needed to manufacture our products, to deliver those products to our customers, and otherwise adversely impact our financial condition and results of operations.
- COVID-19 has adversely impacted our operations, cash flow, and financial position, and in the future we could continue to be adversely impacted, by the COVID-19 pandemic and associated economic disruptions.
- Our business and financial results may be adversely affected by the effects of inflation
- Varex sells its products and services to a limited number of OEM customers, many of which are also its competitors, and a reduction in or loss of business of one or more of these customers may materially reduce its sales.
- Varex may not be able to accurately predict the demand for its products by its customers.
- Varex competes in highly competitive markets, and it may lose business to its customers or other companies with greater resources or the ability to develop more effective technologies, or it could be forced to reduce its prices.
- Varex’s success depends on the successful development, introduction, and commercialization of new generations of products and enhancements to or simplifications of existing product lines.
- More than half of Varex’s revenues are generated from customers located outside the United States, and economic, political, and other risks associated with international sales and operations could materially and adversely affect Varex’s sales or make them less predictable.
- Varex’s business may suffer if it is not able to hire and retain qualified personnel.
- A change in the percentage of Varex’s total earnings from international sales or additional changes in tax laws could increase Varex’s effective tax rate.
- Varex may face additional risks from the acquisition or development of new lines of business.
- Varex may be unable to complete future acquisitions or realize expected benefits from acquisitions of or investments in new businesses, products, or technologies, which could harm Varex’s business.
- Warranty claims may materially and adversely affect Varex’s business.
- Supply chain disruptions, including the loss of a supplier, and any inability to obtain supplies of important components have impacted Varex’s ability to manufacture products, have caused delays in its ability to deliver products, and have increased its costs and may continue to do so.
- Shortages, changes in source of, and increased in prices for, raw materials have negatively impacted Varex’s ability to manufacture products, have caused delays, and have increased its cost of goods.
- If Varex is not able to match its manufacturing capacity with demand for its products, its financial results may suffer.
- A disruption at Varex’s manufacturing facilities, as well as fluctuating manufacturing costs, could materially and adversely affect its business.
- Varex’s results have been and may continue to be affected by continuing worldwide economic instability, including changes in foreign currency exchange rates and fluctuations in the price of crude oil and other commodities.
- Delivery schedules for Varex’s security, industrial, and inspection products tend to be unpredictable.
- Varex’s international manufacturing operations subject it to volatility and other risks, including high security risks, which could result in harm to its employees and contractors or substantial costs.
- Varex’s operations are vulnerable to interruption or loss due to natural or other disasters, power loss, strikes, and other events beyond its control.
- Third parties may claim that Varex is infringing upon their intellectual property, and Varex could suffer significant litigation or licensing expenses or be prevented from selling its products.
- Disruption of critical information systems or material breaches in the security of Varex’s systems may materially and adversely affect its business and customer relations.
- Compliance with foreign laws and regulations applicable to the marketing, manufacture, and distribution of Varex’s products may be costly, and failure to comply may result in significant penalties and other harm to Varex’s business.
- Varex sells certain X-ray tube products as replacements which are subject to medical device certification and product registration laws and regulations, which vary by country and are subject to change, and Varex may be unable to receive registration approval or renewal of existing registrations if it fails to meet regulatory approval requirements or if the approval process becomes commercially infeasible or impractical.
- Existing and future healthcare reforms, and changes to reimbursement rates, may indirectly have a material adverse effect on Varex’s business and results of operations.
- Varex is subject to federal, state, and foreign laws governing its business practices which, if violated, could result in substantial penalties. Additionally, challenges to or investigations into Varex’s practices could cause adverse publicity and be costly to respond to and thus could harm its business.
- Certain of Varex’s products are subject to regulations relating to use of radioactive material, compliance with which may be costly, and a failure to comply therewith may materially and adversely affect Varex’s business.
- If Varex is unable to obtain required FDA clearances or approvals for a product or is unduly delayed in doing so, or the uses of that product were limited, Varex’s business could suffer.
- Unfavorable results of legal proceedings could materially and adversely affect Varex’s financial results.
- Environmental laws impose compliance costs on Varex’s business and may also result in liability.
- Failure to maintain effective internal controls and procedures could negatively impact Varex.
- The ABL Facility and the indenture governing our Senior Secured Notes impose significant operating and financial restrictions that may limit our current and future operating flexibility, particularly our ability to respond to changes in the economy or our industry or to take certain actions, which could harm our long-term interests and may limit our ability to make payments on the notes.
- We may not be able to generate sufficient cash to service all of our indebtedness, and may be forced to take other actions to satisfy our obligations under our indebtedness, which may not be successful.
- Our credit rating and ability to access well-functioning capital markets are important to our ability to secure future debt financing on acceptable terms. Our credit ratings may not reflect all risks associated with an investment in our secured notes.
- Varex entered into certain hedging positions that may affect the value of the Convertible Notes and the volatility and value of Varex’s common stock.
- Conversion of the Convertible Notes may dilute the ownership interest of Varex’s stockholders or may otherwise depress the market price of Varex’s common stock.
- The conditional conversion feature of the Convertible Notes, if triggered, may adversely affect our financial condition and operating results.
- Certain provisions in Varex’s Amended and Restated Certificate of Incorporation, its Amended and Restated Bylaws, its Indenture, and of Delaware law, may prevent or delay an acquisition of Varex, which could decrease the trading price of Varex’s common stock.
- Liabilities related to Varex’s operations when it was part of Varian, or liabilities associated with its spin-off from Varian, could materially and adversely affect Varex’s business, financial condition, results of operations, and cash flows.
Management Discussion
- Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations
- Varex Imaging Corporation is a leading innovator, designer and manufacturer of X-ray tubes, digital detectors, linear accelerators and other image software processing solutions, which are critical components of a variety of X-ray based imaging equipment. Our success depends, among other things, on our ability to anticipate and respond to changes in our markets, the direction of technological innovation and the demands of our customers. For additional information on our business, see Part I, Item 1.
- The unprecedented nature of the COVID-19 pandemic and its effect on the global economy began to significantly disrupt our business in fiscal year 2020 by initially reducing demand for our products followed by strong recovery in demand but increasing variability in supply of raw materials and manufacturing productivity.
Content analysis
?Positive | ||
Negative | ||
Uncertain | ||
Constraining | ||
Legalese | ||
Litigous | ||
Readability |
H.S. sophomore Avg
|
New words:
bore, commensurate, escalation, factory, floor, geopolitical, infection, inflationary, Interbank, Japanese, length, London, military, Overnight, poor, Quantitative, renminbi, set, SOFR, solicited, tariff, UFLPA, Ukraine, unamortized, Union, Uyghur, weakening, Xinjiang, Yen
Removed:
CEO, CFO, enactment, impacting, initiated, logistic, participation, prosecute, underlie, unobservable, vigorously
Financial reports
Current reports
8-K
Varex Announces Financial Results for Second Quarter Fiscal Year 2022
3 May 22
8-K
Submission of Matters to a Vote of Security Holders
16 Feb 22
8-K
Varex Announces Financial Results for First Quarter Fiscal Year 2022
8 Feb 22
8-K
Varex Announces Record Financial Results for Fourth Quarter and Fiscal Year 2021
16 Nov 21
8-K
Varex Announces Financial Results for Third Quarter Fiscal Year 2021
3 Aug 21
8-K
Varex Announces Financial Results for Second Quarter Fiscal Year 2021
4 May 21
8-K
Changes in Registrant's Certifying Accountant
1 Apr 21
8-K
Amendments to Articles of Incorporation or Bylaws
17 Feb 21
8-K
Varex Announces Financial Results for First Quarter Fiscal Year 2021
4 Feb 21
8-K
Varex Announces Financial Results for Fourth Quarter and Fiscal Year 2020
17 Nov 20
Registration and prospectus
S-8
Registration of securities for employees
11 Feb 22
S-8 POS
Registration of securities for employees (post-effective amendment)
18 Feb 20
S-8
Registration of securities for employees
18 Feb 20
S-8
Registration of securities for employees
26 Jan 17
10-12B/A
Registration of securities (amended)
11 Jan 17
10-12B/A
Registration of securities (amended)
29 Dec 16
10-12B/A
Registration of securities (amended)
7 Dec 16
10-12B/A
Registration of securities (amended)
10 Oct 16
10-12B
Registration of securities
10 Aug 16
Proxies
DEFA14A
Additional proxy soliciting materials
28 Dec 21
DEFA14A
Additional proxy soliciting materials
21 Jan 21
DEFA14A
Additional proxy soliciting materials
30 Dec 20
DEFA14A
Additional proxy soliciting materials
2 Jan 20
DEFA14A
Additional proxy soliciting materials
2 Jan 19
DEF 14A
Definitive proxy
2 Jan 18
Other
SD
Conflict minerals disclosure
28 May 21
SD
Conflict minerals disclosure
2 Jun 20
SD
Conflict minerals disclosure
28 May 19
SD
Conflict minerals disclosure
25 May 18
CT ORDER
Confidential treatment order
5 Sep 17
CORRESP
Correspondence with SEC
17 Jan 17
CORRESP
Correspondence with SEC
17 Jan 17
UPLOAD
Letter from SEC
17 Jan 17
UPLOAD
Letter from SEC
16 Jan 17
UPLOAD
Letter from SEC
26 Oct 16
Ownership
4
Varex Imaging / Andrew Hartmann ownership change
17 Feb 22
4
Varex Imaging / Brian W Giambattista ownership change
17 Feb 22
4
Varex Imaging / SUNNY SANYAL ownership change
17 Feb 22
4
Varex Imaging / Mark S. Jonaitis ownership change
17 Feb 22
4
Varex Imaging / Kimberley E. Honeysett ownership change
17 Feb 22
4
Varex Imaging / Walter M Rosebrough Jr ownership change
15 Feb 22
4
Varex Imaging / TIMOTHY E GUERTIN ownership change
14 Feb 22
4
Varex Imaging / RUEDIGER NAUMANN-ETIENNE ownership change
14 Feb 22
4
Varex Imaging / Jocelyn D Chertoff ownership change
14 Feb 22
4
Varex Imaging / CHRISTINE A TSINGOS ownership change
14 Feb 22
Patents
Utility
Radiographic Inspection System for Pipes and Other Structures and Material Loss Estimation
31 Mar 22
Some embodiments include a radiographic inspection system, comprising: a drive mechanism configured to move along a structure; a detector attached to the drive mechanism; a radiation source attached to the drive mechanism and positionable relative to the detector such that a width of the structure casts a radiation shadow on an active area of the detector; and control logic coupled to the detector and configured to: receive an image from the detector; generate side wall loss information based on the image; and generate bottom wall loss information based on the image.
Utility
Radiographic Inspection System for Pipes and Other Structures and Material Loss Estimation
31 Mar 22
Some embodiments include a radiographic inspection system, comprising: a drive mechanism configured to move along a structure; a detector attached to the drive mechanism; a radiation source attached to the drive mechanism and positionable relative to the detector such that a width of the structure casts a radiation shadow on an active area of the detector; and control logic coupled to the detector and configured to: receive an image from the detector; generate side wall loss information based on the image; and generate bottom wall loss information based on the image.
Utility
Enhanced thermal transfer nozzle and system
15 Mar 22
Some embodiments include an x-ray system, comprising: a structure having a hole having an axially extending wall; and a nozzle disposed in the hole; wherein the nozzle and the axially extending wall form a plurality of axially extending helical fluid channels.
Utility
Threshold voltage stabilizing system and method
8 Mar 22
Some embodiments include a system, comprising: first circuit including a transistor having an optically sensitive threshold voltage; a light source configured to illuminate the transistor; and a control circuit configured to activate the light source based on the threshold voltage.
Utility
Estimating Background Radiation from Unknown Sources
10 Feb 22
Embodiments include a method, comprising: receiving measured radiation obtained from a radiation detector that received radiation through an object; simulating the measured radiation obtained from the radiation detector that received radiation through the object; generating an offset based on the measured radiation and the simulated measured radiation; estimating scatter radiation based on the offset; and estimating primary radiation based on the estimated scatter radiation
Transcripts
2022 Q2
Earnings call transcript
9 May 22
2022 Q1
Earnings call transcript
9 Feb 22
2021 Q4
Earnings call transcript
17 Nov 21
2021 Q3
Earnings call transcript
4 Aug 21
2021 Q1
Earnings call transcript
5 May 21
2021 Q1
Earnings call transcript
5 Feb 21
2020 Q4
Earnings call transcript
17 Nov 20
2020 Q3
Earnings call transcript
13 Aug 20
2020 Q2
Earnings call transcript
12 May 20
2020 Q1
Earnings call transcript
11 Feb 20
Reddit threads
Daily Discussion Thread - May 3rd, 2022
3 May 22
Daily Discussion Thread - May 2nd, 2022
2 May 22
Daily Discussion Thread - February 8th, 2022
8 Feb 22
Daily Discussion Thread - February 7th, 2022
7 Feb 22
Daily Discussion Thread - November 16th, 2021
16 Nov 21
Daily Discussion Thread - November 15th, 2021
15 Nov 21
Most Anticipated Earnings Releases for the week beginning November 15th, 2021
12 Nov 21
Most Anticipated Earnings Releases for the week beginning November 15th, 2021
12 Nov 21
Daily Discussion Thread - August 3rd, 2021
3 Aug 21
Daily Discussion Thread - August 2nd, 2021
2 Aug 21