Loading...
Docoh

Varex Imaging (VREX)

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
CEO
Sunny Sanyal
Employees
Incorporated
Location
Fiscal year end
SEC CIK
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

Calendar

4 May 22
20 May 22
30 Sep 22
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

Beta Read what these cash burn values mean

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
13F holders Current Prev Q Change
Total holders 189 205 -7.8%
Opened positions 23 34 -32.4%
Closed positions 39 23 +69.6%
Increased positions 56 68 -17.6%
Reduced positions 75 63 +19.0%
13F shares Current Prev Q Change
Total value 900.91M 1.32B -31.5%
Total shares 42.23M 41.58M +1.6%
Total puts 22.8K 0 NEW
Total calls 324.5K 19K +1607.9%
Total put/call ratio 0.1
Largest owners Shares Value Change
BLK Blackrock 6.67M $142.02M -0.1%
Vanguard 4.3M $91.58M +0.9%
Allspring Global Investments 2.57M $54.77M +32.3%
JHG Janus Henderson 2.08M $44.21M +6.2%
STT State Street 1.93M $41.02M +5.5%
American Century Companies 1.74M $37.08M +197.6%
Artisan Partners Limited Partnership 1.63M $34.62M -0.7%
Dimensional Fund Advisors 1.62M $34.55M +4.7%
Cooke & Bieler 1.43M $30.39M +20.4%
PZN Pzena Investment Management 1.32M $28.01M +9.7%
Largest transactions Shares Bought/sold Change
American Century Companies 1.74M +1.16M +197.6%
Allspring Global Investments 2.57M +628.19K +32.3%
GS Goldman Sachs 140.33K -418K -74.9%
Millennium Management 569.34K -406.78K -41.7%
Norges Bank 0 -349.51K EXIT
Sio Capital Management 315.49K +315.49K NEW
Citadel Advisors 310.97K +310.97K NEW
Arrowstreet Capital, Limited Partnership 135K -305.56K -69.4%
Two Sigma Investments 30.05K -272.33K -90.1%
Cooke & Bieler 1.43M +242.07K +20.4%

Financial report summary

?
Competition
Nano X Imaging
Risks
  • 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

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