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Varex Imaging Corporation

Varex Imaging Corporation

NASDAQ•VREX
CEO: Mr. Sunny S. Sanyal
Sector: Healthcare
Industry: Medical - Devices
Listing Date: 2017-01-23
Varex Imaging Corporation designs, manufactures, and sells X-ray imaging components. The company operates through two segments, Medical and Industrial. The Medical segment designs, manufactures, sells, and services X-ray imaging components, comprising X-ray tubes, digital detectors and accessories, ionization chambers, high voltage connectors, image-processing software and workstations, 3D reconstruction software, computer-aided diagnostic software, collimators, automatic exposure control devices, generators, and heat exchangers. This segment's products are used in a range of applications, including CT, mammography, oncology, cardiac, surgery, dental, and other diagnostic radiography uses. The Industrial segment designs, develops, manufactures, sells, and services Linatron X-ray linear accelerators, X-ray tubes, digital detectors, high voltage connectors, and coolers for use in security and inspection applications, such as baggage screening at airports, cargo screening at ports and borders, and nondestructive testing, irradiation, and inspection in various applications. The company sells its products through imaging system original equipment manufacturers, independent service companies, and distributors, as well as directly to end-users. It has operations in North America, South America, Europe, Russia, the Middle East, India, Africa, Asia, and Australia. Varex Imaging Corporation was incorporated in 2016 and is headquartered in Salt Lake City, Utah.
Contact Information
1678 S. Pioneer Road, Salt Lake City, UT, 84104, United States
801-972-5000
www.vareximaging.com
Market Cap
$566.75M
P/E (TTM)
-8.3
29.8
Dividend Yield
--
52W High
$14.57
52W Low
$6.76
52W Range
87%
Rank54Top 78.1%
2.7
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Weak • 2.7 / 9 points
Scoring Range (0-9)
8-9: Excellent Value
6-7: Strong Fundamentals
4-5: Average Quality
0-3: Weak Performance
Data Period: 2016-2025

Financial Dashboard

Q1 2026 Data

Revenue

$209.60M+0.00%
4-Quarter Trend

EPS

$0.06+0.00%
4-Quarter Trend

FCF

-$26.80M+0.00%
4-Quarter Trend

2026 Q1 Earnings Highlights

Key Highlights

Revenue Increased 4.9% Net revenues reached 209.6 M USD for the quarter, showing a 9.8 M USD increase compared to prior period.
Return to Profitability Net income attributable to Varex was 2.3 M USD, successfully reversing the prior period's 0.3 M USD loss.
Industrial Segment Leads Growth Industrial revenues grew 17.4% to 64.8 M USD, driven primarily by increased sales of inspection products.
Operating Costs Reduced Total operating expenses decreased 5.1% to 54.4 M USD compared to the prior period due to lower SG&A.

Risk Factors

Tariff and Trade Uncertainty Ongoing tariff policies and geopolitical tensions may negatively impact competitiveness, increase costs, and affect results.
Customer Concentration Risk Top customer accounted for 16% of revenue and 12% of receivables, posing significant concentration risk.
Prior Goodwill Impairment Medical unit recorded $93.9 M goodwill impairment charge in the prior quarter due to sustained stock price decreases.
Supply Chain Volatility Risk Reliance on sole-source suppliers for key components creates vulnerability to disruption and potential cost increases.

Outlook

Refinance Senior Notes Expect to refinance Senior Secured Notes maturing in October 2027 during fiscal year 2026 to manage debt maturity.
R&D Investment Focus Maintain R&D spending at 8% to 10% of annual revenues to support long-term growth and product innovation.
New Equipment Commitment Entered commitment to purchase manufacturing equipment for approximately $7.3 M over a three-year term.
Credit Facility Availability Revolving Credit Facility remains undrawn with $154.8 M availability as of January 2, 2026, supporting liquidity.

Peer Comparison

Revenue (TTM)

Varex Imaging CorporationVREX
$854.40M
+4.1%
Orthofix Medical Inc.OFIX
$818.06M
+4.3%
Avanos Medical, Inc.AVNS
$699.90M
+2.7%

Gross Margin (Latest Quarter)

Bicycle Therapeutics plcBCYC
100.0%
+1705.8pp
Lexicon Pharmaceuticals, Inc.LXRX
99.9%
+4.0pp
ADC Therapeutics SAADCT
92.7%
-2.7pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
OMER$828.83M-6.457.3%103.2%
AVNS$691.64M-1.5-58.2%12.5%
CGEM$684.69M-3.2-41.6%0.2%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
-0.5%
Flat Growth
4Q Net Income CAGR
-30.7%
Declining Profitability
Cash Flow Stability
75%
Volatile Cash Flow

Research & Insights

Next earnings:May 6, 2026
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EPS:-
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Revenue:-
Reports
Financials
All Years
  • Form 10-Q - Q1 2026

    Period End: Jan 2, 2026|Filed: Feb 10, 2026|
    Revenue: $209.60M+0.0%
    |
    EPS: $0.06+0.0%
    Miss
  • Form 10-K - FY 2025

    Period End: Oct 3, 2025|Filed: Nov 18, 2025|
    Revenue: $844.60M+4.1%
    |
    EPS: $-1.70-45.3%
    Miss
  • Form 10-Q - Q3 2025

    Period End: Jul 4, 2025|Filed: Aug 7, 2025|
    Revenue: $203.00M-2.9%
    |
    EPS: $-2.15-6386.5%
    Miss
  • Form 10-Q - Q2 2025

    Period End: Apr 4, 2025|Filed: May 8, 2025|
    Revenue: $212.90M+3.2%
    |
    EPS: $0.17+394.2%
    Beat
  • Form 10-Q - Q1 2025

    Period End: Jan 3, 2025|Filed: Feb 6, 2025|
    Revenue: $199.80M+5.2%
    |
    EPS: $-0.01-40.6%
    Miss
  • Form 10-K - FY 2024

    Period End: Sep 27, 2024|Filed: Nov 19, 2024|
    Revenue: $811.00M-9.2%
    |
    EPS: $-1.17-197.5%
    Miss
  • Form 10-Q - Q3 2024

    Period End: Jun 28, 2024|Filed: Aug 1, 2024|
    Revenue: $209.10M-9.9%
    |
    EPS: $0.03-85.1%
    Miss
  • Form 10-Q - Q2 2024

    Period End: Mar 29, 2024|Filed: May 2, 2024|
    Revenue: $206.20M-9.6%
    |
    EPS: $0.03-65.6%
    Miss