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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
$482.31M
P/E (TTM)
-6.9
32
Dividend Yield
--
52W High
$15.46
52W Low
$6.76
52W Range
56%
Rank56Top 70.4%
2.9
F-Score
Modified Piotroski Analysis
Based on 10-year fundamentals
Weak • 2.9 / 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

Q4 2025 Data

Revenue

$228.90M+11.28%
4-Quarter Trend

EPS

$0.29-123.58%
4-Quarter Trend

FCF

$0.00+0.00%
4-Quarter Trend

2025 Annual Earnings Highlights

Key Highlights

Total Revenue Increased 4% Net revenues reached $844.6M in FY2025, showing a 4% increase compared to $811.0M reported in FY2024.
Gross Profit Rises 13% Total gross profit grew to $290.5M, marking a 13% improvement driven by volume and lower material costs.
Medical Margin Expansion Noted Medical segment gross margin improved significantly to 33.8% in FY2025, up from 30.4% the prior year.
Backlog Remains Solid Total order backlog stood at approximately $262M as of October 3, 2025, indicating future revenue visibility.

Risk Factors

Significant Goodwill Impairment Recorded $93.9M goodwill impairment charge in Q3 FY2025 for Medical reporting unit due to stock price decline.
Trade War and Tariffs Impact Ongoing US-China trade tensions and MOFCOM investigations negatively impact product competitiveness and financial results.
Supply Chain Cost Pressures Inflation and supply chain disruptions continue to increase overall cost structure, shipping expenses, and labor costs.
Customer Concentration Exposure Top customer, Canon, accounted for 18.0% of total FY2025 revenue, posing concentration risk to Medical segment sales.

Outlook

Mitigating Tariff Headwinds Actively implementing local sourcing and manufacturing optimization to reduce the negative impact of ongoing tariffs.
Liquidity Position Adequate Cash flow and Revolving Credit Facility availability are sufficient to meet operating needs for at least the next 12 months.
R&D Focus on Innovation Continued investment in R&D focuses on improving imaging component technology, including new panel technologies.
Tax Reform Impacts Continue Expected continuation of higher U.S. cash tax expense due to R&D capitalization until the provision is normalized in FY2027.

Peer Comparison

Revenue (TTM)

Varex Imaging CorporationVREX
$844.60M
+4.1%
Orthofix Medical Inc.OFIX
$818.06M
+4.3%
Avanos Medical, Inc.AVNS
$699.90M
+2.7%

Gross Margin (Latest Quarter)

ADC Therapeutics SAADCT
92.4%
-3.0pp
OrthoPediatrics Corp.KIDS
73.9%
+0.5pp
Orthofix Medical Inc.OFIX
72.2%
+3.5pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
CGEM$611.43M-2.8-41.6%0.2%
OFIX$600.33M-5.1-25.6%21.1%
PACB$564.57M-1.1-289.5%87.5%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
4.6%
Moderate Growth
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
75%
Volatile Cash Flow

Research & Insights

Next earnings:Feb 5, 2026
|
EPS:$0.14
|
Revenue:$207.83M
Reports
All Years
  • 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
  • Form 10-Q - Q1 2024

    Period End: Dec 29, 2023|Filed: Feb 6, 2024|
    Revenue: $190.00M-7.6%
    |
    EPS: $-0.01-115.9%
    Miss