logo
Twitter
Discord
Email
logo
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
$485.15M
P/E (TTM)
-3.7
44.7
Dividend Yield
--
52W High
$16.93
52W Low
$6.76
52W Range
48%
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: 2015-2024

Financial Dashboard

Q3 2025 Data

Revenue

$203.00M-2.92%
4-Quarter Trend

EPS

-$2.15-6386.55%
4-Quarter Trend

FCF

$1.40M-48.15%
4-Quarter Trend

2025 Q3 Earnings Highlights

Key Highlights

Massive Goodwill Impairment Charge Recognized 93.9M USD goodwill impairment charge in Medical segment, resulting in 89.1M USD net loss for the quarter.
Strong Operating Cash Flow Net cash provided by operating activities reached 33.8M USD for nine months, up 57.9% from 21.4M USD prior period.
Total Debt Reduced Substantially Total debt outstanding, net decreased by 75.9M USD to 367.5M USD, reflecting 17.1% reduction from prior period end.
Industrial Revenue Growth Industrial segment revenue increased slightly to 60.9M USD, up 0.7% compared to 60.5M USD in the prior quarter.

Risk Factors

Medical Segment Revenue Drop Medical revenue fell 4.4% to 142.1M USD for the quarter, primarily due to decreased sales in CT and radiography modalities.
High Customer Concentration Risk One major customer accounted for 18% of revenue and 13.5% of accounts receivable, risking material sales loss if orders cancel.
Trade War Tariff Exposure US-China tariffs and MOFCOM investigations create uncertainty, potentially increasing costs and reducing product competitiveness in China.
Debt Covenant Restrictions Credit agreements impose significant operating and financial restrictions, limiting ability to raise capital or manage debt obligations flexibly.

Outlook

Maintain R&D Investment Focus R&D expenses maintained at 10.5% of revenue (21.4M USD) to innovate and bring new products to market for global OEM customers.
Sufficient Liquidity Position Management expects operating cash flow and 154.8M USD Revolving Credit Facility availability sufficient for 12 months operations and strategy.
China CT Tube Market Expansion Developing CT X-ray tubes and related subsystems for Chinese OEMs to capture growth in new and replacement CT systems.
Assessing New US Tax Law Evaluating impact of One Big Beautiful Bill Act (OBBBA) on future consolidated financial statements, including accelerated depreciation benefits.

Peer Comparison

Revenue (TTM)

Varex Imaging CorporationVREX
$821.40M
-1.4%
Orthofix Medical Inc.OFIX
$809.03M
+4.8%
Avanos Medical, Inc.AVNS
$692.50M
+1.5%

Gross Margin (Latest Quarter)

ADC Therapeutics SAADCT
95.6%
+7.4 pp
OrthoPediatrics Corp.KIDS
73.9%
+0.5 pp
Bioventus Inc.BVS
69.1%
+0.6 pp

Key Metrics

Symbol
Market Cap
P/E (TTM)
ROE (TTM)
Debt to Assets
PACB$702.87M-1.3-189.2%84.7%
OFIX$609.79M-4.9-25.4%24.5%
AVNS$515.53M-1.1-50.4%13.2%

Long-Term Trends

Last 4 Quarters
Revenue
Net Income
Operating Cash Flow
4Q Revenue CAGR
-0.4%
Flat Growth
4Q Net Income CAGR
N/M
Profitability Shift
Cash Flow Stability
100%
Strong Cash Flow

Research & Insights

Reports
All Years
  • 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
  • Form 10-K - FY 2023

    Period End: Sep 29, 2023|Filed: Nov 16, 2023|
    Revenue: $893.40M+4.0%
    |
    EPS: $1.20+57.9%
    Beat