The Salt Lake City-basedX-ray imaging components maker posted profits of $12.2 million, or 32¢ per share, on sales of $201.2 million for the three months ended March 30, for a bottom-line slide of -18.7% compared with Q2 2017. Adjusted to exclude one-time items, earnings per share were 45¢, in-line with The Street, where analysts were looking for revenues of $187.3 million.
“We had a strong quarter led by higher sales of our products for the CT, oncology and industrial markets. Our revenues increased significantly from the same quarter a year ago and, for comparative purposes, were up 5% year-over-year if revenues from the acquired imaging business had been included in the prior year quarter. Revenues from dental 3-D imaging digital detectors returned to historical levels in the second quarter,” CEO Sunny Sanyal said in prepared remarks.
Varex said it still expects to report adjusted EPS of $1.82 to $1.92 for the full fiscal year, on sales growth of 13% to 14%.
VREX shares were up 3.0% to $36.97 apiece today in mid-afternoon trading.