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Home » Varex shares jump 8% on Street-beating Q2 results

Varex shares jump 8% on Street-beating Q2 results

May 5, 2021 By Danielle Kirsh

Varex Imaging logoVarex Imaging (NSDQ:VREX) yesterday posted second-quarter results that beat the overall consensus on Wall Street.

The Salt Lake City-based imaging company reported profits of $3.2 million, or 8¢ per share, on sales of $203.5 million for the three months ended April 2, for a sales growth of 3.3% compared with Q2 2020.

Adjusted to exclude one-time items, earnings per share were 35¢, 18¢ ahead of The Street, where analysts were looking for sales of $187 million.

“Financial results for the second quarter of the fiscal year 2021 were stronger than our expectations and exceeded pre-COVID revenue levels. Driving this was continued strong global CT tube sales and higher sales of industrial digital detectors. We also had higher demand for our other medical imaging products related to certain elective medical procedures,” CEO Sunny Sanyal said in a news release. “We also continued to have strong expense management, which led to excellent bottom-line results.”

Varex expects third-quarter revenues to be between $195 million and $215 million, with non-GAAP earnings per diluted shares between 15¢ and 35¢.

Shares in VREX were up 8.41% to $26.00 apiece at the market open today.

Filed Under: Imaging, MassDevice Earnings Roundup, Wall Street Beat Tagged With: Varex Imaging

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About Danielle Kirsh

Danielle Kirsh is an award-winning journalist and senior editor for Medical Design & Outsourcing, MassDevice, and Medical Tubing + Extrusion, and the founder of Women in Medtech and lead editor for Big 100. She received her bachelor's degree in broadcast journalism and mass communication from Norfolk State University and is pursuing her master's in global strategic communications at the University of Florida. You can connect with her on Twitter and LinkedIn, or email her at [email protected].

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