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.