Shares in Varian Medical (NYSE:VAR) have risen slightly today in after hours trading after the medical device maker posted fiscal year 2018 second quarter earnings that beat The Street and saw profits and sales grow.
The Palo Alto, Calif.-based company posted profits of $73.2 million, or 79¢ per share, on sales of $729.9 million for the three months ended March 30, for bottom-line growth of 5.3% on sales growth of 10.1% compared with the same period last year.
After adjusting to exclude one-time items, earnings per share were 1.15¢, ahead of the $1.04 consensus on The Street, where analysts were looking for sales of $688.6 million, which the company handily topped.
“We are proud of the team’s progress in the second quarter toward executing on our long-term value creation strategy. We continued to strengthen our leadership in radiation therapy and extend our global footprint with the Mobius and Evinance acquisitions. In addition, we are expanding our addressable markets into interventional oncology with the acquisition of Sirtex, expected to close by the end of May,” CEO Dow Wilson said in a press release.
Varian provide updated guidance for the year, expecting to see revenue growth between 6% and 9%. Non-GAAP earnings per share for the year are expected to be between $4.43 and $4.53, the company added.
Shares in Varian have risen slightly today, up 0.11% at $126 as of 4:31 p.m EDT.
