The Palo Alto, Calif.-based company reported profits of $76.5 million, or 83¢ per share, on sales of $850.5 million for the three months ended October 2, for a bottom-line gain of 8.7% sales loss of -3.2% compared with Q4 2019.
Adjusted to exclude one-time items, earnings per share were $1.12, 11¢ ahead of The Street, where analysts were looking for sales of $816.8 million.
“Our fourth-quarter performance continues to reaffirm the criticality of radiation therapy as a core treatment modality. I am proud of our dedicated employees who ensured our customers and their patients continued to have uninterrupted access to our innovative technology and solutions,” CEO Dow Wilson said in a news release. “While the pandemic continues to be a headwind, we are entering our next fiscal year with significant operating momentum, and we remain focused on executing our strategic growth priorities and closing the transaction with Siemens Healthineers.”
As previously announced in August, Siemens Healthineers is buying Varian in an all-cash transaction at $16.4 billion on a fully diluted basis. The transaction is expected to close in the first half of 2021.
Shares in VAR were down -0.16% to $172.69 apiece in afternoon trading.