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Varian posts mixed bag Q1 results, expects Siemens Healthineers takeover to complete in early 2021

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Varian Medical Systems updated logoVarian Medical Systems (NYSE:VAR) reported first-quarter results today that beat the earnings consensus on Wall Street but missed on revenue.

The company reported profits of $96.8 million, or $1.14 per share, on sales of $778.8 million for the three months ended Dec. 31, 2020, for a bottom-line gain of 8.9% sales loss of -6% compared with Q1 2020.

Adjusted to exclude one time-items, earnings per share were 82¢, 28¢ ahead of The Street, where analysts were looking for sales of $842.9 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, Varian entered a definitive agreement with Siemens Healthineers. Through the agreement, Siemens Healthineers is slated to acquire Varian in a $16.4 billion deal. Varian’s shareholders approved the Siemens Healthineers takeover in October last year. The transaction is expected to close in the first half of the calendar year of 2021, according to Varian.

Shares in VAR were at a standstill after hours at $175.35 apiece.

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