Shares in Varian Medical (NYSE:VAR) have risen today after the company posted fourth quarter results that beat The Street’s sales expectations, but narrowly missed earnings per share consensus.
The Palo Alto, Calif.-based company posted profits of $116.8 million, or $1.26 per share, on sales of $801.6 million for the three months ended September 28, seeing the bottom line grow 48.6% while sales grew 11.1% compared with the same period during the previous year.
Adjusted to exclude one-time items, earnings per share were $1.16, just behind the $1.19 consensus on The Street, where analysts expected to see sales of $762.7 million, which the company handily beat.
For the full fiscal year, Varian posted profits of $150.3 million, or $1.62 per share, on sales of $2.9 billion, seeing profits shrink 31.4% while sales grew 11.4% compared with the previous fiscal year. Earnings per share were $4.42 after adjusting to remove one-time items.
“We made tremendous progress this year toward our growth strategy and reinforced our industry leadership with record orders and revenue. We expanded our global footprint with the rollout of Halcyon and we enhanced our portfolio through meaningful organic investments as well as key acquisitions. Despite tariff headwinds, we are confident in our ability to continue to grow and deliver value-added products and services to cancer patients globally,” Varian CEO Dow Wilson said in a prepared statement.
Shares in Varian have risen approximately 10.1% so far today, at $114.81 as of 9:48 a.m. EDT.
Earlier this month, Varian Medical said that it acquired cloud-based, oncology-focused software developer Noona Healthcare for an undisclosed amount.
