Varian has not filed the Form 10-Q for the quarter ended December 29, 2017. As a result, all financial results described here should be considered preliminary, and are subject to change to reflect any necessary adjustments, or changes in accounting estimates, that are identified prior to the time the company completes these filings.
Varian Medical Systems, Inc. and Subsidiaries
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Preliminary Condensed Consolidated Statements of Earnings
(Unaudited)
Q1
2018
Q1
2017
(Dollars and shares in millions, except per share amounts)
Gross orders
$
666.1
$
581.0
Oncology Systems
619.9
576.7
Particle Therapy
46.2
4.3
Order Backlog
3,020.8
2,736.8
Revenues
678.5
601.5
Oncology Systems
649.4
571.2
Particle Therapy
29.1
30.3
Cost of revenues
375.7
334.5
Gross margin
302.8
267.0
As a percent of revenues
44.6
%
44.4
%
Operating expenses
Research and development
55.9
49.9
Selling, general and administrative
125.5
161.4
Impairment charges
—
38.3
Operating earnings
121.4
17.4
As a percent of revenues
17.9
%
2.9
%
Interest income, net
1.1
1.9
Earnings from continuing operations before taxes
122.5
19.3
Taxes on earnings
234.7
11.3
Net (loss) earnings from continuing operations
(112.2)
8.0
Net earnings from discontinued operations
—
6.5
Net (loss) earnings
(112.2)
14.5
Less: Net earnings attributable to noncontrolling interests
0.1
0.6
Net (loss) earnings attributable to Varian
$
(112.3)
$
13.9
Net (loss) earnings per share - basic
Continuing operations
$
(1.22)
$
0.08
Discontinued operations
—
0.07
Net (loss) earnings per share - basic
$
(1.22)
$
0.15
Net (loss) earnings per share - diluted
Continuing operations
$
(1.22)
$
0.08
Discontinued operations
—
0.07
Net (loss) earnings per share - diluted
$
(1.22)
$
0.15
Shares used in the calculation of net earnings per share:
Weighted average shares outstanding - basic
91.6
93.5
Weighted average shares outstanding - diluted
91.6
94.2
Varian Medical Systems, Inc. and Subsidiaries
Preliminary Condensed Consolidated Balance Sheets
(Unaudited)
(In millions)
December 29,
2017
September 29,
2017(1)
Assets
Current assets:
Cash and cash equivalents
$
822.6
$
716.2
Trade and unbilled receivable, net
854.3
883.0
Inventories
431.4
417.7
Prepaid expenses and other current assets
206.2
190.3
Current assets of discontinued operations
11.3
11.1
Total current assets
2,325.8
2,218.3
Property, plant and equipment, net
250.4
255.3
Goodwill
223.4
222.6
Intangible assets
65.6
71.6
Deferred tax assets
112.8
147.3
Other assets
296.0
300.8
Total assets
$
3,274.0
$
3,215.9
Liabilities and Equity
Current liabilities:
Accounts payable
$
152.0
$
162.3
Accrued liabilities
350.0
374.9
Deferred revenues
746.5
676.9
Short-term borrowings
340.0
350.0
Current liabilities of discontinued operations
2.1
2.5
Total current liabilities
1,590.6
1,566.6
Other long-term liabilities
292.4
127.4
Total liabilities
1,883.0
1,694.0
Equity:
Varian stockholders' equity:
