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Varex Imaging Corp
NASDAQ:VREX

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Varex Imaging Corp
NASDAQ:VREX
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Price: 11.71 USD -0.43% Market Closed
Market Cap: 488.3m USD

Varex Imaging Corp
Investor Relations

Varex Imaging Corp. engages in the design, manufacture, and sale of imaging components. The company is headquartered in Salt Lake City, Utah and currently employs 2,100 full-time employees. The company went IPO on 2017-01-20. The company operates through two segments: Medical and Industrial. The Medical segment designs, manufactures, sells and services X-ray imaging components, including X-ray tubes, digital detectors, high voltage connectors, image-processing software and workstations, three-dimensional (3D) reconstruction software, computer-aided diagnostic software, collimators, automatic exposure control devices, generators, heat exchangers, ionization chambers and buckys. These components are used in a range of medical imaging applications. The Industrial segment designs, develops, manufactures, sells and services X-ray imaging products for use in various markets, including security applications for cargo screening at ports and borders, baggage screening at airports, and nondestructive testing and inspection applications used in various other markets.

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Last Earnings Call
Fiscal Period
Q4 2025
Call Date
Nov 18, 2025
AI Summary
Q4 2025

Strong Q4 Results: Revenue reached $229 million in the fourth quarter, up 11% year-over-year and at the high end of guidance, with Industrial segment posting record revenue.

Margin Expansion: Gross margin improved to 34% in Q4, up 130–140 basis points year-over-year, benefiting from higher volumes and favorable product mix.

EPS Growth: Quarterly earnings per share were $0.29 (GAAP) and $0.37 (non-GAAP), both significantly higher than last year.

Full Year Growth: Fiscal 2025 revenue rose 4% to $845 million, with Medical up 2% and Industrial up 10%; non-GAAP EPS for the year increased to $0.90.

Guidance & Outlook: Q1 2026 revenue expected between $200–215 million and non-GAAP EPS between $0.05–$0.25; China revenue expected to remain stable.

Industrial Momentum: Industrial revenue set a quarterly record, driven by cargo and security system shipments; service revenue also boosted margins.

Strategic Progress: Company advanced photon counting CT and ramped detector production in India; anti-dumping investigations in China have been paused indefinitely.

Key Financials
Revenue
$229 million
Medical Segment Revenue
$152 million (Q4); $593 million (FY25)
Industrial Segment Revenue
$77 million (Q4); $252 million (FY25)
Gross Margin
34% (Q4); 34% (FY25)
Operating Expenses
$58 million (Q4, GAAP); $318 million (FY25, GAAP); $55 million (Q4, non-GAAP); $213 million (FY25, non-GAAP)
Operating Income
$20 million (Q4, GAAP); $23 million (Q4, non-GAAP); $80 million (FY25, non-GAAP)
Net Income
$12 million (Q4, GAAP); $15 million (Q4, non-GAAP); -$70 million (FY25, GAAP)
EPS
$0.29 (Q4, GAAP); $0.37 (Q4, non-GAAP); $0.90 (FY25, non-GAAP); -$1.70 (FY25, GAAP)
Adjusted EBITDA
$35 million (Q4); $122 million (TTM)
Net Debt Leverage Ratio
1.8x adjusted EBITDA (TTM)
Cash, Cash Equivalents & Marketable Securities
$155 million (end of Q4)
Gross Debt Outstanding
$370 million
China Revenue
$32 million (Q4); 14% of total revenue
R&D Expense
$24 million (Q4); $91 million (FY25)
SG&A Expense
$31 million (Q4); $122 million (FY25)
Accounts Receivable
up $20 million (Q4)
Inventory
$299 million (Q4)
Accounts Payable
decreased by $1 million (Q4)
Tax Expense
$2 million (Q4); $11 million (FY25)
Earnings Call Recording
Other Earnings Calls

Management

Mr. Sunny S. Sanyal
President, CEO & Director
No Bio Available
Mr. Shubham Maheshwari
CFO & Principal Accounting Officer
No Bio Available
Ms. Kimberley E. Honeysett J.D.
Chief Legal Officer, General Counsel & Corporate Secretary
No Bio Available
Mr. Mark S. Jonaitis
Senior VP & GM of X-Ray Sources
No Bio Available
Mr. Andrew J. Hartmann
Senior VP & GM of X-ray Detectors
No Bio Available
Mr. Christopher John Belfiore
Director of Investor Relations
No Bio Available
David Carmona
Vice President of Medical Global Sales & Marketing
No Bio Available
Ms. Karen Aranki
Chief Human Resources Officer
No Bio Available
Mr. Shaohua Liang
VP & MD for China
No Bio Available

Contacts

Address
UTAH
Salt Lake City
1678 S Pioneer Rd
Contacts
+18019725000.0
www.vareximaging.com