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Varex Imaging Corporation designs, manufactures, and sells X-ray imaging components. It operates through two segments, Medical and Industrial. The Medical segment designs, manufactures, sells, and services X-ray imaging components, comprising X-ray tubes, digital detectors and accessories, ionization chambers, high voltage connectors, image-processing software and workstations, 3D reconstruction software, computer-aided diagnostic software, collimators, automatic exposure control devices, generators, and heat exchangers. This segment's products are used in a range of applications, including CT, mammography, oncology, cardiac, surgery, dental, and other diagnostic radiography uses. The Industrial segment designs, develops, manufactures, sells, and services Linatron X-ray linear accelerators, non-intrusive cargo inspection systems, X-ray tubes, digital detectors, high voltage connectors, and coolers for use in security and inspection applications, such as baggage screening at airports, cargo screening at ports and borders, and nondestructive testing, irradiation, and inspection in various applications. It sells its products through imaging system original equipment manufacturers, independent service companies, and distributors, as well as directly to end-users. The company has operations in North America, Latin America, Europe, the Middle East, India, Africa, Asia, and Australia. The company was incorporated in 2016 and is headquartered in Salt Lake City, Utah.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $845M | $1M | $-70M | $19M | -14.4% | 4.1% | - |
| 2024 | $811M | $63M | $-49M | $20M | -9.0% | -9.2% | -203.0% |
| 2023 | $893M | $91M | $47M | $88M | 8.2% | 4.0% | 56.4% |
| 2022 | $859M | $115M | $30M | $-4M | 5.5% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 859.40 | 893.40 | 811 | 844.60 |
| Cost Of Revenue | 575.90 | 603.10 | 554.10 | 554.10 |
| Gross Profit | 283.50 | 290.30 | 256.90 | 290.50 |
| Operating Expense | 195.30 | 213.20 | 224.80 | 224.40 |
| Operating Income | 88.20 | 77.10 | 32.10 | 66.10 |
| EBITDA | 114.50 | 91.20 | 62.90 | 0.70 |
| EBIT | 80.90 | 58 | 31.80 | -26.50 |
| Pretax Income | 44.50 | 31.30 | 5 | -59.20 |
| Tax Provision | 13.70 | -16.60 | 53.30 | 10.70 |
| Net Income | 30.30 | 47.40 | -48.80 | -70.30 |
| Net Income Common Stockholders | 30.30 | 47.40 | -48.80 | -70.30 |
| Total Expenses | 771.20 | 816.30 | 778.90 | 778.50 |
| Interest Expense | 36.40 | 26.70 | 26.80 | 32.70 |
| Interest Income | 0.40 | 3.70 | 7.30 | 8.50 |
| Research And Development | 77 | 84.80 | 87 | 91.10 |
| Selling General And Administration | 118.30 | 128.40 | 137.80 | 133.30 |
| Normalized EBITDA | 116 | 108.60 | 63.10 | 97.60 |
| Normalized Income | 31.34 | 61.15 | -48.64 | 6.25 |
| Basic EPS | 0.76 | 1.20 | -1.17 | -1.70 |
| Diluted EPS | 0.73 | 1.08 | -1.17 | -1.70 |
| Tax Effect Of Unusual Items | -0.46 | -3.65 | -0.04 | -20.35 |
| Tax Rate For Calcs | 0.31 | 0.21 | 0.21 | 0.21 |
| Total Unusual Items | -1.50 | -17.40 | -0.20 | -96.90 |
| Total Unusual Items Excluding Goodwill | -1.50 | -17.40 | -0.20 | -96.90 |
| Net Income From Continuing Operation Net Minority Interest | 30.30 | 47.40 | -48.80 | -70.30 |
| Reconciled Depreciation | 33.60 | 33.20 | 31.10 | 27.20 |
| Reconciled Cost Of Revenue | 575.90 | 603.10 | 554.10 | 554.10 |
| Net Interest Income | -39.40 | -25.60 | -22.90 | -27 |
| Net Income From Continuing And Discontinued Operation | 30.30 | 47.40 | -48.80 | -70.30 |
| Total Operating Income As Reported | 88.20 | 77.10 | 32.10 | -27.80 |
| Diluted Average Shares | 41.60 | 50.30 | 40.80 | 41.40 |
| Basic Average Shares | 39.80 | 40.30 | 40.80 | 41.40 |
| Diluted NI Availto Com Stockholders | 30.30 | 47.40 | -48.80 | -70.30 |
| Average Dilution Earnings | 0 | 6.20 | 0 | 0 |
| Minority Interests | -0.50 | -0.50 | -0.50 | -0.40 |
| Net Income Including Noncontrolling Interests | 30.80 | 47.90 | -48.30 | -69.90 |
| Net Income Continuous Operations | 30.80 | 47.90 | -48.30 | -69.90 |
| Other Income Expense | -4.30 | -20.20 | -4.20 | -98.30 |
| Other Non Operating Income Expenses | 0.20 | -1.40 | -3 | 0.90 |
| Special Income Charges | 0 | -16.40 | 2.10 | -93.90 |
| Write Off | 0 | 16.40 | 0 | 0 |
| Impairment Of Capital Assets | 0 | 0 | 0 | 93.90 |
| Restructuring And Mergern Acquisition | 0 | 0 | -2.10 | 0 |
| Earnings From Equity Interest | -3 | -1.40 | -1 | -2.30 |
| Gain On Sale Of Security | -1.50 | -1 | -2.30 | -3 |
| Net Non Operating Interest Income Expense | -39.40 | -25.60 | -22.90 | -27 |
| Total Other Finance Cost | 3.40 | 2.60 | 3.40 | 2.80 |
| Interest Expense Non Operating | 36.40 | 26.70 | 26.80 | 32.70 |
| Interest Income Non Operating | 0.40 | 3.70 | 7.30 | 8.50 |
| Operating Revenue | 859.40 | 893.40 | 811 | 844.60 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Varex Imaging Corporationthis co. | VREX | $462M | - | 0.97 | -14.4% | 7.73 |
| agilon health, inc. | AGL | $465M | - | 3.65 | -308.8% | -0.53 |
| Ginkgo Bioworks Holdings, Inc. | DNA | $464M | - | 0.86 | -61.5% | -1.69 |
| Orthofix Medical Inc. | OFIX | $461M | - | 1.02 | -20.5% | -94.86 |
| 4D Molecular Therapeutics, Inc. | FDMT | $461M |
| - |
| 1.00 |
| -27.7% |
| -0.45 |
| MiMedx Group, Inc. | MDXG | $458M | 9.64 | 1.78 | 18.9% | 4.00 |
| Pacific Biosciences of California, Inc. | PACB | $456M | - | 81.67 | -10214.5% | -5.12 |
| Candel Therapeutics, Inc. | CADL | $453M | - | 6.53 | -73.5% | -8.07 |
| Larimar Therapeutics, Inc. | LRMR | $451M | - | 4.62 | -212.2% | -1.85 |
| Peer Median | - | 9.64 | 2.72 | -67.5% | -1.77 | |