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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 | -14.9% | 4.1% | 44.1% |
| 2024 | $811M | $63M | $-49M | $20M | -9.2% | -9.2% | -203.0% |
| 2023 | $893M | $91M | $47M | $88M | 8.3% | 4.0% | 56.4% |
| 2022 | $859M | $115M | $30M | $-4M | 5.7% | - | - |
| 2021 | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 859.40 | 893.40 | 811 | 844.60 |
| Operating 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 |
| Research And Development | - | 77 | 84.80 | 87 | 91.10 |
| Selling General And Administration | - | 118.30 | 128.40 | 137.80 | 133.30 |
| Total Expenses | - | 771.20 | 816.30 | 778.90 | 778.50 |
| Operating Income | - | 88.20 | 77.10 | 32.10 | 66.10 |
| Total Operating Income As Reported | - | 88.20 | 77.10 | 32.10 | -27.80 |
| EBITDA | - | 114.50 | 91.20 | 62.90 | 0.70 |
| Normalized EBITDA | - | 116 | 108.60 | 63.10 | 97.60 |
| EBIT | - | 80.90 | 58 | 31.80 | -26.50 |
| Interest Income | - | 0.40 | 3.70 | 7.30 | 8.50 |
| Interest Expense | - | 36.40 | 26.70 | 26.80 | 32.70 |
| Net Interest Income | - | -39.40 | -25.60 | -22.90 | -27 |
| Other Non Operating Income Expenses | - | 0.20 | -1.40 | -3 | 0.90 |
| Other Income Expense | - | -4.30 | -20.20 | -4.20 | -98.30 |
| Interest Income Non Operating | - | 0.40 | 3.70 | 7.30 | 8.50 |
| Interest Expense Non Operating | - | 36.40 | 26.70 | 26.80 | 32.70 |
| Net Non Operating Interest Income Expense | - | -39.40 | -25.60 | -22.90 | -27 |
| Pretax Income | - | 44.50 | 31.30 | 5 | -59.20 |
| Tax Provision | - | 13.70 | -16.60 | 53.30 | 10.70 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -0.46 | -3.65 | -0.04 | -20.35 |
| Net Income Continuous Operations | - | 30.80 | 47.90 | -48.30 | -69.90 |
| Net Income From Continuing And Discontinued Operation | - | 30.30 | 47.40 | -48.80 | -70.30 |
| Net Income From Continuing Operation Net Minority Interest | - | 30.30 | 47.40 | -48.80 | -70.30 |
| Net Income | - | 30.30 | 47.40 | -48.80 | -70.30 |
| Net Income Common Stockholders | - | 30.30 | 47.40 | -48.80 | -70.30 |
| Net Income Including Noncontrolling Interests | - | 30.80 | 47.90 | -48.30 | -69.90 |
| Normalized Income | - | 31.34 | 61.15 | -48.64 | 6.25 |
| Diluted NI Availto Com Stockholders | - | 30.30 | 47.40 | -48.80 | -70.30 |
| Basic Average Shares | - | 39.80 | 40.30 | 40.80 | 41.40 |
| Diluted Average Shares | - | 41.60 | 50.30 | 40.80 | 41.40 |
| Reconciled Depreciation | - | 33.60 | 33.20 | 31.10 | 27.20 |
| Reconciled Cost Of Revenue | - | 575.90 | 603.10 | 554.10 | 554.10 |
| Total Unusual Items | - | -1.50 | -17.40 | -0.20 | -96.90 |
| Total Unusual Items Excluding Goodwill | - | -1.50 | -17.40 | -0.20 | -96.90 |
| Minority Interests | - | -0.50 | -0.50 | -0.50 | -0.40 |
| 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 |
| Gain On Sale Of Security | - | -1.50 | -1 | -2.30 | -3 |
| Total Other Finance Cost | - | 3.40 | 2.60 | 3.40 | 2.80 |
| Earnings From Equity Interest | - | -3 | -1.40 | -1 | -2.30 |
| Average Dilution Earnings | - | 0 | 6.20 | 0 | - |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Varex Imaging Corporationthis co. | VREX | $441M | - | 0.93 | -14.9% | 973.79 |
| Editas Medicine, Inc. | EDIT | $459M | -2.87 | 16.82 | -586.6% | -2.22 |
| NRC Health | NRC | $445M | 38.37 | 31.82 | 82.9% | 17.20 |
| Myriad Genetics, Inc. | MYGN | $443M | -1.21 | 1.20 | -99.4% | -1.52 |
| Emergent BioSolutions Inc. | EBS | $435M |
| - |
| - |
| - |
| - |
| - |
| - |
| 8.28 |
| 0.83 |
| 10.1% |
| 3.37 |
| Evolus, Inc. | EOLS | $435M | -8.42 | -18.81 | 223.5% | -23.79 |
| Rezolute, Inc. | RZLT | $434M | -5.84 | 2.68 | -45.9% | -4.28 |
| Neurogene Inc. | NGNE | $434M | -4.81 | 1.64 | -34.1% | -3.91 |
| ClearPoint Neuro, Inc. | CLPT | $429M | -16.81 | 15.33 | -91.1% | -21.18 |
| Peer Median | - | -3.84 | 2.16 | -40.0% | -3.07 | |