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Varian Medical's fiscal Q4 net earnings climb 3.9% YOY

Varian Medical Systems Inc. said its non-GAAP EPS for the fiscal fourth quarter ended Sept. 27 was $1.21 per share, flat compared to the S&P Global Market Intelligence consensus normalized estimate.

The Palo Alto, Calif.-based healthcare equipment company's EPS rose 4.3% year over year from $1.16.

Non-GAAP net earnings attributable to the company totaled $111.4 million, a 3.9% gain from $107.2 million in the prior-year period.

Varian reported that its revenues in the quarter grew 9.6% year over year to $878.9 million from $801.6 million.

GAAP net earnings in the quarter decreased 23.3% on an annual basis to $89.3 million, or 97 cents per share, from $116.4 million, or $1.26 per share.

Fiscal year results

For the fiscal year, the company's non-GAAP EPS totaled $4.63 per share, compared with the S&P Global Market Intelligence consensus normalized estimate of $4.65.

EPS rose 4.8% from $4.42 in the prior year.

Non-GAAP net earnings attributable to the company totaled $425.7 million, a 4.1% increase from $408.9 million in the prior year.

Revenues increased 10.5% from the prior-year period to $3.23 billion from $2.92 billion.

The company said its GAAP net earnings for the fiscal year increased 107.1% year over year to $310.5 million, or $3.38 per share, from $149.9 million, or $1.62 per share.

Varian expects non-GAAP net earnings per share in the range of $5.30 to $5.45 for the fiscal year 2020. The company also expects cash flow from operations in the range of $450.0 million to $500.0 million for the fiscal year 2020.

For the fiscal year 2020, the S&P Global Market Intelligence consensus normalized EPS estimate is $5.39.