Varian Medical Systems (NYSE:VAR) 1Q17 Profit Down 24.2%; Misses Street View

Varian Medical Systems (NYSE:VAR) 1Q17 Profit Down 24.2%; Misses Street View

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Varian Medical Systems (NYSE:VAR) reported third quarter earnings , after the bell today, that missed street view.

On a GAAP basis, VAR reported net income of $ 20.40 million or 22 cents per share, compared with income of $ 89.00 million or 91 cents per share, a year ago period.

Excluding items, the company announced non-gaap net income of $ 70.30 million or 75 cents per share, where as analysts from Thomson Reuters expected $ 1.05 a share.

The company revenue increased to $ 763.30 million, Analysts from Thomson Reuters estimated $ 766.39 million.

Dow Wilson, CEO, commented that Varian generated strong global order growth and margin gains in our oncology business as well as sales momentum in the imaging components business while recording an impairment of CPTC’s indebtedness to Varian.

We remain on track with our previously announced plans to separate and establish the imaging components business as a new public company, Varex Imaging, at the end of this month.