varian medical systems inc (VAR) Key Developments
Varian Medical Systems, Inc. Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended March 31, 2013; Provides Earnings Guidance for the Third Quarter and Fiscal Year 2013
Apr 24 13
Varian Medical Systems, Inc. reported unaudited consolidated earnings results for the second quarter and six months ended March 31, 2013. For the quarter, the company’s revenues were $768.4 million against $720.3 million a year ago. Earnings before taxes were $156.3 million against $144.2 million a year ago. Net earnings were $112.8 million or $1.02 per diluted share against $107.8 million or $1.94 per diluted share a year ago. Operating earnings were $155.7 million, against $143.8 million a year ago. Revenues and net earnings continued to grow during the second quarter in line with the expectations for the company. Second quarter cash flow from operations was $31 million as net income was more than offset by working capital changes.
For the six months, the company’s revenues were $1,446.8 million against $1,345.6 million a year ago. Earnings before taxes were $294.5 million against $273.4 million a year ago. Net earnings were $208.1 million or $1.88 per diluted share against $198.0 million or $1.73 per diluted share a year ago. Operating earnings were $293.2 million, against $272.7 million a year ago. Year-to-date, cash flow from operations was $103 million.
For the third quarter of fiscal year 2013, total company revenues could increase by about 7% over the prior-year quarter. Net earnings per diluted share for the third quarter should be in the range of $0.98 to $1.02.
The company remains on track for achieving its fiscal 2013 growth targets. For the fiscal year 2013, the company continues to believe that total company revenues could increase by about 8% over the prior fiscal year and that net earnings per diluted share for the fiscal year could be in the range of $4.09 to $4.14. And for the second half, the company estimates that the effective tax rate will be about 28% to 29%.
Varian Medical Systems, Inc. and Paul Scherrer-Institut Announce Collaboration on Motion Management for IMPT
Apr 19 13
Varian Medical Systems, Inc. and Paul Scherrer-Institut are announcing a collaboration to further advance motion management techniques for proton therapy. The multi-year agreement, aimed at optimizing treatment strategies for indications such as cancer in the lung, liver, pancreas and breast, will evaluate strategies using a 4-D treatment planning simulator developed by PSI. Proton therapy involves the use of a controlled beam of protons to target tumors with higher levels of precision than is possible with other forms of radiation therapy, potentially limiting damage to healthy surrounding tissue. The Paul Scherrer Institute in Switzerland is a pioneer in the development of Intensity Modulated Proton Therapy (IMPT) techniques, and specializes in the treatment of pediatric patients. This project will utilize 4-D motion data sets and dose calculations that can uniquely model patient motion variations that are difficult to capture with conventional data sets.
Varian Medical Systems, Inc. to Demonstrate its Full Range of Radiotherapy Delivery Systems and Software at the ESTRO
Apr 18 13
Varian Medical Systems, Inc. to demonstrate its full range of radiotherapy delivery systems and software at the 2(nd) ESTRO (European Society for Radiotherapy and Oncology) Forum, taking place April 19(th) -22(nd). The Varian booth will feature the company's technology and products for radiotherapy, radiosurgery, brachytherapy, and proton therapy. Varian's TrueBeam(TM) platform for fast and precise radiotherapy and radiosurgery will be on display along with the RapidArc(R) image-guided intensity-modulated radiotherapy system, the PerfectPitch(TM) six-degrees-of-freedom couch, and the Calypso(R) 'GPS for the Body' system, all of which are aimed at helping clinicians to deliver treatments faster and more precisely. The latest version of the ARIA(R) oncology information management suite will also be exhibited. This comprehensive paperless system was designed to streamline clinical, financial, and administrative processes in cancer care, with the aim of making radiation and medical oncology departments more efficient and cost-effective. It can be configured to guide clinical personnel through their daily tasks by automatically activating the next step in a process as each step is completed. Varian will demonstrate new features in its Eclipse(TM) treatment planning software that make planning more straightforward and intuitive, including SmartSegmentation(R) Knowledge-Based Contouring that expedites the process of outlining tumors as well as surrounding healthy organs for planning treatments.
Varian Medical Systems, Inc. Announces Latest Version of Varian's Vitesse Real Time Planning Solution for Planning and Performing Advanced High-Dose-Rate, Ultrasound-Guided Brachytherapy Treatments
Apr 16 13
Varian Medical Systems, Inc. announced the latest version of Varian's Vitesse(TM) real time planning solution for planning and performing advanced high-dose-rate (HDR), ultrasound-guided brachytherapy treatments. The treatment took place at the Levine Cancer Institute in Charlotte, North Carolina. Using the latest version of Vitesse, HDR brachytherapy treatment plans can be created in a real-time environment, using ultrasound images generated in the operating room rather than CT scans generated post-operatively elsewhere. This avoids the need to move the patient to a CT scanner for imaging after the needles have been put in place. The process can now be completed entirely within the Vitesse program, from capturing the ultrasound image to finalizing an approved treatment plan.
Varian Medical Systems, Inc. Appoints Deepak Khuntia as Vice President of Medical Affairs
Mar 28 13
Varian Medical Systems, Inc. announced the appointment of Deepak "Dee" Khuntia, M.D., to vice president, Medical Affairs. He will report to Kolleen Kennedy, corporate senior vice president and president of Varian's Oncology Systems business. Khuntia will partner closely with Varian's Quality & Regulatory teams, providing clinical and scientific guidance in all areas of clinical risk, safety reviews, adverse experience reporting, product life cycle reviews and clinical protocol design. Khuntia has led multiple national and international clinical trials designed to advance the standards of care in the treatment of brain, lung, head and neck, and prostate cancer. A widely published clinical researcher, his presentations and papers have spanned a broad range of topics including radiotherapy, radiosurgery, and imaging techniques in the treatment of cancer. Passionate about education and broad scale quality cancer care delivery, he has lectured worldwide helping to bridge the knowledge gap that exists with the recent surge of advanced radiation techniques. Khuntia joined Varian earlier this month after serving two years as director of research and education for a large private practice in the San Francisco Bay area. Prior to that, he practiced at the University of Wisconsin in Madison, where he served in many leadership roles, including Residency Program Director, Vice-Chair of Radiation Oncology Outreach, and Course Director for Neoplastic Diseases at the University of Wisconsin School of Medicine and Public Health.