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varian medical systems inc (VNM) Snapshot

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varian medical systems inc (VNM) Details

Varian Medical Systems, Inc. designs, manufactures, sells, and services medical devices and software for treating cancer and other medical conditions with radiotherapy, radiosurgery, proton therapy, and brachytherapy worldwide. The company’s Oncology Systems segment offers linear accelerators, brachytherapy afterloaders, treatment simulation and verification equipment, and accessories; and information management, treatment planning, and image processing software. This segment serves university research and community hospitals, private and governmental institutions, healthcare agencies, physicians’ offices, and cancer care clinics. Its X-Ray Products segment provides X-ray imaging components to large imaging system original equipment manufacturers (OEMs) for use in radiographic or fluoroscopic imaging, mammography, special procedures, computed tomography, and industrial applications; and X-ray tubes and flat panel digital image detectors to small OEMs, independent service companies, and end-users for filmless X-ray imaging. The company also designs, manufactures, sells, and services Linatron X-ray accelerators, imaging processing software, and image detection products for security and inspection purposes, such as cargo screening at ports and borders, and nondestructive examination in various applications. In addition, it offers products and systems for delivering proton therapy; and technologies in the areas of digital X-ray imaging, volumetric and functional imaging, and improved X-ray sources, as well as technology for security and cargo screening applications. The company was formerly known as Varian Associates, Inc. and changed its name to Varian Medical Systems, Inc. in April 1999. Varian Medical Systems, Inc. was founded in 1948 and is headquartered in Palo Alto, California.

6,400 Employees
Last Reported Date: 11/26/13
Founded in 1948

varian medical systems inc (VNM) Top Compensated Officers

Chief Executive Officer, President and Direct...
Total Annual Compensation: $892.0K
Chief Financial Officer and Executive Vice Pr...
Total Annual Compensation: $569.2K
Senior Vice President and President of Oncolo...
Total Annual Compensation: $536.6K
Senior Vice President, General Counsel and Co...
Total Annual Compensation: $412.7K
Compensation as of Fiscal Year 2013.

varian medical systems inc (VNM) Key Developments

Varian Medical Systems Files Certificate of Amendment to Restated Certificate of Incorporation with Delaware Secretary of State

On August 18, 2014, Varian Medical Systems, Inc. filed a Certificate of Amendment to the company's Restated Certificate of Incorporation with the Delaware Secretary of State (the "Certificate of Amendment") to declassify the company's board of directors and eliminate cumulative voting for directors effective beginning at the annual meeting of stockholders in 2016. The amendments were approved by the company's stockholders at the annual meeting held on February 20, 2014. On August 15, 2014, the Board approved corresponding amendments, effective on August 18, 2014, to Section 15 of the Company's By-Laws to declassify the Board and provide for the annual election of all directors of the Board on the schedule described above.

Varian Medical Systems, Inc. to Provide Cancer Treatment Devices for Beatson's Cancer Center

Beatson West of Scotland Cancer Center has selected Varian Medical Systems, Inc. to equip the new radiotherapy department and placed an order for four TrueBeam medical linear accelerators for cancer treatment. Two of the new TrueBeam systems, which offer fast and efficient radiotherapy and radiosurgery treatments, will replace older treatment machines at the Beatson West of Scotland Cancer Center in Glasgow. The hospital treats more than 7,000 patients each year on 11 Varian medical linear accelerators. The other two Varian TrueBeam systems will equip the Beatson's new satellite department at Monklands Hospital in Airdrie, situated about 15 miles east of Glasgow. Around 80 patients a day are expected to undergo radiotherapy at the new satellite service. Designed to treat a moving tumor with speed and accuracy, Varian's TrueBeam system incorporates numerous technical innovations that dynamically synchronize imaging, patient positioning, motion management, and treatment delivery during a radiotherapy or radiosurgery procedure. TrueBeam has been designed to advance the treatment of lung, breast, intracranial, prostate, head and neck, and other types of cancer.

Varian Medical Systems, Inc. Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended June 27, 2014; Provides Earnings Guidance for Fourth Quarter of Fiscal Year 2014

Varian Medical Systems, Inc. reported unaudited consolidated earnings results for the third quarter and nine months ended June 28, 2014. For the quarter, revenues were $747.7 million against $726.2 million a year ago. Operating earnings were $142.5 million against $154.7 million a year ago. Earnings before taxes were $143.8 million against $155.8 million a year ago. Net earnings were $107.1 million or $1.02 per diluted share against $112.8 million or $1.03 per diluted share a year ago. Net earnings were negatively impacted by about $0.06 per diluted share due to an approximately $8 million impairment charge related to a portion of Varian’s existing equity investment in Augmenix, a privately-held company developing minimally invasive hydrogels for radiotherapy. The company finished the third quarter of fiscal year 2014 with $926 million in cash and cash equivalents and $480 million of debt. Cash flow from operations was $86 million. For the nine months, revenues were $2,173.0 million against $2,237.7 million a year ago. Operating earnings were $412.0 million against $447.9 million a year ago. Earnings before taxes were $414.3 million against $450.3 million a year ago. Net earnings were $297.8 million or $2.81 per diluted share against $320.9 million or $2.90 per diluted share a year ago. The company also reported that its fourth quarter revenue and EPS guidance range is tied to the timing of proton therapy projects. It expects total company revenues for the fourth quarter of fiscal year 2014 to increase in the range of 7% to 15% and it expected net earnings per diluted share for the fourth quarter to be in the range of $1.14 to $1.29.


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