In member states of the European Economic Area ("EEA"), the placement of shares described in this announcement is only directed at persons who are 'qualified investors' within the meaning of Article 2(e) of the Regulation (EU) 2017/1129 of the European Parliament and of the Council of 14 June 2017 (as amended, the "Prospectus Regulation . "pageType": "news-article", About Varian Medical SystemsVarian Medical Systems focuses energy on saving lives and is the world's leading manufacturer of medical devices and software for treating and managing cancer. Both executives will report directly to Dow Wilson, Varian CEO. This document includes in the applicable financial reporting framework not clearly defined supplemental financial measures (financial key performance indicators) that are or may be alternative performance measures (non-GAAP-measures). Proton Solutions revenues totaled $42 million for the fourth quarter, down 9%, and $144 million for the full year, down 3%. About Varian Medical Systems. Mr. Bruff earned his Bachelor of Arts in Economics and Bachelor of Science in Accounting from the University of Maryland in 1990 and 1992, respectively. We believe that excluding amortization of intangible assets allows the users of our financial statements to better review and understand the historic and current results of our operations, and also facilitates comparisons to peer companies. Prominent investors are taking a bearish view. [23] and MeVis Medical Solutions AG. , . PALO ALTO, Calif., Aug. 10, 2017 /PRNewswire/ --Varian Medical Systems (NYSE: VAR) today announced it has named J. Michael Bruff as Vice President of Investor Relations effective August 7, 2017. Siemens Healthineers is continuously developing its product and service portfolio, with AI-supported applications and digital offerings that play an increasingly important role in the next generation of medical technology. In addition, this measure may be different from non-GAAP measures used by other companies, limiting its usefulness for comparison purposes. Primary Office. These new applications will enhance the companys foundation in in-vitro diagnostics, image-guided therapy, in-vivo diagnostics, and innovative cancer care. Kennedy will continue in her role as president, Proton Solutions and chief growth officer, in which capacity she will focus on incubating emerging technologies, including FLASH therapy and cardiac radioablation, as well as leading our acquisition integration office. PALO ALTO, Calif., Oct. 23, 2019 /PRNewswire/ -- Fourth Quarter 2019 Summary Oncology Systems gross orders grew 7% in dollars and 7% in constant currency; North America gross orders grew 10%; 17 Ethos orders received in Europe and Australia Total company revenues grew 10% in dollars, or 11% in constant currency, to $879 million Headquartered in Palo Alto, California, Varian employs approximately 6,600 people around the world. The net benefit was mostly offset by an increase in tax rate driven by updates to the estimated impact of the Global Intangible Low Tax Income (GILTI) and Base Erosion and Anti-Abuse Tax (BEAT) provisions of the Tax Cuts and Jobs Act, and expenses related to annual discretionary contributions to US-based foundations that independently fund research and training. The corporate rate reduction resulted in a remeasurement of our deferred tax assets of $1.4 million in the fourth quarter and $43.2 million in fiscal year 2018. PALO ALTO, Calif., Aug. 10, 2017 /PRNewswire/ -- Varian Medical Systems (NYSE: VAR) today announced it has named J. Michael Bruff as Vice President of Investor Relations effective August. We have not provided a reconciliation of non-GAAP guidance measures to the corresponding GAAP measures on a forward-looking basis due to the potential significant variability and limited visibility of the excluded items discussed below. The company expects its annual effective tax rate subsequent to the separation of its Imaging Components business to be in the range of 25 to 26 percent. We also believe that disclosing non-GAAP financial measures provides useful information to investors and others in understanding and evaluating our operating results and future prospects in the same manner as management and in comparing financial results across accounting periods and to those of peer companies. We exclude these charges or benefits, when significant, as well as legal costs associated with significant legal matters, because we do not believe they are reflective of on-going business and operating results. Organic growth excludes the year over year impact of FX and growth from the acquisitions of CTSI, Endocare, Alicon and the Boston Scientific bead portfolio. For more than 70 years, we have developed, built, and delivered innovative cancer care technologies and solutions for our clinical partners . Represents the charge to income tax expense due to the increase of a valuation allowance as a result of an acquisition. Statements concerning industry or market outlook, including growth drivers; the company's future orders, revenues, operating expenses, tax rate, cash flows, earnings growth or other financial results; and any statements using the terms "could," "believe," "expect," "promising," "outlook," "should," "well-positioned," "will" or similar statements are forward-looking statements that involve risks and uncertainties that could cause the company's actual results to differ materially from those anticipated. [37], "Varian Medical Systems Inc 2018 Annual Report Form (10-K)", "Varian Medical Systems Inc 2017 Annual Report Form (10-K)", "Varian Medical Systems, Inc. (VAR) Stock Price, News, Quote & History", "Siemens Arm to Buy Varian in Year's Biggest Health Care Deal", "Siemens Healthineers expands into cancer care with $16.4 billion deal for Varian", "Siemens Healthineers completes Varian acquisition", "Varian to Combine with Siemens Healthineers in $16.4 Billion All-Cash Transaction", "Varian sold to Siemens Healthineers in $16.4B all-cash deal", "The klystron: A microwave source of surprising range and endurance", "Varian Semiconductor Separates From its Parent", "Varian Associates Completes Reorganization Into Three Independent, Public Companies", "Siemens Healthineers AG (SEMHF) announced on Sunday that it plans to acquire U.S. cancer device and software company Varian Medical Systems (VAR) in an all-stock deal valued at $16.4 billion", "Siemens Healthineers wants to buy Varian for 16.4 billion dollars", "Varian acquires Chinese medical equipment distributor", "Varian to acquire German proton therapy system supplier ACCEL Instruments", "Varian Medical Systems Completes Acquisition of Bio-Imaging Research", "Varian Medical Systems acquires Sigma Micro Informatique Conseil", Varian Medical Systems Acquires Argus Software; Argus Software Automates Collection of Quality Control and Test Data for Radiation Equipment. The company ended the quarter with $531 million in cash and cash equivalents and $412 million in debt. We utilize a number of different financial measures, both GAAP and non-GAAP, in analyzing and assessing the overall performance of our business, in making operating decisions, forecasting and planning for future periods, and determining payments under compensation programs. Varian has not filed its Form 10-K for the year ended September 27, 2019. [16] After the merger Varian will continue to operate independently and will retain its headquarters along with its 10,000 employees. Due to rounding, numbers presented throughout this and other documents may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures to which they refer. We believe that disclosing non-GAAP financial measures provides useful supplemental data that, while not a substitute for financial measures prepared in accordance with GAAP, allows for greater transparency in the review of our financial and operational performance. "These moves will optimally position Varian for continued growth and are the result of our strong succession planning process," said Wilson. "We are very pleased that we were able to complete this successful separation and create two strong independent companies," said Dow Wilson, CEO of Varian Medical Systems. }. The company received two tariff exclusions in the fourth quarter. Mike Bruff joined Varian two years ago with extensive finance, accounting and operational experience. [citation needed]. ", (Dollars and shares in millions, except per share amounts), Net cash provided by operating activities, Non-GAAP net earnings attributable to Varian (1), Non-GAAP net earnings per share - diluted (1), Shares used in computing GAAP and non-GAAP net earnings per diluted share. Information regarding Varian's directors and executive officers is contained in Varian's Annual Report on Form 10-K for the year ended September 27, 2019 and in the proxy statement for Varian's 2020 annual meeting of Includes Ownership Percent, Buy versus Sell comparison, Put-Call ratio and more, Get one-click access to balance sheets, income, operations and cash flow statements without having to find them in Annual and Quarterly Reports, Consolidated Balance Sheets (Parenthetical), Consolidated Statements Of Comprehensive Earnings, Consolidated Statements Of Comprehensive Earnings (Parenthetical), Borrowings - Additional Information (Detail), Borrowings - Summary Of Long-Term Debt Outstanding (Detail), Business Combinations - Purchase Price Allocation (Details), Business Combinations - Valuation Of Intangible Assets Acquired (Details), Commitments And Contingencies - Accrued Product Warranty (Detail), Commitments And Contingencies - Additional Information (Detail), Commitments And Contingencies - Lease Costs (Details), Commitments And Contingencies - Operating And Financing Lease Maturity Schedule (Details), Commitments And Contingencies - Schedule Of Liabilities For Future Environmental Costs (Detail), Derivative Instruments And Hedging Activities, Derivative Instruments And Hedging Activities (Tables), Derivative Instruments And Hedging Activities - Additional Information (Detail), Derivative Instruments And Hedging Activities - Cash Flow Hedging Activities (Details), Derivative Instruments And Hedging Activities - Derivative Instruments Reported On The Balance Sheet (Details), Derivative Instruments And Hedging Activities - Effective Portion Of Foreign Currency Forward Contracts Designated As Cash Flow Hedges (Detail), Derivative Instruments And Hedging Activities - Gains (Losses) Related To Foreign Currency Forward Exchange Contracts That Are Not Designated As Hedging Instruments (Detail), Derivative Instruments And Hedging Activities - Outstanding Foreign Currency Forward Contracts That Were Entered Into To Hedge Balance Sheet Exposures (Detail), Employee Stock Plans - Activity For Restricted Stock Restricted Stock Units And Performance Units (Detail), Employee Stock Plans - Activity Under Employee Stock Plans (Detail), Employee Stock Plans - Additional Information (Detail), Employee Stock Plans - Fair Value With Weighted Average Assumptions (Detail), Employee Stock Plans - Net Share-Based Compensation Expense (Detail), Employee Stock Plans - Options Outstanding And Exercisable Under Employee Stock Plans (Detail), Employee Stock Plans - Summary The Effect Of Recording Pre-Tax Share-Based Compensation Expense For Equity Incentive Awards (Detail), Fair Value - Additional Information (Detail), Fair Value - Assets And Liabilities Measured At Fair Value On Recurring Basis (Detail), Fair Value - Reconciliation For Assets And Liabilities Measured And Recorded At Fair Value On Recurring Basis (Detail), Goodwill And Intangible Assets - Activity Of Goodwill By Reportable Operating Segment (Detail), Goodwill And Intangible Assets - Additional Information (Detail), Goodwill And Intangible Assets - Future Amortization Expense (Details), Goodwill And Intangible Assets - Gross Carrying Amount And Accumulated Amortization Of Intangible Assets (Detail), Other Financial Information - Cash, Cash Equivalents And Restricted Cash (Details), Other Financial Information - Components Of Accrued Liabilities (Detail), Other Financial Information - Components Of Inventories (Detail), Other Financial Information - Components Of Other Long-Term Liabilities (Detail), Other Financial Information - Components Of Prepaid Expenses And Other Current Assets (Details), Other Financial Information - Components Of Property, Plant And Equipment (Detail), Other Financial Information - Contracts With Customers (Details), Other Financial Information - Other Assets (Detail), Other Financial Information - Other Income, Net (Details), Other Financial Information - Unfulfilled Performance Obligations (Details), Proton Solutions Loans And Investments (Tables), Proton Solutions Loans And Investments - Aptc And Rptc Loans (Details), Proton Solutions Loans And Investments - Cptc Loans (Details), Proton Solutions Loans And Investments - Mptc Loan (Details), Proton Solutions Loans And Investments - Nypc Loan (Details), Proton Solutions Loans And Investments - Schedule Of Vpt Loans (Details), Quarterly Financial Data (Unaudited) (Detail), Quarterly Financial Data (Unaudited) (Tables), Receivables - Trade And Unbilled Receivables And Notes Receivable (Detail), Retirement Plans - Additional Information (Detail), Retirement Plans - Schedule Of Accumulated Other Comprehensive Income (Loss) Expected To Be Recognized As Components Of Net Periodic Benefit Cost (Detail), Retirement Plans - Schedule Of Amounts Recognized In Accumulated Other Comprehensive Loss (Before Tax) (Detail), Retirement Plans - Schedule Of Assumptions Used To Determine Net Periodic Benefit Cost (Detail), Retirement Plans - Schedule Of Assumptions Used To Measure Benefit Obligations For Company's Defined Benefit Pension (Detail), Retirement Plans - Schedule Of Defined Benefit Pension Plan Balances With Accumulated Benefit Obligation Exceeded Fair Value Of Plan Assets (Detail), Retirement Plans - Schedule Of Estimated Future Benefit Payments (Detail), Retirement Plans - Schedule Of Fair Values Of Plan Assets (Detail), Retirement Plans - Schedule Of Funded Status Of The Defined Benefit Pension (Details), Retirement Plans - Schedule Of Net Periodic Benefit Costs (Detail), Segment Information - Additional Information (Detail), Segment Information - Disaggregation Of Revenue (Details), Segment Information - Geographic Information (Detail), Segment Information - Operating Results Information For Each Reportable Segment (Detail), Stockholders' Equity And Noncontrolling Interests, Stockholders' Equity And Noncontrolling Interests (Tables), Stockholders' Equity And Noncontrolling Interests - Additional Information (Detail), Stockholders' Equity And Noncontrolling Interests - Repurchase Table (Details), Stockholders' Equity And Noncontrolling Interests - Schedule Of Accumulated Other Comprehensive Loss And Related Tax Effects (Detail), Stockholders' Equity And Noncontrolling Interests - Schedule Of Amounts Reclassified Out Of Other Comprehensive Earnings (Detail), Summary Of Significant Accounting Policies, Summary Of Significant Accounting Policies (Policies), Summary Of Significant Accounting Policies - Additional Information (Detail), Taxes On Earnings - Additional Information (Detail), Taxes On Earnings - Schedule Of Changes In Unrecognized Tax Benefits (Detail), Taxes On Earnings - Schedule Of Components Of Deferred Tax Assets And Liabilities (Detail), Taxes On Earnings - Schedule Of Earnings Before Taxes (Detail), Taxes On Earnings - Schedule Of Effective Income Tax Rate (Detail), Taxes On Earnings - Schedule Of Income Taxes Paid (Detail), Taxes On Earnings - Schedule Of Taxes On Earnings (Detail), Valuation And Qualifying Accounts - (Detail), Exhibit 21: Subsidaries Of The Registrant, Exhibit 23: Consents Of Experts And Counsel, Exhibit 31.1: Rule 13A-14(A)/15D-14(A) Certification, Exhibit 31.2: Rule 13A-14(A)/15D-14(A) Certification, https://last10k.com/sec-filings/var/0000203527-20-000027.htm. "pageType": "news-article", The exclusions had a $21 million benefit to revenues, a $4 million benefit to cost of revenues and triggered a $2 million expense due to receiving the exclusion in China. Home SEC Filings Varian Medical Systems Inc (VAR) 10-K Annual Report Mon Nov 25 2019 VAR Corporate News Change in Control Ending Agreement Event for Officers April 2021 Event for Officers Financial Exhibit April 2021 Event for Officers March 2021 Event for Officers Financial Exhibit Regulated Disclosure March 2021 Earnings Release Financial Exhibit We also believe that disclosing non-GAAP financial measures provides useful information to investors and others in understanding and evaluating our operating results and future prospects in the same manner as management and in comparing financial results across accounting periods and to those of peer companies. The following table reconciles GAAP and non-GAAP financial measures: Reconciliation of Preliminary GAAP and Non-GAAP Financial Measures, Amortization of intangible assets and inventory step-up (1), Acquisition-related expenses and in-process R&D (2), Total non-GAAP adjustments to operating earnings, Significant effects of tax legislation (5), Changes in deferred tax related to an acquisition (6), Total net earnings impact from non-GAAP adjustments, Total operating earnings impact from non-GAAP adjustments, Net earnings and net earnings per diluted share reconciliation, Non-GAAP net earnings attributable to Varian, Non-GAAP net earnings per share - diluted. We define non-GAAP operating earnings as operating earnings excluding amortization of intangible assets and inventory step-up, acquisition-related expenses or benefits and in-process research and development, impairment charges, and significant litigation charges and legal costs. Varian Medical Systems is scheduled to conduct its fourth quarter fiscal year 2019 conference call at 1:30 p.m. Pacific Time today. Varian Medical Systems Inc . We provide information on topics such as financial results, the development of Siemens Healthineers and financial events. The average salary for Investor Relations Manager at companies like VARIAN MEDICAL SYSTEMS INC in the United States is $145,988 as of December 27, 2021, but the range typically falls between $117,383 and $165,695. We exclude these charges or benefits, when significant, as well as legal costs associated with significant legal matters, because we do not believe they are reflective of on-going business and operating results. Varian Announces First Participant Treated in RADIATE-VT Clinical Trial of Cardiac Radioablation . Varian (NYSE: VAR) today announced its fourth quarter and full fiscal year 2019 results and new appointments to key leadership roles. Wayne, PA 19087. Dive deeper into our fascinating technologies. Spencer SiasVarian Medical Systems+1 (650) 424-5782 spencer.sias@varian.com. We exclude such expenses or benefits from our non-GAAP net earnings because we believe they do not accurately reflect the underlying performance of our continuing business operations. Varian Appoints New President of Interventional Oncology; New Chief Financial Officer. Learn more about our purpose, our innovation leadership, our culture, and our strategy. The company will file a Form 8-K later this week to show Varian's detailed pro forma statements of earnings excluding both the separation costs and the results of its Imaging Components business for fiscal years 2014 through 2016. [citation needed]. In EMEA, gross orders in the quarter rose 10%, driven in part by orders for 13 TrueBeam systems as a part of the Tata Trusts framework agreement. At Varian, a Siemens Healthineers company, we envision a world without fear of cancer. To access the call via telephone, dial 1-877-869-3847 from inside the U.S. or 1-201-689-8261 from outside the U.S. Investors are cautioned that there are material limitations associated with the use of non-GAAP financial measures as an analytical tool. Varian Medical Systems Invests in Bend It Technologies, Ltd., a Company Developing Novel Steerable Microcatheters Patented technology provides interventionalists with 3D-controlled bending. This press release includes the following non-GAAP financial measures derived from our Condensed Consolidated Statements of Earnings: non-GAAP operating earnings, non-GAAP net earnings and non-GAAP net earnings per diluted share. Michael BruffSenior Vice President, Investor Relations+1 (650) 424-5163investors@varian.com, Press ContactMark PlungyDirector, Public Relations+1 (650) 424-5630mark.plungy@varian.com. These values are presented on a non-GAAP basis. This document is an English language translation of the German document. [12][13], In August 2020, Siemens Healthineers AG announced that it plans to acquire Varian Medical Systems in an all-stock deal valued at $16.4 billion. For more information, visit http://www.varian.com and follow @VarianMedSys on Twitter. Visit website Varian Medical Systems, Inc., (NYSE: VAR) serves the medical equipment market as the world's leading manufacturer of integrated radiotherapy systems for treating cancer and the premier supplier of X-ray tubes for diagnostic imaging applications. Revenues for our Other segment were $17 million in the fourth quarter. [14][15] The deal was approved and completed on 15 April 2021. This is primarily done by automating several functions typically performed manually by radiographers, such as switching between treatment beams automatically. On April 25, 2012, a US federal judge in Pittsburgh awarded attorney fees, costs, and doubled damages totaling $73.6 million to the University of Pittsburgh after the university won a suit on medical patent infringement grounds against Varian. +1 (484) 000-0000. The amount of purchase price allocated to intangible assets and the term of amortization can vary significantly and are unique to each acquisition or purchase. The net benefit to operating earnings was $23 million, or $0.19 on a Non-GAAP earnings per share basis. About Varian. "Varian is now focused exclusively on expanding its position as the leader in systems and software for the treatment of cancer. Varian manufactures the ProBeam Proton Therapy System, with current and planned installations at several sites globally. 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