Net income and revenue grew sharply in the third quarter of fiscal 2004 at radiation therapy vendor Varian Medical Systems. Most of the growth was attributable to strong results in the company's oncology systems business, as well as an uptick in sales for its x-ray products unit.
For the quarter (end-June 30), the Palo Alto, CA firm posted revenues of $303.1 million, a rise of 14% compared with sales of $265.4 million for the same period last year. Net income stood at $42.5 million, a 32% increase when compared with a profit of $32.1 million in the third quarter of 2003.
Varian said sales of its Clinac accelerators and associated products and software rose 15%, to $252 million, boosting the company's oncology systems division. Third-quarter sales in its x-ray products business, including x-ray tubes and amorphous silicon flat-panel digital detectors, were $41 million, up 10% from the third quarter of the last fiscal year.
By AuntMinnie.com staff writersJuly 30, 2004
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