Varian Medical Systems reported third-quarter fiscal 2003 (end-June 27) net earnings of $32 million, compared with $23 million in net income for the same period a year earlier. The firm said third-quarter sales were $265 million, up 23% compared with $216 million in the year-ago quarter.
The Palo Alto, CA-based manufacturer of integrated cancer therapy systems, x-ray tubes, and flat-panel x-ray subsystems reported a record backlog for the quarter of $789 million, up 18% compared with the same period last year. Net orders were $285 million, up 14% compared with $250 million from the third quarter of 2002.
Varian's oncology systems business group reported sales of $218 million, up 25% from the $175 million stated for the quarter in 2002. Third-quarter orders totaled $242 million, up 18% compared with $205 million in 2002. The firm said that it has enjoyed strong performance in Europe for the quarter.
Varian’s x-ray products business, which includes both tubes and amorphous silicon flat-panel digital imagers, turned in sales of $37 million for the quarter, up 11% from the $34 million reported in the same period last year. Net orders, however, decreased to $34 million for the period, compared with $40 million in net orders for the third quarter of fiscal 2002.
The company’s Ginzton Technology Center for internal and contract research and its brachytherapy business reported combined third-quarter sales of $9 million, up $2 million from the year-ago quarter. Combined net orders for these operations were $9 million for the quarter, up $3 million from the prior-year period, including added business from the acquisition of the GammaMed brachytherapy product line late last fiscal year.
Varian CEO Richard Levy said the company believes that sales for fiscal-year 2003 will rise over 2002 totals by about 18% and that earnings per share for the year will be nearly 35% above Varian's 2002 earnings.
By AuntMinnie.com staff writersJuly 25, 2003
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