Radiation therapy firm Varian Medical Systems reported growth in revenue and earnings for the fourth quarter of 2016 (end-September 30).
Revenue increased by 12%, from $817.8 million in the fourth quarter of 2015 to $912.5 million. Net earnings for the quarter increased 18%, from $99.1 million in 2015 to $117.8 million. For the year, revenue increased 4% to $3.2 billion, compared with $3.1 billion in 2015. Net income slipped 2%, from $412 million in 2015 to $402.7 million.
Revenue in the company's Oncology business increased 7% during the period, to $678.5 million from $632.6 million in 2015. For the year, the Oncology business saw revenue of $2.5 billion, up 5% from 2015's $2.3 billion. The company's Imaging Components business also saw a 7% revenue increase for the quarter, from $155 million in 2015 to $165.8 million; however, annual Imaging Components revenue dipped slightly, from $611.2 million last year to $597.6 million.
The company announced in May that it plans to spin off its Imaging Components business as a new company to be called Varex Imaging. It expects its full fiscal 2017 revenues to rise by 3% to 4%, the firm said.
