Revenue growth in its Oncology Systems business propelled radiation oncology firm Varian Medical Systems to higher levels in the company's second quarter of fiscal year 2017.
For the second quarter (end-March 31), the revenues from continuing operations increased 6% to $655 million, compared with $615.7 million in the second quarter of fiscal 2016. The company's net earnings slipped to $56 million, compared with net earnings of $97 million in the same quarter of 2016.
The company's Oncology Systems unit achieved a 7% revenue gain in the second quarter to $624 million, compared with $618 million in the same quarter a year ago.
For the six-month period, Varian advanced revenues from continuing operations by 3% to $1.27 billion, compared with $1.23 billion in the same period of the last fiscal year. Net earnings decreased to $77 million, compared with net earnings of $186 million in the first six months of fiscal 2016.
CEO Dow Wilson told investors that the company is on a pace to increase total revenues from continuing operations by 2% to 4% in the current fiscal year.
