Radiation oncology firm Varian Medical Systems credited an increase in sales in its Oncology business segment for double-digit growth in revenue in its third quarter and first nine months of fiscal year 2018.
For the third quarter (end-June 29), revenue increased 12% to $709.1 million, compared with $632.8 million in the third quarter of fiscal year 2017. Net earnings rose 4% to $72.5 million, compared with $69.9 million in the same quarter of the last fiscal year.
Revenue was fueled by an 18% increase in Oncology products to $667 million in the third fiscal quarter, while gross orders in the business unit rose 11% to $763 million, compared with the third quarter of fiscal 2017.
For the nine-month period, revenue advanced 11% to 2.12 billion, compared with $1.90 billion in the same period of fiscal 2017. Net earnings, however, decreased to $33.5 million, compared with net earnings of $140.6 million in the same period a year ago.
