Radiation oncology firm Varian Medical Systems closed out its fiscal 2018 (end-September 28) with a double-digit gain in revenues but also a double-digit earnings decline.
Total revenues increased 11% to $2.92 billion in fiscal 2018, compared with $2.62 billion in fiscal 2017. Net earnings under generally accepted accounting principles (GAAP) slipped by 34% to $150.3 million, compared with $220 million in the prior fiscal year.
Over the course of the fiscal year, gross orders within the company's Varian Oncology business segment climbed 9% (8% in constant currency) to $3.11 billion, compared with gross orders of $2.84 billion in fiscal 2017. The company also added 224 linear accelerators to the installed base in fiscal 2018, bringing the total to more than 8,000 units worldwide.
In the fourth quarter of 2018, revenues increased 11% to $801.6 million, compared with $721.8 million in the same quarter of fiscal 2017. GAAP net earnings advanced 49% to $116.8 million, compared with $78.6 million in the fourth quarter a year ago.
