Radiation therapy firm Varian Medical Systems reported a 10% increase in revenue in both its fourth quarter and fiscal 2019, due in large part to growth in orders for its oncology products.
For the fiscal year (end-September 27), total revenues amounted to $3.23 billion, up 10% from $2.92 billion in fiscal 2018. Net earnings under generally accepted accounting principles (GAAP) increased to $310.5 million, up 107% from $149.9 million in the prior fiscal year.
Total revenues in the fourth quarter also increased by 10% to $878.9 million, compared with $801.6 million in the same quarter of the previous year. Gross orders grew 7% for Varian's oncology systems and 10% in North America, with 17 orders for its Ethos systems in Europe and Australia.
Varian also announced changes to its executive lineup: Current Senior Vice President and Chief Finance Officer Gary Bischoping will be named the new president of the interventional oncology division; J. Michael Bruff will succeed Bischoping's role.
In addition, Varian said it signed a research agreement with the Penn Medicine health network to work together on making it easier for clinics to adopt modern proton therapy techniques. The company will also install its ProBeam single-room proton therapy system at Lancaster General Hospital in Pennsylvania.
