Radiation therapy firm Varian Medical Systems posted a 16% drop in revenue and lower net income for the third quarter.
For the quarter (end-July 3), revenue decreased by 16% to $694.3 million, compared with $825.8 million in the third quarter of 2019. Net income in the third quarter fell 41% to $70.8 million from approximately $120.8 million in the same quarter a year ago.
In particular, the company's oncology systems segment saw declines in the quarter. Oncology systems revenues and gross orders dropped by 17% and 14%, respectively, from the third quarter of 2019. Meanwhile, proton solutions revenues increased by 6% to $32.7 million.
Varian's quarterly results were released just after an announcement that Siemens Healthineers had agreed to buy the company in a deal valued at $16.4 billion. The purchase will deliver "immediate and compelling value" to Varian shareholders, according to president and CEO Dow Wilson.
