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    Brandon Carney • B. Riley Securities

    Brandon Carney's questions to Varex Imaging Corp (VREX) leadership

    Brandon Carney's questions to Varex Imaging Corp (VREX) leadership • Q3 2025

    Question

    Brandon Carney of B. Riley Securities asked for an update on tariff mitigation strategies, whether the new India facility would immediately reduce tariff exposure, and if there were any supply chain risks related to US-India trade relations.

    Answer

    CFO Shubham Maheshwari described the company's tariff mitigation efforts as being in the 'mid-innings,' involving strategies like bonded warehouses, local manufacturing, and price pass-throughs. He clarified that the India plant's primary goal is cost-effective production for the global value-tier market, not solely tariff avoidance. He and CEO Sunny Sanyal also noted that there is no significant U.S. production dependency on components from India, minimizing potential trade-related risks.

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    Brandon Carney's questions to Varex Imaging Corp (VREX) leadership • Q2 2025

    Question

    Brandon Carney from B. Riley Securities questioned if near-term tariff relief would have an immediate positive impact on the China outlook. He also asked about the expected recovery cadence for China sales from the low Q3 guidance and for an updated timeline on when the cargo inspection business might become margin accretive.

    Answer

    CFO Sam Maheshwari stated that near-term tariff relief could have an immediate impact on sales, as production has not stopped. CEO Sunny Sanyal added that a recovery in China sales could begin in Q4, contingent on the successful implementation of mitigation strategies by the end of Q3. Regarding the inspection business, Mr. Maheshwari clarified that it is at least two years away from being margin accretive, as this depends on generating a post-warranty service revenue stream.

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    Brandon Carney's questions to RadNet Inc (RDNT) leadership

    Brandon Carney's questions to RadNet Inc (RDNT) leadership • Q1 2025

    Question

    Brandon Carney of B. Riley Securities inquired about recent trends in capitation contracts, the pricing impact of radiopharmaceutical agents on the PET business, and the specific contribution of newer scans to PET/CT's growth.

    Answer

    CEO Howard Berger and CFO Mark Stolper explained that capitation is a decreasing percentage of revenue as they shift contracts to higher-rate fee-for-service models or secure significant rate increases. Mr. Stolper clarified that newer PET tracers are reimbursed on a pass-through basis with minimal margin impact. He specified that new prostate and Alzheimer's scans now constitute about 19% of the PET/CT business and are the primary drivers of its greater than 20% growth.

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