Varex Imaging (VREX) Company Report

Analyst Earnings Quarterly Reports

Earnings summaries and quarterly performance for Varex Imaging.

Analyst Coverage

Research analysts who have asked questions during Varex Imaging earnings calls.

Suraj Kalia

Oppenheimer & Co. Inc.

6 questions for VREX

Also covers: ABT, AORT, ATRC +14 more

Larry Solow

CJS Securities

5 questions for VREX

Also covers: ARCB, BTSG, CDRE +16 more

Young Li

Jefferies

5 questions for VREX

Also covers: ALC, ARAY, ATEC +8 more

James Sidoti

Sidoti & Company

4 questions for VREX

Also covers: ANIK, ASRT, GAIA +10 more

Jim Sidoti

Sidoti & Company, LLC

3 questions for VREX

Also covers: ANIK, GAIA, GOCO +6 more

Lawrence Solow

CJS Securities, Inc.

3 questions for VREX

Also covers: BTSG, CDRE, CLH +13 more

Anderson Schock

B. Riley Securities

2 questions for VREX

Also covers: ANIK, CLPT, ELMD +8 more

Brandon Carney

B. Riley

2 questions for VREX

Also covers: CATX, HYPR, RDNT

Kyle Bauser

B. Riley Securities

2 questions for VREX

Also covers: APYX, ELMD, INFU +9 more

Shaymus Contorno

Oppenheimer & Co. Inc.

2 questions for VREX

Also covers: LMAT, TLSI, TNDM

Alex Hantman

Sidoti & Company

1 question for VREX

Also covers: AAON, ACA, ASTE +8 more

Saurabh Prasad

Marshall Wace

1 question for VREX

Latest news

Recent press releases and 8-K filings for VREX.

Varex Imaging Announces Redemption of Senior Secured Notes

VREX

Debt Issuance

Varex Imaging Corporation has issued a notice for the conditional full redemption of its $368,000,000 aggregate principal amount of 7.875% senior secured notes due October 15, 2027, with a redemption date of March 16, 2026.
The redemption price is 101.969% of the principal amount, plus accrued and unpaid interest, totaling $1,052.72125 per $1,000 principal amount.
The redemption is conditional upon the consummation of new financing that will provide sufficient funds to pay the redemption price, with the company reserving the right to delay or rescind the redemption if this condition is not met.

6 days ago

Press Release

Varex Imaging Reports Q1 Fiscal 2026 Results

VREX

Earnings

Guidance Update

Revenue Acceleration/Inflection

Varex Imaging reported Q1 fiscal 2026 non-GAAP EPS of $0.19 and revenue of $209.6 million, exceeding analyst EPS estimates and aligning with revenue consensus.
The company achieved a ~5% year-over-year revenue increase and a material improvement in non-GAAP EPS from $0.10 to $0.19 compared to the prior-year quarter.
Industrial revenue rose 17% to $65 million, driven by strength in cargo security systems, while medical segment revenue was flat at approximately $145 million.
Management issued Q2 fiscal 2026 guidance for revenue ranging from $210 million to $225 million and non-GAAP EPS from $0.15 to $0.25.

Feb 10, 2026, 10:08 PM

Morningstar

Varex Imaging Announces Q1 FY26 Results and Q2 FY26 Guidance

VREX

Earnings

Guidance Update

Varex Imaging reported Q1 FY26 revenue of $210 million and Non-GAAP diluted EPS of $0.19.
The company's Non-GAAP gross margin was 34% for Q1 FY26.
Cash, Cash Equivalents, & Marketable Securities totaled $126 million and total debt, net, was $368 million at the end of Q1 FY26.
Varex Imaging provided Q2 FY26 guidance for revenue between $210 million and $225 million and Non-GAAP diluted EPS between $0.15 and $0.25.
Industrial sales grew 17% year-over-year, while Medical sales remained stable in Q1 FY26.

Feb 10, 2026, 10:00 PM

Presentation

Varex Imaging Reports Strong Q1 2026 Results Driven by Industrial Segment

VREX

Earnings

Guidance Update

Debt Issuance

Varex Imaging reported Q1 2026 revenue of $210 million, an increase of 5% year-over-year, with non-GAAP EPS of $0.19, up from $0.10 in the prior year.
The growth was primarily driven by the industrial segment, which saw a 17% year-over-year revenue increase to $65 million, largely due to strength in the cargo systems business. The medical segment revenue remained stable at $145 million.
The company is working to refinance its high-yield debt (currently at 11.875%) due in October 2027, with plans to complete the refinancing before October 2026.
Customer engagement at the RSNA conference indicated a return to new product development and commercialization, with potential design wins in fiscal 2026 and revenue opportunities as early as fiscal 2027.
Inventory increased due to the intentional ramp-up for cargo systems and detector qualification in India, with a goal to reduce it by $10-$15 million in the next couple of quarters.

Feb 10, 2026, 10:00 PM

Transcript

Varex Imaging Reports Strong Q1 2026 Results and Provides Q2 2026 Guidance

VREX

Earnings

Guidance Update

New Projects/Investments

Varex Imaging reported Q1 2026 revenue of $210 million, a 5% increase year-over-year, and Non-GAAP EPS of $0.19, up from $0.10 in the prior year.
The industrial segment revenue grew 17% to $65 million, driven by cargo systems, while the medical segment revenue was stable at $145 million.
For Q2 2026, the company anticipates revenues between $210 million and $225 million and Non-GAAP EPS between $0.15 and $0.25.
Inventory increased by $29 million to $328 million to support anticipated demand in the industrial segment, with plans to normalize it over the next couple of quarters.
The company intends to refinance its high-yield debt, which has an 11.875% interest rate and is due in October 2027, before October 2026.

Feb 10, 2026, 10:00 PM

Transcript

Varex Imaging Reports Strong Q1 2026 Results and Provides Q2 Outlook

VREX

Earnings

Guidance Update

Debt Issuance

Varex Imaging reported Q1 2026 revenue of $210 million, a 5% increase year-over-year, driven by a 17% rise in the industrial segment, while the medical segment remained stable. Non-GAAP diluted EPS for the quarter was $0.19, up from $0.10 in the prior year.
For Q2 2026, the company expects revenues between $210 million and $225 million and non-GAAP diluted EPS between $0.15 and $0.25.
The company is actively working on refinancing its high-yield debt with an 11.875% interest rate, which matures in October 2027, aiming to complete the refinancing before October 2026.
Inventory increased by $29 million to $328 million in Q1 2026, primarily to support anticipated demand in the industrial segment and India operations, with a goal to normalize it in the coming quarters.

Feb 10, 2026, 10:00 PM

Transcript

Varex Imaging Corporation Announces Q1 Fiscal Year 2026 Financial Results

VREX

Earnings

Guidance Update

Varex Imaging Corporation reported Q1 fiscal year 2026 revenues of $210 million, an increase of 5% year-over-year, primarily driven by a 17% year-over-year increase in Industrial segment revenue due to strength in the cargo systems business.
For Q1 FY26, non-GAAP diluted earnings per share (EPS) was $0.19, up from $0.10 in Q1 FY25, and GAAP net income was $0.05 per diluted share. The company also reported a non-GAAP gross margin of 34% and a non-GAAP operating margin of 9%.
Varex experienced a cash outflow from operations of $16 million in Q1 FY26, with cash, cash equivalents, and marketable securities at $126 million as of the end of the quarter.
For the second quarter of fiscal year 2026, the company anticipates revenues to be between $210 million and $225 million, and non-GAAP net earnings per diluted share to range from $0.15 to $0.25.

Feb 10, 2026, 9:06 PM

8-K

Varex Announces Q1 FY2026 Financial Results and Q2 FY2026 Guidance

VREX

Earnings

Guidance Update

Accounting Changes

Varex Imaging reported Q1 FY2026 revenues of $210 million, a 5% increase year-over-year, primarily driven by its Industrial segment.
Non-GAAP diluted net income per share rose to $0.19 for Q1 FY2026, compared to $0.10 in the prior year's first quarter.
The company reported a cash outflow from operations of $16 million for Q1 FY2026.
For Q2 FY2026, Varex anticipates revenues between $210 million and $225 million and non-GAAP diluted net earnings per share between $0.15 and $0.25.
Varex updated its non-GAAP policy for FY2026 to exclude gains and losses from equity-method investments, impacting how non-GAAP results are reported and guided.

Feb 10, 2026, 9:05 PM

Press Release

Varex Imaging Outlines Strategic Growth Initiatives and Refinancing Plans

VREX

New Projects/Investments

Revenue Acceleration/Inflection

Debt Issuance

Varex Imaging reported its FY2025 revenues were 70% from medical and 30% from industrial segments, with a historical 8% CAGR over 25 years.
The company is in a much better position compared to 12 months ago, having moved past destocking and China investigations, and is now passing on tariff-related price increases.
Varex is focused on three key growth initiatives: India manufacturing for the Rad segment (targeting $100 million growth by 2028-2029), photon counting technology for CT detectors (aiming for $100 million incremental business by fiscal 2029), and fully integrated cargo systems (targeting $100 million+ in ongoing revenues in three-to-four years).
The company's net leverage is at a comfortable 2.5 times EBITDA, and it plans to refinance high-yield bonds before October 2026 to reduce gross debt and interest burden.

Jan 14, 2026, 8:50 PM

Transcript

Varex Imaging Outlines Improved Outlook and Strategic Growth Initiatives

VREX

New Projects/Investments

Revenue Acceleration/Inflection

Debt Issuance

Varex Imaging reports an improved operating environment as of January 2026, with past challenges like customer destocking and China healthcare investigations resolved, and tariffs now integrated into the baseline with price increases being passed on.
The company is focused on three key growth initiatives: cargo inspection systems (targeting $100 million or more in ongoing revenues in 3-4 years), photon counting (targeting $100 million of incremental business by fiscal 2029), and regaining market share in the RAD segment through India-based low-cost products (targeting $100 million in growth by 2028-2029).
Varex maintains a comfortable net leverage of approximately 2.5 times EBITDA and plans to refinance high-yield bonds before October 2026 to reduce gross debt and interest burden, prioritizing deleveraging in the near term.