Varex Imaging (VREX) Company Report

Varex Imaging Corporation reported Q4 fiscal year 2025 revenues of $229 million, an 11% year-over-year increase, driven by growth in both its Medical and Industrial segments. The company also posted non-GAAP earnings per share of $0.37 for the quarter, surpassing estimates.
For fiscal year 2025, the Industrial segment secured over $55 million in orders and saw a 25% sales increase.
The company projects Q1 fiscal 2026 revenues to be between $200 million and $215 million, with non-GAAP EPS expected between $0.05 and $0.25.
Despite beating earnings and revenue targets, Varex Imaging shares have declined 21.7% year-to-date. However, investor sentiment has improved, with analysts rating the stock a buy and anticipating a nearly 29% increase in share price over the next year.

Nov 18, 2025, 11:40 PM

Morningstar

VREX Reports Strong Q4 and Full-Year 2025 Financial Results

VREX

Earnings

Revenue Acceleration/Inflection

Guidance Update

VREX reported a strong finish to fiscal year 2025, with Q4 revenue of $229 million, an 11% increase year over year, and Non-GAAP EPS of $0.37.
The Industrial segment achieved its highest revenue quarter ever at $77 million, growing 25% year over year, while the Medical segment grew 5% to $152 million in Q4 2025.
For the full fiscal year 2025, total revenue reached $845 million, up 4% compared to fiscal 2024, with Non-GAAP gross margin at 35% and Non-GAAP EPS of $0.90.
The company ended fiscal 2025 with $155 million in cash and a net debt leverage ratio of approximately 1.8 times adjusted EBITDA, after using $75 million to retire convertible debt in Q3 2025.
VREX anticipates full-year revenue growth in fiscal 2026 for both medical and industrial segments, with India detector production ramping up and the tubes factory expected to begin production in 12-15 months.

Nov 18, 2025, 10:00 PM

Transcript

Varex Imaging Announces Q4 and Full Year FY25 Results and Q1 FY26 Guidance

VREX

Earnings

Guidance Update

Revenue Acceleration/Inflection

Varex Imaging (VREX) reported Q4 FY25 revenue of $229 million and Non-GAAP diluted EPS of $0.37.
For the full fiscal year 2025, the company achieved revenue of $845 million and Non-GAAP diluted EPS of $0.90.
The company's cash, cash equivalents, and marketable securities totaled $155 million at the close of Q4 FY25.
Medical sales grew 5% year-over-year and Industrial sales increased 25% year-over-year in Q4 FY25, with industrial growth driven by cargo security.
Varex Imaging issued Q1 FY26 revenue guidance between $200 million and $215 million and Non-GAAP diluted EPS guidance of $0.05 to $0.25.

Nov 18, 2025, 10:00 PM

Presentation

Varex Imaging Reports Strong Q4 and Full-Year 2025 Results, Provides Q1 2026 Guidance

VREX

Earnings

Guidance Update

Revenue Acceleration/Inflection

**Varex Imaging (VREX) reported Q4 2025 revenue of $229 million, an 11% year-over-year increase, and non-GAAP earnings per share of $0.37. **
For the full fiscal year 2025, total revenue grew 4% to $845 million, with non-GAAP earnings per share of $0.90.
The industrial segment achieved its highest revenue quarter ever at $77 million in Q4 2025, marking a 25% year-over-year increase, and contributed significantly to the full year's $252 million industrial revenue.
The company ended fiscal 2025 with $155 million in cash, cash equivalents, and marketable securities, and a net debt leverage ratio of approximately 1.8 times adjusted EBITDA.
For Q1 2026, Varex provided guidance projecting revenues between $200 million and $215 million and non-GAAP earnings per diluted share between $0.05 and $0.25.

Nov 18, 2025, 10:00 PM

Transcript

Varex Imaging Reports Strong Q4 and Full-Year 2025 Results

VREX

Earnings

Guidance Update

New Projects/Investments

Varex Imaging Corporation concluded fiscal year 2025 with strong fourth-quarter results, reporting revenue of $229 million, an 11% increase year-over-year, and non-GAAP earnings per share of $0.37.
For the full fiscal year 2025, total revenue reached $845 million, marking a 4% increase compared to fiscal 2024, with the non-GAAP gross margin improving to 35%.
The Industrial segment achieved its highest revenue quarter ever at $77 million in Q4, growing 25% year-over-year, and saw a 10% increase for the full year, primarily driven by security inspection systems and cargo systems.
The company ended the year with $155 million in cash, cash equivalents, and marketable securities, following the use of approximately $75 million in Q3 2025 to retire convertible debt.
For fiscal year 2026, Varex anticipates full-year revenue growth from both its Medical and Industrial segments, with Medical business ex-China expected to grow and China modeled to be flattish.

Nov 18, 2025, 10:00 PM

Transcript

Varex Imaging Announces Q4 and Fiscal Year 2025 Financial Results and Q1 2026 Guidance

VREX

Earnings

Guidance Update

Revenue Acceleration/Inflection

Varex Imaging Corporation reported Q4 2025 revenues of $229 million and GAAP net income of $0.29 per diluted share, with non-GAAP net income at $0.37 per diluted share. For the full fiscal year 2025, revenues reached $845 million, and the company reported a GAAP net loss of $(1.70) per diluted share and non-GAAP net income of $0.90 per diluted share.
The Q4 2025 revenue increase of 11% year-over-year was primarily driven by global CT tube sales in the Medical segment and a 25% increase in Industrial segment sales compared to last year, fueled by sustained momentum in cargo systems.
Cash flow from operations was $8 million in the fourth quarter of fiscal year 2025 and $42 million for the full fiscal year 2025.
For the first quarter of fiscal year 2026, Varex expects revenues to be between $200 million and $215 million, with non-GAAP net earnings per diluted share projected between $0.05 and $0.25.

Nov 18, 2025, 9:07 PM

8-K

VREX's vRad Launches AI-Enabled Radiology Platform

VREX

Product Launch

New Projects/Investments

vRad has commercially launched "The vRad Platform," a proprietary AI-enabled technology and support platform for radiology practices.
The platform, previously used by 688 radiologists reading 8.9 million studies annually, has shown the potential to increase radiologist efficiency by up to 40%.
98% of over 300 surveyed radiologists consider The vRad Platform more advanced than other offerings, highlighting its integrated features like AI-powered dictation and automated report generation.

Nov 4, 2025, 2:05 PM

Press Release

Varex Imaging Discusses Growth Drivers and Strategic Initiatives

VREX

New Projects/Investments

Revenue Acceleration/Inflection

Debt Issuance

Varex Imaging, a worldwide leader in X-ray components, generates 70% of its revenue from medical and 30% from industrial segments, supplying X-ray tubes and detectors.
The company is mitigating tariff impacts by passing costs to customers, shifting supply chains, and establishing two new factories in India, with the detector factory expected to be online by the end of the current fiscal year.
Varex's China business has stabilized and returned to growth after the anti-corruption campaign and price dumping investigation were largely resolved, with expectations for China to be a growth driver in the next fiscal year.
The industrial segment is performing well with over $50 million in orders for new cargo systems, and significant progress is being made with photon counting technology, including $20 million in annual business from industrial applications and working with two OEM customers on medical CT applications.
Varex recently paid down a $200 million convertible loan and plans to refinance its $370 million debt due in September 2027, focusing on deleveraging to approximately $325 million of long-term debt. The company anticipates FY2026 to be a growth year due to resolved headwinds and new opportunities.

Sep 17, 2025, 7:15 PM

Transcript

Varex Imaging Corp. Announces Q3 FY25 Results and Q4 FY25 Guidance

VREX

Earnings

Guidance Update

Debt Issuance

Varex Imaging Corp. reported Q3 FY25 revenue of $203 million and Non-GAAP diluted EPS of $0.18.
The company achieved a Non-GAAP Gross Margin of 34% in Q3 FY25, noting continued strength in its Industrial segment.
Varex paid off $200 million in convertible notes on June 2, 2025, and ended the quarter with $153 million in cash, cash equivalents, and marketable securities.
For Q4 FY25, Varex provided guidance of revenue between $210 million and $230 million and Non-GAAP diluted EPS between $0.10 and $0.30.

Aug 7, 2025, 9:00 PM

Presentation

Varex Announces $17 Million in New Cargo Inspection System Orders

VREX

New Projects/Investments

Varex Imaging Corporation has received new orders for its high-energy non-intrusive cargo and vehicle inspection systems, valued at approximately $17 million USD, from international customers.
These systems are designated for placement at strategic sea and land ports to enhance security.
With these recent orders, Varex's Cargo Systems business has accumulated over $55 million in total orders year-to-date.
Varex Imaging CEO, Sunny Sanyal, stated that these orders are a testament to the company's strong reputation in high-energy Linear Accelerator based imaging and its ability to integrate this technology into its systems.

Jul 14, 2025, 1:05 PM

Press Release