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.

4 questions for VREX

Also covers: ABT, AORT, ATRC +14 more

Jim Sidoti

Sidoti & Company, LLC

3 questions for VREX

Also covers: ANIK, GAIA, GOCO +4 more

Larry Solow

CJS Securities

3 questions for VREX

Also covers: ARCB, BTSG, CDRE +14 more

Lawrence Solow

CJS Securities, Inc.

3 questions for VREX

Also covers: BTSG, CDRE, CLH +13 more

Young Li

Jefferies

3 questions for VREX

Also covers: ALC, ARAY, ATEC +8 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

James Sidoti

Sidoti & Company

2 questions for VREX

Also covers: ANIK, ASRT, GAIA +10 more

Kyle Bauser

B. Riley Securities

2 questions for VREX

Also covers: INFU, LFMD, OPRX +4 more

Shaymus Contorno

Oppenheimer & Co. Inc.

2 questions for VREX

Also covers: LMAT, TLSI

Alex Hantman

Sidoti & Company

1 question for VREX

Also covers: AAON, ACA, ASTE +7 more

Saurabh Prasad

Marshall Wace

1 question for VREX

Latest news

Recent press releases and 8-K filings for VREX.

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.

Jan 14, 2026, 8:50 PM

Transcript

Varex Imaging outlines strategic growth initiatives and capital structure plans

VREX

New Projects/Investments

Guidance Update

Debt Issuance

Varex Imaging is operating in an improving environment compared to 12 months prior, having resolved past destocking issues and China healthcare investigations, with tariffs now integrated into their baseline operations.
The company is focused on three key growth opportunities: cargo inspection systems targeting $100 million or more in ongoing revenues within 3-4 years, photon counting aiming for $100 million of incremental business by fiscal 2029, and regaining market share in the RAD segment with a goal of $100 million in growth by 2028-2029 through India manufacturing.
Varex's net leverage is approximately 2.5 times EBITDA, and management plans to refinance high-yield bonds before October 2026, with goals to reduce gross debt and interest burden.

Jan 14, 2026, 8:50 PM

Transcript

Varex Imaging Reports Strong Q4 FY25 Results and Provides Q1 FY26 Guidance

VREX

Earnings

Guidance Update

Revenue Acceleration/Inflection

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.