Varex Imaging Corp VREX
Varex Imaging Corporation is a leading innovator, designer and manufacturer of X-ray imaging components including X-ray tubes, flat panel and photon counting detectors and accessories, linear accelerators, image software processing solutions, and stand-alone X-ray based systems in select application areas. Our components are used in medical diagnostic imaging, security inspection systems, and industrial quality inspection systems, as well as for analysis and measurement applications in industrial manufacturing applications. Global OEMs incorporate our X-ray imaging components into their systems to detect, diagnose, protect, irradiate, and inspect. Varex has approximately 2,400 full-time equivalent employees, located at engineering, manufacturing, and service center sites in North America, Europe, and Asia.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Revenue | $844.6M | $811.0M | $893.4M | $859.4M | $818.1M | $738.3M | $780.6M | $773.4M | $698.1M | $620.1M |
| Cost of revenue | $554.1M | $554.1M | $603.1M | $575.9M | $546.6M | $548.1M | $523.9M | $519.5M | $444.6M | $371.7M |
| Gross profit | $290.5M | $256.9M | $290.3M | $283.5M | $271.5M | $190.2M | $256.7M | $253.9M | $253.5M | $248.4M |
| R&D | $91.1M | $87.0M | $84.8M | $77.0M | $71.9M | $78.9M | $78.1M | $83.0M | $67.3M | $53.5M |
| SG&A | $133.3M | $137.8M | $128.4M | $118.3M | $125.5M | $142.2M | $128.1M | $123.4M | $102.5M | $85.8M |
| Total operating expenses | $318.3M | $224.8M | $213.2M | $195.3M | $197.4M | $223.9M | $211.0M | $209.4M | $169.8M | $139.3M |
| Operating income | -$27.8M | $32.1M | $77.1M | $88.2M | $74.1M | -$33.7M | $45.7M | $44.5M | $83.7M | $109.1M |
| Interest expense | $35.5M | $30.2M | $29.3M | $39.8M | $42.1M | $31.4M | $21.1M | $21.7M | $12.3M | $1.9M |
| Pre-tax income | -$59.2M | $5.0M | $31.3M | $44.5M | $28.6M | -$72.6M | $21.5M | $25.7M | $74.8M | $105.0M |
| Income tax | $10.7M | $53.3M | $16.6M | $13.7M | $10.7M | $15.2M | $5.7M | $2.6M | $22.8M | $36.0M |
| Net income | -$70.3M | -$48.8M | $47.4M | $30.3M | $17.4M | -$57.9M | $15.5M | $27.5M | $51.6M | $68.5M |
| EPS, basic | -1.70 | -1.20 | 1.18 | 0.76 | 0.44 | -1.49 | 0.41 | 0.73 | 1.37 | 1.83 |
| EPS, diluted | -1.70 | -1.20 | 1.07 | 0.73 | 0.43 | -1.49 | 0.40 | 0.72 | 1.36 | 1.82 |
| Shares, diluted (wtd. avg.) | $41.4M | $40.8M | $50.3M | $41.6M | $40.3M | $38.8M | $38.6M | $38.4M | $38.0M | $37.7M |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $145.0M | $168.7M | $152.6M | $90.6M | $146.1M | $102.1M | $31.3M | $53.4M | $84.2M | $36.8M |
| Short-term investments | $10.1M | $31.8M | $41.3M | — | — | — | — | — | — | — |
| Receivables | $156.6M | $157.7M | $163.6M | $173.3M | $155.3M | $123.8M | $141.0M | $154.0M | $163.6M | $122.2M |
| Inventory | $299.4M | $264.8M | $277.5M | $303.2M | $224.8M | $271.9M | $248.2M | $235.1M | $234.5M | $197.4M |
| Total current assets | $641.8M | $649.9M | $658.3M | $609.9M | $554.2M | $522.0M | $438.4M | $458.1M | $495.3M | $359.9M |
| Property, plant and equipment | — | — | — | — | — | — | $142.3M | $144.9M | $148.3M | $108.9M |
| Goodwill | $198.4M | $291.0M | $288.5M | $284.5M | $292.2M | $293.1M | $290.8M | $243.6M | $241.9M | $74.7M |
| Other intangibles | $14.0M | $16.1M | $22.4M | $33.6M | $50.7M | $67.5M | $86.3M | $73.8M | $91.3M | $20.7M |
| Total assets | $1.11B | $1.21B | $1.25B | $1.18B | $1.15B | $1.14B | $1.04B | $987.9M | $1.04B | $622.4M |
| Accounts payable | $69.9M | $59.1M | $64.7M | $78.2M | $58.8M | $72.9M | $58.2M | $66.3M | $58.9M | $41.9M |
| Short-term debt | $1.5M | $46.3M | $1.5M | $2.1M | $2.8M | $2.5M | $30.7M | $25.0M | $20.0M | $0 |
| Total current liabilities | $187.2M | $195.9M | $162.8M | $173.1M | $166.6M | $160.6M | $175.1M | $152.0M | $151.8M | $77.8M |
| Long-term debt | $366.0M | $397.1M | $441.1M | $412.3M | $431.7M | $452.8M | $364.4M | $364.8M | $463.9M | $0 |
| Total liabilities | $620.8M | $670.4M | $668.6M | $637.7M | $651.0M | $673.7M | $580.2M | $548.5M | $649.9M | $86.1M |
| Retained earnings | -$5.9M | $64.4M | $118.1M | $63.8M | $33.5M | $16.1M | $74.4M | $62.4M | $35.1M | — |
| Total equity | $472.6M | $529.1M | $576.1M | $542.6M | $496.5M | $465.8M | $448.2M | $428.3M | $379.0M | $526.0M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 | FY2016 |
|---|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | $41.7M | $47.3M | $108.4M | $16.9M | $92.6M | $13.2M | $71.9M | $85.3M | $75.2M | $74.2M |
| Depreciation and amortisation | $23.2M | $21.2M | $19.5M | $19.0M | $20.5M | $22.3M | $23.5M | $26.0M | $16.9M | $9.8M |
| Stock-based compensation | $15.0M | $15.3M | $13.5M | $14.0M | $13.9M | $13.4M | $11.7M | $10.0M | $8.4M | $9.5M |
| Capital expenditure | $22.9M | $26.9M | $20.7M | $21.3M | $15.1M | $23.5M | $19.8M | $20.4M | $20.2M | $28.9M |
| Investing cash flow | $10.3M | -$27.5M | -$44.9M | -$48.4M | -$16.2M | -$26.9M | -$93.2M | -$25.2M | -$292.0M | -$21.6M |
| Financing cash flow | -$75.9M | -$3.3M | -$200.0K | -$23.8M | -$32.3M | $83.6M | -$100.0K | -$90.4M | $263.3M | -$36.8M |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001681622-25-000108.
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