Varex Imaging Corporation (Nasdaq: VREX), a leading independent supplier of medical X-ray tubes and image processing solutions, announced its unaudited financial results for the second quarter of the fiscal year 2021.
At last check-in after-market trading, share price of Varex Imaging Corporation (VREX) remained unchanged with 0.0% at $24.52. VREX stock closed the last session at $24.52. Shares of the company fluctuated between $23.88 and $24.91 throughout the day. The stock price has added 4.56% over the last three months and has gained 47.00 percent so far this year.
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About Varex Financial result
Revenue generated by Varex in the second quarter of 2021 surged 15% sequentially compared to the first quarter of the fiscal year 2021 due to higher sales in the medical and industrial space. Revenues climbed 3% year-over-year from the second quarter of 2020.
The non-GAAP gross margin had an increment of 35 percent due to a combination of the increased sale volume and a beneficial product mix. Non-GAAP operating expense fell sequentially and year-over-year depicting benefits from prior cost reduction actions.
Cash flow produced from operations was $13 million for the second quarter of the current year. Cash and cash equivalents got higher to reach $111 million at the end of the second quarter.
Financial reports for the second quarter of the fiscal year 2021 had a better outcome compared to the anticipation of the company and surpassed pre-COVID revenue levels, due to a higher number of global CT tube sales and increased sales of industrial digital detectors. Higher demand for other medical imaging products linked to specific elective medical procedures is also seen.
Sunny Sanyal, Chief Executive Officer of Varex. Sanyal added, “We also continued to have strong expense management, which led to excellent bottom-line results.”
GAAP gross margin was 32% compared to Non-GAAP gross margin of 35%. GAAP operating expense was$49 million in comparison to Non-GAAP operating expense of $45 million. GAAP operating margin accounted for 8%, while Non-GAAP operating margin 13%. GAAP net earnings $0.08 per diluted share compared to Non-GAAP net earnings of $0.35 per diluted share
Revenues are anticipated to reach between $195 million and $215 million. Non-GAAP earnings per diluted share have been expected to be within the range of $0.15 and $0.35.
VREX offered a better-than-expected outlook for the current quarter and is anticipated to produce a decent profit as their sales increased substantially. VREX stock price has increased immensely since the start of 2021.