Varex Imaging Corp. Files 2024 Annual Report

TL;DR

Varex Imaging filed its 2024 10-K. Full financials and business overview are out.

AI Summary

Varex Imaging Corp. filed its 10-K for the fiscal year ending September 27, 2024. The company, headquartered in Salt Lake City, UT, operates in the electronic components sector. This filing provides a comprehensive overview of Varex's financial performance and business operations for the past fiscal year.

Why It Matters

This 10-K filing provides investors and stakeholders with crucial financial data and insights into Varex Imaging Corp.'s performance and strategic direction for the fiscal year 2024.

Risk Assessment

Risk Level: medium — The filing is a standard annual report and does not inherently indicate new or elevated risks.

Key Players & Entities

• Varex Imaging Corp. (company) — Filer of the 10-K
• 20240927 (date) — Fiscal year end date
• Salt Lake City, UT (location) — Company headquarters and mailing address
• 801-972-5000 (phone_number) — Company business phone number

FAQ

Filing Documents

• vrex-20240927.htm (10-K) — 2297KB
• exhibit41-10xk2024.htm (EX-4.1) — 27KB
• exhibit1023-10xk2024.htm (EX-10.23) — 67KB
• exhibit191-10xk2024.htm (EX-19.1) — 22KB
• exhibit211-10xk2024.htm (EX-21.1) — 18KB
• exhibit231-10xk2024.htm (EX-23.1) — 2KB
• exhibit311-10xk2024.htm (EX-31.1) — 9KB
• exhibit312-10xk2024.htm (EX-31.2) — 9KB
• exhibit321-10xk2024.htm (EX-32.1) — 6KB
• exhibit322-10xk2024.htm (EX-32.2) — 5KB
• exhibit971-10xk2024.htm (EX-97.1) — 33KB
• vrex-20240927_g1.jpg (GRAPHIC) — 107KB
• vrex-20240927_g2.jpg (GRAPHIC) — 140KB
• 0001681622-24-000089.txt ( ) — 14745KB
• vrex-20240927.xsd (EX-101.SCH) — 86KB
• vrex-20240927_cal.xml (EX-101.CAL) — 166KB
• vrex-20240927_def.xml (EX-101.DEF) — 422KB
• vrex-20240927_lab.xml (EX-101.LAB) — 1111KB
• vrex-20240927_pre.xml (EX-101.PRE) — 833KB
• vrex-20240927_htm.xml (XML) — 2341KB

Business

Business 2 Item 1A.

Risk Factors

Risk Factors 12 Item 1B. Unresolved Staff Comments 27 Item 1 C. Cybersecurity 27 Item 2.

Properties

Properties 28 Item 3.

Legal Proceedings

Legal Proceedings 28 Item 4. Mine Safety Disclosures 29 Part II. 30 Item 5. Market for the Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities 30 Item 6. [Reserved] 30 Item 7.

Management's Discussion and Analysis of Financial Condition and Results of Operations

Management's Discussion and Analysis of Financial Condition and Results of Operations 30 Item 7A.

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 38 Item 8.

Financial Statements and Supplementary Data

Financial Statements and Supplementary Data 39 Item 9. Changes in and Disagreements with Accountants on Accounting and Financial Disclosures 39 Item 9A.

Controls and Procedures

Controls and Procedures 39 Item 9B. Other Information 42 Item 9C. Disclosures Regarding Foreign Jurisdictions that Prevent Inspections 42 Part III. 42 Item 10. Directors, Executive Officers and Corporate Governance 42 Item 11.

Executive Compensation

Executive Compensation 42 Item 12.

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters

Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters 43 Item 13. Certain Relationships and Related Transactions, and Director Independence 43 Item 14. Principal Accountant Fees and Services 43 Part IV. 44 Item 15. Exhibits and Financial Statement Schedules 44 Item 16. Form 10-K Summary 46

Signatures

Signatures 47 1 Table of Contents

Forward-Looking Statements

Forward-Looking Statements This Annual Report on Form 10-K (this "Annual Report"), including the section entitled "Management's Discussion and Analysis of Financial Condition and Results of Operations" ("MD&A") contains "forward-looking" statements within the meaning of the Private Securities Litigation Reform Act of 1995, which provides a "safe harbor" for statements about future events, products, and financial performance that are based on the beliefs of, estimates made by, and information currently available to the management of Varex Imaging Corporation ("we," "our," "us," the "Company," or "Varex,"). Actual results and the outcome or timing of certain events described in these forward-looking statements are subject to risk and uncertainties and may differ significantly from those projected in these forward-looking statements. Important factors that could cause our actual results and financial condition to differ significantly from those projections or expectations include, among other things, include the following: reduction in or loss of business of one or more of our limited original equipment manufacturing ("OEM") customers; loss of business to, and an inability to effectively compete with, competitors; pricing pressures and other factors that could result in margin erosion and loss of customers; failure to meet customers' needs and demands; global, regional, and country-specific economic instability, shifting political environments, changing tax treatment, reactionary import/export regulatory regimes, and other risks associated with international manufacturing, operations, and sales; supply chain disruptions resulting in delayed product delivery, and increased costs as a result of reliance on a limited number of suppliers for certain key components; inability to maintain or defend our intellectual property rights, and high cost of protecting our intellectual property and defending against infringement claims; disruption of critical information syst

Business

Item 1. Business Overview 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 2,300 full-time equivalent employees, located at engineering, manufacturing, and service center sites in North America, Europe, and Asia. 2 Table of Contents Our products are sold in three geographic regions: the Americas, EMEA, and APAC. The Americas includes North America (primarily the United States) and Latin America. EMEA includes Europe, the Middle East, India, and Africa. APAC includes Asia (other than India) and Australia. Revenues by region are based on the known final destination of products sold. Our success depends, among other things, on our ability to anticipate and respond to changes in our business, the direction of technological innovation, and the demand from our customers. We continually invest in research and development and employ approximately 350 individuals in product development related activities. Our focus on innovation and product performance along with strong and long-term customer relationships allows us to collaborate with our customers to deliver industry-leading X-ray imaging products. We continue to work to improve the life and quality of our imaging components and leverage our scale as one of the largest independent X-ray imaging component suppliers to provide cost-effective solutions for our customers. Operating Segments and Prod

View Full Filing

View this 10-K filing on SEC EDGAR