Varex Imaging Corp Files 10-Q for Period Ending December 29, 2023

TL;DR

<b>Varex Imaging Corp has filed its quarterly report (10-Q) for the period ending December 29, 2023, detailing its financial performance and position.</b>

AI Summary

Varex Imaging Corp (VREX) filed a Quarterly Report (10-Q) with the SEC on February 6, 2024. Varex Imaging Corp filed a 10-Q report for the period ending December 29, 2023. The filing covers the first quarter of fiscal year 2024. The company's fiscal year ends on September 27th. Varex Imaging Corp is incorporated in Delaware. The company's principal business address is in Salt Lake City, UT.

Why It Matters

For investors and stakeholders tracking Varex Imaging Corp, this filing contains several important signals. This 10-Q filing provides investors with an updated view of Varex Imaging Corp's financial health and operational performance for the most recent quarter. Understanding the details within this report is crucial for assessing the company's current standing and future prospects in the electronic components sector.

Risk Assessment

Risk Level: medium — Varex Imaging Corp shows moderate risk based on this filing. The filing is a standard 10-Q, which provides routine financial updates. While it doesn't indicate immediate distress, the nature of quarterly reporting means it captures a snapshot in time, and future performance could be affected by market or operational factors not yet apparent.

Analyst Insight

Review the detailed financial statements and management discussion within the 10-Q to understand revenue trends, profitability, and any significant changes in assets or liabilities.

Key Numbers

• 2023-12-29 — Period End Date (The 10-Q filing covers this period.)
• 2024-02-06 — Filing Date (The date the 10-Q was submitted to the SEC.)
• 0927 — Fiscal Year End (Varex Imaging Corp's fiscal year concludes on this date annually.)

Key Players & Entities

• Varex Imaging Corp (company) — Filer of the 10-Q report
• 2023-12-29 (date) — Period of report for the 10-Q
• 2024-02-06 (date) — Filing date of the 10-Q
• Salt Lake City, UT (location) — Business and mailing address of Varex Imaging Corp
• 3679 (sic_code) — Standard Industrial Classification for Varex Imaging Corp
• DE (state) — State of incorporation for Varex Imaging Corp

Forward-Looking Statements

• Varex Imaging Corp. will face increased scrutiny regarding the nature and recurrence of the 'Other non-operating expense' in future filings. (Varex Imaging Corp.) — high confidence, target: Next 10-Q filing
• The stock price of Varex Imaging Corp. may experience downward pressure due to the unexpected net loss. (Varex Imaging Corp.) — medium confidence, target: Short-term

FAQ

Industry Context

Varex Imaging Corp operates in the electronic components sector, specifically focusing on medical imaging technology.

Regulatory Implications

The filing is a standard 10-Q, a quarterly report required by the SEC for publicly traded companies to provide updates on their financial condition.

What Investors Should Do

1. Analyze the balance sheet for changes in assets, liabilities, and equity.
2. Review the income statement for revenue and profitability trends.
3. Examine the cash flow statement for insights into the company's cash generation and usage.

Key Dates

• 2023-12-29: Quarter End Date — Marks the end of the reporting period for the 10-Q.
• 2024-02-06: Filing Date — The date the 10-Q was officially submitted to the SEC.

Year-Over-Year Comparison

This is the initial 10-Q filing for the period ending December 29, 2023. Comparative data from prior periods will be available within the full report.

Filing Documents

• var-20231229.htm (10-Q) — 1325KB
• varexq124exhibit311.htm (EX-31.1) — 9KB
• varexq124exhibit312.htm (EX-31.2) — 9KB
• varexq124exhibit321.htm (EX-32.1) — 6KB
• varexq124exhibit322.htm (EX-32.2) — 5KB
• var-20231229_g1.jpg (GRAPHIC) — 107KB
• 0001681622-24-000009.txt (&nbsp;) — 8774KB
• var-20231229.xsd (EX-101.SCH) — 53KB
• var-20231229_cal.xml (EX-101.CAL) — 85KB
• var-20231229_def.xml (EX-101.DEF) — 282KB
• var-20231229_lab.xml (EX-101.LAB) — 790KB
• var-20231229_pre.xml (EX-101.PRE) — 532KB
• var-20231229_htm.xml (XML) — 1313KB

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

Management's Discussion and Analysis of Financial Condition and Results of Operations 28 Item 3.

Quantitative and Qualitative Disclosures About Market Risk

Quantitative and Qualitative Disclosures About Market Risk 35 Item 4.

Controls and Procedures

Controls and Procedures 37 Part II. Other Information 38 Item 1.

Legal Proceedings

Legal Proceedings 38 Item 1A.

Risk Factors

Risk Factors 38 Item 2. Unregistered Sales of Equity Securities and Use of Proceeds 52 Item 3. Defaults Upon Senior Securities 52 Item 4. Mine Safety Disclosures 52 Item 5. Other Information 53 Item 6. Exhibits 54

Signatures

Signatures 55 1 Table of Contents PART I FINANCIAL INFORMATION

Financial Statements

Item 1. Financial Statements VAREX IMAGING CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) Three Months Ended (In millions, except per share amounts) December 29, 2023 December 30, 2022 Revenues, net $ 190.0 $ 205.6 Cost of revenues 132.9 142.3 Gross profit 57.1 63.3 Operating expenses: Research and development 20.5 20.0 Selling, general, and administrative 32.4 30.3 Total operating expenses 52.9 50.3 Operating income 4.2 13.0 Interest income 1.9 0.5 Interest expense ( 7.3 ) ( 7.5 ) Other income (expense), net 0.6 ( 0.6 ) Interest and other expense, net ( 4.8 ) ( 7.6 ) (Loss) income before taxes ( 0.6 ) 5.4 Income tax (benefit) expense ( 0.2 ) 2.2 Net (loss) income ( 0.4 ) 3.2 Less: Net income attributable to noncontrolling interests 0.1 0.1 Net (loss) income attributable to Varex $ ( 0.5 ) $ 3.1 Net (loss) income per common share attributable to Varex Basic $ ( 0.01 ) $ 0.08 Diluted $ ( 0.01 ) $ 0.08 Weighted average common shares outstanding Basic 40.6 40.1 Diluted 40.6 40.6 See accompanying Notes to the Condensed Consolidated Financial Statements. 2 Table of Contents VAREX IMAGING CORPORATION CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE (LOSS) INCOME (Unaudited) Three Months Ended (In millions) December 29, 2023 December 30, 2022 Net (loss) income $ ( 0.4 ) $ 3.2 Other comprehensive loss Foreign currency translation adjustments ( 1.0 ) — Total comprehensive (loss) income ( 1.4 ) 3.2 Less: Comprehensive income attributable to noncontrolling interests 0.1 0.1 Comprehensive (loss) income attributable to Varex $ ( 1.5 ) $ 3.1 See accompanying Notes to the Condensed Consolidated Financial Statements. 3 Table of Contents VAREX IMAGING CORPORATION CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (In millions, except share and per share amounts) December 29, 2023 September 29, 2023 Assets Current assets: Cash and cash equivalents $ 141.3 $ 152.6 Accounts receivable, net of

View Full Filing

View this 10-Q filing on SEC EDGAR