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Varian Medical Systems' CEO Discusses Q2 2012 Results - Earnings Call Transcript

To simplify our discussion, unless otherwise stated, all references to the quarter or year are fiscal quarters and fiscal years, quarterly comparisons over to second quarter of fiscal 2012 versus the second quarter fiscal 2011.

Please be advised that this presentation and discussion contains forward-looking statements. Our use of words and phrases such as outlook, could, should, believe, think, appear, opportunity, can, expect, potential and similar expressions are intended to identify those statements, which represent our current judgment on future performance or other future matters. While we believe them to be reasonable based on information currently available to us, these statements are subject to risks and uncertainties that could cause actual results to differ materially. Some of the important risks relating to our business are described in our second quarter earnings release and in our filings with the SEC. We assume no obligation to update or revise the forward-looking statements in this presentation and discussion because of new information, future events or otherwise.

Before we start this call, please mark your calendars for our mid-year review meeting with investors in New York at 11:30 a.m. on Monday, May 7 at the Intercontinental Hotel Times Square. We'll issue more details on this meeting and webcast tomorrow.

And now, here's Tim.

Timothy E. Guertin

Good afternoon, and welcome. Today, we're reporting results for the second quarter of 2012 with healthy growth in revenue, net orders and backlog but with mixed margin results.

Earnings were $0.94 including a $0.02 restructuring charge associated with the realignment of resources to support our ongoing growth in emerging markets. I will comment on the operational highlights for the quarter as well as our exciting newly announced global collaboration with Siemens, and Elisha will walk you through the numbers.

To summarize our second quarter 2012 results compared to the year-ago quarter, company revenues for the quarter rose by 11% to $720 million. Net orders were up nicely in all of our businesses and our backlog increased by 18% to $2.7 billion. Excluding proton, order backlog was up 12%.

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