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Varian Medical Systems' CEO Hosts Investor Mid-Year Review (Transcript)

So, I think it’s a good record. What we’re going to try to do for you today is tell you a little bit about our plans so you can at least imagine in your minds what we may be thinking about the next few years.

If you look at our order of growth opportunity, we’ve broken it down here into Oncology Systems in blue, X-Ray Products in red, the Proton business in green, and the Security Business in blue. And as you see, we think we have opportunities for growth in all of these businesses. Some of them, of course, will grow faster than others just simply because they have a smaller base to start from. But I think we have good opportunities in all of our businesses. And we think we have substantial growth opportunity in OS that is organic. Almost everything you see here is organic.

With that, I’m going to introduce you to Elisha Finney. Elisha, take it away.

Elisha Finney

Thank you, Tim. And, hi, everyone. It’s really nice to see you. Thanks so much for coming. So given that this is our mid-year review, I’m going to cover the first half financials, and then I’m going to come back and in a little more detail cover some of the specifics of the second quarter.

For the first half, the orders for the total company are up 15%. Oncology Systems is up 7%, with North America up 2% and our international markets up 12%. And as of the first half, we are at about 56% is our international business; 44% North America, and 108 TrueBeams booked in the first half. X-Ray products up 2%.We had a tough first quarter where we saw that our Japanese customers were adjusting inventory on tubes and panels, and the first quarter was down 2% in X-ray. The second quarter was up 5%. And we actually saw a pretty strong growth in March which leads us to believe that we are back to our more normalized growth pattern, and would hope that we can get this business back to the double digit level as we move forward now.

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