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Varian has announced the release date for its fourth quarter fiscal year 2020 earnings, scheduled for October 27, 2020, after market closure. The announcement comes amid a pending transaction with Siemens Healthineers, leading to the decision not to host a conference call for this earnings release. Varian continues its commitment to innovative cancer care technologies, with a focus on advanced methodologies such as AI and data analytics.
Varian (NYSE: VAR) announced that stockholders overwhelmingly approved its merger with Siemens Healthineers on October 15, 2020. CEO Dow Wilson expressed confidence in the strategic value of the combination, aimed at enhancing cancer care technology. The merger is anticipated to close in the first half of 2021, subject to regulatory approvals. Varian continues to focus on customer support while working towards completing the transaction. Further details will be available in a Form 8-K filing with the U.S. Securities and Exchange Commission.
Varian (NYSE: VAR) has received an Investigational Device Exemption (IDE) from the FDA for the FAST-01 clinical trial of FLASH therapy, an innovative radiation treatment that delivers ultra-high dose rates, potentially over 100 times faster than traditional methods. The trial aims to enroll 10 patients with bone metastases to evaluate the feasibility, side effects, and pain relief efficacy of this non-invasive approach. Varian's investment in research, including the collaboration with the FlashForward Consortium, underscores their commitment to advancing cancer treatment technologies.
Varian (NYSE: VAR) has received a one-year extension on the tariff exclusion for its medical linear accelerators from the Chinese government, effective from September 17, 2020 to September 16, 2021. This decision highlights China's commitment to combat cancer and shows recognition of the importance of radiotherapy. The CEO, Dow Wilson, expressed gratitude for this extension, emphasizing its role in enhancing cancer care initiatives. This exemption allows Varian to focus on delivering innovative cancer treatment solutions without the added burden of tariffs.
Varian has received FDA 510(k) clearance for its Eclipse v16.1 treatment planning software for proton therapy. This software integrates Dual Energy CT images, enhancing treatment precision and reducing healthy tissue exposure. Notably, it features GPU-accelerated Monte Carlo proton dose calculations, improving treatment planning efficiency. Eclipse v16.1 aims to set new standards in proton therapy by offering advanced tools that enhance plan quality and calculation speed, reinforcing Varian's leadership in cancer care technology.
Varian has announced significant leadership changes effective October 5, 2020. Chris Toth becomes President and COO, focusing on business operations and fiscal goals for 2021. Kevin O'Reilly steps up as Senior VP and President of Oncology Systems, while Stephanie Foster takes on the role of SVP of Global Supply Chain Operations. Toth emphasizes Varian's commitment to cancer care and the pursuit of innovative solutions amidst an ongoing transformational merger with Siemens Healthineers. These appointments reflect Varian's deep leadership bench and aim to enhance strategic execution.
Varian (NYSE: VAR) announced the successful treatment of its first patient with Ethos therapy at the Goshen Center for Cancer Care in Indiana.
This therapy integrates AI and image-guided radiation, streamlining patient treatment in about 15 minutes. The aim is to customize cancer care, improving targeting of tumors while minimizing doses to healthy tissue.
Ethos is set to enhance access to advanced cancer treatments, benefitting patients in community settings. This marks a significant step in Varian's goal of personalized cancer care.
Varian announced that the German Cancer Research Center has ordered Germany's first Ethos therapy, an AI-driven solution aimed at enhancing radiotherapy efficiency. Scheduled for installation in early 2021, Ethos therapy enables adaptive treatment in a 15-minute session, addressing patient anatomy and tumor positioning changes in real time. Recognized globally for its innovative approach, Ethos therapy's capabilities include multimodality imaging and fast treatment delivery. This partnership signifies a critical advancement in research and treatment, aligning with Varian's mission of improving cancer care.
Varian reported Q3 2020 results, showing a 16% decline in total revenues to $694 million, with organic revenues down 19%. Oncology Systems gross orders fell 14%, while Proton Solutions grew by 6%. GAAP net earnings per diluted share were $0.67, up 110% year-over-year, despite a 32% decrease in non-GAAP operating earnings. The company has $769 million in cash and $580 million in debt. A significant partnership with Siemens Healthineers was announced, positioning Varian for future growth.
Varian has agreed to be acquired by Siemens Healthineers for $16.4 billion in an all-cash transaction. The acquisition price of $177.50 per share offers a 42% premium over Varian's average closing price prior to the announcement. This merger aims to create a global leader in cancer care, combining oncology solutions from both companies. Completion of the transaction is expected in the first half of 2021, pending shareholder and regulatory approvals. Varian will continue to operate under its brand as a part of Siemens Healthineers.
