Varex Imaging Corp - VREX STOCK NEWS

Varex Imaging (VREX) reported Q1 FY2025 financial results with revenues of $200 million, representing a 5% year-over-year increase. The Medical segment revenue grew 3% to $145 million, while the Industrial segment saw a 10% increase to $55 million.

The company achieved a GAAP gross margin of 34% and non-GAAP gross margin of 35%, with operating margins of 6% (GAAP) and 7% (non-GAAP). The quarter resulted in a GAAP net loss of $0.01 per diluted share, while non-GAAP earnings were $0.07 per share. Cash flow from operations was $10 million, with cash and equivalents reaching $219 million.

For Q2 FY2025, Varex expects revenues between $200-215 million and non-GAAP earnings per diluted share between $0.05-0.20.

Varex Imaging (VREX) has secured orders worth approximately $14 million USD for its non-intrusive cargo inspection systems. The orders specifically target the company's recently launched high-energy inspection products: the VXP-6 Portal and VXM-6 Mobile systems, designed for cargo and vehicle inspection at ports and borders.

CEO Sunny Sanyal expressed enthusiasm about the market reception of their new full screening systems product line, highlighting how the company's expertise in high-energy linear accelerators enables them to expand their security infrastructure offerings globally.

Varex Imaging (VREX) has announced its management's upcoming participation in two significant investor conferences in February 2025. The company will attend the BTIG 12th Annual MedTech, Digital Health, LS&D Tools Conference in Salt Lake City, UT on February 12, which will consist of one-on-one meetings only. Additionally, management will participate in the B. Riley Securities Precision Oncology & Radiopharma Conference in New York, NY on February 28, also featuring exclusively one-on-one meetings.

Varex Imaging (VREX) has announced it will release its unaudited financial results for the first quarter of fiscal year 2025 after market close on Thursday, February 6, 2025. The company will host a conference call at 3:00 pm Mountain Time on the same day.

Investors can access the conference call through multiple channels: via webcast on the company's website, by calling 877-524-8416 from the U.S., or 412-902-1028 from international locations. A replay will be available from February 6th through February 20th, accessible at 877-660-6853 (U.S.) or 201-612-7415 (international) using access code 13751211.

Varex is a leading manufacturer of X-ray imaging components, including X-ray tubes, digital detectors, and image processing solutions, serving medical, industrial, and security imaging markets globally with approximately 2,300 employees across North America, Europe, and Asia.

Varex Imaging (VREX) has announced its upcoming participation in the CJS Securities 25th Annual New Ideas for the New Year Virtual Conference. The company's management team is scheduled to deliver a presentation on Tuesday, January 14, 2025, at 2:20 PM Eastern Time. Interested parties can access the presentation webcast through a provided link or via Varex's official website at vareximaging.com/news.

Varex Imaging (VREX) has successfully closed a private offering of $125 million in 7.875% senior secured notes due 2027. The notes were priced at 101.5% of principal amount, with accrued interest from October 15, 2024. According to CFO Sam Maheshwari, the funds will be used for partial repayment of convertible notes maturing in June 2025 while maintaining revolving credit facility availability. The notes were offered to qualified institutional buyers under Rule 144A and international investors under Regulation S of the Securities Act, and are not registered under the Securities Act or state securities laws.

Varex Imaging (VREX) has priced a private offering of $125 million in 7.875% senior secured notes due October 15, 2027, at 101.5% of principal value. These notes are additional to the existing $243 million outstanding from the initial $300 million issuance in September 2020.

The company plans to use the proceeds to partially repay or repurchase Convertible Notes due June 2025. The offering is expected to close on December 20, 2024. Following the offering, Varex will terminate its $20 million Equipment Credit Agreement. The notes will be guaranteed by domestic and select foreign subsidiaries, secured by first-priority interest in equipment, capital stock, intellectual property, and certain real property.

Varex Imaging (VREX) has announced a private offering of $125 million in 7.875% senior secured notes due October 15, 2027. These notes will be issued as 'Additional Notes' to the existing $300 million notes issued in September 2020, of which $243 million remains outstanding.

The company plans to use the proceeds to partially repay or repurchase its Convertible Notes due June 2025. The notes will be guaranteed by Varex's domestic and certain foreign subsidiaries, secured by first-priority interest in equipment, capital stock, intellectual property, and specific real property, along with second-lien security on inventory, accounts receivables, and other assets.

The offering is exclusively available to qualified institutional buyers under Rule 144A and non-U.S. persons under Regulation S.

Varex Imaging (VREX) has announced its 2025 Annual Meeting of Stockholders will be held virtually on February 13, 2025, at 4:30 pm Mountain Time. Stockholders of record as of December 16, 2024 will be eligible to vote on meeting matters.

The meeting will be conducted in a virtual-only format, with no in-person attendance option. Stockholders will receive detailed information about the meeting and voting procedures in the upcoming proxy materials. The company encourages stockholders to submit their votes and proxies in advance using the methods outlined in the meeting materials.