| From: JakeStraw | 1/4/2007 8:42:55 AM | | | | | | Varian Medical Systems Announces Intent to Acquire ACCEL Instruments GmbH
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Thursday January 4, 8:30 am ET
Company to Supply Proton Therapy Products for Cancer Treatments
PALO ALTO, Calif., Jan. 4 /PRNewswire-FirstCall/ -- Varian Medical Systems, Inc., (NYSE: VAR) today announced it has signed an agreement to acquire ACCEL Instruments GmbH, a privately-held supplier of proton therapy systems for cancer treatment and scientific research instruments. The acquisition will enable Varian to offer products for delivering image-guided, intensity modulated proton therapy for selected cancer patients. Varian will invest approximately $30 million to acquire 100 percent of ACCEL, including its debt.
"With this acquisition, we can meet the needs of customers who have begun to ask us for proton therapy capabilities that supplement their existing radiotherapy systems," said Tim Guertin, president and CEO of Varian Medical Systems. "This leverages our existing technology in treatment planning, image guidance and cancer informatics and it enables Varian to offer all the products needed for delivering proton therapy. We expect that we can build a several hundred million dollar proton therapy business over time."
"We are excited about the technology and value we see in ACCEL which has a unique scanning beam technology that is ideal for intensity modulated proton therapy," Guertin added. "Also with ACCEL's superconducting cyclotron technology, we expect to be able to develop and tailor more affordable proton therapy systems designed for small, single-room centers as well as large, multi-room facilities."
ACCEL has commissioned its newly developed superconducting medical cyclotron for proton therapy at the Paul Scherer Institute outside Zurich. Work is nearing completion on another installation at the Rinecker Proton Therapy Center in Munich and Varian hopes to complete commissioning that system this year.
In addition to producing particle therapy products, ACCEL produces specialty linear accelerators and other physics instruments for research and science applications. ACCEL, which is based in Bergisch Gladbach near Cologne, Germany, has about 250 employees.
Varian anticipates the acquisition will add annualized revenues of approximately $30 million in fiscal year 2007. Based on guidance given at the end of fiscal 2006, management expects that the addition of ACCEL's operations will reduce earnings per diluted share by about 3 percent in fiscal year 2007, be about neutral in fiscal year 2008, and be accretive thereafter. The business will report to Varian Vice President Lester Boeh, who is responsible for managing Varian's portfolio of emerging businesses. |
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| From: JakeStraw | 1/25/2007 3:26:30 PM | | | | | | Varian Medical Systems Reports Earnings for First Quarter of Fiscal Year 2007; Company Raises Earnings Guidance for Fiscal Year 2007
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Wednesday January 24, 4:00 pm ET
First Quarter Net Earnings Per Diluted Share Rise 23 Percent to $0.37($0.43 Excluding Stock Option Expensing)
PALO ALTO, Calif., Jan. 24 /PRNewswire-FirstCall/ -- Varian Medical Systems (NYSE: VAR) today announced results for the first quarter of fiscal year 2007 with solid growth in net earnings, revenues, and backlog versus the first quarter of fiscal year 2006. Strong North American net order growth was offset by declines in international regions due in large measure to order timing.
The company reported net earnings of $50 million ($0.37 per diluted share) in the first quarter of fiscal year 2007 versus net earnings of $41 million ($0.30 per diluted share) in the year-ago quarter. Revenues for the quarter were $388 million, up 16 percent from the first quarter of last fiscal year. Net orders for the first quarter were $408 million, up 1 percent versus the same period last year; and backlog at the end of the quarter stood at $1.4 billion, up 14 percent from the end of the first quarter of fiscal 2006.
"We are pleased with the growth in our earnings, revenues, and backlog during the quarter," said Timothy Guertin, president and CEO of Varian Medical Systems. "Additionally, this quarter was highlighted by strong growth in net orders for image-guided radiotherapy and stereotactic radiosurgery products in North America and for flat-panel digital image detectors for filmless X-rays."
The company ended the first quarter with $363 million in cash and marketable securities after spending $77 million during the quarter to repurchase 1.5 million shares of its stock, completing a 6 million share repurchase authorization initiated at the beginning of calendar year 2006. The company has an additional 4.5 million share repurchase authorization that extends through the end of fiscal year 2007.
Oncology Systems
Oncology Systems' first quarter revenues totaled $316 million, up 15 percent from results for first quarter of last fiscal year. This business recorded first-quarter net orders of $330 million, up 1 percent from the same period last year. Net orders were up 19 percent in North America and down 16 percent in international markets.
"Continued rapid adoption of image-guided radiotherapy and stereotactic radiosurgery drove the strong net order growth in North America," Guertin said. "Meanwhile, we had an unusually tough quarter in Europe where delays in government tenders contributed to a significant decline from a strong year-ago quarter. Net orders in Asia also declined versus an exceptionally strong year-ago quarter when we experienced 54 percent growth over the comparable period in fiscal year 2005. Even with occasionally sharp fluctuations in order patterns from region to region and quarter to quarter, we remain confident in the long-term growth prospects for this business in both the international and domestic markets."
X-Ray Products
Revenues for the X-Ray Products business, including tubes and digital flat-panel detectors for filmless X-ray imaging, were $62 million for the first quarter of fiscal year 2007, up 19 percent from the year-ago quarter. Net orders for this business were $67 million, up 22 percent from the year-ago quarter.
"We had another outstanding quarter in X-Ray Products with rapid expansion of shipments in flat-panel detectors for filmless x-ray imaging," Guertin said. "Flat panel revenues doubled as customers continued to broadly integrate these products into new filmless x-ray imaging equipment for medical diagnostics, dental imaging, veterinary care, and industrial inspection."
Other Businesses The company's Security and Inspection Products business and Ginzton Technology Center reported combined first quarter revenues of $9 million, up $3 million from the year-ago quarter. Net orders for the quarter were $10 million, down by $10 million from an exceptionally strong first quarter in fiscal year 2006.
"While the timing of orders is difficult to predict, we are optimistic about the outlook for our security business as several governments around the world are taking steps to improve cargo screening measures at ports and border crossings," Guertin said.
The company earlier announced its intent to acquire ACCEL Instruments, GmbH, a supplier of proton therapy systems for cancer treatment and scientific research instruments. "We are very excited to be adding this emerging business to Varian's growth portfolio," Guertin said.
Outlook
"Excluding the impact of our intended acquisition of ACCEL Instruments, we continue to believe that revenues for fiscal year 2007 should increase above the fiscal 2006 total by about 13 percent with 7 to 9 percent growth in the second quarter," Guertin said. "Net earnings should be in the range of $1.89 to $1.91 per diluted share for the year, and approach $0.46 for the second quarter."
The company expects that the annual impact of stock option expensing will be about $0.22 per diluted share in fiscal year 2007. The company is footnoting the impact of stock option expensing on the consolidated statements of earnings attached to the company's quarterly earnings releases. |
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| From: JakeStraw | 4/10/2007 8:34:47 AM | | | | | | Leading China Cancer Center Offers Advanced Radiotherapy Treatments Using Varian's On-Board Imager
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Tuesday April 10, 8:00 am ET
SHANDONG, China, April 10 /PRNewswire-FirstCall/ -- One of China's top public cancer centers has introduced image-guided radiotherapy treatments for cancer patients using a Clinac® linear accelerator and On-Board Imager® from Varian Medical Systems (NYSE: VAR). The new device enables clinicians at Shandong Cancer Hospital in East China to use advanced image-guided radiation therapy (IGRT) techniques that improve precision and potentially increase cure rates. |
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| To: JakeStraw who wrote (187) | 1/2/2008 9:23:47 AM | | From: Peter Dierks | | | | Varian Medical Systems Receives FDA 510(k) Clearance for RapidArc(TM) Radiotherapy Technology
PALO ALTO, Calif., Jan. 2 /PRNewswire-FirstCall/ -- Varian Medical Systems (NYSE: VAR) has received FDA 510(k) clearances for its RapidArc(TM) radiotherapy technology, a revolutionary advance that makes it possible to deliver image-guided, intensity-modulated radiation therapy (IMRT) two to eight times faster and more precisely than is possible with conventional IMRT or helical tomotherapy.
"RapidArc represents a major medical advance that will change the way radiation therapy is planned and delivered," says Dow Wilson, president of Varian's Oncology Systems business. "Our primary goal with this product is to improve clinical outcomes. In addition, we discovered that we could simultaneously improve treatment efficiency significantly. RapidArc should make better-quality radiotherapy a more affordable, more accessible treatment option, and enable more cancer patients to receive a higher standard of care."
RapidArc, Varian's new technology for delivering volumetric modulated arc therapy, quickly delivers a complete IMRT treatment in a single rotation of the treatment machine around the patient. The two FDA clearances for RapidArc cover the treatment hardware and the RapidArc treatment planning software module in Varian's Eclipse(TM) treatment planning system. Varian will begin taking orders for RapidArc immediately, and will begin delivering it to customers in the spring of 2008.
"Customer interest in RapidArc is tremendous," said Wilson. "This technology extends the versatility of Varian's image-guided radiotherapy system, adding volumetric arc therapy to other advanced capabilities including fixed-beam IMRT and stereotactic treatments. Doctors can use RapidArc for better prostate and head and neck treatments, and still offer fixed beam IMRT treatments with motion management for lung and breast tumors and electron treatments for patients with lymphomas and skin cancers. No other treatment technology offers this kind of versatility for customizing treatments according to each patient's specific needs."
Plan studies comparing fixed-beam and helical IMRT with RapidArc show that RapidArc can reduce the amount of non-therapeutic radiation reaching healthy tissues during treatment. For example, in the case of head and neck cancer treatments, RapidArc plans are better at protecting critical structures like the spinal cord, brain stem, eyes, optic nerve and chiasm, parotid (salivary) glands, and brain. Moreover, with RapidArc's highly efficient use of the primary beam, secondary stray radiation caused by scatter and leakage are reduced by over 50 percent on average compared with fixed field IMRT.
RapidArc Technology
RapidArc technology utilizes a sophisticated, proprietary algorithm that creates a finely-shaped IMRT dose distribution that closely matches the size and shape of the tumor. It works by varying three parameters simultaneously: 1) the speed with which the treatment machine rotates around the patient, 2) the dimensions of the beam-shaping aperture, which change continually during the treatment based on the patient's unique anatomy, and 3) the rate at which the dose is delivered. These technologies work together to make RA the most revolutionary advance in radiation therapy in terms of speed, efficiency, and conformality.
"The RapidArc planning algorithm exploits the unique characteristics of Varian's most advanced medical linear accelerators, which can deliver dose at different rates, and the multileaf collimator, which is used to shape the beam so it conforms to the shape of the tumor," said Corey Zankowski, senior director of software systems marketing at Varian. "Not only is the treatment faster to deliver, it is also easier to plan and execute. That means a higher quality treatment that's easier on the clinicians and easier on the patients."
ABOUT VARIAN MEDICAL SYSTEMS
Varian Medical Systems, Inc., of Palo Alto, California, is the world's leading manufacturer of medical devices and software for treating cancer and other medical conditions with radiotherapy, radiosurgery, proton therapy, and brachytherapy. The company supplies informatics software for managing comprehensive cancer clinics, radiotherapy centers and medical oncology practices. Varian is a premier supplier of tubes and digital detectors for X-ray imaging in medical, scientific, and industrial applications and also supplies X-ray imaging products for cargo screening and industrial inspection. Varian Medical Systems employs approximately 4,400 people who are located at manufacturing sites in North America and Europe and in its 60 sales and support offices around the world. For more information, visit varian.com.
FORWARD LOOKING STATEMENTS
Statements in this press release regarding future business, events, plans, objectives, expectations, estimates, and other similar matters, including, but not limited to, statements using the terms "will," "should," "can," and "will be" constitute forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements contained in this press release are subject to risks and uncertainties that could cause actual results to differ materially from those anticipated, including, but not limited to, the risks described in the company's Annual Report on Form 10-K and other reports filed from time to time by the Company with the Securities and Exchange Commission. These forward-looking statements represent the Company's judgment as of the date of this press release. The Company assumes no obligation to update or revise these forward-looking statements because of new information, future events, or otherwise.
FOR INFORMATION CONTACT: Spencer Sias, (650) 424-5782 spencer.sias@varian.com Meryl Ginsberg, (650) 424-6444 meryl.ginsberg@varian.com SOURCE Varian Medical Systems |
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| From: shoe | 3/17/2008 2:04:45 PM | | | | | | Any thoughts on Varian downgrade?
AP
Varian Shares Fall on Downgrade
Monday March 10, 6:39 pm ET
Analyst Downgrades Varian, Pointing to Concerns About Sales of RapidArc System
NEW YORK (AP) -- Shares of Varian Medical Systems Inc. fell Monday after a Jefferies & Co. analyst downgraded the stock, saying doctors are questioning the safety and need for its RapidArc radiation therapy system.
Mark Richter downgraded the stock to "Underperform" from "Hold." He said doctors may hesitate to purchase the RapidArc system because of doubts regarding its safety and its cost, and competition may be tough. As a result, the analyst said he is "very concerned" about the company's growth.
The stock fell $2.35, or 4.9 percent, to close at $46.10. Richter pared his price target to $40 per share from $42, implying the stock will fall 17.4 percent over the next year from Friday's closing price.
While the RapidArc system is designed to deliver radiation doses more quickly, Richter wrote that some oncologists think the device may be trading safety for speed. He added that RapidArc is expensive at $400,000, and some clinics that already have Varian's Trilogy system don't see the need for an upgrade.
"Radiation oncologists' seem concerned over limited clinical experience, sparse clinical data, and debugging issues with a new technological platform," he said. That could keep sales down until later this year or early 2009, in his view.
He added that rival products from TomoTherapy Inc., Accuray Inc. and Elekta also will pressure sales of RapidArc.
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How reliable is this analyst? On the face of it, sounds like a fairly serious issue which I hope Varian can turn around quickly.
Regards. |
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| From: JakeStraw | 6/17/2009 2:28:42 PM | | | | | | Leading Healthcare Group Selects Varian Medical Systems to Supply Cancer Treatment Technology for Treatment Centers Across the Western United States
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Wednesday June 17, 2009, 1:58 pm EDT
Providence Health and Services (PH&S) Enters into Three-Year Agreement with Varian
PALO ALTO, Calif., June 17 /PRNewswire-FirstCall/ -- Varian Medical Systems (NYSE: VAR) and Providence Health and Services (PH&S) have signed a three-year agreement for Varian to provide PH&S treatment centers with advanced radiotherapy technology for treating cancer. The agreement covers Varian's state-of-the-art equipment and software.
"The Providence Health & Services organization encompasses over 33 participating treatment facilities across Alaska, Washington, Montana, Oregon, and California," said Michael Oswald, Director of Capital Equipment Contracting at PH&S. "We elected not to renew our previous agreements with certain other cancer treatment technology suppliers, and selected Varian as our vendor for radiation therapy treatment technology going forward." |
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| From: JakeStraw | 6/25/2009 8:48:34 AM | | | | | | Varian Medical Systems Acquires Assets of IKOEmed and IKOEtech; Acquisition to Add Software for Accelerating Radiotherapy Treatment Planning
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Thursday June 25, 2009, 8:30 am EDT
The software is designed to achieve greater than 50 percent reduction in the contouring portion of the radiotherapy treatment planning process, which typically takes anywhere from 30 minutes to 4 hours. It automates the contouring process by matching patient images with pre-contoured images from an expert database created by renowned radiation oncologists. This eliminates the need for clinicians to manually outline between 10 and 20 organs in each of anywhere from 100 to 200 images of a patient's disease site. |
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