Varian Medical Systems Raises Earnings Guidance For Fiscal Year - Quick Facts

(RTTNews) - Varian Medical Systems (VAR), announced, including the effects of the R&D tax credit re-enactment and the suspension of the medical device excise tax in the U.S., the company now believes that for fiscal year 2016 total company non-GAAP earnings will be in the range of $4.55 to $4.65 per share. Varian continues to expect that revenues for fiscal year 2016 will increase by about 4 to 5 percent over fiscal year 2015. Analysts expect the company to report earnings per share of $4.47.

For the second quarter of fiscal year 2016, Varian expects revenues to be up one to two percent from the year-ago quarter in dollars. The company expects non-GAAP earnings for the second quarter of fiscal year 2016 to be in the range of $1.06 to $1.10 per share. Analysts expect the company to report earnings per share of $1.12.

Varian Medical Systems reported non-GAAP net earnings of $0.99 per share and GAAP net earnings of $0.91 per share for the first quarter of fiscal 2016. Varian's revenues totaled $757 million for the first quarter, up 3 percent from the year-ago quarter and up 7 percent in constant currency.