VREX 8-K: Varex Q1 revenue $206M, down 11% sequential; Non-GAAP EPS $0.21; Q2 guidance soft

Varex Q1 revenue $206M, down 11% sequential; Non-GAAP EPS $0.21; Q2 guidance soft

Varex Imaging Corp

2023-Q1 EPS reported $0.08 revenue$205,600,000

Revenue $206M (-11% QoQ, +3% YoY); Medical $160M, Industrial $46M.

GAAP EPS $0.08; Non-GAAP EPS $0.21 (down from $0.42 prior quarter).

Non-GAAP gross margin 32% vs 33% in Q4 FY22.

Q2 FY23 guidance: revenue $205M-$225M; Non-GAAP EPS $0.05-$0.25.

Operating cash flow -$4M on higher inventory and annual incentive payments.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Varex Imaging Corp reported first quarter of fiscal year 2023 ended December 30, 2022 results: revenue $206 million, EPS $0.08. Guidance initiated.

Period: first quarter of fiscal year 2023 ended December 30, 2022
Revenue: $206 million
EPS: $0.08
Guidance: initiated
Result: preliminary results

Exact text from the filing

1QFY23 Summary • Revenues $206 million • GAAP gross margin 31% | Non-GAAP gross margin* 32% • GAAP operating expense $50 million | Non-GAAP operating expense* $47 million • GAAP operating margin 6% | Non-GAAP operating margin* 9% • GAAP net earnings $0.08 per diluted share | Non-GAAP net earnings* $0.21 per diluted share “Global demand for our products was in line with our expectations, resulting in revenue of $206 million in the first quarter,” said Sunny Sanyal, Chief Executive Officer of Varex. Sanyal added, “However, we are beginning to see some cautiousness from our customers as they assess an uncertain economic environment.” Varex’s revenue of $206 million was down 11% sequentially and up 3% year-over-year. Medical segment revenue of $160 million was down 12% sequentially and up 3% year-over-year. Industrial segment revenue of $46 million was down 9% sequentially and up 5% year-over-year. Non-GAAP gross margin was 32% in the quarter compared to 33% in the fourth quarter of fiscal

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