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VARIAN MEDICAL SYSTEMS INC

CIK: 203527 SIC: 3845
$3.12B
Revenue
$277.50M
Net Income
43.92%
Gross Margin
10.60%
Op. Margin
$621.90M
Free Cash Flow
Financial Statements Annual (10-K)
Showing 11 of 11 annual reports available (2009 - 2020)
Breakdown TTM
(Dec 31, 2020)
FY 2020
(Sep 30, 2020)
FY 2019
(Sep 30, 2019)
FY 2018
(Sep 30, 2018)
FY 2017
(Sep 30, 2017)
FY 2016
(Sep 30, 2016)
FY 2015
(Sep 30, 2015)
FY 2014
(Sep 30, 2014)
FY 2013
(Sep 30, 2013)
FY 2012
(Sep 30, 2012)
FY 2011
(Sep 30, 2011)
FY 2009
(Sep 30, 2009)
+ Total Revenue $3.12B $3.17B $3.23B $2.92B $2.62B $3.22B $3.10B $3.05B $2.94B $2.81B $2.60B $2.21B
Revenue Growth % -1.6% -1.8% 10.5% 11.4% -18.6% 3.8% 1.6% 3.6% 4.8% 8.1% 17.3% nan%
Cost of Revenue $1.75B $1.79B $1.85B $1.65B $1.51B $1.86B $1.82B $1.75B $1.69B $1.61B $1.46B $1.25B
+ Gross Profit $1.37B $1.38B $1.37B $1.27B $1.11B $1.36B $1.28B $1.30B $1.25B $1.20B $1.14B $960.50M
Gross Margin % 43.9% 43.5% 42.5% 43.6% 42.5% 42.3% 41.4% 42.7% 42.5% 42.6% 43.7% 43.4%
Operating Expenses $1.04B $1.05B $984.10M $836.20M $816.10M $810.50M $733.73M $730.52M $640.80M $602.26M $547.44M $486.36M
Research & Development $285.70M $280.60M $247.60M $233.90M $210.00M $253.50M $245.21M $234.84M $208.21M $185.74M $170.72M $147.38M
Selling General & Admin $656.70M $671.80M $623.10M $543.50M $552.80M $540.10M $488.51M $470.55M $432.59M $416.52M $376.71M $338.98M
+ Operating Income $330.40M $323.20M $386.20M $437.40M $297.80M $550.80M $548.97M $571.15M $608.89M $594.07M $588.45M $474.15M
Operating Margin % 10.6% 10.2% 12.0% 15.0% 11.4% 17.1% 17.7% 18.7% 20.7% 21.2% 22.7% 21.4%
Interest Expense $10.60M $14.00M $8.80M $6.80M $10.70M $11.80M $7.93M $7.16M $4.13M $3.42M $2.60M $4.10M
Interest Income $10.20M $10.40M $15.10M $17.30M $13.60M $17.40M $13.63M $10.51M $7.32M $5.27M $2.86M $4.59M
Other Income/Expense - $38.70M $28.30M $4.20M $2.40M - - - - - - -
Income Before Tax - - $420.80M $452.10M $303.10M $556.40M $554.66M $574.51M $612.08M $595.92M $588.71M $474.64M
Income Tax Expense $92.70M $88.90M $128.60M $301.80M $77.10M $153.70M $142.64M $170.81M $173.84M $168.88M $180.08M $143.17M
+ Net Income $277.50M $269.20M $291.90M $149.90M $218.50M $402.30M $411.49M $403.70M $438.25M $427.05M $398.93M $319.02M
Net Margin % 8.9% 8.5% 9.1% 5.1% 8.3% 12.5% 13.3% 13.2% 14.9% 15.2% 15.4% 14.4%
Basic EPS 3.05 2.96 3.21 1.64 2.36 4.22 4.13 3.88 4.04 3.83 3.42 2.57
Diluted EPS 3.02 2.94 3.18 1.62 2.35 4.19 4.09 3.83 3.98 3.76 3.36 2.55
Basic Shares Outstanding 91.4M 90.9M 91.0M 91.5M 92.5M 95.4M 99.7M 104.0M 108.4M 111.4M 116.7M 124.0M
Diluted Shares Outstanding 92.2M 91.5M 91.9M 92.5M 93.2M 96.0M 100.6M 105.3M 110.1M 113.5M 118.7M 125.0M
Breakdown FY 2020
(Sep 30, 2020)
FY 2019
(Sep 30, 2019)
FY 2018
(Sep 30, 2018)
FY 2017
(Sep 30, 2017)
FY 2016
(Sep 30, 2016)
FY 2015
(Sep 30, 2015)
FY 2014
(Sep 30, 2014)
FY 2013
(Sep 30, 2013)
FY 2012
(Sep 30, 2012)
FY 2011
(Sep 30, 2011)
FY 2009
(Sep 30, 2009)
Cash & Cash Equivalents $766.10M $531.40M $504.80M $716.20M $843.50M $845.47M $849.27M $1.12B $704.57M $564.46M $553.53M
Short-term Investments - - - - $95.30M - $66.18M $62.70M $49.71M $19.20M -
Accounts Receivable $1.07B $1.11B $1.01B $823.50M $891.80M $770.92M $731.93M $698.25M $691.81M $635.15M $580.92M
Inventory $516.30M $551.50M $438.10M $439.70M $639.70M $612.61M $572.26M $535.22M $457.87M $409.96M $321.86M
Other Current Assets $254.80M $206.20M $233.30M $199.80M $145.70M $163.98M $148.56M $168.50M $150.78M $111.88M $71.75M
Total Current Assets $2.60B $2.40B $2.19B $2.19B $2.62B $2.53B $2.49B $2.70B $2.17B $1.85B $1.67B
Property Plant & Equipment - $311.50M $274.60M $255.30M $379.20M $379.21M $338.00M $315.33M $296.59M $285.89M $264.06M
Goodwill $623.90M $612.20M $293.60M $222.60M $294.70M $283.45M $240.63M $225.34M $222.24M $212.45M $210.35M
Intangible Assets $271.30M $300.70M $101.10M $71.60M $104.70M $72.60M - - - - -
Other Non-current Assets $416.30M $397.20M $292.80M $300.80M $282.50M $413.04M $284.50M $223.03M $189.38M $145.80M $161.39M
Total Assets $4.46B $4.10B $3.25B $3.18B $3.82B $3.60B $3.36B $3.47B $2.88B $2.50B $2.31B
Accounts Payable $194.90M $248.50M $190.30M $162.30M $201.10M $202.92M $187.38M $194.27M $180.74M $154.95M $116.09M
Short-term Debt $355.00M $410.00M - $350.00M $329.60M $108.45M - - $155.00M $181.40M $4.45M
Accrued Liabilities $522.40M $459.50M $419.70M $394.70M $412.70M $353.50M $324.41M $320.88M $336.57M $290.01M $304.40M
Deferred Revenue $782.20M $766.00M $729.70M $640.60M $620.60M $489.77M $421.85M $389.48M $130.88M $140.17M $130.59M
Total Current Liabilities $1.85B $1.88B $1.34B $1.55B $1.61B $1.38B $1.20B $1.16B $1.24B $1.13B $842.32M
Long-term Debt - - - - $287.50M $337.50M $387.50M $450.00M $6.25M $6.25M $23.39M
Other Non-current Liabilities $421.80M $440.10M $324.30M $130.00M $160.00M $154.00M $151.72M $144.05M $126.17M $122.71M $130.75M
Total Liabilities $2.38B $2.32B $1.66B $1.68B $2.06B $1.87B $1.74B $1.75B $1.37B $1.25B $996.47M
Common Stock $91.20M $90.80M $91.20M $91.70M $93.70M $98.07M $100.94M $106.49M $109.41M $112.34M $125.28M
Retained Earnings $1.13B $934.00M $780.40M $756.00M $1.07B $1.02B $931.24M $1.01B $893.12M $677.47M $696.41M
Total Stockholders Equity $2.08B $1.77B $1.58B $1.50B $1.74B $1.71B $1.62B $1.71B $1.51B $1.24B $1.31B
Total Liabilities & Equity $4.46B $4.10B $3.25B $3.18B $3.82B $3.60B $3.36B $3.47B $2.88B $2.50B $2.31B
Breakdown TTM
(Dec 31, 2020)
FY 2020
(Sep 30, 2020)
FY 2019
(Sep 30, 2019)
FY 2018
(Sep 30, 2018)
FY 2017
(Sep 30, 2017)
FY 2016
(Sep 30, 2016)
FY 2015
(Sep 30, 2015)
FY 2014
(Sep 30, 2014)
FY 2013
(Sep 30, 2013)
FY 2012
(Sep 30, 2012)
FY 2011
(Sep 30, 2011)
FY 2009
(Sep 30, 2009)
Net Income $365.70M $269.20M $291.90M $149.90M $218.50M $402.30M $411.49M $403.70M $438.25M $427.05M $398.93M $319.02M
Stock-based Compensation $86.80M $43.90M $47.90M $45.90M $41.20M $48.30M $46.30M $39.64M $42.64M $47.88M $42.02M $42.58M
Deferred Income Tax $33.10M $26.90M $18.90M $48.00M $-23.30M $-23.90M $5.41M $15.87M $-3.95M $-2.35M $35.23M $-22.01M
Change in Receivables $-114.20M $-35.20M $111.70M $76.10M $18.00M $168.30M $79.39M $74.50M $43.30M $87.43M $41.58M $86.01M
Change in Inventory $66.40M $-39.80M $106.90M $16.40M $7.20M $27.70M $41.56M $43.34M $76.40M $42.46M $42.23M $39.58M
Change in Payables $-113.60M $-66.90M $49.70M $21.90M $5.50M $9.70M $6.46M $1.97M $7.78M $19.27M $35.52M $6.04M
Operating Cash Flow $760.00M $484.10M $371.80M $454.90M $399.10M $356.30M $469.56M $448.99M $455.19M $492.77M $472.78M $304.43M
Capital Expenditure $138.10M $84.30M $58.00M $47.70M $59.10M $80.40M $91.38M $89.65M $76.28M $61.10M $70.93M $62.56M
Acquisitions $45.10M $36.20M $576.20M $109.00M $3.00M $21.10M $95.30M $31.50M - $28.24M $9.12M $2.55M
Purchases of Investments - - $32.80M $10.10M $8.40M $600.00K - - - - - -
Investing Cash Flow $-204.10M $-140.30M $-631.70M $-174.70M $-130.40M $-109.20M $-210.92M $-133.09M $-96.27M $-122.30M $-117.93M $-77.91M
Debt Repayment - - $636.50M $503.30M $223.50M $133.00M $195.00M $68.75M - $9.88M - -
Stock Repurchased $172.40M $86.20M $166.70M $181.90M $294.50M $461.30M $422.03M $627.74M $419.93M $257.44M $505.28M $101.48M
Financing Cash Flow $-149.80M $-93.10M $279.20M $-487.00M $-392.40M $-245.80M $-276.69M $-595.47M $51.65M $-234.68M $-311.33M $-71.28M
Net Change in Cash $393.90M $241.70M $27.70M $-202.10M $-127.60M $-2.00M $-3.81M $-268.59M $413.29M $140.11M $44.24M $156.22M
SEC Filing Format - Data shown as it appears in the Q1 2021 (10-Q) filing Period ended: Dec 31, 2020
Condensed Consolidated Statements of Operations
Description Dec 31, 2020
Current Prior Year
Total Revenue $778.80M $828.90M
Cost of Revenue $419.80M $462.10M
Gross Profit $359.00M $366.80M
Operating Expenses $241.80M $256.80M
Research & Development $72.20M $67.10M
Selling General & Admin $161.90M $177.00M
Operating Income $117.20M $110.00M
Interest Expense $1.30M $4.70M
Interest Income $2.80M $3.00M
Other Income/Expense $5.70M $4.40M
Income Before Tax $124.40M $112.70M
Income Tax Expense $27.60M $23.80M
Net Income $96.50M $88.20M
Basic EPS 1.06 0.97
Diluted EPS 1.05 0.96
Basic Shares Outstanding $91.40M $90.90M
Diluted Shares Outstanding $92.20M $91.70M
Condensed Consolidated Balance Sheets
Description Dec 31, 2020 Sep 30, 2020
Cash & Cash Equivalents $773.30M $766.10M
Accounts Receivable $1.03B $1.07B
Inventory $571.70M $516.30M
Other Current Assets $267.00M $254.80M
Total Current Assets $2.64B $2.60B
Goodwill $627.70M $623.90M
Intangible Assets $265.00M $271.30M
Other Non-current Assets $460.70M $416.30M
Total Assets $4.53B $4.46B
Accounts Payable $206.50M $194.90M
Short-term Debt $210.00M $355.00M
Accrued Liabilities $482.70M $522.40M
Deferred Revenue $845.70M $782.20M
Total Current Liabilities $1.74B $1.85B
Other Non-current Liabilities $431.70M $421.80M
Total Liabilities $2.28B $2.38B
Common Stock $91.80M $91.20M
Retained Earnings $1.23B $1.13B
Total Stockholders Equity $2.24B $2.08B
Total Liabilities & Equity $4.53B $4.46B
Condensed Consolidated Statements of Cash Flows
Description Dec 31, 2020
Current Prior Year
Net Income $96.50M $88.20M
Stock-based Compensation $16.70M $14.90M
Deferred Income Tax $14.90M $1.80M
Change in Receivables $-29.10M $-29.50M
Change in Inventory $52.50M $44.90M
Change in Payables $8.00M $-32.70M
Operating Cash Flow $141.40M $112.60M
Capital Expenditure $16.80M $22.60M
Acquisitions $500.00K $1.70M
Purchases of Investments $10.30M -
Investing Cash Flow $-27.60M $-15.10M
Stock Repurchased - $43.80M
Financing Cash Flow $-100.20M $103.40M
Net Change in Cash $7.30M $198.10M

All values are in USD (United States Dollars). Data is sourced from SEC EDGAR 10-K filings.

Annual data represents full fiscal year results. FY = Fiscal Year ending.

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