Attached files
| file | filename |
|---|---|
| 8-K - FORM 8-K - VARIAN MEDICAL SYSTEMS INC | v399786_8k.htm |
Exhibit 99.1
| Q115 Cheat Sheet (with FX Impact) |
| GROSS ORDERS | (Q115) | ||||||||||||||||||
| Backlog | $3,124 | M | + | 13% | |||||||||||||||
| OS | $2,634 | M | + | 8% | |||||||||||||||
| Oncology Factory | ( | 55% | ) | $308 | ( | - | 1% | ) | ICB | $325 | M | + | 37% | ||||||
| Oncology Service | ( | 45% | ) | $254 | ( | + | 14% | ) | W/O FX | Other | $165 | M | + | 79% | |||||
| Total Oncology | $562 | ( | + | 5% | ) | + | 8% | ||||||||||||
| Backlog Adj. | -$34 | M | - | 27% | |||||||||||||||
| (Total Company) | |||||||||||||||||||
| ICB | $163 | ( | + | 34% | ) | W/O FX | |||||||||||||
| Other | $1 | ( | + | $1M | + | 91% | ) | ||||||||||||
| TOTAL VMS | $726 | ( | + | 11% | ) | + | 13% | ||||||||||||
| Geographic Split: | ||||||||||||||||||
| Oncology | W/O FX | Total VMS | W/O FX | |||||||||||||||
| Americas | 49% | - | 2% | - | 2% | 45% | + | 3% | + | 3% | ||||||||
| EMEA | 32% | + | 12% | + | 18% | 29% | + | 7% | + | 13% | ||||||||
| APAC | 19% | + | 17% | + | 23% | 26% | + | 34% | + | 38% | ||||||||
| Total Company | 100% | + | 5% | + | 8% | 100% | + | 11% | + | 13% | ||||||||
| North America | 45% | - | 3% | - | 3% | 41% | + | 2% | + | 2% | ||||||||
| International | 55% | + | 13% | + | 19% | 59% | + | 18% | + | 22% | ||||||||
| 1 of 4 |
| Q115 Cheat Sheet (with FX Impact) |
| SALES | (Q115) | ||||||||
| Oncology Factory | ( 55% ) | $309 | ( | - | 3% | ) | |||
| Oncology Service | ( 45% ) | $254 | ( | + | 14% | ) | |||
| Total Oncology | $563 | ( | + | 4% | ) | ||||
| ICB | $166 | ( | + | 3% | ) | ||||
| Other | $9 | ( | - | 0.2M | - 2% ) W/O FX | ||||
| TOTAL VMS | $738 | ( | + | 4% | ) + 6% | ||||
| Geographic Split: | ||||||
| Oncology | Total VMS | W/O FX | ||||
| Americas | 54% | + 28% | 50% | + 24% | + 24% | |
| EMEA | 30% | - 11% | 28% | - 13% | - 10% | |
| APAC | 16% | - 22% | 22% | - 7% | - 4% | |
| Total Company | 100% | + 4% | 100% | + 4% | + 6% | |
| North America | 52% | + 31% | 48% | + 26% | 26% | |
| International | 48% | - 15% | 52% | - 11% | - 7% | |
Gross Margin: (Q115 vs. Q114)
| TOTAL Q1 FY15 | TOTAL Q1 FY14 | |||
| Oncology | 45.6% | (+ 68 pts) | 44.9% | |
| ICB | 42.2% | (+ 85 pts) | 41.3% | |
| Other | 3.4% | (+ 373 pts) | -0.3% | |
| VMS | 44.3% | (+ 81 pts) | 43.5% | |
| SG&A Q115 | $140M or 19% of Revenue | |||
| R&D Q115 | $57M or 8% of Revenue |
EBIT by Segment: (Earnings Before Interest &Taxes)
| Q1FY15 | Q1FY14 | % Change in EBIT$ | ||||||
| Oncology | $126.1 | M | 22.4% ROS | 22.3% | ROS | + 4.3% | ||
| ICB | $41.2 | M | 24.8% ROS | 25.2% | ROS | + 1.3% | ||
| Other | ($13.6) | M | ||||||
| Corp | ($24.3) | M | ||||||
| Rounding | $0.1 | M | ||||||
| Total VMS | $129.5 | M | 17.5% ROS | 20.0% | ROS | - 8.8% |
| Interest (Q115) | $0.9M income, up $0.5M from $0.4M interest in Q114 |
| (Interest per Press Release) |
| Continuing Operations: | |
| Tax Rate (Q115 ) | 28.5% vs 31.2% Q114 |
| Net Earnings (Q115 ) | $93M or 12.6% of Sales vs Q114 $98M or 13.8% of Sales (down 5% from Q114) |
| EPS (Q115) | $0.92 per diluted share vs $0.91 Q114 ( 1% up from Q114 ) |
| Diluted Shares (Q115) | Diluted Shares 101.6M vs 107.4M Q114 ( down 5.8M shares from Q114) |
| Impact of $10.5M Restructuring Charges | ||||
| With Restructuring Charges | Without Restructuring Charges | |||
| SG&A | $140.5 M | $130.1 M | ||
| EBIT | $129.5 M | $139.8 M | ||
| Net Earnings | $93.3 M | $100.7 M | ||
| EPS | $0.92 | $0.99 | ||
| 2 of 4 |
| Q115 Cheat Sheet (with FX Impact) |
Balance Sheet
| Cash & Cash Equivalents | $904.4M | (Q115) vs | $849.3M (Q414) | (up $55.1M) | ||||||||||||||
| ST Investment | $68.5M | (Q115) vs | $66.2M | (Q414) | ||||||||||||||
| DSO | 85 Days (Q115) vs | 94 Days (Q114) | (down 9 Days) | |||||||||||||||
| 85 Days (Q115) vs | 85 Days (Q414) | (Flat) | ||||||||||||||||
| Inv Turns | 2.0 | x | (Q114 = 2.3x) | |||||||||||||||
| Dep/Amort (Q115) | $15.4M / $1.6M ( $17.0M Total) vs Q114 $16.1M Total | |||||||||||||||||
| Capex (from Cash Flow) | $21.7 | M (Q115) | ($24.5M Q114) | |||||||||||||||
| S/T Debt (Q115) | $150.0M ($100M LOC) | vs | Q414 $50.0M | |||||||||||||||
| L/T Debt (Q115) | $375.0M | vs | Q414 $387.5M | |||||||||||||||
| SH Equity | $1,616.1M | |||||||||||||||||
| ( Excludes noncontrolling interest) | ||||||||||||||||||
| Varian SH Equity per Share | $16.11 | |||||||||||||||||
| Return on Varian Equity | 21.5% (Q115) vs 23.7% (Q114) | |||||||||||||||||
| 3 of 4 |
| Q115 Cheat Sheet (with FX Impact) |
| Cash Flow (Q115) | ||||||
| Sources of Cash: | Uses of Cash: | |||||
| Operations | $79.0 M | Cap Ex | ($21.7) M | |||
| Stock Options | $34.8 M | Stock Repurchase | ($125.5) M | |||
| Excess Windfall Tax Benefits | $6.2 M | Repayment of Term Loan Debt | ($12.5) M | |||
| FX Impact | $9.0 M | Investment in Debt Security | ($0.9) M | |||
| Net Borrowings - LOC | $100.0 M | Employees' Taxes withheld for stock issued | ($11.4) M | |||
| Non-Controlling Interest | $1.8 M | Note Rec from Affiliate & Other | ($3.0) M | |||
| Other | $0.1 M | Other | ($0.8) M | |||
| Subtotal | $230.9 M | Subtotal | ($175.8) M | |||
| Net Increase in Cash | 55.1 M | |||||
| Cash at Beg of Q1 | $849.3 M | |||||
| Cash at End of Q1 | $904.4 M |
Stock Repurchase Post Stock Split
| Period | Total $ | Avg. $ | Total Shares | |||||
| FY12 | $282 M | $63.70 | 4,433,718 | 12M Authorization complete (less 3M shares, expired on 9/28/12) | ||||
| Q113 Repurchase | $104 M | $69.03 | 1,500,000 | Additional 8M Shares Authorized 09/29/12 thru 12/13/13 | ||||
| Q213 per Cash Flow | $90 M | |||||||
| Cash to settle in Q313 | $11 M | |||||||
| Q213 Repurchase | $101 M | $72.22 | 1,400,000 | |||||
| Q313 Repurchase | $84 M | $67.56 | 1,250,000 | |||||
| Q413 Repurchase | $135 M | $72.73 | 1,850,000 | |||||
| FY13 Repurchase | $424 M | $70.61 | 6,000,000 | |||||
| Q114 Repurchase | $152 M | $75.89 | 2,000,000 | 8M Authorization Complete Addl 6M authorized 12/30/13 thu 12/31/14 | ||||
| Q214 Repurchase | $159 M | $79.51 | 2,000,000 | |||||
| Q314 Repurchase | $103 M | $82.18 | 1,250,000 | |||||
| Q414 Repurchase | $210 M | $84.20 | 2,500,000 | Additional 6M Shares Authorized 08/15/14 thru 12/31/15 | ||||
| Q4 FY14 YTD Repurchase | $624 M | $80.52 | 7,750,000 | |||||
| Q115 Repurchase | $126 M | $83.69 | 1,500,000 | 6M Authorization, 12/30/13 thru12/31/14, Complete | ||||
| Total Buy-back to-date | $4,046 M | $52.72 | 76,753,100 | Shares | ||||
| Balance Remaining, end of Q115 | 4,750,000 | Shares |
| 4 of 4 |