June 2008 -- Varian Medical Systems Inc. reported a very productive fiscal year 2007, marked by respectable
financial performance, opening of a new manufacturing plant in China and two acquisitions. In
addition several major product introductions stand ready to position the company for growth in
coming years. Varian Medical Systems has tripled in size since becoming a stand-alone company in
1999.
Fiscal 2007 got off to a slow start because of customer purchasing delays and new competitive
challenges in the first half of the year. Momentum was regained with the help of new marketing
initiatives and reported solid growth in second-half revenues and net orders, with contributions
from all major business segments, reports Timothy Guertin, president and CEO.
Compared with the last fiscal year, net orders for fiscal 2007 grew by 14% to $2.1 billion,
annual revenues grew by 11% to $1.8 billion and the year-ending backlog grew 21% to $1.7
billion. Excluding the effects of the 2007 acquisitions and the discrete benefits in fiscal year
2006, the company's fiscal year 2007 net earnings grew by 15% over the total for fiscal 2006,
reported Guertin.
