Varian Medical Systems posted unaudited financial results for its fiscal first quarter 2008 showing solid growth in revenues, net orders and backlog.
The Palo Alto, Calif.-based company reported revenues for the quarter were $459 million, compared to $387.9 million in the first quarter of the last fiscal year. Operating expenses for the quarter were $29 million compared to $27 million in the same quarter last year.
Net orders for the first quarter were $493 million, compared to $407.9 million in the same quarter last year, and backlog at the end of the quarter stood at $1.7 billion, compared to $1.4 billion in the year-ago quarter.
"Net orders, revenues, and operating earnings increased in our oncology systems, x-ray products, and security and inspection businesses," said Tim Guertin, president and CEO of Varian Medical Systems.
Oncology Systems' first quarter revenues totaled $360 million, compared to $316 million in the first quarter of last fiscal year as well as net orders of $386 million, compared to $330 million from the same period last year.
Revenues for the x-ray products business, including tubes and digital flat-panel detectors for filmless x-ray imaging, were $70 million for the first quarter of fiscal year 2008, compared to $62 million in the year-ago quarter. Net orders for this business were $75 million, compared to $68 million in the same quarter last year.