Varian Medical Q1 profits rise
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.