Varian Medical sees increased revenues, lower net income for Q2

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Varian Medical Systems has reported revenues for the second quarter of fiscal year 2008 of $528 million, an increase of 19 percent from the second quarter of last fiscal year.

The company reported a net income of $1.5 million for the second quarter, compared to $2 million from the same quarter last year.

Compared to the second quarter of last fiscal year, operating earnings rose by 19 percent and net earnings per diluted share rose by 22 percent, according to the Palo Alto, Calif.-based company.

The net orders for the quarter were $519 million, down 2 percent from the year-ago quarter when the company acquired ACCEL, which had $68 million of orders including $47 million of backlog, Varian said.

The company reported that it ended the second quarter with $360 million in cash and $122 million of debt.