# Varex Imaging Corp (VREX)

Informational only - not investment advice.

CIK: 0001681622
SIC: 3679 Electronic Components, NEC
SIC breadcrumb: [Manufacturing](/division/D/) > [Electronic And Other Electrical Equipment And Components, Except Computer Equipment](/major-group/36/) > [SIC 3679 Electronic Components, NEC](/industry/3679/)
Latest 10-K filed: 2025-11-18
SEC page: https://www.sec.gov/edgar/browse/?CIK=1681622
Filing source: https://www.sec.gov/Archives/edgar/data/1681622/000168162225000108/var-20251003.htm

## At a glance

FY2025 · period end 2025-10-03 · filed 2025-11-18 · accession 0001681622-25-000108 · source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001681622.json

| Metric | Value | FY | Provenance |
| --- | ---: | ---: | --- |
| Revenue | 844,600,000 USD | 2025 | verified |
| Net income | -70,300,000 USD | 2025 | verified |
| Assets | 1,107,400,000 USD | 2025 | verified |
| Free cash flow | 18,800,000 USD | 2025 | computed |
| Net margin | -8.32% | 2025 | computed |
| Operating margin | -3.29% | 2025 | computed |
| Revenue YoY | +4.14% | 2025 | computed |
| ROE | -14.88% | 2025 | computed |

Computed values are grepcent-computed from the verified facts above and may differ from ratios the company itself reports. Free cash flow = operating cash flow − capital expenditures. Net margin = net income ÷ revenue. Operating margin = operating income ÷ revenue. Revenue YoY = FY2025 revenue ÷ FY2024 revenue − 1 (consecutive fiscal years only). ROE = net income ÷ period-end stockholders' equity.

No market price, no rating, no forecast on this site. Not investment advice.

### Peer percentile fingerprint

| Ratio | VREX | Peer median | Percentile | N |
| --- | ---: | ---: | ---: | ---: |
| Net margin | -8.3% | 4.4% | 19 | 135 |
| Operating margin | -3.3% | 4.4% | 24 | 128 |
| Revenue growth | 4.1% | 10.2% | 33 | 142 |
| FCF margin | 2.2% | 8.0% | 28 | 138 |
| ROE | -14.9% | 5.4% | 19 | 136 |
| ROA | -6.3% | 2.7% | 21 | 143 |
| Liabilities / equity | 1.31 | 0.81 | 73 | 138 |
| Current ratio | 3.43 | 2.59 | 67 | 144 |

Percentile = share of the N covered peers reporting that ratio whose value is lower (ties counted half); computed among grepcent-covered companies in SIC major-group 36 Electronic And Other Electrical Equipment And Components, Except Computer Equipment, not the whole market. A higher percentile means a higher value of the ratio, not a better company. Ratios with fewer than 8 reporting peers are omitted. Latest reported values per company; fiscal periods may differ. Descriptive arithmetic - not a score, rating, or ranking.

## Selected Fundamentals
| Metric | Value | Unit | FY | Filed |
| --- | ---: | --- | ---: | --- |
| Revenue | 844600000 | USD | 2025 | 2025-11-18 |
| Net income | -70300000 | USD | 2025 | 2025-11-18 |
| Assets | 1107400000 | USD | 2025 | 2025-11-18 |

## Financials

Annual standardized facts from SEC companyfacts as of latest extracted filing date 2025-11-18. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001681622.json. Derived margins, ratios, and free cash flow are computed from the extracted annual SEC facts.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Revenue |  |  |  |  |  | 818,100,000 | 859,400,000 | 893,400,000 | 811,000,000 | 844,600,000 |
| Net income | 68,500,000 | 51,600,000 | 27,500,000 | 15,500,000 | -57,900,000 | 17,400,000 | 30,300,000 | 47,400,000 | -48,800,000 | -70,300,000 |
| Operating income | 109,100,000 | 83,700,000 | 44,500,000 | 45,700,000 | -33,700,000 | 74,100,000 | 88,200,000 | 77,100,000 | 32,100,000 | -27,800,000 |
| Gross profit | 248,400,000 | 253,500,000 | 253,900,000 | 256,700,000 | 190,200,000 | 271,500,000 | 283,500,000 | 290,300,000 | 256,900,000 | 290,500,000 |
| Diluted EPS | 1.82 | 1.36 | 0.72 | 0.40 | -1.49 | 0.43 | 0.73 | 1.07 | -1.20 | -1.70 |
| Operating cash flow | 74,200,000 | 75,200,000 | 85,300,000 | 71,900,000 | 13,200,000 | 92,600,000 | 16,900,000 | 108,400,000 | 47,300,000 | 41,700,000 |
| Capital expenditures | 28,900,000 | 20,200,000 | 20,400,000 | 19,800,000 | 23,500,000 | 15,100,000 | 21,300,000 | 20,700,000 | 26,900,000 | 22,900,000 |
| Assets | 622,400,000 | 1,040,100,000 | 987,900,000 | 1,038,900,000 | 1,139,500,000 | 1,147,500,000 | 1,184,400,000 | 1,249,600,000 | 1,213,600,000 | 1,107,400,000 |
| Liabilities | 86,100,000 | 649,900,000 | 548,500,000 | 580,200,000 | 673,700,000 | 651,000,000 | 637,700,000 | 668,600,000 | 670,400,000 | 620,800,000 |
| Stockholders' equity | 526,000,000 | 379,000,000 | 426,200,000 | 444,900,000 | 451,700,000 | 483,300,000 | 533,400,000 | 567,700,000 | 529,100,000 | 472,600,000 |
| Cash and cash equivalents | 36,500,000 | 83,300,000 | 51,900,000 | 29,900,000 | 100,600,000 | 144,600,000 | 89,400,000 | 152,600,000 | 168,700,000 | 145,000,000 |
| Free cash flow | 45,300,000 | 55,000,000 | 64,900,000 | 52,100,000 | -10,300,000 | 77,500,000 | -4,400,000 | 87,700,000 | 20,400,000 | 18,800,000 |

### Ratios

ROE and ROA use period-end equity/assets. Liabilities / equity uses total liabilities divided by stockholders' equity. Current ratio uses current assets divided by current liabilities when both are reported.

| Metric | 2016 | 2017 | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
| --- | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: | ---: |
| Net margin |  |  |  |  |  | 2.13% | 3.53% | 5.31% | -6.02% | -8.32% |
| Operating margin |  |  |  |  |  | 9.06% | 10.26% | 8.63% | 3.96% | -3.29% |
| Return on equity | 13.02% | 13.61% | 6.45% | 3.48% | -12.82% | 3.60% | 5.68% | 8.35% | -9.22% | -14.88% |
| Return on assets | 11.01% | 4.96% | 2.78% | 1.49% | -5.08% | 1.52% | 2.56% | 3.79% | -4.02% | -6.35% |
| Liabilities / equity | 0.16 | 1.71 | 1.29 | 1.30 | 1.49 | 1.35 | 1.20 | 1.18 | 1.27 | 1.31 |
| Current ratio | 4.63 | 3.26 | 3.01 | 2.50 | 3.25 | 3.33 | 3.52 | 4.04 | 3.32 | 3.43 |

## As-reported value updates

2 tracked differences above grepcent's stated thresholds were found between the earliest XBRL-filed value and the value currently on file for the same fiscal period.

Ledger: /company/VREX/revisions/


## Quarterly

Quarterly standardized facts from SEC companyfacts as of latest extracted filing date 2026-08-10. Source: https://data.sec.gov/api/xbrl/companyfacts/CIK0001681622.json.

Flow metrics use discrete quarter-length periods from 10-Q/10-Q/A filings. Q4 revenue and net income are derived only when annual FY and nine-month YTD facts exist for the same fiscal year; derived Q4 values are labeled. EPS Q4 is not derived.

| Quarter | End date | Revenue | Net income | Diluted EPS | Method |
| --- | --- | ---: | ---: | ---: | --- |
| 2022-Q3 | 2022-07-01 |  |  | 0.20 | reported discrete quarter |
| 2023-Q1 | 2022-12-30 |  |  | 0.08 | reported discrete quarter |
| 2023-Q2 | 2023-03-31 |  |  | 0.10 | reported discrete quarter |
| 2023-Q3 | 2023-06-30 | 232,200,000 | 9,100,000 | 0.21 | reported discrete quarter |
| 2023-Q4 | 2023-09-29 | 227,400,000 | 31,900,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2024-Q1 | 2023-12-29 | 190,000,000 | -500,000 | -0.01 | reported discrete quarter |
| 2024-Q2 | 2024-03-29 | 206,200,000 | 1,400,000 | 0.03 | reported discrete quarter |
| 2024-Q3 | 2024-06-28 | 209,100,000 | 1,400,000 | 0.03 | reported discrete quarter |
| 2024-Q4 | 2024-09-27 | 205,700,000 | -50,000,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2025-Q2 | 2025-04-04 | 212,900,000 | 6,900,000 | 0.17 | reported discrete quarter |
| 2025-Q3 | 2025-07-04 | 203,000,000 | -89,100,000 | -2.15 | reported discrete quarter |
| 2025-Q4 | 2025-10-03 | 228,900,000 | 12,200,000 |  | derived Q4 = FY annual - nine-month YTD |
| 2026-Q1 | 2026-01-02 | 209,600,000 | 2,300,000 | 0.05 | reported discrete quarter |
| 2026-Q2 | 2026-04-03 | 216,000,000 | -8,100,000 | -0.19 | reported discrete quarter |
| 2026-Q3 | 2026-07-03 | 210,500,000 | 15,700,000 | 0.37 | reported discrete quarter |

## Filed narrative (10-K & 10-Q)

## Business

Verbatim Item 1 Business section from VREX's latest 10-K: [/company/VREX/business/](/company/VREX/business/).

## Risk Factors

Verbatim Item 1A Risk Factors from VREX's latest 10-K: [/company/VREX/risk-factors/](/company/VREX/risk-factors/).

## Latest quarter (10-Q)

Latest 10-Q source: https://www.sec.gov/Archives/edgar/data/1681622/000168162226000063/var-20260703.htm

Extracted structurally from real Item 2 body heading to real Item 3/4 boundary.
Confidence: high
Filing date: 2026-08-10
Report date: 2026-07-03

Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations

    The following discussion and analysis of our financial condition and results of operations should be read together with the unaudited Condensed Consolidated Financial Statements and notes thereto that are contained in this Quarterly Report on Form 10-Q (this "Quarterly Report") as well as our Annual Report on Form 10-K for the fiscal year ended October 3, 2025 ("Annual Report") and our other filings, including the Current Reports on Form 8-K, that have been filed with the Securities and Exchange Commission ("SEC") through the date of this report.

    In this Quarterly Report, unless otherwise specified or the context otherwise requires, the "Company," "Varex," "we," "us," and "our" refer to Varex Imaging Corporation.

Forward-Looking Statements

    This Quarterly Report contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, which provides a “safe harbor” for statements about future events, and financial performance that are based on the beliefs of, estimates made by, and information currently available to the management of Varex. These forward-looking statements include, but are not limited to, statements concerning our proposed acquisition by Teledyne Technologies Incorporated (“Teledyne”) pursuant to an Agreement and Plan of Merger, dated as of August 10, 2026 (the “Merger Agreement”), by and among Varex, Teledyne, and Detect Merger Sub, Inc., a wholly owned subsidiary of Teledyne (“Merger Sub”), pursuant to which Merger Sub will merge with and into Varex (the “Merger”), with Varex surviving the Merger as a wholly owned subsidiary of Teledyne, including our expectations regarding the timing and completion of the proposed acquisition as well as general business uncertainty relating to the proposed acquisition and the anticipated benefits of the proposed acquisition. Actual results and the outcome or timing of certain events described in these forward-looking statements are subject to risk and uncertainties and may differ significantly from those described. Important factors that could cause our actual results and financial condition to differ significantly from those projections or expectations include, among other things, the following:

•changes in import/export regulatory regimes, tariffs, trade wars, and national policies, including exemptions thereto;

•reduction in or loss of business of one or more of our limited original equipment manufacturing (“OEM”) customers;

•challenges in accurately predicting product demand and delivery schedules;

•loss of business to, and an inability to effectively compete with, competitors;

•pricing pressures and other factors that could result in margin erosion and loss of customers;

•failure to meet customers’ needs and demands;

•global, regional, and country-specific economic instability, shifting political environments, changing tax treatment, tariffs, trade wars, and other risks associated with international manufacturing, operations, and sales;

•the financial results of our equity method investments, including joint ventures that we do not control;

•inflation and supply chain disruptions resulting in increased costs and delays in product manufacturing and delivery;

•disruption of critical information systems or material breaches in the security of our systems or systems of third parties upon which we rely;

•inability to maintain or defend our intellectual property rights, and costs associated with protecting our intellectual property and defending such rights and defending against infringement claims;

•noncompliance with regulations applicable to marketing, manufacturing, labeling, and distributing our products and delays in obtaining regulatory clearances or approvals;

•limitations imposed by operating and financial restrictions of our debt financing;

•the occurrence of any event, change or other circumstances that could give rise to the right of Teledyne or Varex or both to terminate the Merger Agreement;

•the outcome of any legal proceedings that may be instituted against us in connection with the Merger Agreement;

•the failure to satisfy any of the conditions to the proposed acquisition, including regulatory approvals, on a timely basis or at all; and

•other factors cited in Part I, Item 1A, "Risk Factors" in our Annual Report and in Part II, Item 1A, "Risk Factors" of this Quarterly Report.

    Statements concerning legislative, tariff, and trade wars and trade policy reforms, government investigations, and the uncertainty resulting therefrom; geopolitical tensions; supply chain and logistics challenges; cost increases and expense management; changes in U.S. and worldwide economic conditions, such as the impact of inflation, changes in interest rates, and fluctuations in foreign currency exchange rates; industry or business segment outlook; customer acceptance of or transition to new products or technologies such as advanced X-ray tube and digital flat panel detector products; growth drivers; future orders, revenues, market share, backlog, earnings or other financial results; and any statements using the terms “believe,” “expect,” “anticipate,” “can,” “should,” “would,” “could,” “estimate,” “may,” “intend,” “potential,” and “possible” or similar statements are forward-looking statements that involve risks and uncertainties that could cause our actual results and the outcome and timing of certain events to differ materially from those projected or management’s current expectations.

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    Any forward-looking statement made in this Quarterly Report (including in any exhibits or documents incorporated by reference) is based on information currently available to Varex and its management and speaks only as of the date on which it is made. We have not assumed any obligation to, and you should not expect us to, update or revise those statements because of new information, future events or otherwise.

Overview

    Varex Imaging Corporation is a leading innovator, designer and manufacturer of X-ray imaging components including X-ray tubes, flat panel and photon counting detectors and accessories, linear accelerators, image software processing solutions, and stand-alone X-ray based systems for Industrial applications. Our components are used in medical diagnostic imaging, security inspection systems, and industrial quality inspection systems, as well as for analysis and measurement applications in industrial manufacturing applications. Global OEMs incorporate our X-ray imaging components into their systems to detect, diagnose, protect, irradiate, and inspect. Varex has approximately 2,500 full-time equivalent employees, located at engineering, manufacturing, and service center sites in North America, Europe, and Asia.

    Our products are sold in three geographic regions: the Americas, EMEA, and APAC. The Americas includes North America (primarily the United States) and Latin America. EMEA includes Europe, the Middle East, India, and Africa. APAC includes Asia (other than India) and Australia. Revenues by region are based on the known final destination of products sold.

    Our success depends, among other things, on our ability to anticipate and respond to changes in our business, the direction of technological innovation, and the demand from our customers. We continually invest in research and development and employ approximately 400 individuals in product development related activities. Our focus on innovation and product performance along with strong and long-term customer relationships allows us to collaborate with our customers to deliver industry-leading X-ray imaging products. We continue to work to improve the life and quality of our imaging components and leverage our scale as one of the largest independent X-ray imaging component suppliers to provide cost-effective solutions for our customers.

Proposed Acquisition by Teledyne Technologies Incorporated

    On August 10, 2026, we entered into an Agreement and Plan of Merger (the “Merger Agreement”) by and among the Company, Teledyne Technologies Incorporated (“Teledyne”), and Detect Merger Sub, Inc., a wholly owned subsidiary of Teledyne (“Merger Sub”), pursuant to which Merger Sub will merge with and into the Company (the “Merger”), with the Company surviving the Merger as a wholly owned subsidiary of Teledyne. Under the terms of the Merger Agreement, at the effective time of the Merger, each issued and outstanding share of our common stock (subject to certain exceptions set forth in the Merger Agreement) will be canceled and converted into the right to receive $18.90 in cash, without interest and subject to applicable withholding taxes.

    The Merger Agreement generally requires us to use commercially reasonable efforts to operate our business in the ordinary course, subject to certain exceptions including as required by applicable law, pending consummation of the Merger, and subjects us to customary interim operating covenants that restrict us from taking certain specified actions without Teledyne’s approval (such approval not to be unreasonably withheld, conditioned, or delayed) until the Merger is completed or the Merger Agreement is terminated in accordance with its terms.

    The completion of the Merger, which is currently expected to close in early calendar year 2027, is subject to the receipt of regulatory approvals and other customary closing conditions, including the adoption of the Merger Agreement by our stockholders. If the transaction is consummated, our common stock will be delisted from Nasdaq and deregistered under the Exchange Act. See the section entitled “Risk Factors” in Part II, Item 1A of this Quarterly Report for further discussion about the risks related to the Merger.

Current Economic and Trade Environment

    The economic and trade environment remains dynamic and unpredictable, and tariffs continue to affect our results of operations and profitability.

IEEPA Tariffs and Refunds

    Tariffs imposed under the International Emergency Economic Powers Act (“IEEPA”), particularly bilateral United States and Chinese tariffs, increased our costs and adversely affected our results of operations and profitability in fiscal year 2025 and the first half of fiscal year 2026. In February 2026, the U.S. Supreme Court held that IEEPA does not authorize the President to impose tariffs, and the U.S. Court of International Trade subsequently ordered U.S. Customs and Border Protection ("CBP") to refund IEEPA duties, with interest, through a phased administrative process.

    As of July 3, 2026, we had received approximately $17.0 million of IEEPA tariff refunds, which reduced cost of revenues by $16.7 million and inventories, net by $0.3 million. We received $0.7 million of interest income related to IEEPA tariff refunds. Following our decision to refund IEEPA tariff surcharges previously collected from customers, we recorded a liability of $6.6 million

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within accrued liabilities and other current liabilities (the "IEEPA Customer Reimbursement Liability") and a corresponding reduction of revenues, net. See note 14, Other Financial Information. Together these items increased gross profit and operating income by approximately $10.1 million and income before taxes by approximately $10.8 million for the third fiscal quarter of fiscal year 2026. Excluding them, gross margin for the third quarter would have been approximately 31%, compared with reported gross margin of 36.4% and 33.3% in the prior-year quarter. We do not exclude the effects of tariffs or tariff refunds from our non-GAAP financial measures, and cash provided by operating activities for the quarter includes the refunds received. These amounts represent recovery of duties paid in prior periods and are not indicative of future results.

    We have submitted all refund claims cur

[Excerpt truncated for page length; source filing is linked above.]

## Latest 10-K MD&A (excerpt)

Latest 10-K Item 7 source: https://www.sec.gov/Archives/edgar/data/1681622/000168162225000108/var-20251003.htm
Complete FY 2025 MD&A: /company/VREX/mda/fy2025/

Extracted structurally from real Item 7 body heading to real Item 7A/8 boundary.
Confidence: high
Filing date: 2025-11-18
Report date: 2025-10-03

Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations

    The following discussion and analysis contains forward-looking statements relating to future events or our future financial or operating performance that involve risks and uncertainties, as set forth above under "Forward-Looking Statements." Our actual results could differ materially from those anticipated in these forward-looking statements as a result of certain factors described in this Annual Report on Form 10-K.

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Our Business

    Varex Imaging Corporation is a leading innovator, designer and manufacturer of X-ray imaging components including X-ray tubes, flat panel and photon counting detectors and accessories, linear accelerators, and image software processing solutions, which are critical components of a variety of X-ray based imaging equipment, and stand-alone X-ray based systems in select application areas. Our success depends, among other things, on our ability to anticipate and respond to changes in our business, the direction of technological innovation, and the demand from our customers. For additional information on our business, see Item 1 "Business".

Impact of Current Economic and Trade Environment

    The current economic and trade environment remains dynamic and unpredictable. The uncertain outcome and effect of tariffs and reciprocal actions between the United States and other countries and its impact on the economic and geopolitical environment, supply chain and logistic challenges, and geopolitical tensions and local conflicts have contributed to, and may continue to contribute to, delayed customer purchasing decisions, increased tariff costs, higher inflation, fluctuations in interest rates and capital costs, supply chain disruption, increased costs of labor and materials, exchange rate volatility, increased shipping costs, and other similar effects. Additionally, a sustained United States government shutdown could negatively impact the global economy and in turn our financial condition and results of operations.

    During the calendar year 2025, the United States Administration has announced and/or imposed a variety of new tariffs on imports from other countries. In response, a number of those impacted or potentially impacted countries have announced and/or

imposed retaliatory tariffs on United States imports. These actions impacted our results of operations and profitability in fiscal year 2025, particularly the bilateral United States and Chinese tariffs. Absent a de-escalation in the current trade wars, particularly the trade war between the United States and China, these tariffs have and are expected to make our products less competitive with similar product not imported from the United States, which has had and in the future is expected to negatively impact our business and financial results. Additional new tariffs, trade restrictions or other retaliatory actions aimed at specific industries, such as X-ray imaging products, could also materially impact our business. We remain committed to working with our customers to minimize the effects of the tariffs. In this regard, we are actively working to implement a number of options that could reduce the impact, including pursuing commonly utilized mitigation practices and localizing more manufacturing in the region. At this time, however, we do not anticipate these efforts will allow us to fully offset the additional costs or other negative impacts resulting from such tariffs. Considering the mitigation efforts we have in flight at this point, we are not currently planning to do any restructuring in China.

    We continue to monitor potential changes in customer procurement decisions resulting from the current trade climate, along with other tariff-related actions, investigations and other activities that might negatively affect our costs or otherwise impact our business and results of operations. Furthermore, if international customers’ negative perceptions of the actions of the United States Administration influence their buying decisions, our business and results of operations could be negatively impacted.

    In April 2025, the China Ministry of Commerce initiated two investigations related to medical products imported into China. One investigation relates to the impact of imports of X-ray tubes on the domestic industry and its competitiveness, and another relates to imports into China of certain medical CT X-ray tubes and tube inserts for CT devices (collectively “CT Tubes and Inserts”) originating from the United States and India. We produce CT Tubes and Inserts in the United States and export them to China, but we do not produce CT Tubes and Inserts in India. Total sales of medical X-ray tubes we import into China represented approximately 10% of our total revenue in fiscal year 2025. Both investigations were temporarily suspended in May 2025 and again in August 2025, and then both were indefinitely suspended in November 2025. If recommenced, we anticipate that the MOFCOM Investigations may take approximately one year to resolve. We are committed to complying with all applicable regulations.

    In the past, we have experienced supply chain, manufacturing, and logistics challenges but these challenges have largely subsided. However, given the current tariff environment and uncertainty around how it may impact customer purchasing decisions and the timing of those decisions, supply chain and logistics challenges could re-emerge.

    For additional information on risks related to tariffs and trade wars, supply chain and logistics challenges, cost increases, changes in U.S. and worldwide economic conditions, geopolitical tensions, and other risks that could impact our results, see Item 1A “Risk Factors”.

Fiscal Year

    Our fiscal year is the 52- or 53-week periods ending on the Friday nearest September 30. Fiscal year 2025 was the 53-week period that ended October 3, 2025, fiscal year 2024 was the 52-week period that ended September 27, 2024, and fiscal year 2023 was the 52-week period that ended September 29, 2023.

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Results of Operations

    For a discussion and analysis of our year-over-year changes, financial condition, and results of operations for the fiscal years ended September 27, 2024 and September 29, 2023 refer to Item 7 "Management's Discussion and Analysis of Financial Condition and Results of Operations" of our annual report on Form 10-K for the fiscal year ended September 27, 2024, filed with the SEC on November 19, 2024. Our year-over-year changes, financial condition, and results of operations for the fiscal years ended October 3, 2025 and September 27, 2024 are set forth below.

Comparison of Results of Operations for Fiscal Years 2025 and 2024

Revenues, net

[[GREPCENT_TABLE]]
[["","(In millions)","2025","","% Change","","2024","","% Change","","2023"],["","Medical","$","592.6","","","2%","","$","581.7","","","(14)%","","$","673.3"],["","Industrial","252.0","","","10%","","229.3","","","4%","","220.1"],["","Total revenues, net","$","844.6","","","4%","","$","811.0","","","(9)%","","$","893.4"],["","Medical as a percentage of total revenues","70.2","%","","","","71.7","%","","","","75.4","%"],["","Industrial as a percentage of total revenues","29.8","%","","","","28.3","%","","","","24.6","%"]]
[[/GREPCENT_TABLE]]

    Medical revenues increased $10.9 million in fiscal year 2025 compared to fiscal year 2024, primarily due to increased sales of CT, oncology, and mammography of $24.6 million, partially offset by decreased sales in radiography, veterinary, and dental modalities of $13.7 million.

    Industrial revenues increased $22.7 million in fiscal year 2025 compared to fiscal year 2024, primarily due to increased sales of security inspection products and X-ray tubes of $15.3 million, digital detectors of $6.0 million and other components of $1.4 million.

Revenues, net by Region

[[GREPCENT_TABLE]]
[["","(In millions)","2025","","% Change","","2024","","% Change","","2023"],["","Americas","$","276.5","","","4%","","$","266.5","","","(5)%","","$","281.8"],["","EMEA","284.8","","","2%","","280.3","","","(4)%","","290.7"],["","APAC","283.3","","","7%","","264.2","","","(18)%","","320.9"],["","Total revenues, net","$","844.6","","","4%","","$","811.0","","","(9)%","","$","893.4"],["","Americas as a percentage of total revenues","32.7","%","","","","32.9","%","","","","31.5","%"],["","EMEA as a percentage of total revenues","33.7","%","","","","34.6","%","","","","32.5","%"],["","APAC as a percentage of total revenues","33.5","%","","","","32.6","%","","","","35.9","%"]]
[[/GREPCENT_TABLE]]

    Overall revenue during fiscal year 2025 increased as compared to fiscal year 2024. During fiscal year 2025, Americas revenues increased $10.0 million due to increased security inspection products sales of $13.3 million, increased X-ray tubes sales of $4.7 million, increased other product sales of $0.7 million, partially offset by decreased veterinary sales of $4.7 million, digital detector sales of $2.2 million, and software sales of $1.8 million. EMEA revenues increased $4.5 million primarily due to increased digital detector sales of $4.3 million, other product sales of $2.4 million, and security inspection product sales of $0.9 million, partially offset by decreased veterinary sales of $1.8 million, software sales of $0.7 million, and X-ray tubes sales of $0.5 million. APAC revenues increased $19.1 million primarily due to increased X-ray tubes sales of $14.7 million, security inspection products sales of $3.2 million, digital detector sales of $1.8 million, and software sales of $0.6 million, partially offset by decreased other product sales of $1.3 million.

    See Note 2, Revenue, of the Notes to the Consolidated Financial Statements for information regarding disaggregated revenue by country.

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Gross Profit

[[GREPCENT_TABLE]]
[["","(In millions)","2025","","% Change","","2024","","% Change","","2023"],["","Medical","$","200.1","","","13%","","$","176.7","","","(14)%","","$","205.5"],["","Industrial","90.4","","","13%","","80.2","","","(5)%","","84.8"],["","Total gross profit","$","290.5","","","13%","","$","256.9","","","(12)%","","$","290.3"],["","Medical gross margin","33.8","%","","","","30.4","%","","","","30.5","%"],["","Industrial gross margin","35.9","%","","","","35.0","%","","","","38.5","%"],["","Total gross margin","34.4","%","","","","31.7","%","","","","32.5","%"]]
[[/GREPCENT_TABLE]]

    Medical segment gross profit increased $23.4 million in fiscal year 2025 compared to fiscal year 2024 primarily due to increased sales volume, increased favorable product mix, and lower material costs of $13.3 million and improved productivity of $10.1 million.

    Industrial segment gross profit increased $10.2 million in fiscal year 2025 compared to fiscal year 2024, primarily due to improved sales volume and favorable product mix of $20.1 million, partially offset by decreased productivity and increased material costs of $9.9 million.

Operating Expenses

[Excerpt truncated for page length; the complete text is on the linked full-MD&A page.]

Read the full FY 2025 MD&A: /company/VREX/mda/fy2025/
All MD&A years: /company/VREX/mda/


## MD&A history

Prior-year 10-K MD&A spans are extracted from SEC filings with the same bounded parser used for the latest filing. Each year's full verbatim text is on its own sub-page.

- [FY 2024 MD&A](/company/VREX/mda/fy2024/): filed 2024-11-19; accession 0001681622-24-000089 (https://www.sec.gov/Archives/edgar/data/1681622/000168162224000089/vrex-20240927.htm)
- [FY 2023 MD&A](/company/VREX/mda/fy2023/): filed 2023-11-16; accession 0001681622-23-000074 (https://www.sec.gov/Archives/edgar/data/1681622/000168162223000074/vrex-20230929.htm)
- [FY 2022 MD&A](/company/VREX/mda/fy2022/): filed 2022-11-18; accession 0001681622-22-000091 (https://www.sec.gov/Archives/edgar/data/1681622/000168162222000091/vrex-20220930.htm)
- [FY 2021 MD&A](/company/VREX/mda/fy2021/): filed 2021-11-19; accession 0001681622-21-000103 (https://www.sec.gov/Archives/edgar/data/1681622/000168162221000103/vrex-20211001.htm)




## Macro cross-references

Indicators mapped to this company's SIC classification (industry 3679 Electronic Components, NEC) by grepcent's deterministic macro-sector crosswalk. A navigational mapping, not a statistical or causal claim.

- [INDPRO](/indicator/INDPRO/): Industrial Production: Total Index
- [TCU](/indicator/TCU/): Capacity Utilization: Total Index
- [PPIACO](/indicator/PPIACO/): Producer Price Index by Commodity: All Commodities
- [GDPC1](/indicator/GDPC1/): Real Gross Domestic Product
- [DGS10](/indicator/DGS10/): Market Yield on U.S. Treasury Securities at 10-Year Constant Maturity
- [FEDFUNDS](/indicator/FEDFUNDS/): Federal Funds Effective Rate
- [CES0500000003](/indicator/CES0500000003/): Average Hourly Earnings of All Employees, Total Private
- [PAYEMS](/indicator/PAYEMS/): All Employees, Total Nonfarm

Macro-to-micro threads including this sector: [Inflation (CPI / PCE / PPI)](/thread/inflation-cpi-pce-ppi/), [US labor market](/thread/us-labor-market/), [Growth & output](/thread/growth-output/), [Money & trade](/thread/money-trade/), [Government finances](/thread/government-finances/), [Sector employment](/thread/sector-employment/), [Industrial orders & inventories](/thread/industrial-orders/), [Trade & external](/thread/trade-external/).

All macro indicators: /indicators/


## For LLMs & downloads

Markdown twin: /company/VREX.md · JSON record: /company/VREX.json · verified financials: /company/VREX/financials.json / /company/VREX/financials.csv · machine TOC for the whole site: /llms.txt