SEC Form 10-Q filed by Varex Imaging Corporation

5/2/24 4:08:57 PM ET

$VREX

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UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

____________________________________________________________

FORM 10-Q

____________________________________________________________


☒			QUARTERLY REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the quarterly period ended March 29, 2024


☐			TRANSITION REPORT PURSUANT TO SECTION 13 or 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934

For the transition period from to

Commission File Number 001-37860

____________________________________________________________

VAREX IMAGING CORPORATION

(Exact name of registrant as specified in its charter)

____________________________________________________________


Delaware									81-3434516
(State or other jurisdiction of incorporation or organization)									(I.R.S. Employer Identification Number)

1678 S. Pioneer Road, Salt Lake City, Utah									84104
(Address of principal executive offices)									(Zip Code)

(801) 972-5000

(Registrant’s telephone number, including area code)

____________________________________________________________

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	VREX	The Nasdaq Global Select Market

Indicate by check mark whether the registrant: (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ☒ No ☐

Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes ☒ No ☐

Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company, or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company,” and “emerging growth company” in Rule 12b-2 of the Exchange Act.

Large Accelerated filer

☒

Accelerated filer

☐

Non-Accelerated filer

☐

Smaller reporting company

☐

Emerging growth company

☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.

☐

Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act). Yes ☐ No ☒

As of April 25, 2024, there were 40.9 million shares of the registrant’s common stock outstanding.

VAREX IMAGING CORPORATION

FORM 10-Q

For the Quarter Ended March 29, 2024

INDEX


Part I.	Financial Information	2

Item 1.	Unaudited Financial Statements	2
	Condensed Consolidated Statements of Operations	2
	Condensed Consolidated Statements of Comprehensive Income	3
	Condensed Consolidated Balance Sheets	4
	Condensed Consolidated Statements of Stockholders' Equity	5
	Condensed Consolidated Statements of Cash Flows	7
	Notes to the Condensed Consolidated Financial Statements	8
Item 2.	Management’s Discussion and Analysis of Financial Condition and Results of Operations	30
Item 3.	Quantitative and Qualitative Disclosures About Market Risk	39
Item 4.	Controls and Procedures	40

Part II.	Other Information	41

Item 1.	Legal Proceedings	41
Item 1A.	Risk Factors	41
Item 2.	Unregistered Sales of Equity Securities and Use of Proceeds	55
Item 3.	Defaults Upon Senior Securities	55
Item 4.	Mine Safety Disclosures	55
Item 5.	Other Information	55
Item 6.	Exhibits	58

Signatures		59


	Three Months Ended				Six Months Ended
(In millions, except per share amounts)	March 29, 2024		March 31, 2023		March 29, 2024		March 31, 2023
Revenues, net	$	206.2	$	228.2	$	396.2	$	433.8
Cost of revenues	140.4		155.5		273.3		297.8
Gross profit	65.8		72.7		122.9		136.0
Operating expenses:
Research and development	22.6		23.0		43.1		43.0
Selling, general, and administrative	35.5		34.1		67.9		64.4

Total operating expenses	58.1		57.1		111.0		107.4
Operating income	7.7		15.6		11.9		28.6
Interest income	1.8		0.7		3.7		1.2
Interest expense	(7.9)		(7.3)		(15.2)		(14.8)
Other income (expense), net	0.7		(1.2)		1.3		(1.8)
Interest and other expense, net	(5.4)		(7.8)		(10.2)		(15.4)
Income before taxes	2.3		7.8		1.7		13.2
Income tax expense	0.7		3.5		0.5		5.7
Net income	1.6		4.3		1.2		7.5
Less: Net income attributable to noncontrolling interests	0.2		0.2		0.3		0.3
Net income attributable to Varex	$	1.4	$	4.1	$	0.9	$	7.2
Net income per common share attributable to Varex
Basic	$	0.03	$	0.10	$	0.02	$	0.18
Diluted	$	0.03	$	0.10	$	0.02	$	0.18
Weighted average common shares outstanding
Basic	40.7		40.2		40.6		40.2
Diluted	41.2		40.5		41.1		40.5


	Three Months Ended				Six Months Ended
(In millions)	March 29, 2024		March 31, 2023		March 29, 2024		March 31, 2023
Net income	$	1.6	$	4.3	$	1.2	$	7.5

Other comprehensive income (loss)



Unrealized gain on available-for-sale securities	—		0.1		—		0.1
Foreign currency translation adjustments	0.5		—		(0.5)		—

Total comprehensive income	2.1		4.4		0.7		7.6
Less: Comprehensive income attributable to noncontrolling interests	0.2		0.2		0.3		0.3
Comprehensive income attributable to Varex	$	1.9	$	4.2	$	0.4	$	7.3


(In millions, except share and per share amounts)	March 29, 2024		September 29, 2023
Assets
Current assets:
Cash and cash equivalents	$	141.8	$	152.6
Marketable securities	47.1		41.3
Accounts receivable, net of allowance for credit losses of $0.7 million and $0.6 million at March 29, 2024 and September 29, 2023, respectively	151.5		163.6
Inventories	286.1		277.5
Prepaid expenses and other current assets	25.4		23.3
Total current assets	651.9		658.3
Property, plant, and equipment, net	147.7		143.6
Goodwill	289.3		288.5
Intangible assets, net	18.2		22.4
Investments in privately-held companies	28.9		29.0
Deferred tax assets	47.8		41.3
Operating lease assets	29.5		29.0
Other assets	38.4		37.5
Total assets	$	1,251.7	$	1,249.6
Liabilities and stockholders' equity
Current liabilities:
Accounts payable	$	69.4	$	64.7
Accrued liabilities and other current liabilities	69.4		82.6
Current operating lease liabilities	3.8		3.8
Current maturities of long-term debt	1.5		1.5
Deferred revenues	10.0		10.2
Total current liabilities	154.1		162.8
Long-term debt, net	441.4		441.1

Operating lease liabilities	23.9		23.1
Other long-term liabilities	42.1		41.6
Total liabilities	661.5		668.6


Stockholders' equity:
Preferred stock, $.01 par value: 20,000,000 shares authorized, none issued	—		—
Common stock, $.01 par value: 150,000,000 shares authorized

Shares issued and outstanding: 40,855,981 and 40,529,573 at March 29, 2024 and September 29, 2023, respectively	0.4		0.4

Additional paid-in capital	458.4		450.4
Accumulated other comprehensive loss	(1.7)		(1.2)
Retained earnings	119.0		118.1
Total Varex stockholders' equity	576.1		567.7
Noncontrolling interests	14.1		13.3
Total stockholders' equity	590.2		581.0
Total liabilities and stockholders' equity	$	1,251.7	$	1,249.6


	Three Months Ended March 29, 2024
	Common Stock			Additional Paid-in Capital		Accumulated Other Comprehensive Loss		Retained Earnings		Total Varex Equity		Noncontrolling Interests		Total Stockholders' Equity

(In millions)	Shares	Amount
December 29, 2023	40.6	$	0.4	$	453.2	$	(2.2)	$	117.5	$	568.9	$	14.1	$	583.0

Net income	—	—		—		—		1.4		1.4		0.2		1.6

Common stock issued upon vesting of restricted shares	0.1	—		—		—		—		—		—		—
Shares withheld on vesting of restricted stock	—	—		(0.8)		—		—		(0.8)		—		(0.8)
Common stock issued under employee stock purchase plan	0.2	—		2.0		—		—		2.0		—		2.0
Share-based compensation	—	—		4.1		—		—		4.1		—		4.1







Foreign currency translation adjustments	—	—		—		0.5		—		0.5		—		0.5


Other	—	—		(0.1)		—		0.1		—		(0.2)		(0.2)
March 29, 2024	40.9	$	0.4	$	458.4	$	(1.7)	$	119.0	$	576.1	$	14.1	$	590.2


	Three Months Ended March 31, 2023
	Common Stock			Additional Paid-in Capital		Accumulated Other Comprehensive Income		Retained Earnings		Total Varex Equity		Noncontrolling Interests		Total Stockholders' Equity

(In millions)	Shares	Amount
December 30, 2022	40.1	$	0.4	$	437.9	$	0.1	$	73.3	$	511.7	$	13.3	$	525.0

Net income	—	—		—		—		4.1		4.1		0.2		4.3

Common stock issued upon vesting of restricted shares	0.2	—		—		—		—		—		—		—
Shares withheld on vesting of restricted stock	(0.1)	—		(1.4)		—		—		(1.4)		—		(1.4)
Common stock issued under employee stock purchase plan	0.1	—		2.0		—		—		2.0		—		2.0
Share-based compensation	—	—		3.3		—		—		3.3		—		3.3



Unrealized gain on change in fair value of available-for-sale securities	—	—		—		0.1		—		0.1		—		0.1




Other	0.1	—		(0.2)		—		—		(0.2)		(0.2)		(0.4)
March 31, 2023	40.4	$	0.4	$	441.6	$	0.2	$	77.4	$	519.6	$	13.3	$	532.9


	Six Months Ended March 29, 2024
	Common Stock			Additional Paid-in Capital		Accumulated Other Comprehensive Loss		Retained Earnings		Total Varex Equity		Noncontrolling Interests		Total Stockholders' Equity

(In millions)	Shares	Amount
September 29, 2023	40.5	$	0.4	$	450.4	$	(1.2)	$	118.1	$	567.7	$	13.3	$	581.0


Net income	—	—		—		—		0.9		0.9		0.3		1.2

Common stock issued upon vesting of restricted shares	0.3	—		—		—		—		—		—		—
Shares withheld on vesting of restricted stock	(0.1)	—		(1.8)		—		—		(1.8)		—		(1.8)
Common stock issued under employee stock purchase plan	0.2	—		2.0		—		—		2.0		—		2.0
Share-based compensation	—	—		7.8		—		—		7.8		—		7.8







Foreign currency translation adjustments	—	—		—		(0.5)		—		(0.5)		—		(0.5)


Business acquisitions	—	—		—		—		—		—		0.7		0.7
Other	—	—		—		—		—		—		(0.2)		(0.2)
March 29, 2024	40.9	$	0.4	$	458.4	$	(1.7)	$	119.0	$	576.1	$	14.1	$	590.2


	Six Months Ended March 31, 2023
	Common Stock			Additional Paid-in Capital		Accumulated Other Comprehensive Income		Retained Earnings		Total Varex Equity		Noncontrolling Interests		Total Stockholders' Equity

(In millions)	Shares	Amount
September 30, 2022	40.1	$	0.4	$	469.1	$	0.1	$	63.8	$	533.4	$	13.3	$	546.7
Net income	—	—		—		—		7.2		7.2		0.3		7.5
Cumulative effect of accounting change	—	—		(34.6)		—		6.5		(28.1)		—		(28.1)

Common stock issued upon vesting of restricted shares	0.2	—		—		—		—		—		—		—
Shares withheld on vesting of restricted stock	(0.1)	—		(1.4)		—		—		(1.4)		—		(1.4)
Common stock issued under employee stock purchase plan	0.1	—		2.0		—		—		2.0		—		2.0
Share-based compensation	—	—		6.6		—		—		6.6		—		6.6



Unrealized gain on change in fair value of available-for-sale securities	—	—		—		0.1		—		0.1		—		0.1




Other	0.1	—		(0.1)		—		(0.1)		(0.2)		(0.3)		(0.5)
March 31, 2023	40.4	$	0.4	$	441.6	$	0.2	$	77.4	$	519.6	$	13.3	$	532.9


	Right of Return Assets
	Six Months Ended
(In millions)	March 29, 2024		March 31, 2023
Balance at beginning of period	$	26.0	$	25.4
Costs recovered from product returns during the period	(3.3)		(2.9)
Right of return assets from shipments of products subject to return during the period	2.9		3.4
Adjustment for actual vs. reserved product returns	—		(0.2)
Balance at end of period	$	25.6	$	25.7


	Refund Liabilities
	Six Months Ended
(In millions)	March 29, 2024		March 31, 2023
Balance at beginning of period	$	28.9	$	28.2
Release of refund liability included in beginning of year refund liability	(3.7)		(3.2)
Additions to refund liabilities	3.2		3.7
Adjustment for actual vs. reserved product returns	—		(0.2)
Balance at end of period	$	28.4	$	28.5


(In millions)	Balance Sheet Location	March 29, 2024		September 29, 2023
Assets
Operating lease right-of-use assets	Operating lease assets	$	29.5	$	29.0
Finance lease right-of-use assets	Property, plant, and equipment, net	1.0		0.3
Liabilities
Operating lease liabilities (current)	Current operating lease liabilities	3.8		3.8
Finance lease liabilities (current)	Accrued liabilities and other current liabilities	0.2		0.1
Operating lease liabilities (non-current)	Operating lease liabilities	23.9		23.1
Finance lease liabilities (non-current)	Other long-term liabilities	$	0.6	$	0.2


(In millions, except number of instruments)	Number of Instruments	Notional Value
Cross currency swap contracts	2	$	58.7


	Notional Value of Derivatives not Designated as Hedging Instruments:
(In millions of equivalent USD)	Sell contracts
Australian Dollar	$	3.6
Chinese Renminbi	13.0
Euro	14.8




	$	31.4


	Fair Value at March 29, 2024
(In millions)	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Money market funds	$	—	$	71.9	$	—	$	71.9
Commercial paper	—		3.4		—		3.4
Corporate notes/bonds	—		10.0		—		10.0
Government agencies	—		22.0		—		22.0
U.S. Treasury bills	—		16.1		—		16.1
Derivative assets	—		0.8		—		0.8
Deferred compensation plan(1)	7.2		—		—		7.2
Marketable equity securities	4.0		—		—		4.0
Total assets measured at fair value	$	11.2	$	124.2	$	—	$	135.4

Liabilities:
Derivative liabilities	$	—	$	6.4	$	—	$	6.4


Total liabilities measured at fair value	$	—	$	6.4	$	—	$	6.4


	March 29, 2024
(In millions)	Amortized Costs		Fair Value

Commercial paper	$	3.4	$	3.4
Corporate notes/bonds	10.0		10.0
U.S. Treasury bills	16.1		16.1
Government agencies	22.0		22.0


Total marketable debt securities	$	51.5	$	51.5


	Amount of Gain (Loss) Recognized in OCI on Derivative Three Months Ended				Location of Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)	Amount of Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) Three Months Ended
(In millions)	March 29, 2024		March 31, 2023			March 29, 2024		March 31, 2023
Cross currency swap contracts	$	1.3	$	(1.0)	Interest expense	$	0.2	$	0.2

	Amount of Loss Recognized in OCI on Derivative Six Months Ended				Location of Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)	Amount of Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) Six Months Ended
(In millions)	March 29, 2024		March 31, 2023			March 29, 2024		March 31, 2023
Cross currency swap contracts	$	(1.4)	$	(5.0)	Interest expense	$	0.5	$	0.4


(In millions)		Derivative Assets and Liabilities
Derivatives Designated as Net Investment Hedges	Balance Sheet Location	March 29, 2024		September 29, 2023
Cross currency swap contracts	Prepaid expenses and other current assets	$	0.8	$	0.7


Cross currency swap contracts	Other long-term liabilities	$	6.4	$	4.9


	Fair Value at September 29, 2023
(In millions)	Quoted Prices in Active Markets (Level 1)		Significant Other Observable Inputs (Level 2)		Significant Unobservable Inputs (Level 3)		Total
Assets:
Money market funds	$	—	$	45.4	$	—	$	45.4
Commercial paper	—		6.0		—		6.0
Corporate notes/bonds	—		8.3		—		8.3
Government agencies	—		6.6		—		6.6
U.S. Treasury bills	—		28.6		—		28.6
Derivative assets	—		0.7		—		0.7
Deferred compensation plan(1)	6.3		—		—		6.3
Marketable equity securities	4.1		—		—		4.1
Total assets measured at fair value	$	10.4	$	95.6	$	—	$	106.0

Liabilities:
Derivative liabilities	$	—	$	4.9	$	—	$	4.9

Total liabilities measured at fair value	$	—	$	4.9	$	—	$	4.9


(In millions)	Medical		Industrial		Total
Balance at September 29, 2023	$	171.5	$	117.0	$	288.5
Foreign currency translation adjustments	0.5		0.3		0.8

Balance at March 29, 2024	$	172.0	$	117.3	$	289.3


	March 29, 2024		September 29, 2023
(In millions, except for percentages)	Amount		Amount		Contractual Interest Rate	Effective Interest Rate
Current maturities of long-term debt

Other debt	$	1.5	$	1.5
Total current maturities of long-term debt	$	1.5	$	1.5

Non-current maturities of long-term debt:

Convertible Senior Unsecured Notes	$	200.0	$	200.0	4.0%	4.8%
Senior Secured Notes	243.0		243.0		7.9%	8.2%
Other debt	2.8		3.5
Total non-current maturities of long-term debt:	$	445.8	$	446.5

Unamortized issuance costs

Unamortized issuance costs - Convertible Notes	$	(1.8)	$	(2.5)
Unamortized issuance costs - Senior Secured Notes	(2.6)		(2.9)
Total	(4.4)		(5.4)
Total debt outstanding, net	$	442.9	$	442.6


	USD (in millions)
Consideration paid
Cash	$	0.9
Fair value of total consideration transferred	0.9

Remeasurement of previous equity interest
Carrying value of previous equity interest before acquisition	1.1
Fair value of previous equity interest at acquisition date	2.0
Remeasurement gain recorded on previous equity interest	0.9

Total of consideration paid and fair value of previous equity interest	$	2.9

Recognized amounts of identifiable assets acquired and liabilities assumed
Cash and cash equivalents	$	1.8
Accounts receivable, net	1.2

Intangible assets, net	2.6
Accounts payable	(0.1)
Accrued liabilities and other current liabilities	(0.6)

Other long-term liabilities	(0.1)
Total identifiable net assets	4.8

Noncontrolling interest in MeVis Breastcare	(0.7)
Bargain purchase gain	(1.2)
Total	$	2.9


(In thousands, except per share amounts and the remaining term)	Options	Price Range	Weighted Average Exercise Price		Weighted Average Remaining Term (in years)	Aggregate Intrinsic Value(1)
Outstanding at September 29, 2023	2,862	$13.61 - $37.60	$	28.08	4.8	$	871.4

Canceled, expired or forfeited	(744)	$31.08 - $31.08	31.08

Outstanding at March 29, 2024	2,118	$13.61 - $37.60	$	27.02	5.9	$	755.3

Exercisable at March 29, 2024	1,597	$13.61 - $37.60	$	27.79	5.1	$	665.2


(In thousands, except per share amounts)	Number of Shares	Weighted Average Grant-Date Fair Value
Outstanding at September 29, 2023	1,277	$	22.30
Granted	860	19.87
Vested	(295)	26.40

Canceled or expired	(32)	21.36
Outstanding at March 29, 2024	1,810	$	20.48


Market Risk Category	Hypothetical Change	Estimated Annual Impact (In millions)		Impact Category
Foreign Currency - Revenue	10% decrease in foreign exchange rates	$	15.6	Earnings
Interest Rate - Marketable Securities	100 basis point decrease in interest rate of underlying investments	1.4		Earnings
Commodity Price	10% increase in commodity prices	$	3.5	Earnings


Exhibit No.						Description




























3.1						Amended and Restated Certificate of Incorporation, dated January 27, 2017 (as corrected December 11, 2017) (incorporated by reference to Exhibit 3.1 to the Company’s Annual Report on Form 10-K filed November 27, 2018).

3.2						Amended and Restated Bylaws of the Company, as amended February 11, 2021 (incorporated by reference to Exhibit 3.1 to the Company’s Current Report on Form 8-K filed February 16, 2021).

10.1						Credit Agreement dated as of March 26, 2024, by and among Varex Imaging Corporation, Varex Imaging West, LLC, Varex Imaging Deutschland AG, the Guarantors party thereto and Zions Bancorporation, N.A. DBA Zions First National Bank, as administrative and collateral agent, and the lenders party thereto (incorporated by reference to Exhibit 10.1 to the Company’s Current Report on Form 8-K filed March 27, 2024).

10.2*						Equipment Credit Agreement, dated as of April 26, 2024 , by and among the Company, Varex Imaging West, LLC, certain guarantors party thereto and Zions Bancorporation, N.A. DBA Zions Credit Corporation.

31.1*						Chief Executive Officer Certification Pursuant to Rule 13a-14(a) of the Securities Exchange Act

31.2*						Chief Financial Officer Certification Pursuant to Rule 13a-14(a) of the Securities Exchange Act

32.1**						Certification pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

32.2**						Certification pursuant to 18 U.S.C. Section 1350 as adopted pursuant to Section 906 of the Sarbanes-Oxley Act of 2002

101.INS*						Inline XBRL Instance Document - the instance document does not appear in the Interactive Data File because its XBRL tags are embedded within the Inline XBRL document

101.SCH*						Inline XBRL Taxonomy Extension Schema Document

101.CAL*						Inline XBRL Taxonomy Extension Calculation Linkbase Document

101.DEF*						Inline XBRL Taxonomy Extension Definition Linkbase Document

101.LAB*						Inline XBRL Taxonomy Extension Label Linkbase Document

101.PRE*						Inline XBRL Taxonomy Extension Presentation Linkbase Document

104*						Cover Page Interactive Data File - (formatted as Inline XBRL and contained in Exhibit 101)


*						Filed herewith.
**						Furnished herewith.

SEC Form 10-Q filed by Varex Imaging Corporation

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Jefferies initiated coverage on Varex Imaging with a new price target

Varex Imaging upgraded by Oppenheimer with a new price target

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Varex Imaging shares are trading lower after the company reported worse-than-expected Q2 adjusted EPS results.

Varex Imaging Expects Q3 Revenues Of $200M-$220M (Est $224.50M), Adj EPS Of $0.05-$0.25 (Est $0.33)

Varex Imaging shares are trading lower after the company reported worse-than-expected Q2 adjusted EPS results.

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Varex Announces Financial Results for Fourth Quarter and Fiscal Year 2024

Varex Schedules Fourth Quarter and Fiscal Year 2024 Earnings Release and Conference Call

Palantir Technologies, Dell Technologies, and Erie Indemnity Set to Join S&P 500; Others to Join S&P MidCap 400 and S&P SmallCap 600

$VREX Large Ownership Changes

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Amendment: SEC Form SC 13G/A filed by Varex Imaging Corporation

Amendment: SEC Form SC 13G/A filed by Varex Imaging Corporation

Amendment: SEC Form SC 13G/A filed by Varex Imaging Corporation

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Varex Announces Financial Results for Fourth Quarter and Fiscal Year 2024

Varex Schedules Fourth Quarter and Fiscal Year 2024 Earnings Release and Conference Call

Varex Announces Financial Results for Third Quarter Fiscal Year 2024

SEC Form 4 filed by Chief Human Resources Officer Aranki Karen L

SVP and CLO Honeysett Kimberley E. sold $32,302 worth of shares (2,578 units at $12.53), decreasing direct ownership by 90% to 275 units (SEC Form 4)

Chief Financial Officer Maheshwari Shubham converted options into 30,315 shares and covered exercise/tax liability with 7,579 shares, increasing direct ownership by 41% to 78,799 units (SEC Form 4)

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Palantir Technologies, Dell Technologies, and Erie Indemnity Set to Join S&P 500; Others to Join S&P MidCap 400 and S&P SmallCap 600

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Leadership Updates


			VAREX IMAGING CORPORATION


Date:	May 2, 2024	By:	/s/ SHUBHAM MAHESHWARI
			Shubham Maheshwari
			Chief Financial Officer
			(Duly Authorized Officer and Principal Financial Officer)

Date	Price Target	Rating	Analyst
8/23/2024	$21.00	Buy	B. Riley Securities
10/12/2022	$24.00	Hold	Jefferies