Intrinsic value of Varian Medical Systems - VAR

Previous Close

$110.32

  Intrinsic Value

$53.67

stock screener

  Rating & Target

str. sell

-51%

Previous close

$110.32

 
Intrinsic value

$53.67

 
Up/down potential

-51%

 
Rating

str. sell

*Intrinsic value change (in %) minus stock price change (in %) in the past 12 months.

We calculate the intrinsic value of VAR stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Shares outstanding, mln

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
2017(a)
   2018
   2019
   2020
   2021
   2022
   2023
   2024
   2025
   2026
   2027
   2028
   2029
   2030
   2031
   2032
   2033
   2034
   2035
   2036
   2037
   2038
   2039
   2040
   2041
   2042
   2043
   2044
   2045
   2046
   2047

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  1.79
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  2,668
  2,721
  2,784
  2,855
  2,936
  3,025
  3,122
  3,229
  3,344
  3,468
  3,601
  3,743
  3,895
  4,057
  4,229
  4,411
  4,605
  4,809
  5,026
  5,255
  5,496
  5,751
  6,019
  6,303
  6,601
  6,915
  7,246
  7,594
  7,961
  8,346
  8,752
Variable operating expenses, $m
 
  2,269
  2,321
  2,380
  2,446
  2,520
  2,600
  2,688
  2,783
  2,886
  2,995
  3,091
  3,216
  3,350
  3,492
  3,642
  3,802
  3,971
  4,150
  4,338
  4,538
  4,748
  4,970
  5,204
  5,450
  5,709
  5,983
  6,270
  6,573
  6,891
  7,226
Fixed operating expenses, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  2,326
  2,269
  2,321
  2,380
  2,446
  2,520
  2,600
  2,688
  2,783
  2,886
  2,995
  3,091
  3,216
  3,350
  3,492
  3,642
  3,802
  3,971
  4,150
  4,338
  4,538
  4,748
  4,970
  5,204
  5,450
  5,709
  5,983
  6,270
  6,573
  6,891
  7,226
Operating income, $m
  342
  452
  463
  476
  490
  505
  522
  541
  561
  582
  606
  653
  679
  707
  737
  769
  803
  839
  876
  916
  958
  1,003
  1,050
  1,099
  1,151
  1,206
  1,263
  1,324
  1,388
  1,455
  1,526
EBITDA, $m
  419
  522
  534
  547
  563
  580
  599
  619
  641
  665
  690
  718
  747
  778
  811
  846
  883
  922
  964
  1,007
  1,054
  1,103
  1,154
  1,208
  1,266
  1,326
  1,389
  1,456
  1,526
  1,600
  1,678
Interest expense (income), $m
  9
  0
  1
  2
  3
  5
  6
  8
  10
  12
  14
  16
  19
  22
  24
  27
  31
  34
  38
  41
  45
  50
  54
  59
  64
  69
  74
  80
  86
  93
  100
Earnings before tax, $m
  345
  452
  462
  474
  486
  500
  516
  533
  551
  570
  592
  636
  660
  686
  713
  742
  772
  805
  839
  875
  913
  953
  995
  1,040
  1,087
  1,137
  1,189
  1,244
  1,302
  1,362
  1,426
Tax expense, $m
  88
  122
  125
  128
  131
  135
  139
  144
  149
  154
  160
  172
  178
  185
  193
  200
  209
  217
  226
  236
  246
  257
  269
  281
  294
  307
  321
  336
  351
  368
  385
Net income, $m
  250
  330
  337
  346
  355
  365
  377
  389
  402
  416
  432
  465
  482
  501
  520
  542
  564
  587
  612
  639
  666
  696
  727
  759
  794
  830
  868
  908
  950
  995
  1,041

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  716
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  3,179
  2,513
  2,571
  2,637
  2,711
  2,793
  2,883
  2,981
  3,088
  3,202
  3,325
  3,457
  3,597
  3,746
  3,905
  4,073
  4,252
  4,441
  4,641
  4,852
  5,075
  5,310
  5,558
  5,820
  6,095
  6,385
  6,691
  7,012
  7,351
  7,707
  8,081
Adjusted assets (=assets-cash), $m
  2,463
  2,513
  2,571
  2,637
  2,711
  2,793
  2,883
  2,981
  3,088
  3,202
  3,325
  3,457
  3,597
  3,746
  3,905
  4,073
  4,252
  4,441
  4,641
  4,852
  5,075
  5,310
  5,558
  5,820
  6,095
  6,385
  6,691
  7,012
  7,351
  7,707
  8,081
Revenue / Adjusted assets
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
  1.083
Average production assets, $m
  335
  340
  348
  357
  367
  378
  390
  404
  418
  433
  450
  468
  487
  507
  529
  551
  576
  601
  628
  657
  687
  719
  752
  788
  825
  864
  906
  949
  995
  1,043
  1,094
Working capital, $m
  640
  280
  287
  294
  302
  312
  322
  333
  344
  357
  371
  386
  401
  418
  436
  454
  474
  495
  518
  541
  566
  592
  620
  649
  680
  712
  746
  782
  820
  860
  901
Total debt, $m
  350
  28
  59
  95
  135
  180
  229
  282
  340
  402
  468
  539
  615
  696
  782
  874
  971
  1,073
  1,181
  1,296
  1,417
  1,544
  1,678
  1,820
  1,969
  2,127
  2,292
  2,467
  2,650
  2,843
  3,046
Total liabilities, $m
  1,684
  1,362
  1,393
  1,429
  1,469
  1,514
  1,563
  1,616
  1,674
  1,736
  1,802
  1,873
  1,949
  2,030
  2,116
  2,208
  2,305
  2,407
  2,515
  2,630
  2,751
  2,878
  3,012
  3,154
  3,303
  3,461
  3,626
  3,801
  3,984
  4,177
  4,380
Total equity, $m
  1,495
  1,151
  1,177
  1,208
  1,242
  1,279
  1,320
  1,365
  1,414
  1,467
  1,523
  1,583
  1,647
  1,716
  1,788
  1,866
  1,947
  2,034
  2,125
  2,222
  2,324
  2,432
  2,546
  2,665
  2,792
  2,924
  3,064
  3,212
  3,367
  3,530
  3,701
Total liabilities and equity, $m
  3,179
  2,513
  2,570
  2,637
  2,711
  2,793
  2,883
  2,981
  3,088
  3,203
  3,325
  3,456
  3,596
  3,746
  3,904
  4,074
  4,252
  4,441
  4,640
  4,852
  5,075
  5,310
  5,558
  5,819
  6,095
  6,385
  6,690
  7,013
  7,351
  7,707
  8,081
Debt-to-equity ratio
  0.234
  0.020
  0.050
  0.080
  0.110
  0.140
  0.170
  0.210
  0.240
  0.270
  0.310
  0.340
  0.370
  0.410
  0.440
  0.470
  0.500
  0.530
  0.560
  0.580
  0.610
  0.630
  0.660
  0.680
  0.710
  0.730
  0.750
  0.770
  0.790
  0.810
  0.820
Adjusted equity ratio
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458
  0.458

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  250
  330
  337
  346
  355
  365
  377
  389
  402
  416
  432
  465
  482
  501
  520
  542
  564
  587
  612
  639
  666
  696
  727
  759
  794
  830
  868
  908
  950
  995
  1,041
Depreciation, amort., depletion, $m
  77
  70
  71
  72
  73
  75
  77
  78
  80
  83
  85
  65
  68
  70
  73
  77
  80
  83
  87
  91
  95
  100
  105
  109
  115
  120
  126
  132
  138
  145
  152
Funds from operations, $m
  347
  400
  408
  418
  428
  440
  453
  467
  482
  499
  517
  529
  550
  571
  594
  618
  644
  671
  700
  730
  762
  796
  831
  869
  908
  950
  994
  1,040
  1,088
  1,140
  1,193
Change in working capital, $m
  -52
  5
  6
  7
  8
  9
  10
  11
  12
  13
  14
  15
  16
  17
  18
  19
  20
  21
  22
  24
  25
  26
  28
  29
  31
  32
  34
  36
  38
  40
  42
Cash from operations, $m
  399
  394
  402
  410
  420
  431
  443
  456
  471
  486
  503
  515
  534
  554
  576
  599
  624
  650
  677
  706
  737
  769
  804
  840
  878
  918
  960
  1,004
  1,051
  1,100
  1,151
Maintenance CAPEX, $m
  0
  -46
  -47
  -48
  -50
  -51
  -53
  -54
  -56
  -58
  -60
  -63
  -65
  -68
  -70
  -73
  -77
  -80
  -83
  -87
  -91
  -95
  -100
  -105
  -109
  -115
  -120
  -126
  -132
  -138
  -145
New CAPEX, $m
  -59
  -6
  -8
  -9
  -10
  -11
  -12
  -13
  -14
  -16
  -17
  -18
  -19
  -20
  -21
  -23
  -24
  -26
  -27
  -29
  -30
  -32
  -34
  -35
  -37
  -39
  -41
  -44
  -46
  -48
  -51
Cash from investing activities, $m
  -130
  -52
  -55
  -57
  -60
  -62
  -65
  -67
  -70
  -74
  -77
  -81
  -84
  -88
  -91
  -96
  -101
  -106
  -110
  -116
  -121
  -127
  -134
  -140
  -146
  -154
  -161
  -170
  -178
  -186
  -196
Free cash flow, $m
  269
  342
  346
  353
  360
  369
  378
  389
  400
  413
  426
  435
  450
  467
  484
  503
  523
  544
  567
  590
  616
  642
  670
  700
  731
  764
  798
  835
  873
  913
  956
Issuance/(repayment) of debt, $m
  -315
  28
  31
  36
  40
  45
  49
  53
  58
  62
  67
  71
  76
  81
  86
  91
  97
  102
  108
  114
  121
  127
  134
  142
  149
  157
  166
  174
  183
  193
  203
Issuance/(repurchase) of shares, $m
  -222
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  -392
  28
  31
  36
  40
  45
  49
  53
  58
  62
  67
  71
  76
  81
  86
  91
  97
  102
  108
  114
  121
  127
  134
  142
  149
  157
  166
  174
  183
  193
  203
Total cash flow (excl. dividends), $m
  -127
  370
  378
  389
  401
  413
  427
  442
  458
  475
  493
  506
  526
  548
  570
  594
  620
  647
  675
  705
  736
  770
  805
  841
  880
  921
  964
  1,009
  1,056
  1,106
  1,159
Retained Cash Flow (-), $m
  246
  -22
  -26
  -30
  -34
  -38
  -41
  -45
  -49
  -52
  -56
  -60
  -64
  -68
  -73
  -77
  -82
  -87
  -92
  -97
  -102
  -108
  -114
  -120
  -126
  -133
  -140
  -147
  -155
  -163
  -171
Prev. year cash balance distribution, $m
 
  366
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
 
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
 
  714
  351
  358
  367
  376
  386
  397
  409
  422
  436
  446
  462
  479
  498
  517
  538
  560
  583
  608
  634
  662
  691
  722
  754
  788
  824
  862
  901
  943
  987
Discount rate, %
 
  4.30
  4.52
  4.74
  4.98
  5.23
  5.49
  5.76
  6.05
  6.35
  6.67
  7.00
  7.35
  7.72
  8.11
  8.51
  8.94
  9.39
  9.86
  10.35
  10.87
  11.41
  11.98
  12.58
  13.21
  13.87
  14.56
  15.29
  16.05
  16.86
  17.70
PV of cash for distribution, $m
 
  685
  322
  312
  302
  291
  280
  268
  256
  243
  229
  212
  197
  182
  167
  152
  137
  122
  107
  94
  81
  68
  57
  47
  38
  31
  24
  18
  14
  10
  7
Current shareholders' claim on cash, %
  100
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Varian Medical Systems, Inc. is a manufacturer of medical devices and software for treating cancer and other medical conditions with radiotherapy, radiosurgery, proton therapy and brachytherapy medical devices and software for treating cancer and other medical conditions with radiotherapy, radiosurgery, proton therapy and brachytherapy. The Company also has Varian Particle Therapy (VPT) and the operations of the Ginzton Technology Center (GTC). Its VPT business develops, designs, manufactures, sells and services products and systems for delivering proton therapy, another form of external beam radiotherapy using proton beams for the treatment of cancer. Its ProBeam system is capable of delivering intensity modulated proton therapy (IMPT) using pencil beam scanning technology. Its ProBeam Compact is a single room proton therapy product.

FINANCIAL RATIOS  of  Varian Medical Systems (VAR)

Valuation Ratios
P/E Ratio 40.5
Price to Sales 3.8
Price to Book 6.8
Price to Tangible Book
Price to Cash Flow 25.4
Price to Free Cash Flow 29.8
Growth Rates
Sales Growth Rate 1.8%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate -26.3%
Cap. Spend. - 3 Yr. Gr. Rate -8.1%
Financial Strength
Quick Ratio 2
Current Ratio 0
LT Debt to Equity 0%
Total Debt to Equity 23.4%
Interest Coverage 39
Management Effectiveness
Return On Assets 7.3%
Ret/ On Assets - 3 Yr. Avg. 10.2%
Return On Total Capital 11.8%
Ret/ On T. Cap. - 3 Yr. Avg. 16.2%
Return On Equity 15.5%
Return On Equity - 3 Yr. Avg. 21.2%
Asset Turnover 0.8
Profitability Ratios
Gross Margin 43.3%
Gross Margin - 3 Yr. Avg. 42.4%
EBITDA Margin 16.2%
EBITDA Margin - 3 Yr. Avg. 18.5%
Operating Margin 12.8%
Oper. Margin - 3 Yr. Avg. 15.1%
Pre-Tax Margin 12.9%
Pre-Tax Margin - 3 Yr. Avg. 15.3%
Net Profit Margin 9.4%
Net Profit Margin - 3 Yr. Avg. 13.7%
Effective Tax Rate 25.5%
Eff/ Tax Rate - 3 Yr. Avg. 24.8%
Payout Ratio 0%

VAR stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the VAR stock intrinsic value calculation we used $2668 million for the last fiscal year's total revenue generated by Varian Medical Systems. The default revenue input number comes from 2017 income statement of Varian Medical Systems. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our VAR stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 4.3%, whose default value for VAR is calculated based on our internal credit rating of Varian Medical Systems, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Varian Medical Systems.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of VAR stock the variable cost ratio is equal to 83.4%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for VAR stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 3.5% for Varian Medical Systems.

Corporate tax rate of 27% is the nominal tax rate for Varian Medical Systems. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the VAR stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for VAR are equal to 12.5%.

Life of production assets of 7.2 years is the average useful life of capital assets used in Varian Medical Systems operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for VAR is equal to 10.3%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $1495 million for Varian Medical Systems - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 92.578 million for Varian Medical Systems is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Varian Medical Systems at the current share price and the inputted number of shares is $10.2 billion.

RELATED COMPANIES Price Int.Val. Rating
ARAY Accuray 5.30 1.40  str.sell
ICAD icad 3.60 0.16  str.sell
ISR IsoRay 0.410 0.05  str.sell
SRTS Sensus Healthc 5.26 3.09  sell
PKI PerkinElmer 80.86 56.62  sell
HOLX Hologic 43.46 6.61  str.sell

COMPANY NEWS

▶ New Strong Sell Stocks for January 15th   [Jan-15-18 04:13AM  Zacks]
▶ New Strong Sell Stocks for January 9th   [Jan-09-18 08:26AM  Zacks]
▶ Varian to Discuss New Reporting Standards   [Jan-03-18 04:09PM  PR Newswire]
▶ Varian Publishes 2017 Annual Report   [Dec-28-17 04:09PM  PR Newswire]
▶ How Varian Has Expanded Its Global Footprint   [Dec-27-17 01:00PM  Market Realist]
▶ Varians Latest Wall Street Recommendations: Mostly Hold   [Dec-05-17 09:01AM  Market Realist]
▶ A Look at Varian Medical Systems Long-Term Objectives   [Dec-04-17 10:32AM  Market Realist]
▶ Varian Medical Systems Profitability Profile   [09:02AM  Market Realist]
▶ Varians Halcyon System Sees Strong Global Growth Momentum   [Dec-01-17 11:40AM  Market Realist]
▶ Varian Announces Opening of New Facility in Brazil   [Nov-20-17 06:39PM  PR Newswire]
▶ Varian Halcyon Treatment System Receives Shonin Approval   [Nov-16-17 08:15AM  PR Newswire]
▶ Varian Names New Chief People Officer, SVP HR   [Oct-30-17 08:15AM  PR Newswire]
▶ Mass confusion over Obamacare plans   [Oct-20-17 10:11AM  Yahoo Finance Video]
▶ Varian Publishes 2017 Sustainability Report   [Oct-02-17 08:15AM  PR Newswire]
▶ How Varian Medical Systems Is Advancing Cancer Care   [Sep-25-17 07:42AM  Market Realist]
▶ Varian Medical Systems Recent Stock Performance   [Aug-16-17 10:36AM  Market Realist]
▶ Varians Halcyon Treatment System Sees Emerging Market Demand   [Aug-15-17 10:36AM  Market Realist]
▶ A Look at Varian Medical Systems Long-Term Goals   [Aug-14-17 10:38AM  Market Realist]
Financial statements of VAR
Follow us on:   twitter   twitter   twitter   twitter

ASSET ALLOCATION

About X-FIN       Site news       Privacy policy       Terms of use       FAQ

Copyright © X-FIN.com 2005-2018. All rigths reserved.