Intrinsic value of Varian Medical Systems - VAR

Previous Close

$105.85

  Intrinsic Value

$75.93

stock screener

  Rating & Target

sell

-28%

Previous close

$105.85

 
Intrinsic value

$75.93

 
Up/down potential

-28%

 
Rating

sell

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

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 9.7

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  12.10
  11.39
  10.75
  10.18
  9.66
  9.19
  8.77
  8.40
  8.06
  7.75
  7.48
  7.23
  7.01
  6.80
  6.62
  6.46
  6.32
  6.18
  6.07
  5.96
  5.86
  5.78
  5.70
  5.63
  5.57
  5.51
  5.46
  5.41
  5.37
  5.33
Revenue, $m
  2,991
  3,332
  3,690
  4,065
  4,458
  4,868
  5,295
  5,739
  6,202
  6,683
  7,182
  7,701
  8,241
  8,802
  9,385
  9,991
  10,622
  11,279
  11,963
  12,676
  13,419
  14,194
  15,003
  15,848
  16,730
  17,652
  18,615
  19,623
  20,677
  21,780
Variable operating expenses, $m
  2,491
  2,771
  3,066
  3,375
  3,698
  4,036
  4,387
  4,753
  5,133
  5,529
  5,911
  6,338
  6,782
  7,243
  7,723
  8,222
  8,742
  9,282
  9,845
  10,432
  11,044
  11,682
  12,347
  13,042
  13,768
  14,527
  15,320
  16,149
  17,017
  17,924
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
  2,491
  2,771
  3,066
  3,375
  3,698
  4,036
  4,387
  4,753
  5,133
  5,529
  5,911
  6,338
  6,782
  7,243
  7,723
  8,222
  8,742
  9,282
  9,845
  10,432
  11,044
  11,682
  12,347
  13,042
  13,768
  14,527
  15,320
  16,149
  17,017
  17,924
Operating income, $m
  500
  560
  624
  690
  760
  832
  908
  987
  1,068
  1,154
  1,271
  1,363
  1,459
  1,558
  1,661
  1,769
  1,880
  1,997
  2,118
  2,244
  2,376
  2,513
  2,656
  2,805
  2,962
  3,125
  3,295
  3,474
  3,660
  3,856
EBITDA, $m
  593
  660
  731
  806
  883
  965
  1,049
  1,137
  1,229
  1,324
  1,423
  1,526
  1,633
  1,744
  1,859
  1,980
  2,105
  2,235
  2,370
  2,512
  2,659
  2,812
  2,973
  3,140
  3,315
  3,497
  3,688
  3,888
  4,097
  4,315
Interest expense (income), $m
  9
  19
  30
  43
  56
  69
  83
  98
  113
  129
  146
  163
  181
  200
  219
  239
  260
  282
  305
  328
  353
  378
  405
  433
  462
  492
  524
  557
  592
  628
  666
Earnings before tax, $m
  481
  530
  581
  635
  691
  749
  810
  873
  939
  1,008
  1,108
  1,182
  1,259
  1,339
  1,422
  1,508
  1,598
  1,692
  1,790
  1,891
  1,997
  2,108
  2,223
  2,343
  2,469
  2,601
  2,738
  2,882
  3,032
  3,190
Tax expense, $m
  130
  143
  157
  171
  186
  202
  219
  236
  254
  272
  299
  319
  340
  362
  384
  407
  432
  457
  483
  511
  539
  569
  600
  633
  667
  702
  739
  778
  819
  861
Net income, $m
  351
  387
  424
  463
  504
  547
  591
  638
  686
  736
  809
  863
  919
  977
  1,038
  1,101
  1,167
  1,235
  1,306
  1,381
  1,458
  1,539
  1,623
  1,711
  1,803
  1,899
  1,999
  2,104
  2,214
  2,328

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $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 assets, $m
  3,693
  4,113
  4,555
  5,019
  5,504
  6,010
  6,537
  7,086
  7,657
  8,250
  8,867
  9,508
  10,174
  10,866
  11,586
  12,335
  13,114
  13,924
  14,769
  15,649
  16,567
  17,524
  18,523
  19,565
  20,654
  21,792
  22,982
  24,226
  25,527
  26,889
Adjusted assets (=assets-cash), $m
  3,693
  4,113
  4,555
  5,019
  5,504
  6,010
  6,537
  7,086
  7,657
  8,250
  8,867
  9,508
  10,174
  10,866
  11,586
  12,335
  13,114
  13,924
  14,769
  15,649
  16,567
  17,524
  18,523
  19,565
  20,654
  21,792
  22,982
  24,226
  25,527
  26,889
Revenue / Adjusted assets
  0.810
  0.810
  0.810
  0.810
  0.810
  0.810
  0.810
  0.810
  0.810
  0.810
  0.810
  0.810
  0.810
  0.810
  0.810
  0.810
  0.810
  0.810
  0.810
  0.810
  0.810
  0.810
  0.810
  0.810
  0.810
  0.810
  0.810
  0.810
  0.810
  0.810
Average production assets, $m
  455
  506
  561
  618
  678
  740
  805
  872
  943
  1,016
  1,092
  1,171
  1,253
  1,338
  1,426
  1,519
  1,615
  1,714
  1,818
  1,927
  2,040
  2,158
  2,280
  2,409
  2,543
  2,683
  2,830
  2,983
  3,143
  3,311
Working capital, $m
  320
  356
  395
  435
  477
  521
  567
  614
  664
  715
  768
  824
  882
  942
  1,004
  1,069
  1,137
  1,207
  1,280
  1,356
  1,436
  1,519
  1,605
  1,696
  1,790
  1,889
  1,992
  2,100
  2,212
  2,330
Total debt, $m
  564
  790
  1,029
  1,278
  1,540
  1,812
  2,097
  2,392
  2,700
  3,020
  3,352
  3,698
  4,057
  4,430
  4,818
  5,222
  5,641
  6,078
  6,534
  7,008
  7,503
  8,019
  8,557
  9,119
  9,706
  10,319
  10,960
  11,631
  12,332
  13,066
Total liabilities, $m
  1,990
  2,217
  2,455
  2,705
  2,967
  3,239
  3,523
  3,819
  4,127
  4,447
  4,779
  5,125
  5,484
  5,857
  6,245
  6,648
  7,068
  7,505
  7,961
  8,435
  8,929
  9,445
  9,984
  10,546
  11,133
  11,746
  12,387
  13,058
  13,759
  14,493
Total equity, $m
  1,702
  1,896
  2,100
  2,314
  2,537
  2,770
  3,014
  3,267
  3,530
  3,803
  4,088
  4,383
  4,690
  5,009
  5,341
  5,686
  6,045
  6,419
  6,809
  7,214
  7,637
  8,078
  8,539
  9,020
  9,522
  10,046
  10,595
  11,168
  11,768
  12,396
Total liabilities and equity, $m
  3,692
  4,113
  4,555
  5,019
  5,504
  6,009
  6,537
  7,086
  7,657
  8,250
  8,867
  9,508
  10,174
  10,866
  11,586
  12,334
  13,113
  13,924
  14,770
  15,649
  16,566
  17,523
  18,523
  19,566
  20,655
  21,792
  22,982
  24,226
  25,527
  26,889
Debt-to-equity ratio
  0.330
  0.420
  0.490
  0.550
  0.610
  0.650
  0.700
  0.730
  0.760
  0.790
  0.820
  0.840
  0.860
  0.880
  0.900
  0.920
  0.930
  0.950
  0.960
  0.970
  0.980
  0.990
  1.000
  1.010
  1.020
  1.030
  1.030
  1.040
  1.050
  1.050
Adjusted equity ratio
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461
  0.461

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  351
  387
  424
  463
  504
  547
  591
  638
  686
  736
  809
  863
  919
  977
  1,038
  1,101
  1,167
  1,235
  1,306
  1,381
  1,458
  1,539
  1,623
  1,711
  1,803
  1,899
  1,999
  2,104
  2,214
  2,328
Depreciation, amort., depletion, $m
  93
  100
  107
  115
  124
  132
  141
  151
  160
  170
  152
  163
  174
  186
  198
  211
  224
  238
  253
  268
  283
  300
  317
  335
  353
  373
  393
  414
  437
  460
Funds from operations, $m
  444
  487
  532
  579
  628
  679
  733
  788
  846
  906
  961
  1,026
  1,093
  1,163
  1,236
  1,312
  1,391
  1,473
  1,559
  1,648
  1,741
  1,838
  1,939
  2,045
  2,156
  2,271
  2,392
  2,518
  2,650
  2,788
Change in working capital, $m
  35
  36
  38
  40
  42
  44
  46
  48
  49
  51
  53
  56
  58
  60
  62
  65
  68
  70
  73
  76
  80
  83
  87
  90
  94
  99
  103
  108
  113
  118
Cash from operations, $m
  409
  450
  493
  538
  586
  635
  687
  741
  797
  855
  907
  970
  1,035
  1,103
  1,174
  1,247
  1,324
  1,403
  1,486
  1,572
  1,662
  1,755
  1,853
  1,955
  2,061
  2,173
  2,289
  2,410
  2,537
  2,670
Maintenance CAPEX, $m
  -56
  -63
  -70
  -78
  -86
  -94
  -103
  -112
  -121
  -131
  -141
  -152
  -163
  -174
  -186
  -198
  -211
  -224
  -238
  -253
  -268
  -283
  -300
  -317
  -335
  -353
  -373
  -393
  -414
  -437
New CAPEX, $m
  -48
  -52
  -54
  -57
  -60
  -62
  -65
  -68
  -70
  -73
  -76
  -79
  -82
  -85
  -89
  -92
  -96
  -100
  -104
  -108
  -113
  -118
  -123
  -128
  -134
  -140
  -146
  -153
  -160
  -168
Cash from investing activities, $m
  -104
  -115
  -124
  -135
  -146
  -156
  -168
  -180
  -191
  -204
  -217
  -231
  -245
  -259
  -275
  -290
  -307
  -324
  -342
  -361
  -381
  -401
  -423
  -445
  -469
  -493
  -519
  -546
  -574
  -605
Free cash flow, $m
  305
  335
  368
  403
  440
  479
  519
  561
  605
  651
  690
  740
  791
  844
  899
  957
  1,017
  1,079
  1,144
  1,211
  1,281
  1,354
  1,430
  1,510
  1,593
  1,679
  1,770
  1,864
  1,963
  2,066
Issuance/(repayment) of debt, $m
  214
  227
  238
  250
  261
  273
  284
  296
  308
  320
  332
  345
  359
  373
  388
  404
  420
  437
  455
  474
  495
  516
  538
  562
  587
  613
  641
  671
  701
  734
Issuance/(repurchase) of shares, $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 from financing (excl. dividends), $m  
  214
  227
  238
  250
  261
  273
  284
  296
  308
  320
  332
  345
  359
  373
  388
  404
  420
  437
  455
  474
  495
  516
  538
  562
  587
  613
  641
  671
  701
  734
Total cash flow (excl. dividends), $m
  518
  562
  607
  653
  702
  752
  803
  857
  913
  971
  1,023
  1,085
  1,150
  1,217
  1,287
  1,360
  1,437
  1,516
  1,599
  1,685
  1,776
  1,870
  1,969
  2,072
  2,180
  2,293
  2,411
  2,535
  2,664
  2,800
Retained Cash Flow (-), $m
  -185
  -194
  -204
  -214
  -223
  -233
  -243
  -253
  -263
  -274
  -284
  -295
  -307
  -319
  -332
  -345
  -359
  -374
  -389
  -406
  -423
  -441
  -460
  -481
  -502
  -525
  -548
  -573
  -600
  -628
Prev. year cash balance distribution, $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 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
  334
  368
  403
  440
  478
  518
  560
  604
  650
  697
  738
  790
  843
  898
  956
  1,015
  1,077
  1,142
  1,209
  1,280
  1,353
  1,429
  1,508
  1,591
  1,678
  1,768
  1,862
  1,961
  2,064
  2,172
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
  320
  337
  351
  362
  371
  376
  379
  378
  373
  365
  351
  337
  320
  302
  281
  258
  234
  210
  186
  163
  140
  119
  99
  81
  65
  52
  40
  30
  23
  16
Current shareholders' claim on cash, %
  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 38.8
Price to Sales 3.6
Price to Book 6.5
Price to Tangible Book
Price to Cash Flow 24.3
Price to Free Cash Flow 28.5
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 $2668.2 million for the last fiscal year's total revenue generated by Varian Medical Systems. The default revenue input number comes from 0001 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 12.1% 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 5.4% 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 15.2%.

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 10.7%. 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 - $1517.6 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 91.547 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 $9.7 billion.

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COMPANY NEWS

▶ Stock Market News For Oct 5, 2018   [Oct-05-18 10:11AM  Zacks]
▶ Varian Appoints New Division Presidents   [Oct-03-18 05:01PM  PR Newswire]
▶ Varian Shares Vision of a World Without Fear of Cancer   [Sep-20-18 08:15AM  PR Newswire]
▶ Dr. Jeff Balser Named to Varian Board of Directors   [Sep-12-18 08:15AM  PR Newswire]
▶ Varian to Present at Baird Global Healthcare Conference   [Aug-23-18 04:09PM  PR Newswire]
▶ Varian CEO Dow Wilson Joins USISPF Board of Directors   [Aug-21-18 08:15AM  PR Newswire]
▶ Merger Monday Returns With A Vengeance   [Aug-06-18 03:50PM  Benzinga]
▶ [$$] With Tariff Deadline at Hand, Businesses Brace for the Fallout   [Jul-06-18 12:51AM  The Wall Street Journal]
▶ [$$] With Tariff Deadline at Hand, Businesses Brace for the Fallout   [Jul-05-18 08:07AM  The Wall Street Journal]
▶ [$$] Sirtex Medical Gets Go-Ahead From Australian Regulator for Sale   [Jul-03-18 11:46AM  The Wall Street Journal]
▶ Varian Provides Update on Proposed Sirtex Acquisition   [Jun-14-18 09:13AM  PR Newswire]
▶ Varian Medical Systems Getting Closer To Key Technical Measure   [03:00AM  Investor's Business Daily]
▶ Varian Acquires Taiwan Distributor   [08:15AM  PR Newswire]

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