Varian Medical Hits 52-Week High; Oncology Prospects Bright
Zacks Investment Research | Sep 22, 2016 11:29PM ET
Share price of Varian Medical Systems Inc. (NYSE:VAR) rallied to a new 52-week high of $98.73 on Sep 22. This represents an impressive year-to-date return of approximately 21.9%, better than the S&P 500’s 6.5% over the same period.
Currently, Varian Medical has a Zacks Rank #3 (Hold). Notably, the stock has a market cap of $9.13 billion.
Key Factors
Varian’s oncology business growth prospects are impressive. The company is addressing both the tier 1 and mid-tier markets through its Edge, Truebeam and VitalBeam products. The company is also winning contracts, not only in the Americas but also in international markets, which is a huge positive.
Strong third-quarter 2016 results validate the company’s growth scenario. Adjusted earnings of $1.22 per share beat the Zacks Consensus Estimate by a nickel and increased 6.1% on a year-over-year basis. The figure comfortably surpassed management’s guided range of $1.16–$1.20 per share.
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