Item 5. Market for Registrant’s Common Equity
Item 5. Market for the Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities
Varex's common stock is traded on the NASDAQ Global Select Market (the “NASDAQ”) under the symbol “VREX.”
Since our inception, we have not paid any cash dividends and have no current plan to pay cash dividends on Varex common stock. As of November 3, 2020, there were 1,576 holders of record of Varex common stock.
This graph shows the total return on VREX common stock since listing on NASDAQ on January 20, 2017, with comparative total returns for the Russell 2000 Index (“RUT”) and the Dow Jones Medical Equipment Index (“DJUSAM”). The graph below assumes that $100.00 was invested on January 20, 2017 in our common stock and the companies listed in the RUT and the DJUSAM, as well as a reinvestment of dividends paid on such investments throughout the period.
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Item 6. Selected Financial Data
In January 2017, we separated from Varian. Prior to the date of separation, the financial statements were prepared on a stand-alone basis and derived from Varian’s consolidated financial statements as we operated as part of Varian.
The following data, in so far as it relates to each of the fiscal years from 2016 through 2020, has been derived from annual consolidated financial statements, including the consolidated balance sheets at October 2, 2020 and September 27, 2019 and the related consolidated statements of (loss) earnings, of comprehensive (loss) earnings, and of cash flows for the fiscal years 2020, 2019 and 2018 and notes thereto appearing elsewhere herein. In addition, the following financial data should be read in conjunction with our consolidated financial statements and the accompanying notes and the MD&A included elsewhere herein.
Summary of Operations: Fiscal Years
(In millions, except per share amounts) 2020 2019 2018 2017 (1)
2016
Revenues $ 738.3 $ 780.6 $ 773.4 $ 698.1 $ 620.1
Gross profit $ 190.2 $ 256.7 $ 253.9 $ 253.5 $ 248.4
(Loss) earnings before taxes (72.6) 21.5 25.7 74.8 105.0
Taxes on (loss) earnings (15.2) 5.7 (2.6) 22.8 36.0
Net (loss) earnings (57.4) 15.8 28.3 52.0 69.0
Less: Net earnings attributable to noncontrolling interests 0.5 0.3 0.8 0.4 0.5
Net (loss) earnings attributable to Varex $ (57.9) $ 15.5 $ 27.5 $ 51.6 $ 68.5
(Loss) earnings per share attributable to Varex
(Loss) earnings per share - basic $ (1.49) $ 0.41 $ 0.73 $ 1.37 $ 1.83
(Loss) earnings per share - diluted $ (1.49) $ 0.40 $ 0.72 $ 1.36 $ 1.82
Financial Position at Fiscal Year End:
Working capital $ 361.4 $ 263.3 $ 306.1 $ 343.5 $ 282.1
Total assets 1,139.5 1,038.9 987.9 1,040.1 622.4
Total debt (excluding current maturities, net of deferred costs) 452.8 364.4 364.8 463.9 —
(1) The summary of operations for fiscal year 2017 includes operating results from the Acquired Detector Business for the period from May 1, 2017 through September 29, 2017.
Selected Quarterly Financial Data (Unaudited)
The following table sets forth selected financial data from our unaudited quarterly consolidated statements of (loss) earnings for the eight quarters ended fiscal year 2020. The information for each quarter has been derived from unaudited consolidated financial statements and in the opinion of management, include all adjustments, consisting only of normal recurring adjustments, necessary for a fair statement of the results for the unaudited interim periods and includes certain reclassifications and rounding differences. The quarterly data should be read together with our consolidated financial statements and related notes appearing elsewhere in this annual report.
Fiscal Year 2020
(In millions, except per share amounts, unaudited) First Quarter Second Quarter Third Quarter Fourth Quarter Total Year
Total revenues $ 200.1 $ 197.0 $ 171.2 $ 170.0 $ 738.3
Gross profit $ 61.1 $ 57.6 $ 26.3 $ 45.2 $ 190.2
Net (loss) $ (1.2) $ (1.8) $ (28.2) $ (26.2) $ (57.4)
Net (loss) attributable to Varex $ (1.3) $ (1.9) $ (28.3) $ (26.4) $ (57.9)
(Loss) per share - basic $ (0.03) $ (0.05) $ (0.73) $ (0.68) $ (1.49)
(Loss) per share - diluted $ (0.03) $ (0.05) $ (0.73) $ (0.68) $ (1.49)
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Fiscal Year 2019
(In millions, except per share amounts, unaudited) First Quarter Second Quarter Third Quarter Fourth Quarter Total Year
Total revenues $ 185.7 $ 195.8 $ 196.7 $ 202.4 $ 780.6
Gross profit $ 60.0 $ 64.4 $ 60.7 $ 71.6 $ 256.7
Net earnings (loss) $ 3.0 $ 5.9 $ (1.3) $ 8.2 $ 15.8
Net earnings (loss) attributable to Varex $ 3.0 $ 5.8 $ (1.4) $ 8.1 $ 15.5
Earnings (loss) per share - basic $ 0.08 $ 0.15 $ (0.04) $ 0.21 $ 0.41
Earnings (loss) per share - diluted $ 0.08 $ 0.15 $ (0.04) $ 0.21 $ 0.40
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