VARIAN MEDICAL SYSTEMS INC (VAR) [Rocket]

In millions, except per share items	Oct-02-20	Sep-27-19	Sep-28-18	Sep-29-17	Sep-30-16	Oct-02-15	Sep-26-14	Sep-27-13
	10-K	10-K	10-K	10-K	10-K	10-K	10-K	10-K
Revenues:
Oncology Systems	2,997.8	3,061.8	2,770.2	2,436.8	2,430.6	2,346.8	2,344.2	2,252.7
Varian Particle Therapy	2,534.8	2,600.8	2,379.7	2,103.8	2,087.3	143.5
Transferred at Point in Time	1,506.9	1,664.7	1,434.8	1,221.5	1,282.4
Transferred over Time	1,661.3	1,560.4	1,484.3	1,397.8	1,310.8
Other							705.6	690.2
Total revenues [+]	3,168.2	3,225.1	2,919.1	2,619.3	2,593.7	2,490.7	3,049.8	2,942.9
Products						1,497.1	2,083.8	2,055.7
Services						993.6	966.0	887.2
Revenue growth [+]	-1.8%	10.5%	11.4%	1.0%	4.1%	-18.3%	3.6%	4.8%
Oncology Systems	-2.1%	10.5%	13.7%	0.3%	3.6%	0.1%	4.1%	2.9%
Varian Particle Therapy	-2.5%	9.3%	13.1%	0.8%	1354.6%
Transferred at Point in Time	-9.5%	16.0%	17.5%	-4.7%
Transferred over Time	6.5%	5.1%	6.2%	6.6%
Other	154.1%				25.0%	-99.1%	-6.0%	30.2%
Cost of goods sold [+]	1,791.0	1,854.8	1,645.5	1,505.4	1,489.0	1,458.6	1,748.1	1,693.2
Cost of product sales						1,035.3	1,314.6	1,295.5
Cost of services						423.3	433.5	397.7
Gross profit	1,377.2	1,370.3	1,273.6	1,113.9	1,104.7	1,032.1	1,301.7	1,249.7
Gross margin	43.5%	42.5%	43.6%	42.5%	42.6%	41.4%	42.7%	42.5%
Selling, general and administrative	671.8	623.1	543.5	552.8	472.2	441.0	470.6	432.6
Research and development	280.6	247.6	233.9	210.0	200.4	195.4	234.8	208.2
Other operating expenses	24.6	62.8	36.4	1.9
EBITDA [+]	460.8	490.6	511.9	407.7	511.9	464.2	658.8	671.7
EBITDA growth	-6.1%	-4.2%	25.6%	-20.4%	10.3%	-29.5%	-1.9%	2.5%
EBITDA margin	14.5%	15.2%	17.5%	15.6%	19.7%	18.6%	21.6%	22.8%
Depreciation	22.4	26.5	31.5	58.5	64.2	60.1	57.7	58.5
EBITA	438.4	464.1	480.4	349.2	447.7	404.1	601.1	613.2
EBITA margin	13.8%	14.4%	16.5%	13.3%	17.3%	16.2%	19.7%	20.8%
Amortization of intangibles	38.2	27.3	20.6		15.6	8.4	4.8	4.3
EBIT [+]	400.2	436.8	459.8	349.2	432.1	395.7	596.3	608.9
EBIT growth	-8.4%	-5.0%	31.7%	-19.2%	9.2%	-33.6%	-2.1%	2.5%
EBIT margin	12.6%	13.5%	15.8%	13.3%	16.7%	15.9%	19.6%	20.7%
Non-recurring items [+]	77.0	50.6	22.4	51.4	5.3		25.1
Asset impairment	77.0	50.6	22.4	51.4	2.2
Legal settlement							25.1
Interest income, net [+]	-3.6	6.3	10.5	2.9	5.6	5.6	3.3	3.2
Interest expense	14.0	8.8	6.8	10.7	11.6	7.9	7.2	4.1
Interest income	10.4	15.1	17.3	13.6	17.2	13.5	10.5	7.3
Other income (expense), net	38.7	28.3	4.2	2.4
Pre-tax income	358.3	420.8	452.1	303.1	432.4	401.3	574.5	612.1
Income taxes	88.9	128.6	301.8	77.1	110.1	89.9	170.8	173.8
Tax rate	24.8%	30.6%	66.8%	25.4%	25.5%	22.4%	29.7%	28.4%
Minority interest	0.2	0.3	0.4			0.5
Earnings from continuing ops	358.1	420.5	451.7	452.0	322.3	310.9	403.7	438.2
Earnings from discontinued ops				-6.8	77.4	100.6
Net income	358.1	420.5	451.7	445.2	399.7	411.5	403.7	438.2
Net margin	11.3%	13.0%	15.5%	17.0%	15.4%	16.5%	13.2%	14.9%

Basic EPS [+]	$3.94	$4.62	$4.94	$4.89	$3.38	$3.12	$3.88	$4.04
Growth	-14.7%	-6.4%	1.0%	44.6%	8.3%	-19.7%	-4.0%	5.5%
Diluted EPS [+]	$3.91	$4.58	$4.88	$4.85	$3.36	$3.09	$3.83	$3.98
Growth	-14.5%	-6.3%	0.7%	44.5%	8.6%	-19.4%	-3.7%	5.8%

Shares outstanding (basic) [+]	90.9	91.0	91.5	92.5	95.4	99.7	104.0	108.4
Growth	-0.1%	-0.5%	-1.1%	-3.0%	-4.3%	-4.1%	-4.0%	-2.7%
Shares outstanding (diluted) [+]	91.5	91.9	92.5	93.2	96.0	100.6	105.3	110.1
Growth	-0.4%	-0.6%	-0.8%	-2.9%	-4.6%	-4.5%	-4.3%	-3.0%

EBIT is a non-GAAP figure that excludes all non-recurring expenses: restructuring costs, asset impairments, IPR&D writeoffs, and other unusual charges.