Varian Medical Systems(代號:VAR) 是一家位于加州Palo Alto地区的医疗成像仪器制造商，今年引进了两项肿瘤学的医疗技术和产品，第三项技术也将为公司带来额外的业绩增长。这三项技术将促进三季度每股收益增长50%，明年业绩将有更多的增长空间。公司副总裁Elisha Finney表示：“Varian最实际的利润在于我们制造能够以任何方式成像的多种仪器，无论病人是通过门进入诊所还是其它，我们的产品都可以进行检测。” RapidArc系统为客户提供了一种更加便捷、更加精准的成像技术，用以治疗癌症。而公司的平面板X射线仪器使得X射线成像股价清晰，价格低廉。
这两项新技术使得公司三季度每股收益达到0.58美元，同比上涨了49%，远高于分析师的预期。本季度净营收上涨了21%至5.13亿美元，高于预期的 4.803亿美元。公司预测08年去年营收将上涨17-18%左右，分析师预期公司三季度每股收益将达到0.65美元，去年每股收益将达到2.223美元。07年公司每股收益为1.83美元。对于维持目前的增长率，公司信心满满，由于公司拥有世界领先的放射技术，并远超同行的竞争对手。分析师表示：“我们的管道核查显示，医生对于Varian技术系统十分满意。” Varian拥有行业最尖端的RapidArc系统。日益上涨的市场需求显示RapidArc软件应用能力使得运营商能够在较快获得成像，速度是以往的2 至8倍。“这意味着诊所可以通过较短的投资过程来获利并提高生产量，Varian的病人在治疗仪中进行检查的时间越短越是有利于整体的治疗。”
在过去六个月中，公司出售了130个RapidArc系统给新增客户，有20家升级了这个系统的安装基础。这一开门红的利好显示市场对于肿瘤系统的上市是有极大需求量的。Varian在世界成像市场中拥有60%的份额，美国市场拥有70%的份额。公司在美国拥有一座安装基地，有超过5,000台的仪器。同时，公司拥有大量的回头客户，而RapidArc在目前仪器上的安装使用率尚未达到饱和，因此本季度的销售额将有所上涨。“对于医院来说，Varian在产品质量和服务方面仍然是极具吸引力的。”
X射线业务占到公司总营收的15%，公司预测新型平板X射线产品将带来强劲的销售额。今年前三个季度中，X射线板块创造营收增长25%，平板产品销售额大涨了150% 。国际市场的销售前景也很看好。公司的国际和国内市场业绩各占营收的一半。分析师表示：“我们对于这种对半开的份额比较满意，但是我们预计国际市场的营收将逐年递增，超过北美市场。”
同时，美国和世界港口的运营安全性也将促进公司技术的市场需求，预计今年于此相关的营收将达到1亿美元，同比涨幅达到30% 。而来自政府的合同也将促进销售额大涨。公司目前在全世界拥有350座安装基地，而在美国只有20个安装系统。“仅有2%的货运量来自美国市场，因此公司面向世界市场还是征途漫漫。”
Investor's Business Daily
New Products Drive Growth For Medical Imaging Equipment Maker
Tuesday August 12, 6:10 pm ET
Paula L. Stepankowsky If Varian Medical Systems builds it, customers will come.
The Palo Alto, Calif., imaging equipment maker has hit two home runs this year with the introduction of two new oncology products. A third technology, one that rapidly screens cargo containers at ports, is poised for additional growth.
Combined, the three technologies boosted earnings by nearly 50% in the fiscal third quarter with the outlook for more growth ahead in the next year.
"The real benefit of Varian (NYSE:VAR - News) is that we make versatile machines that can do imaging in any form,'' said Elisha Finney, senior vice president and chief financial officer, in an interview. "Whatever kind of patient walks through the door of a clinic we can treat on our machines."
The RapidArc system gives customers a faster, more precise imaging technology used to treat cancer, while the company's flat panel X-ray product makes X-rays filmless -- and less expensive as a result.
Oncology Products
The two new oncology products helped Varian earn 58 cents a share in the fiscal third quarter ended June 27, up 49% from the year-ago period and 12 cents higher than estimates by analysts surveyed by Thomson Reuters.
Net revenue grew 21% to $513 million in the quarter, beating estimates of $480.3 million. With third-quarter results now known, the company expects revenue will grow between 17% and 18% for the entire fiscal year.
Analysts believe Varian will earn 65 cents a share in the fiscal fourth quarter and $2.23 for the year. In fiscal 2007, the company earned $1.83.
The company looks poised to maintain its growth rate as it has one of the largest installed bases for radiation technology in the world, says Les Funtleyder, an analyst with Miller Tabak, in an interview. The company's technology also appears to be superior to that of competitors, he says.
"Our channel checks show doctors feel comfortable with Varian over time,'' Funtleyder said.
Varian has seen a particularly strong start for its RapidArc system, which was introduced in the second quarter and can be ordered as a completely new machine or as an upgrade to an existing Varian machine, Finney says.
Driving demand is the fact that RapidArc's software capability allows operators to take an image nearly two to eight times faster than in the past.
"This means the clinics can increase throughput and get a return on investment in very short order,'' Finney said. "They deliver better treatment because the patient is on the table for a very short period of time."
In the first six months on the market, the company sold 130 RapidArc systems to new customers and about 20 as an upgrade to its installed base, Finney says.
This rapid start "indicates more demand than any other oncology system launch in the company's history," wrote Julie Hoggatt, an analyst with Noble Financial Equity Research, in a recent report. Noble expects to seek banking business with Noble.
Varian has had a 60% share of the worldwide imaging market and a 70% share of the U.S. market for more than a decade, Hoggatt wrote.
She added that Varian has an installed base of more than 5,000 machines in the U.S. and that they have a very strong customer retention record. Going forward, Hoggatt wrote, upgrades to RapidArc on current machines are not fully reflected in net orders. These upgrades can be done on machines that are several years old. As a result, there could be an upside to quarterly sales estimates, she wrote.
"Varian remains attractive to hospitals for capabilities, quality and for the fact that they are the only player in this market that has maintained a truly upgradeable machine,'' Hoggatt wrote.
On the X-ray side of the business, which represents about 15% of revenue, Varian is seeing strong sales for its new flat panel product that allows filmless imaging.
In the first three quarters, Varian's X-ray segment saw revenue grow 25%, with flat panel product sales growing almost 150% year to date, Finney says.
The prospects for international sales growth are strong as more emerging markets use imaging to find and treat cancers, Funtleyder says.
The company's revenue is currently split 50/50 between domestic and international revenue.
"We're happy with the split," Finney said. "However, that said, we would anticipate over time that international will grow faster than North America because of their need for equipment."
Port Security
Growing concern about security at U.S. ports and ports around the world is driving demand for another Varian technology, one that allows a scan of an entire truck or cargo container in a minute or less, Finney says.
"The real key is to scan cargo containers at the rate of commerce," she said. "We don't want to slow down for screening."
Port-related revenue will total $100 million this year, and it's growing at a rate of 30% year to date, Finney says. Hoggatt notes that a government security contract could significantly increase sales in this category for Varian because many U.S. ports need full-cargo screening.
Varian has about 350 installations at ports around the world, but only about 20 systems are in place in the U.S., Finney says.
"Only about 2% of the cargo coming in to the U.S. is screened, so we have a long way to go,'' she said.
Varian, which has cash flow from operations of about $100 million per quarter, continues to invest in its business and look for acquisitions, Finney says.
Varian's acquisitions tend to be relatively small and extend the company's geographic reach, Finney says.
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