Varex Imaging Corporation announced its unaudited financial results for the fourth quarter of fiscal year 2024, reporting revenues of $206 million. This figure was at the high-end of the company's guidance range, primarily driven by strength in its Industrial segment. However, total revenues decreased by 10% year-over-year.
The Medical segment's revenue was $144 million, marking a 12% decrease year-over-year, while the Industrial segment's revenue of $61 million declined by 4% year-over-year. Non-GAAP gross margin for the quarter was 33%, down from 36% in the fourth quarter of fiscal year 2023. Non-GAAP EPS decreased to $0.19 from $0.45 in the prior year's fourth quarter.
For the full fiscal year 2024, cash flow from operations was $26 million, and the company ended the fiscal year with $213 million in cash, cash equivalents, and marketable securities. CEO Sunny Sanyal highlighted promising technological achievements, including substantial progress in photon counting and nanotubes, and initial steps into the cargo systems vertical.
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