Powered by double-digit growth in its Oncology business segment, Varian Medical Systems achieved healthy revenue gains in the first quarter of its fiscal 2018 (end-December 29).
Revenues from continuing operations increased by 13% to $678.5 million in the first quarter, compared with $601.5 million in the first quarter of 2017. Oncology revenues provided much of the spark, with a 14% rise from the previous year's first quarter, reaching $649 million.
The company reported a net loss of $1.2 million in the quarter, compared with net earnings of $80,000 in the first quarter of 2017. Varian said the net loss included a one-time charge as it moved to repatriate earnings under provisions of the recently passed Tax Cuts and Jobs Act.
In other news, the company said it will install its ProBeam compact single-room proton therapy system in the new University of Alabama at Birmingham Proton Therapy Center. Varian will also provide its Aria information management system and Eclipse treatment planning system. Proton International placed the order with Varian.
Construction of the new facility is scheduled to begin later this month, with patient treatments set to start in early 2020.
