Baxter, 3M, Abbott near the top of Newsweeks’ most reponsible companies list

Several medtech, healthcare and life sciences companies, including big names like Abbott (NYSE:ABT), 3M (NYSE:MMM) and Baxter (NYSE:BAX), are among the 500 “most responsible,” according to Newsweek.

The outlet published its “America’s Most Responsible Companies 2022” list, marking the third installment of the compilation (in partnership with Statista), this time expanded to include 500 of the largest public corporations around. Companies were judged with an overall score out of 100 that combined environmental, social and corporate governance performance assessments.

Baxter, 3M, Abbott and BD (NYSE:BDX) were among the highest-ranking big-name medical device makers. Cancer diagnostic company Illumina was the highest-ranking company under the healthcare and life sciences umbrella, sitting in second behind HP.

In sixth sat Baxter, registering an overall score of 89.5 points, with its highest performance coming in environmental i…

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Varex shares jump 8% on Street-beating Q2 results

Varex Imaging (NSDQ:VREX) yesterday posted second-quarter results that beat the overall consensus on Wall Street.

The Salt Lake City-based imaging company reported profits of $3.2 million, or 8¢ per share, on sales of $203.5 million for the three months ended April 2, for a sales growth of 3.3% compared with Q2 2020.

Adjusted to exclude one-time items, earnings per share were 35¢, 18¢ ahead of The Street, where analysts were looking for sales of $187 million.

“Financial results for the second quarter of the fiscal year 2021 were stronger than our expectations and exceeded pre-COVID revenue levels. Driving this was continued strong global CT tube sales and higher sales of industrial digital detectors. We also had higher demand for our other medical imaging products related to certain elective medical procedures,” CEO Sunny Sanyal said in a news release. “We also continued to have strong expense management, which led to excellent bottom-line results.”

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Varex slides on missed Q3 projections, cuts workforce by 10%

Varex Imaging (NSDQ:VREX) shares took a massive hit today on third-quarter results that came up short of the consensus forecast.

VREX shares were down -21% at $12.65 per share in midday trading today.

The Salt Lake City-based X-ray imaging component maker posted losses of -$28.2 million, or -73¢ per share, on sales of $137.6 million for the three months ended July 3, 2020, for a large bottom-line slide from losses of -$1.3 million last year on a sales decline of -9.2%.

Adjusted to exclude one-time items, losses per share were -20¢, 19¢ behind Wall Street. The company’s revenues came up just short of the analysts’ projections as well, coming in 0.8% behind.

As a result of the poor third-quarter performance, due in large part to the COVID-19 pandemic, Varex implemented measures expected to reduce annual operating costs by more than $25 million.

Those cost-cutting measures include downsizing by eliminating 94 positions at the end o…

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Varex Imaging prices $175m offering

X-ray imaging component maker Varex Imaging (NSDQ:VREX) announced today that it priced a $175 million private offering of convertible senior notes.

The 4% convertible senior notes due in 2025 are accompanied by a 13-day option for initial purchasers to buy up to an additional $25 million in notes. Varex expects the offering to close on June 9, subject to customary closing conditions, according to a news release.

Varex expects to bring in proceeds of $169 million, or $193.3 million if the initial purchasers exercise their option in full. It plans to use the proceeds to fund the net cost of entering into convertible note hedge transactions, with $75 million earmarked for repaying indebtedness under its credit agreement. The remainder of the proceeds will go toward general corporate purposes.

The connected hedge and warrant transactions Varex entered into include some of the initial purchasers or their affiliates and are designed to offset the effect of dil…

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Varex Imaging announces $150m offering

Varex Imaging (NSDQ:VREX) announced today that it plans to offer $150 million in a private offering of convertible senior notes due in 2025.

Salt Lake City-based Varex expects to grant initial purchasers a 13-day option to purchase up to an additional $22.5 in notes as well, according to a news release.

Notes in the offering are convertible at the option of the holders into cash, shares of Varex common stock at a par value of 1¢ per share, or a combination of the two at Varex’s election. Interest rate, initial conversion rate, offering price and other terms are set to be determined when the offering is priced.

Varex plans to use the proceeds to partially repay existing indebtedness under its credit agreement and to fund the net cost of entering into convertible note hedge and warrant transactions, as well as for other general corporate purposes.

The company develops X-ray imaging components, including X-ray tubes, digital detectors and other…

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