Varian Medical Systems Archives - Page 2 of 2

Varian CFO resigning ahead of Siemens Healthineers acquisition

Varian Medical Systems CFO J. Michael Bruff has decided to resign from the company to pursue other opportunities.

In an announcement released yesterday, the company confirmed that Bruff’s decision will be made effective on March 12, 2021, with SVP, chief accounting officer and corporate controller Magnus Momsen set to serve in the role on an interim basis.

Momsen, 46, has served in the three roles he currently holds, plus as the company’s principal accounting officer, since January 2017, having joined the company in September 2010 as the controller of emerging businesses.

Bruff’s decision to depart the company comes on the heels of last week’s announcement that that CEO Dow Wilson will retire after Siemens Healthineers‘ planned $16.4 billion acquisition of the company, which is expected to close in the first half of this year.

Varian CEO Dow Wilson to retire after merger with Siemens Healthineers

Varian CEO Dow Wilson

Varian (NYSE: VAR) announced today that CEO Dow Wilson will retire after Siemens Healthineers‘ planned $16.4 billion acquisition of the company, which is expected to close in the first half of this year.

Wilson, who has been with Varian for 16 years, will serve as a special advisor to Siemens Healthineers (Frankfurt: SHL) to help support the integration. Varian COO Chris Toth will become CEO of Siemens Healthineers’ new Varian business segment.

“Since his appointment as CEO in 2012, Dow has led Varian’s efforts to define a new era in cancer care,” Varian board chair Andrew Eckert said in a news release.

“In addition to significantly extending the company’s market leadership and innovation in radiation therapy, he oversaw Varian’s progress in bringing artificial intelligence, machine learning and cloud solutions to the fight against cancer. Through this strategic transformation, Varian …

MedTech 100 roundup: January ends with a dip

After spending several weeks on the ascent, medtech stocks leveled out a bit to end January, ending a run of several new highs in 2021.

MassDevice‘s MedTech 100 index ended the week (Jan. 29) at 104.05 points, marking a -2.2% drop from the 106.4-point mark set at the end of the previous week (Jan. 22).

The index had previously reached 107.4 points on Jan. 20, topping the all-time best of 106.81 points set on Jan. 8. That mark represents a 16% jump from the pre-pandemic high of 92.32 set on Feb. 19, 2020, and a 72.9% overall leap from the lowest point of 62.13 set on March 23, 2020.

However, the drop from that high point to medtech’s current position is approximately -3.1%, although the industry still remains well above its pre-pandemic high (12.7%) and its mid-pandemic low point (67.5%).

Here are some of the best-performing medtech stocks from 2020.

While medtech saw a slight decline from the previous week, both of the overall markets fared …

Varian posts mixed bag Q1 results, expects Siemens takeover to complete in early 2021

Varian Medical Systems (NYSE:VAR) reported first-quarter results today that beat the earnings consensus on Wall Street but missed on revenue.

The company reported profits of $96.8 million, or $1.14 per share, on sales of $778.8 million for the three months ended Dec. 31, 2020, for a bottom-line gain of 8.9% sales loss of -6% compared with Q1 2020.

Adjusted to exclude one time-items, earnings per share were 82¢, 28¢ ahead of The Street, where analysts were looking for sales of $842.9 million.

“Our fourth-quarter performance continues to reaffirm the criticality of radiation therapy as a core treatment modality. I am proud of our dedicated employees who ensured our customers and their patients continued to have uninterrupted access to our innovative technology and solutions,” CEO Dow Wilson said in a news release. “While the pandemic continues to be a headwind, we are entering our next fiscal year with significant operating momentum, and …

Varian names new president & COO among other personnel changes

Varian Medical Systems (NYSE:VAR) today announced a trio of personnel changes including the appointment of a new president and COO.

Effective Oct. 5, 2020, current Varian Oncology Systems president Chris Toth will take over the newly created roll of president and COO. As a result, current senior VP of global operations Kevin O’Reilly will take over as president of Varian Oncology Systems and VP of revenue operations Stephanie Foster will become senior VP of global supply chain operations.

“This announcement is a testament to the deep and diverse bench of talented leaders we have at Varian, as well as a reflection of our commitment to realizing our vision and strengthening our support for Varian’s customers and their patients,” Varian CEO Dow Wilson said in a news release. “I’m thrilled to congratulate Chris, Kevin and Stephanie on their expanded leadership roles, and I’m confident that they will ensure our entire team is well-positioned to build on Varian…

MedTech 100 roundup: Another high as stocks tick up

For the third consecutive week, stocks in the medtech industry reached heights not yet seen since the COVID-19 pandemic began.

MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — sat at 89.65 points at the end of last week (Aug. 7). Overall, medtech stocks saw a 0.72% increase from the 89.01-point total at the same time a week prior (July 31).

On Aug. 5, the index reached 90.45 points, marking its highest point since that pre-pandemic high, with the previous mid-pandemic high (90.37) coming last week.

The most recent high mark represents just a -2% dip from the Feb. 19 high point of 92.32, marking the smallest margin of decline over the past five months.

Meanwhile, the S&P 500 Index saw a 2.5% increase from July 31 to Aug. 7, and the Dow Jones Index fared even better, positng a 3.8% rise over the same period of time.

Medtech’s lowest point during the COVID-19 pandemic remains at 62.13…

Siemens Healthineers to buy Varian for $16.4b

Siemens Healthineers (ETR: SHL) will acquire Varian Medical Systems (NYSE:VAR) in a $16.4 billion deal to create what the companies say will be the most comprehensive cancer care portfolio in the industry.

SHL shares closed down –8.95% to €40.02 apiece in trading in Germany today, while VAR shares are up 21.61% to $173.57 apiece as of midday NYSE trading. MassDevice’s MedTech 100 Index — which includes stock prices of the world’s largest medical device companies — is up 1.2% as of midday.

Both companies today also reported sales declines due to the COVID-19 pandemic, which has caused a reduction in healthcare procedures not related to the coronavirus.

The merger is slated for completion during the first half of 2021, pending approval of shareholders, regulatory approvals and other customary closing conditions. The deal, according to the companies, will combine complementary diagnostic tools, imaging, radiotherapy and AI capabilities to enable…

Varian appoints chief legal officer and interventional solutions president

Varian Medical Systems (NYSE:VAR) this week announced it appointed Michael Hutchingson as senior VP and chief legal officer and Francis Facchini as president of interventional solutions.

Prior to joining Varian, Hutchinson most recently served as VP and advisor to the chairman and CEO at Stryker. He also previously served as general counsel, VP and chief legal officer at Stryker where is he oversaw the global legal and compliance organization and the corporate secretary function.

Facchini joined the company as chief medical officer in 2019. In early 2020, he transitioned to interim leader of the interventional solutions to business. He is a board certified interventional radiologist with clinical appointment with VIR Chicago.

“Varian is propelled by a bold vision for the future of cancer care and a commitment to delivering innovative solutions for our customers and their patients,” president and CEO Dow Wilson said in a news release. “Both Michael …

Varian launches remote care software for cancer patients

Varian Medical Systems (NYSE:VAR) announced that it launched new capabilities for its Noona software for monitoring cancer patients.

Noona supports cancer care teams with patient screening, real-time symptom reporting, secure care team messaging, telephone triage automation and patient access to medical records, enabling continuous reporting and symptom monitoring for cancer patients.

Palo Alto, Calif.-based Varian also designed a new way to quickly and remotely implement the Noona software for cancer patients and care teams in a faster manner without increasing the risk of exposure to COVID-19.

Noona has already been implemented into care offered by Tennessee Oncology, with nearly 600 care team members using it, approximately 10,000 patients accessing the application and about 31,000 patients being managed through the triage automation.

“In light of COVID-19 and the difficulties it poses to the current state of cancer care delivery, cancer …