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Bio-Imaging
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Varian Medical Systems
Signs Agreement to Acquire Bio-Imaging Research; Acquisition to
Strengthen Varian's Security and Inspection Product Offerings
Other Topics: Surgical Data
Network, Health Information
Technology, Clinical Data
Management, Enterprise Imaging
Informatics
PRNewswire-FirstCall
April 25, 2007
Palo Alto, CA -- Varian Medical Systems, Inc. (NYSE: VAR) today
announced it has signed an agreement to acquire Bio-Imaging
Research, Inc. (BIR), a privately-held supplier of X-ray imaging
products for security and inspection. The acquisition will
enable Varian to offer security and inspections customers X-ray
imaging detectors and image processing software in addition to
its existing line of specialized linear accelerators for cargo
screening, inspection and non-destructive testing (NDT). Varian
expects to pay approximately $21 million to acquire BIR, which
is based in Lincolnshire, IL.
"The BIR technology will enable Varian to offer customers more
complete X- ray imaging solutions for cargo screening,
industrial inspection and non- destructive testing," said
Timothy E. Guertin, president and CEO of Varian Medical Systems.
"This expands our offering from components to a complete
mega-voltage X-ray imaging chain for cargo screening as well as
complete systems for non-destructive testing." |
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"This enhances
our growth opportunity in the important security and NDT markets
by expanding our product offerings for customers who manufacture
systems for cargo screening. It also gives us the ability to
design and offer complete systems for NDT," Guertin added. "BIR
has a strong management and product development team that has
established a reputation for imaging excellence and innovation
in the markets it has served for more than 25 years."
BIR, which has approximately 50 employees, will continue to
operate in its current facility in Lincolnshire, IL. It will
operate under Varian's Security and Inspection Products (SIP)
business unit and report to SIP General Manager Robert Drubka
under Varian Vice President Lester Boeh.
Varian anticipates the acquisition will add revenues of
approximately $5 million for the remainder of fiscal 2007, and
will be nearly neutral to diluted earnings per share in fiscal
2007.
To date, Varian has shipped more than 500 linear accelerators
for cargo screening and NDT.
About Varian
Varian Medical Systems, Inc., (NYSE: VAR) of Palo Alto,
California is the world's leading manufacturer of medical
products for treating cancer and other medical conditions with
radiotherapy, brachytherapy, radiosurgery, and proton therapy.
The company supplies informatics software for managing
comprehensive cancer clinics, radiotherapy centers, and medical
oncology practices. Varian is a premier supplier of tubes and
digital detectors for X-ray imaging in medical, scientific, and
industrial applications. Varian also supplies X-ray imaging
products for cargo screening and industrial inspection. Varian
Medical Systems employs approximately 4,200 people who are
located at manufacturing sites in North America and Europe and
in its 56 sales and support offices around the world. Additional
information is available on the company's investor relations web
site at http://www.varian.com/.
Forward-Looking Statements
Except for historical information, this news release
contains "forward- looking" statements within the meaning of the
Private Securities Litigation Reform Act of 1995. Statements
concerning customer demand and acceptance of products or
technology for the security and inspection business, and the
outlook for Varian's orders, sales, backlog, or earnings growth;
future financial results and any statements using the terms
"will," "expect," "anticipates," "preparing," or similar
statements are forward-looking statements that involve risks and
uncertainties that could cause Varian's actual results to differ
materially from those anticipated. Such risks and uncertainties
include the successful finalization of the acquisition; the
ability to effectively integrate the operations of BIR into
Varian and BIR products into Varian's security and inspections
products, the ability to retain the services of key BIR
management and technical personnel; demand for Varian's and
BIR's products; Varian's ability to develop and commercialize
new products; the impact of competitive products and pricing;
Varian's ability to maintain or increase operating margins;
Varian's ability to protect its and BIR's intellectual property
and defend against intellectual property claims; the risk of
operations interruptions due to events beyond Varian's control;
and the other risks listed from time to time in Varian's filings
with the Securities and Exchange Commission. We assume no
obligation to update or revise the forward-looking statements in
this release because of new information, future events, or
otherwise. Website: http://www.varian.com/ |
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