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Varian Medical Systems

Varian Medical Systems

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Varian Medical Systems

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  1. Varian Medical Systems By KJ Neish

  2. History • Originally incorporated in 1948 as Varian Associates, Inc. • Changed name to Varian Medical Systems, Inc. in April 1999 • Fiscal Year-end Sept. 28, 2012 • 1Q results Jan. 23, 2013

  3. The Company • Oncology Systems (78% 2012 revenues) • X-ray (18%) • Other (4%)

  4. Oncology Systems segment • Provides medical devices and software for treating cancer • Linear accelerators • Brachytherapy afterloaders • Simulation and verification software • Hospitals, cancer care clinics, government institutions, research facilities, doctors’ offices

  5. Radiation Therapy • The use of focused energy to kill cancer cells • Used alone or in combination with surgery or chemotherapy • Different forms of treatment • The most common form involves delivering x-ray beams • 65% increase in new cases of cancer from 2008 to 2030

  6. X-ray Products segment • Design and manufacturer of x-ray components • X-ray tubes • Flat panel detectors • Toshiba Corp., Hitachi Medical Corp., GE healthcare • InfiMed acquisition • 20-25% market share

  7. Other • Ginzton Technology Center (GTC) • Security and Inspection (SIP) • Varian Particle Therapy (VPT)

  8. Growth • Emerging markets • Strategic global partnership with Siemens Medical Systems • Commercialization of proton therapy • Product innovation

  9. Emerging Markets • 2 linear accelerators/million. US has 13 • China • India • Regulatory clearance in India • Population over 1 bil. • 1 mil. new cases of cancer each year • Brazil • Competing for public tender of more than 80 units • Reverse auction bidding • Announced in Jan-Feb

  10. Strategic Partnership • Mutually market each other's products • Co-develop opportunities

  11. Proton Therapy • Latest innovation in the radiotherapy field • Proton particles • Less invasive, better targeting • Vital organs less at risk • 70% reduction in radiation exposure • Large-scale construction projects • Emory University and University of Maryland

  12. -National Association for Proton Therapy

  13. Product Innovation • EDGE • 510(k) clearance • Integrates technology with tools for real-time imaging and tracking • Launched in Nov • Lung, liver, and pancreatic cancer

  14. Comparable Analysis (0%)

  15. Discounted Cash Flow (100%) • Revenue • Smaller margins • SG&A increase as a % revenue • 4% intermediate growth rate • Cost of debt calculated based on last issuance • 9.35% undervalued

  16. Beta

  17. Questions

  18. BUY For Tall Firs and Svigals’ portfolio