D-Wave Quantum falls nearly 3% as earnings miss overshadows revenue beat
Varex Imaging Corporation (NASDAQ:VREX) stock has tumbled to a 52-week low, reaching a price level of $9.76 USD. According to InvestingPro data, the company’s current market capitalization stands at $379 million, with analysts setting price targets ranging from $15 to $26. This significant downturn reflects a challenging year for the company, with the stock experiencing a stark 1-year change, plummeting by -49.01%. While the company maintains a healthy current ratio of 4.36, indicating strong short-term liquidity, investors have been closely monitoring Varex Imaging as it navigates through a period marked by volatility and strategic reassessments. The latest price movement signals a critical juncture for the company’s market valuation and future prospects, with InvestingPro analysis indicating the stock is currently trading below its Fair Value. InvestingPro subscribers have access to 8 additional key insights and a comprehensive Pro Research Report that could help evaluate this potential turning point.
In other recent news, Varex Imaging Corporation reported its first-quarter financial results, revealing a revenue of $200 million, which fell short of Wall Street’s expectations of $201.7 million. Despite this, the company surpassed earnings per share estimates with non-GAAP net earnings of $0.07 per diluted share, compared to the projected $0.02. Looking forward, Varex projects second-quarter revenues between $200 million and $215 million, with non-GAAP net earnings per share ranging from $0.05 to $0.20. Additionally, the company secured orders worth approximately $14 million for its high-energy cargo inspection systems, reflecting a robust market demand for advanced security solutions.
In governance developments, Varex shareholders approved an amendment to the company’s corporate governance structure, limiting the monetary liability of certain officers for breaches of fiduciary duty. This amendment aligns with Delaware law and was part of broader efforts to update the company’s Amended and Restated Certificate of Incorporation. Analyst firm Jefferies recently adjusted Varex’s price target from $16 to $15, maintaining a Hold rating, with the adjustment reflecting current market dynamics. Oppenheimer analyst Suraj Kalia highlighted Varex’s core competencies, noting its strong market position despite near-term pressures.
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