Varex secures $14 million orders for cargo systems

SALT LAKE CITY - Varex Imaging Corporation (NASDAQ:VREX) has announced receiving orders valued at approximately $14 million for its new high-energy cargo inspection systems. The VXP-6 Portal and VXM-6 Mobile systems are designed to enhance security at ports and borders through non-intrusive inspection of cargo and vehicles. According to InvestingPro data, Varex, currently valued at $567 million, shows signs of being slightly undervalued based on Fair Value analysis, with annual revenue of $811 million.

The CEO of Varex, Sunny Sanyal, expressed enthusiasm about the market’s response to the product line, highlighting the company’s established reputation in high-energy linear accelerators. The orders reflect the growing need for advanced security solutions in infrastructure protection globally.

Varex Imaging Corporation specializes in X-ray imaging components, including X-ray tubes and digital detectors, which are integral to various imaging systems across medical, industrial, and security sectors. With over 70 years in the industry, Varex employs a workforce of around 2,300 people worldwide.

The company has cautioned that statements regarding the interest in and performance of their products, as well as their impact on infrastructure security, contain forward-looking elements that involve certain risks and uncertainties. These statements are not guarantees of future performance and are subject to change.

The information for this article is based on a press release statement from Varex Imaging Corporation.

In other recent news, Varex Imaging Corporation announced a private offering of $125 million in senior secured notes due October 15, 2027. This offering is an addition to the company’s existing 7.875% senior secured notes, with $243 million currently outstanding. The proceeds from this offering will be used by Varex to partially repay its outstanding Convertible Notes, due in June 2025. The company may also use the funds to repurchase a portion of the Convertible Notes before their maturity. The new notes will be guaranteed by Varex’s existing and future domestic subsidiaries, as well as certain foreign subsidiaries. The offering is targeted at qualified institutional buyers and non-U.S. persons in compliance with Regulation S. Recent analyst notes from InvestingPro suggest expectations of improved profitability for Varex in the coming year.

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