Reading VREX? Track it free: the weekly brief, plus an alert if the thesis breaks. No credit card.
Track VREX free→Reading VREX? Track it free: the weekly brief, plus an alert if the thesis breaks. No credit card.
Track VREX free→NASDAQHealth CareMedical DevicesSnapshot 2026-06-15
Recent financial performance is holding in the top half of its industry — the reason to own it looks intact.
Recent financial performance is strong. Earnings quality cannot be assessed because the company was unprofitable over the past year. Management's recent track record has been fairly steady. Risk is elevated, and the sector backdrop is a headwind. Compared with sector peers, VREX is above typical. Peer multiples imply a price about 52% above where it trades (it looks cheap on this basis); the read is cheap, value-trap risk. This pattern occurs because it trades below peer multiples, but recent financials are weak. The read is provisional.
Daily closes. Earnings/event dots are placed inline.
A consensus fair price across 5 valuation methods, at three horizons. Current price $10.44. Estimates are diagnostics, not price targets. Short-horizon estimates are close to coin-flips, so confidence is a method-agreement read, not a prediction.
No-growth: today's peer multiple on trailing earnings. The headline read.
Embeds projected growth. Leans optimistic by design. Upside context.
We take the 12-month fair value above and grade our own number — how the market prices this name versus what we'd justify, and where the two diverge.
At $10 VREX trades at 11× p/e, below its 23× p/e peer median. Our $22 fair value sits above the price; medium confidence. Not investment advice.
One valuation read at a 12-month horizon, plus how price compares to peers and the company's own history.
The price implies about 52% below a flat-multiple fair value, below our forecast of about 3%. This describes what's priced in, not a forecast of the move.
Only a turbulent sector regime (Heating) — not the full expensive x weak x turbulent stack.
For similar setups historically (n=20,154): about 33% saw a 20%+ drawdown, and roughly 76% of those did not recover within the year. These are historical base rates for the cohort, not a forecast of this stock.
Each factor is a parallel diagnostic with a clear read of what it shows and how names like it have historically fared. Never aggregated into a single score.
Operating income rose in 1 of the last 3 quarter-over-quarter moves. Historically, Health Care names rated strong grew net income 59% of the time over the next year (vs 52% for the rest of the cohort, n=2344).
Over the trailing year it converted 0.02x of net income into operating cash flow.
Most sensitive to the broad stock market.
Not enough signal to read sensitivity to the US dollar, real (inflation-adjusted) rates, long-term interest rates, Fed net liquidity.
4 material management or governance events in the past 24 months, led by capital-allocation actions. Historically, Health Care names rated neutral grew net income 58% of the time over the next year (vs 50% for the rest of the cohort, n=842).
The next print and the backdrop around it (sector regime and the AI cycle). Context for the path, not a forecast of returns.
EPS estimate $0.22 → $0.20 (-9.0% / 30d). 0 raised, 2 cut, 5 covering analysts.
0 upgrades, 0 downgrades / 30d. 80% of analysts rate Buy.
Divergence: fundamentals are strong but estimates are being cut. Worth reading the recent material events.
How management runs the business: capital, margins, balance sheet, and how reliably they guide and deliver.
Met or beat guidance 100% of the last 2 guided quarters · 142.5% avg surprise
What a normal day, a bad day, and the worst of the last year would mean for a $10,000 position.
On a typical day, $10k can swing ±$154.
How much price usually moves either way.
On a bad day, this stock has moved -$439.
A rough but not unusual down day (about the 95th percentile).
In the worst 12 months, $10k could have lost $3,510.
Deepest peak-to-trough drop in the last year.
Past results, not a forecast. Not investment advice.
The most important moves since the prior daily snapshot.
No material changes since the prior snapshot.
as of 2026-06-15
Specific, dated things to watch for, each with what would confirm it and what would prove it wrong.
Why it matters: If health care revenue growth picks up, it could benefit Varex. A stronger sector may improve investor sentiment.
Confirms:Health care revenue growth speeds up to 10% or more.
Disproves:Health care revenue growth keeps slowing down below current levels.
Recent news graded against this company's own objectives — whether it reinforces or challenges the thesis, and how confirmed it is.
No graded news catalysts for VREX yet.
Conditional scenarios: if X happens, the view would shift in this direction. These are not predictions.
Recent SEC 8-K filings ranked by likely impact, confidence, and recency.
Results of Operations and Financial Condition On May 7, 2026 , Varex Imaging Corporation (the “Company”) issued a press release announcing its preliminary results of operations for the three and six months ended April 3, 2026 entitled: “Varex Announces Financial Results for Second Quarter Fiscal Year 2026.” A copy of the press release is furnished as Exhibit 99.1 and incorporated by reference into this item. This information shall not be deemed “filed” for purposes of Section 18 of the Exchan…
Whether the overall read has been drifting up or down lately, and how it's changed since last week.
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
Long-thesis check; widest uncertainty.
Looks cheaper than most peers in the same business.
Self-history needs ~20 months of data.
Trailing four: 2025-Q2, 2025-Q3, 2026-Q1, 2026-Q2
A side-by-side read on sector standing, valuation, and risk versus Health Care Equipment.
| Stock | Sector standing | Valuation | Risk |
|---|---|---|---|
VREX Varex Imaging Corp. | Above typical Show detailsSector percentile: 75 of 100 | inexpensive | elevated |
ABT Abbott Laboratories | Above typical Show detailsSector percentile: 94 of 100 | fair | moderate |
ISRG Intuitive Surgical | Above typical Show detailsSector percentile: 94 of 100 | expensive | moderate |
SYK Stryker Corporation | Above typical Show detailsSector percentile: 71 of 100 | fair | moderate |
MDT Medtronic | Above typical Show detailsSector percentile: 89 of 100 | fair | moderate |
Not investment advice. As of 2026-06-15.
via XLV
Tailwind = sector leading the S&P 500; headwind = trailing. Both can be constructive. Historically, headwind regimes have averaged stronger forward returns than tailwind.
Context label only: describes the market state (e.g. real bear vs narrative panic, healthy uptrend vs late-stage froth). It is not a per-ticker buy/sell signal and does not predict factor performance.
Not investment advice. As of 2026-06-15.
Priorities management has stated in recent disclosures, with status and evidence drawn from earnings calls, filings, and press releases.
Aim to achieve full fiscal year 2026 revenue in the range of $860 million to $880 million.
Stated in 2 of last 2 quarters. Revenue was $216M in 2026-Q2, aligning with the quarterly guidance range of $210M-$225M. The trajectory is delivering towards the full-year target of $860M-$880M.
“Full fiscal year 2026 revenue is expected to be in the range of $860 million to $880 million.”
“Guidance for the second quarter of fiscal year 2026 is as follows: Revenues are expected to be between $210 million and $225 million.”
Target non-GAAP EPS to be in the range of $0.80 to $1.00 for fiscal year 2026.
Newly stated in 2026-Q2. EPS was -$0.19 in 2026-Q2, indicating a gap from the full-year non-GAAP EPS target of $0.80-$1.00. Limited progress towards the annual EPS goal so far.
“Non-GAAP EPS to be in the range of $0.80 to $1.00.”
Focus on managing capital allocation, including credit agreements and financial obligations.
Newly stated in 2026-Q1. The company entered into a Credit and Guaranty Agreement, indicating a focus on capital allocation. However, financials show a net income of -$8.1M in 2026-Q2, suggesting challenges in capital management.
“Entered into a Credit and Guaranty Agreement with various banks.”
Why it matters: The earnings report will show if Varex can improve its loss-making status. Investors will look for signs of recovery.
Confirms one read:Q2 earnings show smaller losses or a return to making money.
Confirms the other:Q2 earnings show losses that are worse than expected, indicating ongoing struggles.
Entry into a Material Definitive Agreement On March 13, 2026, Varex Imaging Corporation (the “Company”) and certain of its subsidiaries entered into a Credit and Guaranty Agreement with, among others, the lenders and issuing banks from time to time party thereto, Zions Bancorporation, N.A. dba Zions First National Bank, as administrative agent and collateral agent, Citizens Banks, National Association and Bank of Montreal as co-documentation agents, Zions Bancorporation, N.A. dba Zions First…
Other Events On March 16, 2026, the Company issued a press release announcing the closing of the Credit Facility. A copy of the press release is filed herewith as Exhibit 99.1 and is incorporated herein by reference.
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant. The disclosure required by this item is included in
Termination of a Material Definitive Agreement On March 6, 2026, the Company delivered a notice of conditional full redemption (the “Redemption Notice”) relating to the redemption of all its $368,000,000 aggregate principal amount of outstanding 7.875% Senior Secured Notes due 2027 (the “2027 Notes”) on March 16, 2026 (the “Redemption Date”). The 2027 Notes were issued pursuant to a Senior Secured Notes Indenture, dated as of September 30, 2020, among the Company, as issuer, the guarantors pa…