Varex Provides COVID-19 Business Update

03/24/20

SALT LAKE CITY, March 24, 2020 – Varex Imaging Corporation (Nasdaq: VREX) today provided an update on the novel Coronavirus (COVID-19) and its business operations.

 

COVID-19 Update

 

Varex, like other businesses, continues to closely monitor the changing landscape associated with the spread of COVID-19. As an “essential business” dedicated to providing components needed to combat COVID-19 and maintain essential infrastructure, the company’s global manufacturing facilities currently remain open and operational, including the Wuxi facility which returned to normal operations several weeks ago.

 

The company’s products include critical components used in X-ray and CT systems used to detect and diagnose medical conditions, including lung screening for conditions associated with COVID-19. They also include industrial components used globally for border security and transportation services.

 

Globally, Varex has implemented a “work from home” policy for employees that are not essential to production activities and implemented social distancing measures for employees working at Varex facilities. The company is working with its government representatives on developments and will continue to adapt its business to comply with new requirements being implemented by local authorities.

 

Varex continues to communicate with its global customers as well as monitor its supply chain with global business partners while actively managing the inbound flow of material to the company’s factories. Varex has notified its suppliers that it considers itself to be an essential business and requested that suppliers remain operational to continue to provide Varex with needed materials and components. The company currently expects minimal impact on near-term deliveries.

 

Salt Lake City Earthquake

 

On the morning of March 18th, the company’s Salt Lake City facility experienced an earthquake that resulted in evacuation of the facility. No employees were injured and there was no structural damage to the company’s physical plant and equipment. The facility was closed for 24 hours to complete a full inspection and to ensure the safety of the employees, and is currently back to full production capacity.

 

About Varex

 

Varex Imaging Corporation is a leading innovator, designer and manufacturer of X-ray imaging components, which include X-ray tubes, digital detectors and other image processing solutions that are key components of X-ray imaging systems. With a 65+ year history of successful innovation, Varex’s products are used in medical imaging as well as in industrial and security imaging applications. Global OEM manufacturers incorporate the company’s X-ray sources, digital detectors, connecting devices and imaging software in their systems to detect, diagnose, protect and inspect. Headquartered in Salt Lake City, Utah, Varex employs approximately 2,000 people located at manufacturing and service center sites in North America, Europe, and Asia. For more information visit vareximaging.com.

 

Forward-Looking Statements

 

This news release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Statements concerning operations; the impact of the novel coronavirus; industry or market outlook; customer demand; ability of suppliers to meet demand; revenues, product volumes, or other expected future financial results or performance; and any statements using the terms “believe,” “expect,” “outlook,” “future,” “anticipate,” “will,” “could,” or similar statements are forward-looking statements that involve risks and uncertainties that could cause the company’s actual results to differ materially from those anticipated. While forward-looking statements are based on assumptions and analyses made by us that we believe to be reasonable under the circumstances, whether actual results and developments will meet our expectations and predictions depend on a number of risks and uncertainties which could cause our actual results, performance, and financial condition to differ materially from our expectations. Such risks and uncertainties include the impact of the novel coronavirus, including on Varex’s and its suppliers’ and customers’ operations; global economic conditions; demand for and delays in delivery of products of the company or its customers; the impact of reduced or limited demand by purchasers of certain X-ray products; and the other risks listed from time to time in our filings with the U.S. Securities and Exchange Commission, which by this reference are incorporated herein. Any forward-looking statements made by us in this news release speaks only as of the date on which it is made. Factors or events that could cause our actual results to differ may emerge from time to time, and it is not possible for us to predict all of them. The company assumes no obligation to update or revise the forward-looking statements in this release because of new information, future events, or otherwise.

 

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For Information Contact:

Howard Goldman

Director of Investor & Public Relations

Varex Imaging Corporation

801.978.5274 | [email protected]