Leading oncology and X-Ray products company, Varian Medical Systems (VAR) recently announced the release of its first complete Corporate Social Responsibility report, which provides details of its achievements and policies in preserving resources, providing care and helping to protect lives.
The “Varian Sustainability Report” has been written as an element of a broader company-wide effort to continuously enhance sustainability performance as well as transparency.
Varian launched, earlier in 2010, an organizational endeavor to evaluate sustainability performance and recognize opportunities and challenges to be addressed with the passage of time. This endeavor required cooperation from senior officials of all segments of the company.
The report relies on global reporting initiative parameters, which are accepted worldwide. It repeats Varian’s mission to help save the lives of an additional 100,000 persons every year, while laying out the governance set-up that provides the framework for the company’s sustainability activities. The contents of the report are arranged accordingly into four critical areas; namely, health access and outcomes, safety and responsibility, environmental and co-workers and communities.
Varian is a leading manufacturer of integrated radiotherapy systems for treating cancer and a premier supplier of X-ray tubes for diagnostic imaging applications. The company operates in a technology-driven environment, where success depends on the use of new technology, product development and upgrades. In the radiation oncology market, Varian competes with Accuray (ARAY).
Varian is poised to increase its market share in radiation oncology. It is currently enjoying a healthy demand for its coveted RapidArc and TrueBeam radiotherapy technology, which is meaningfully contributing to its net order oncology growth.
Moreover, Varian enjoys a strong balance sheet marked by minimal debt and sizeable cash. The company uses a part of its healthy cash flows for share repurchases.
However, Varian competes with larger players in a technology-intensive industry. Further, uncertainties stemming from health care reform and a still weak hospital capital spending environment across many developed countries, especially in Europe, are significant challenges. We currently have a Neutral recommendation on the stock.
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VARIAN MEDICAL (VAR): Free Stock Analysis Report
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