Form 8-K - Current report

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

___________________________________

FORM 8-K

_____________________________________________________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d)

of the Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): November 14, 2023

___________________________________

VAREX IMAGING CORPORATION

(Exact name of registrant as specified in its charter)

___________________________________


	Delaware
(State or Other Jurisdiction of Incorporation)

001-37860		81-3434516
(Commission File Number)		(I.R.S. Employer Identification No.)

1678 S. Pioneer Road, Salt Lake City, Utah		84104
(Address of principal executive offices)		(Zip Code)

Registrant’s telephone number, including area code: (801) 972-5000

Not Applicable

(Former name or former address, if changed since last report)

___________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):


☐			Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐			Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐			Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐			Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:


Title of each class	Trading Symbol(s)	Name of each exchange on which registered
Common Stock	VREX	The Nasdaq Global Select Market

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 or Rule 12b - 2 of the Securities Exchange Act of 1934. Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐

Item 2.02. Results of Operations and Financial Condition

On November 14, 2023, Varex Imaging Corporation issued a press release announcing its preliminary results of operations for the three months and twelve months ended September 29, 2023 entitled: “Varex Announces Financial Results for Fourth Quarter and Fiscal Year 2023.” 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 Exchange Act or incorporated by reference in any filing under the Securities Act or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

Item 9.01 Financial Statements and Exhibits

(d) Exhibits


Exhibit No.			Description
99.1			Press Release dated November 14, 2023 entitled “Varex Announces Financial Results for Fourth Quarter and Fiscal Year 2023"
104			Cover Page Interactive Data File (embedded within the Inline XBRL document)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.


		VAREX IMAGING CORPORATION

Dated: November 14, 2023	By:	/s/ Kimberley E. Honeysett
		Kimberley E. Honeysett
		Chief Legal Officer, General Counsel, and Corporate Secretary

Exhibit 99.1

VAREX ANNOUNCES FINANCIAL RESULTS FOR

FOURTH QUARTER AND FISCAL YEAR 2023

SALT LAKE CITY, November 14, 2023 – Varex Imaging Corporation (Nasdaq: VREX) today announced its unaudited financial results for the fourth quarter of fiscal year 2023.

Q4 FY23 Summary

•Revenues of $227 million

•GAAP gross margin 34% | Non-GAAP gross margin* 36%

•GAAP operating expense $54 million | Non-GAAP operating expense* $51 million

•GAAP operating margin 11% | Non-GAAP operating margin* 13%

•GAAP net income $0.66 per diluted share | Non-GAAP net income* $0.45 per diluted share

•Cash flow from operations $47 million

FY23 Summary

•Record revenues of $893 million

•GAAP gross margin 32% | Non-GAAP gross margin* 33%

•GAAP operating expense $213 million | Non-GAAP operating expense* $199 million

•GAAP operating margin 9% | Non-GAAP operating margin* 11%

•GAAP net income $1.08 per diluted share | Non-GAAP net income* $1.27 per diluted share

•Cash flow from operations $108 million

“We are pleased to report another solid quarter. Revenue of $227 million in the fourth quarter of fiscal 2023 was the result of the strong performance in our Industrial segment, offset primarily by lower revenue in China in our Medical segment.” said Sunny Sanyal, Chief Executive Officer of Varex. Sanyal added, “Cash generation remained robust due to solid profitability and a continued focus on inventory management, enabling us to finish the fiscal year with $195 million of cash and marketable securities on the balance sheet."

Varex’s revenues in the fourth quarter decreased 2% sequentially from the third quarter of fiscal year 2023 with the Medical segment down 7% and the Industrial segment up 12%. Compared to the fourth quarter of fiscal year 2022, overall revenues decreased 2% with Medical down 10% and Industrial up 27%. Non-GAAP gross margin of 36% percent and non-GAAP EPS of $0.45 was driven primarily by a higher proportion of Industrial sales and better price realization.

Sanyal continued, "We believe we are well positioned to grow in China when the anti-corruption campaign winds down and the healthcare market improves. At the same time, through investments in new products and applications, we are encouraged by the long-term growth potential of our Industrial segment.”

Balance Sheet & Cash Flow

Cash flow from operations was $47 million for the fourth quarter of fiscal year 2023. Cash, cash equivalents, marketable securities, and certificates of deposits as of the end of fiscal year 2023 totaled $195 million.

Outlook

The following guidance is provided for the first quarter of fiscal year 2024:

•Revenues are expected to be between $180 million and $200 million

•Non-GAAP net income per diluted share is expected to be between $0.00 and $0.20

Guidance for the company's net income per diluted share is provided on a non-GAAP basis only. This non-GAAP financial measure is forward-looking, and the company is unable to provide a meaningful or accurate reconciliation to a GAAP forecast of net income per diluted share without unreasonable effort due to certain of these reconciling items being uncertain, out of our control, and the amount and timing of these items being unable to be reasonably predicted. The actual amounts of such reconciling items could have a significant impact on the company's GAAP net income per diluted share.

Non-GAAP Financial Measures

*Please refer to "Reconciliation between GAAP and non-GAAP Financial Measures" below for a reconciliation of non-GAAP items to the comparable GAAP measures.

Conference Call Information

Varex will conduct its earnings conference call for the fourth quarter of fiscal year 2023 today at 3:00 p.m. Mountain Time. The conference call, including a supplemental slide presentation, will be webcast live and can be accessed at Varex’s website at vareximaging.com/investors. Access will also be available by dialing 877-524-8416 from anywhere in the U.S. or by dialing 412-902-1028 from non-U.S. locations. The webcast and supplemental slide presentation will be archived on Varex’s website. A replay of the call will be available from today through November 28th at 877-660-6853 from anywhere in the U.S. or 201-612-7415 from non-U.S. locations. The replay access code is 13741953. The listen-only webcast link is:

https://event.choruscall.com/mediaframe/webcast.html?webcastid=jaQBhURj

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 70+ 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 2,400 people located 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 unaudited financial results; industry or market outlook; growth potential performance, and marketing positioning; revenues, product volumes, cash generation or other expected future financial results or performance; and any statements using the terms “believe,” “expect,”"encouraged," “intend,” “outlook,” “future,” “anticipate,” “will,” “could,” “estimate,” “guidance,” or similar statements are forward-looking statements that involve risks and uncertainties that could cause Varex’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 reduction in or loss of business of one or more of our large customers; inability to effectively compete with competitors; market erosion due to pricing pressures and other factors; failure to meet customers’ needs and demands; economic instability, shifting political environments, changing tax treatment, reactionary regulatory regimes, and other risks associated with doing business internationally; supply chain

disruptions; inability to maintain or defend intellectual property rights, and the high cost of protecting such rights and defending against infringement claims; disruption of critical information systems or material security breaches of such systems; non-compliance with product-related regulations and delays in obtain regulatory clearances or approvals; 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 statement 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. Varex assumes no obligation to update or revise the forward-looking statements in this release because of new information, future events, or otherwise.

Varex has not filed its Form 10-K for the fiscal year 2023. All financial results described here should be considered preliminary, and are subject to change to reflect any necessary adjustments or changes in accounting estimates that are identified prior to the time Varex files the Form 10-K.

# # #

For Information Contact:

Christopher Belfiore

Director of Investor Relations

Varex Imaging Corporation

801.973.1566 | christopher.belfiore@vareximaging.com

VAREX IMAGING CORPORATION

CONSOLIDATED STATEMENTS OF OPERATIONS

(Unaudited)


	Three Months Ended				Twelve Months Ended
(In millions, except for per share amounts)	September 29, 2023		September 30, 2022		September 29, 2023		September 30, 2022
Revenues, net
Medical	$	163.7	$	181.5	$	673.3	$	674.7
Industrial	63.7		49.9		220.1		184.7
Total revenues	227.4		231.4		893.4		859.4

Gross profit
Medical	52.8		56.8		205.5		210.5
Industrial	25.2		17.7		84.8		73.0
Total gross profit	78.0		74.5		290.3		283.5
Operating expenses:
Research and development	21.8		20.2		84.8		77.0
Selling, general and administrative	31.9		29.7		128.4		118.3

Total operating expenses	53.7		49.9		213.2		195.3
Operating income	24.3		24.6		77.1		88.2
Interest income	1.6		0.2		3.7		0.4
Interest expense	(7.2)		(9.4)		(29.3)		(39.8)
Other expense, net	(17.7)		(1.3)		(20.2)		(4.3)
Interest and other expense, net	(23.3)		(10.5)		(45.8)		(43.7)
Income before taxes	1.0		14.1		31.3		44.5
Income tax (benefit) expense	(31.0)		0.9		(17.4)		13.7
Net income	32.0		13.2		48.7		30.8
Less: Net income attributable to noncontrolling interests	0.1		0.1		0.5		0.5
Net income attributable to Varex	$	31.9	$	13.1	$	48.2	$	30.3
Net income per common share attributable to Varex
Basic	$	0.79	$	0.33	$	1.20	$	0.76
Diluted	$	0.66	$	0.32	$	1.08	$	0.73
Weighted average common shares outstanding
Basic	40.4		40.0		40.3		39.8
Diluted	50.5		40.9		50.3		41.6

VAREX IMAGING CORPORATION

CONSOLIDATED BALANCE SHEETS

(Unaudited)


(In millions, except share and per share amounts)	September 29, 2023		September 30, 2022
Assets
Current assets:
Cash and cash equivalents	$	152.6	$	89.4
Account receivable, net	163.6		173.3
Inventories, net	277.5		303.2
Prepaid expenses and other current assets	64.6		44.0
Total current assets	658.3		609.9
Property, plant and equipment, net	143.6		141.3
Goodwill	288.5		284.5
Intangible assets, net	22.4		33.6
Investments in privately-held companies	29.0		46.4
Deferred tax assets	41.3		2.3
Operating lease assets	29.0		23.2
Other assets	37.5		43.2
Total assets	$	1,249.6	$	1,184.4
Liabilities and stockholders' equity
Current liabilities:
Accounts payable	$	64.7	$	78.2
Accrued liabilities and other current liabilities	82.6		81.4
Current operating lease liabilities	3.8		4.0
Current maturities of long-term debt	1.5		2.1
Deferred revenues	10.2		7.4
Total current liabilities	162.8		173.1
Long-term debt, net	441.1		412.3
Deferred tax liabilities	—		0.5
Operating lease liabilities	23.1		18.0
Other long-term liabilities	41.6		33.8
Total liabilities	668.6		637.7


Stockholders' equity:
Preferred stock, $.01 par value: 20,000,000 shares authorized, none issued	—		—
Common stock, $.01 par value: 150,000,000 shares authorized
Shares issued and outstanding: 40,529,573 and 40,085,126 at September 29, 2023 and September 30, 2022, respectively	0.4		0.4

Additional paid-in capital	450.4		469.1
Accumulated other comprehensive (loss) income	(1.2)		0.1
Retained earnings	118.1		63.8
Total Varex stockholders' equity	567.7		533.4
Noncontrolling interests	13.3		13.3
Total stockholders' equity	581.0		546.7
Total liabilities and stockholders' equity	$	1,249.6	$	1,184.4

VAREX IMAGING CORPORATION

RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL MEASURES

(Unaudited)


	Three Months Ended						Twelve Months Ended
(In millions, except per share amounts)	September 29, 2023			September 30, 2022			September 29, 2023			September 30, 2022
GROSS PROFIT RECONCILIATION
Revenues, net	$	227.4		$	231.4		$	893.4		$	859.4
Gross profit	78.0			74.5			290.3			283.5
Amortization of intangible assets	1.9			1.7			7.3			7.2


Other non-operational costs	1.1			—			1.1			—

Non-GAAP gross profit	$	81.0		76.2			298.7			290.7
Gross margin	34.3		%	32.2		%	32.5		%	33.0		%
Non-GAAP gross margin	35.6		%	32.9		%	33.4		%	33.8		%

SELLING, GENERAL AND ADMINISTRATIVE EXPENSE RECONCILIATION
Selling, general and administrative	$	31.9		$	29.7		$	128.4		$	118.3
Amortization of intangible assets	1.6			1.7			6.4			7.4

Restructuring charges	1.0			1.7			3.2			7.3


Other non-operational costs	(0.3)			(0.6)			4.3			1.4
Non-GAAP selling, general and administrative expense	$	29.6		$	26.9		$	114.5		$	102.2

OPERATING EXPENSE RECONCILIATION
Total operating expenses	$	53.7		$	49.9		$	213.2		$	195.3
Amortization of intangible assets	1.6			1.7			6.4			7.4


Restructuring charges	1.0			1.7			3.2			7.3


Other non-operational costs	(0.3)			(0.6)			4.3			1.4
Non-GAAP operating expense	$	51.4		$	47.1		$	199.3		$	179.2



VAREX IMAGING CORPORATION RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL MEASURES (Unaudited)

	Three Months Ended						Twelve Months Ended
(In millions, except per share amounts)	September 29, 2023			September 30, 2022			September 29, 2023			September 30, 2022
OPERATING INCOME RECONCILIATION
Operating income	$	24.3		$	24.6		$	77.1		$	88.2
Amortization of intangible assets (includes amortization impacts to cost of revenues)	3.5			3.4			13.7			14.6


Restructuring charges (includes restructuring impact to cost of revenues)	1.0			1.7			3.2			7.3


Other non-operational costs (includes other non-operational impacts to cost of revenues)	0.8			(0.6)			5.4			1.4
Total operating income adjustments	5.3			4.5			22.3			23.3
Non-GAAP operating income	$	29.6		$	29.1		$	99.4		$	111.5
Operating margin	10.7		%	10.6		%	8.6		%	10.3		%
Non-GAAP operating margin	13.0		%	12.6		%	11.1		%	13.0		%

INCOME BEFORE TAXES RECONCILIATION
Income before taxes	$	1.0		$	14.1		$	31.3		$	44.5
Total operating income adjustments	5.3			4.5			22.3			23.3


Convertible notes non-cash interest expense	—			2.3			—			8.8

Investment impairment charges	16.4			—			16.4			—
Other non-operational costs	—			—			—			1.2
Total income before taxes adjustments	21.7			6.8			38.7			33.3
Non-GAAP income before taxes	$	22.7		$	20.9		$	70.0		$	77.8

INCOME TAX (BENEFIT) EXPENSE RECONCILIATION
Income tax (benefit) expense	$	(31.0)		$	0.9		$	(17.4)		$	13.7
Tax effect on non-GAAP adjustments	(32.4)			(2.7)			(29.1)			(6.1)
Non-GAAP income tax (benefit) expense	$	1.4		$	3.6		$	11.7		$	19.8



VAREX IMAGING CORPORATION RECONCILIATION BETWEEN GAAP AND NON-GAAP FINANCIAL MEASURES (Unaudited)

	Three Months Ended						Twelve Months Ended
(In millions, except per share amounts)	September 29, 2023			September 30, 2022			September 29, 2023			September 30, 2022
NET INCOME AND DILUTED NET INCOME PER SHARE RECONCILIATION
Net income attributable to Varex	$	31.9		$	13.1		$	48.2		$	30.3
Total income before taxes adjustments	21.7			6.8			38.7			33.3
Effective tax rate on non-GAAP adjustments	(149.3)		%	(39.7)		%	(75.2)		%	(18.3)		%
Tax effect on non-GAAP adjustments	(32.4)			(2.7)			(29.1)			(6.1)

Non-GAAP net income	21.2			17.2			57.8			57.5
Interest expense on Convertible Notes, net of tax	1.5			—			6.2			—
Diluted Non-GAAP net income	22.7			17.2			64.0			57.5
Diluted net income per share	0.66			0.32			1.08			0.73
Non-GAAP diluted net income per share	$	0.45		$	0.42		$	1.27		$	1.43


DILUTED WEIGHTED AVERAGE SHARES OUTSTANDING RECONCILIATION
GAAP weighted average common shares - dilutive	50.5			40.9			50.3			41.6
Dilution offset from convertible notes hedge transaction	—			(0.5)			—			(1.3)

Non-GAAP dilutive shares	50.5			40.4			50.3			40.3

ADJUSTED EBITDA RECONCILIATION
Net income attributable to Varex	$	31.9		$	13.1		$	48.2		$	30.3
Interest expense	7.2			9.4			29.3			38.6
Income tax (benefit) expense	(31.0)			0.9			(17.4)			13.7
Depreciation	5.3			4.7			19.5			19.0
Amortization	3.5			3.4			13.7			14.6
Stock based compensation	3.4			3.3			13.5			14.0


Restructuring charges	1.0			1.7			3.2			7.3

Impairment charges	16.4			—			16.4			—
Other non-operational costs	0.8			(0.6)			5.4			2.6
Adjusted EBITDA	$	38.5		$	35.9		$	131.8		$	140.1

Discussion of Non-GAAP Financial Measures

This press release includes non-GAAP financial measures derived from our Consolidated Statements of Operations. These measures are not presented in accordance with, nor are they a substitute for U.S. generally accepted accounting principles, or GAAP. These measures include: non-GAAP gross profit; non-GAAP gross margin; non-GAAP selling, general and administrative expense; non-GAAP operating expense; non-GAAP operating income; non-GAAP operating margin; non-GAAP income before taxes; non-GAAP income tax (benefit) expense; non-GAAP net income; non-GAAP diluted net income per share, non-GAAP dilutive shares; and adjusted EBITDA. We are providing a reconciliation above of each non-GAAP financial measure used in this earnings release to the most directly comparable GAAP financial measure. We are unable to provide without unreasonable effort a reconciliation of non-GAAP guidance measures to the corresponding GAAP measures on a forward-looking basis due to the potential significant variability and limited visibility of the excluded items discussed.

We utilize a number of different financial measures, both GAAP and non-GAAP, in analyzing and assessing the overall performance of our business, in making operating decisions, and forecasting and planning for future periods. We consider the use of the non-GAAP measures to be helpful in assessing the performance of the ongoing operation of our business by excluding unusual and one-time costs. We believe that disclosing non-GAAP financial measures provides useful supplemental data that allows for greater transparency in the review of our financial and operational performance. We also believe that disclosing non-GAAP financial measures provides useful information to investors and others in understanding and evaluating our operating results and future prospects in the same manner as management and in comparing financial results across accounting periods and to those of peer companies.

Non-GAAP measures include the following items:

Amortization of intangible assets: We do not acquire businesses and assets on a predictable cycle. The amount of purchase price allocated to intangible assets and the term of amortization can vary significantly and are unique to each acquisition or purchase. We believe that excluding amortization of intangible assets allows the users of our financial statements to better review and understand the historic and current results of our operations, and also facilitates comparisons to peer companies.

Purchase price accounting charges to cost of revenues: We may incur charges to cost of revenues as a result of acquisitions. We believe that excluding these charges allows the users of our financial statements to better understand the historic and current cost of our products, our gross margin, and also facilitates comparisons to peer companies.

Restructuring charges: We incur restructuring charges that result from events, which arise from unforeseen circumstances and/or often occur outside of the ordinary course of our on-going business. Although these events are reflected in our GAAP financials, these unique transactions may limit the comparability of our on-going operations with prior and future periods.

Acquisition and integration related costs: We incur expenses or benefits with respect to certain items associated with our acquisitions, such as transaction costs, changes in fair value of acquisition related hedges, changes in the fair value of contingent consideration liabilities, gain or expense on settlement of pre-existing relationships, etc. We exclude such expenses or benefits as they are related to acquisitions and have no direct correlation to the operation of our on-going business. We also incur expenses or benefits with respect to certain items associated with our acquisitions, such as integration costs relating to acquisitions for any costs incurred prior to closing and up to 12 months after the closing date of the acquisition.

Impairment charges: We may incur impairment charges that result from events, which arise from unforeseen circumstances and/or often occur outside of the ordinary course of our on-going business and such charges may limit the comparability of our on-going operations with prior and future periods.

Other non-operational costs: Certain items may be non-recurring, unusual, infrequent and directly related to an event that is distinct and non-reflective of the company’s ongoing business operations. These may include such items as non-ordinary course litigation, legal settlements, inventory write-downs for discontinued products, cost of facilities no longer in use, extinguishment of debt and hedge costs, environmental settlements, governmental settlements including tax settlements, and other items of similar nature.

Convertible notes non-cash interest expense: We issued convertible notes in June 2020 at a discount related to the conversion feature of the notes and capitalized certain costs related to the issuance of these notes. The discount and capitalized issuance costs are amortized into interest expense over the term of the convertible notes. The amortization recognized for the convertible notes will be greater than the cash interest payments for the notes. We believe that excluding the convertible

notes non-cash interest expense allows the users of our financial statements to better understand the historic and current results of our operations. This also facilitates comparisons to peer companies.

Non-operational tax adjustments: Certain tax items may be non-recurring, unusual, infrequent and directly related to an event that is distinct and non-reflective of the company’s normal business operations. These may include such items as the retroactive impact of significant changes in tax laws, including changes to statutory tax rates and one-time tax charges.

Tax effects of operating income adjustments: We apply our non-GAAP adjustments to the GAAP pretax income to calculate the non-GAAP effective tax rate. This application of our non-GAAP effective tax rate excludes any discrete items, as defined in the guidance for accounting for income taxes in interim periods, or any other non-operational tax adjustments.

Dilution offset from convertible notes hedge transaction: In connection with the issuance of the company’s Convertible Senior Unsecured Notes (the Convertible Notes) in June 2020, the company entered into convertible note hedge transactions (the Hedge Transactions) to reduce the potential dilutive effect on common shares upon the eventual conversion of the Convertible Notes. GAAP diluted shares outstanding includes the incremental dilutive shares from the company’s Convertible Notes. Under GAAP, the anti-dilutive impact of the Convertible Note Hedge Transactions is not reflected in GAAP diluted shares outstanding. In periods in which the average stock price per share exceeds $20.81 and the company has GAAP net income, the non-GAAP diluted share count includes the anti-dilutive impact of the company’s Hedge Transactions, which reduces the potential dilution that otherwise would occur upon conversion of the company’s Convertible Notes. We believe non-GAAP diluted shares is a useful non-GAAP metric because it provides insight into the offsetting economic effect of the Hedge Transactions against potential conversion of the Convertible Notes.

Cover Cover	Nov. 14, 2023
Cover [Abstract]
Document Type	8-K
Document Period End Date	Nov. 14, 2023
Entity Registrant Name	VAREX IMAGING CORPORATION
Entity Incorporation, State or Country Code	DE
Entity File Number	001-37860
Entity Tax Identification Number	81-3434516
Entity Address, Address Line One	1678 S. Pioneer Road
Entity Address, City or Town	Salt Lake City
Entity Address, State or Province	UT
Entity Address, Postal Zip Code	84104
City Area Code	801
Local Phone Number	972-5000
Written Communications	false
Soliciting Material	false
Pre-commencement Tender Offer	false
Pre-commencement Issuer Tender Offer	false
Title of 12(b) Security	Common Stock
Trading Symbol	VREX
Security Exchange Name	NASDAQ
Entity Emerging Growth Company	false
Entity Central Index Key	0001681622
Amendment Flag	false