Varex Imaging Corporation (VREX) witnessed a significant pre-market surge of 5.77% on Wednesday, following the release of its fourth-quarter earnings report and insights into the company's strategic growth initiatives.
The medical imaging technology provider reported strong performance in the industrial segment during the fourth quarter, with revenues exceeding guidance. Additionally, the company expressed optimism about the potential growth in medical imaging demand in China, positioning itself to capitalize on the market's recovery.
Notably, Varex Imaging is investing in photon counting technologies, which are expected to be a significant revenue growth driver. The company aims to generate $150 million in annual revenue from this advanced technology by fiscal 2029. Furthermore, Varex is expanding its product portfolio into premium applications such as surgery, oncology, and cardiology, fueling future growth prospects.
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