Expectations trend
FY2028 · fiscal year ending 2028-10-03 · fmp
$1.40 → $1.40 · observed estimates
Varex Imaging Corp. (VREX)
NASDAQHealth CareMedical - DevicesSnapshot 2026-11-05
$18.44-0.38%
Close 2026-11-05 · 1-day change
NASDAQHealth CareMedical - DevicesSnapshot 2026-11-05
The long-term thesis, the evidence coming in, and the environment around it. Thesis dated Jul 8, 2026.
Next-FY EPS estimate change · 30 days
1.40 → 1.40 EPS · FY ending Oct 3, 2028 · 1 analyst
One observable signal. This measures changing earnings expectations, not the probability of a gain or loss.
Change in the same fiscal period’s mean EPS estimate from Oct 6, 2026 to Nov 5, 2026: (new ÷ prior − 1). Contributor count changed from 1 to 1; this is not the number of analysts revising. The ±10% axis is a display range.
The EPS and P/E reference is not available for VREX yet.
| Measure / period | Management expectations | Analyst expectations |
|---|
Management figures unavailable.
Current consensus figures unavailable.
Three published thesis conditions, with dated milestones shown separately.
| Key Factor | Why It Matters | Current Status | Break Condition | Latest Evidence |
|---|---|---|---|---|
Effective management of capital and credit agreements | The company has managed capital allocation with new credit agreements. | Recovered | New financial obligations or credit issues increase risk materially | Qualitative condition This condition has no defined numerical measure. Nov 5, 2026Last status assessment Nov 5, 2026Compare required operating outcomesCompare scope, accounting basis and period before treating this evidence as progress against an annual requirement. |
Compare these dated observations with the operating requirements above
FY2028 · fiscal year ending 2028-10-03 · fmp
$1.40 → $1.40 · observed estimates
The evidence, the remaining questions, and what comes next
No recovery evidence is reported in the available driver assessments.
Nov 17, 2026
Look for updated results and guidance against the published targets, plus direct evidence for unresolved drivers.
Observed price history; separate from operating scenarios
The weekly editorial context below is a separate assessment from the dated monitor evidence above. Recovery observations do not automatically change the published thesis. Unverified outside influences are hypotheses, not measured driver evidence.
This is a higher-risk medical technology business with some cyclical exposure, rather than a proven durable compounder. Its thesis state is intact, and the recent signal improved from mixed to mildly favorable, but the evidence snapshot still points to loss-making earnings quality and elevated risk.
The valuation evidence is mixed: VREX is described as cheap versus peers, while the valuation measure also shows a peer premium. The expectations gap is negative, which suggests expectations are not especially demanding, but the evidence does not explain that measure in detail. Overall, the priced-in signal is tagged as justified, with low fragility.
Near term, revenue has risen from $209.6 million in the first quarter of 2026 to $216 million in the second quarter, and management maintained full-year revenue guidance of $860 million to $880 million. Progress on earnings is less clear: second-quarter non-GAAP EPS fell from $0.31 a year earlier to $0.21, while full-year guidance remains $0.80 to $1.00. Cash declined to $88 million by the second quarter, and operating cash flow turned negative, so execution and liquidity remain important risks.
The multi-year thesis depends on management delivering its 2026 revenue and EPS guidance while improving cash generation. A guidance cut would be a meaningful negative, and continued weakness in jobs data could weigh on cyclical names. Strong results and higher guidance from healthcare peers such as ABT, MDT, and SYK would support the sector backdrop; recent acquisition announcements are noted, but their effects are not detailed in the evidence.
For the next 1 to 3 years, VREX has an intact but execution-sensitive thesis: revenue progress and a supportive healthcare backdrop are balanced by falling quarterly EPS and weak recent cash flow. The evidence is mixed, with medium confidence. Not investment advice.
Not investment advice. Scores describe historical and current data; they are not forecasts of future returns. Consult a licensed advisor before making investment decisions.
| Varex Imaging aims for non-GAAP EPS of $0.80-$1.00 in fiscal 2026. |
| Under Pressure |
| EPS falls below $0.80 for FY 2026 |
Direct metric needs a verified mapping The published measure or accounting basis is not supported by an exact source binding. Date unavailableLast status assessment Nov 5, 2026Compare required operating outcomesCompare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management contextStated in 2 of 2 supplied quarters. Management reported: “Non-GAAP gross margin increased to 37% from 34% in the prior-year quarter, and non-GAAP EPS was $0.31 compared to $0.13 in the third quarter of fiscal year 2025.” “As a result, full fiscal year 2026 revenue is expected to be in the range of $860 million to $880 million and non-GAAP EPS to be in the range of $0.80 to $1.00.” Delivery assessment Nov 5, 2026 |
Annual revenue near $870 million in FY 2026 | Revenue is expected near $870 million for the year. | Intact | Annual revenue falls below $860 million in FY 2026 | Revenue: $210.5M FY2026-Q3; GAAP. Published target: >= $860 million. Annual target cannot be compared with a quarterly or TTM observation. Aug 10, 2026210,500,000 USD · source valueLast status assessment Nov 5, 2026Compare required operating outcomesCompare scope, accounting basis and period before treating this evidence as progress against an annual requirement. Management contextStated in 2 of 2 supplied quarters. Management reported: “Non-GAAP gross margin increased to 37% from 34% in the prior-year quarter, and non-GAAP EPS was $0.31 compared to $0.13 in the third quarter of fiscal year 2025.” “As a result, full fiscal year 2026 revenue is expected to be in the range of $860 million to $880 million and non-GAAP EPS to be in the range of $0.80 to $1.00.” Delivery assessment Nov 5, 2026 |
Stored thesis · Jul 8, 2026. Latest Evidence uses source-matched measurements where available, alongside the last thesis-monitor assessment. Source periods and assessment dates are shown separately. A new measurement does not automatically change the published status or verify an older target.
$0.96B → $0.96B · observed estimates
One fiscal period and provider throughout. At least five contributors are required for each plotted metric; missing coverage stays a gap. Axes show the observed range. Counts measure coverage, not revisions.
| Snapshot | EPS | Revenue | EPS / revenue analysts |
|---|---|---|---|
| 2026-10-04 | $1.40 | $965,000,000 | 1 / 1 |
| 2026-10-05 | $1.40 | $965,000,000 | 1 / 1 |
| 2026-10-06 | $1.40 | $965,000,000 | 1 / 1 |
| 2026-10-07 | $1.40 | $965,000,000 | 1 / 1 |
| 2026-10-08 | $1.40 | $965,000,000 | 1 / 1 |
| 2026-10-09 | $1.40 | $965,000,000 | 1 / 1 |
| 2026-10-10 | $1.40 | $965,000,000 | 1 / 1 |
| 2026-10-11 | $1.40 | $965,000,000 | 1 / 1 |
| 2026-10-12 | $1.40 | $965,000,000 | 1 / 1 |
| 2026-10-13 | $1.40 | $965,000,000 | 1 / 1 |
| 2026-10-14 | $1.40 | $965,000,000 | 1 / 1 |
| 2026-10-15 | $1.40 | $965,000,000 | 1 / 1 |
| 2026-10-16 | $1.40 | $965,000,000 | 1 / 1 |
| 2026-10-17 | $1.40 | $965,000,000 | 1 / 1 |
| 2026-10-18 | $1.40 | $965,000,000 | 1 / 1 |
| 2026-10-19 | $1.40 | $965,000,000 | 1 / 1 |
| 2026-10-20 | $1.40 | $965,000,000 | 1 / 1 |
| 2026-10-21 | $1.40 | $965,000,000 | 1 / 1 |
| 2026-10-22 | $1.40 | $965,000,000 | 1 / 1 |
| 2026-10-23 | $1.40 | $965,000,000 | 1 / 1 |
| 2026-10-24 | $1.40 | $965,000,000 | 1 / 1 |
| 2026-10-25 | $1.40 | $965,000,000 | 1 / 1 |
| 2026-10-26 | $1.40 | $965,000,000 | 1 / 1 |
| 2026-10-27 | $1.40 | $965,000,000 | 1 / 1 |
| 2026-10-28 | $1.40 | $965,000,000 | 1 / 1 |
| 2026-10-29 | $1.40 | $965,000,000 | 1 / 1 |
| 2026-10-30 | $1.40 | $965,000,000 | 1 / 1 |
| 2026-10-31 | $1.40 | $965,000,000 | 1 / 1 |
| 2026-11-01 | $1.40 | $965,000,000 | 1 / 1 |
| 2026-11-02 | $1.40 | $965,000,000 | 1 / 1 |
| 2026-11-03 | $1.40 | $965,000,000 | 1 / 1 |
| 2026-11-04 | $1.40 | $965,000,000 | 1 / 1 |
| 2026-11-05 | $1.40 | $965,000,000 | 1 / 1 |
Revenue and EPS estimates track expectations. They are not delivered results or like-for-like proof of a required annual path.
Latest: 0 Buy / Strong Buy · 3 Hold · 0 Sell / Strong Sell
Recent actions · Oct 7–Nov 5 · 0 recorded
Individual price-target observations are unavailable.
0 raises · 0 cuts · 0 unchanged · 0 without a comparable prior
Oct 7, 2026–Nov 5, 2026. Each firm's latest positive target is paired only with its immediately prior positive target from the same provider, at most 180 days earlier. Unmatched observations have one dot; conflicting observations are not compared.
3 of 3 published conditions remain under pressure or need verification. The next results need to address those conditions.
The dated weekly assessment and its assumptions are available in Read detailed Outlook.