Varex Imaging Corp director Jocelyn D. Chertoff received an equity award in the form of deferred stock units. On 02/12/2026, she was granted 12,331 Deferred Stock Units at a price of $0. Each unit converts into one share of common stock.
The Deferred Stock Units vest 100% on the earlier of the one-year anniversary of the grant date or the next annual meeting of stockholders after the grant. Vested shares will be delivered to her on the earlier of the third anniversary of the grant date, a change in control, or her termination of service.
Varex Imaging Corporation reported higher revenue and a small profit for the quarter ended January 2, 2026. Net revenues rose to $209.6M from $199.8M, and net income attributable to Varex improved to $2.3M, or $0.05 per diluted share, compared with a small loss a year earlier.
Industrial revenue grew to $64.8M from $55.2M, while Medical revenue was essentially flat at about $144.8M. Operating income increased to $15.4M, but interest and other expense of $11.6M (including a $3.2M equity-method loss from dpiX Holding) limited bottom-line growth.
Cash flow from operating activities was a use of $16.1M, driven largely by a $30.1M inventory build to $328.0M. Cash and cash equivalents declined to $119.5M, while Senior Secured Notes outstanding remained at $368.0M. The $155.0M revolving credit facility was undrawn, with $154.8M available. After quarter-end, Varex committed about $7.3M over three years for new manufacturing equipment.
Varex Imaging Corporation reported a solid first quarter of fiscal 2026 with year-over-year growth and improved profitability. Revenue reached $209.6 million, up 5% from $199.8 million a year earlier, driven by a 17% year-over-year increase in Industrial segment revenue to $64.8 million, while Medical revenue was stable at $144.8 million.
GAAP net income attributable to Varex improved to $2.3 million, or $0.05 per diluted share, from a loss of $0.3 million, or $(0.01) per diluted share, in the prior-year quarter. Non-GAAP diluted net income per share increased to $0.19 from $0.10, and non-GAAP operating margin rose to 9.0%. Adjusted EBITDA grew to $28.5 million from $25.5 million.
Operating cash flow was a $16 million outflow, and cash, cash equivalents, and marketable securities declined to $125.6 million at quarter-end from $155.1 million at the end of fiscal 2025, primarily due to higher inventories. For the second quarter of fiscal 2026, the company expects revenue between $210 million and $225 million and non-GAAP net earnings per diluted share between $0.15 and $0.25.
Varex Imaging Corp director Jay K. Kunkel reported a routine equity award settlement. On February 9, 2026, he converted 8,483 Deferred Stock Units into 8,483 shares of common stock at a price of $0 per share, reflecting previously granted director compensation.
The Deferred Stock Units were granted on February 9, 2023, vested on February 8, 2024, and were delivered in common stock on the third anniversary of the grant date. Following this settlement, Kunkel directly holds 27,960 shares of Varex Imaging Corp common stock.
Varex Imaging Corp director Jocelyn D. Chertoff reported the conversion of 8,483 Deferred Stock Units into 8,483 shares of common stock on February 9, 2026, at an exercise price of $0 per unit.
The footnotes state these Deferred Stock Units were granted on February 9, 2023, vested on February 8, 2024, and were delivered in stock on the third anniversary of the grant date. Following this settlement, Chertoff directly holds 42,194 shares of Varex Imaging common stock and no remaining Deferred Stock Units from this grant.
Varex Imaging Corp director Walter M. Rosebrough Jr. reported the conversion of 10,339 Deferred Stock Units into an equal number of Varex common shares on February 9, 2026. These units were originally granted on February 9, 2023 and became deliverable on the third anniversary of the grant date.
After this settlement, Rosebrough directly beneficially owns 52,654 shares of common stock. The Form 4 shows a routine equity compensation event with no cash consideration, as both the derivative units and the resulting common shares are reported at a transaction price of $0 per share.
Varex Imaging director Timothy E. Guertin converted deferred stock units into common shares. On February 9, 2026, 8,483 Deferred Stock Units were exercised and delivered as 8,483 shares of Varex Imaging common stock, consistent with a one-for-one conversion ratio.
These Deferred Stock Units were originally granted on February 9, 2023, vested on February 8, 2024, and were settled in stock on the third anniversary of the grant date. After this transaction, Guertin directly holds 26,777 shares of Varex Imaging common stock.
Varex Imaging Corp. director Kathleen Bardwell reported the conversion of equity awards into common stock. On February 9, 2026, she converted 8,483 Deferred Stock Units into 8,483 shares of common stock at an exercise price of $0 per share.
The filing shows this equity award delivery increased her directly held common stock to 12,102 shares after the transaction. Each Deferred Stock Unit converts into one share of common stock, reflecting previously granted and vested director compensation rather than an open-market purchase or sale.
Varex Imaging Corp director Christine A. Tsingos reported the delivery of vested equity awards. On February 9, 2026, 8,483 Deferred Stock Units converted into an equal number of shares of Varex Imaging common stock at an exercise price of $0 per share.
These Deferred Stock Units were originally granted on February 9, 2023, vested on February 8, 2024, and were delivered in stock on the third anniversary of the grant date. After this transaction, Tsingos directly beneficially owns 42,655 shares of Varex Imaging common stock.
Varex Imaging Corp reported an equity award update for its Chief Financial Officer, Shubham Maheshwari, on a Form 4. On 12/15/2025, he was credited with 4,515 performance stock units (PSUs) tied to an award originally granted on December 10, 2023, and 5,520 PSUs tied to an award granted on December 10, 2024, both at an exercise price of $0.
Each PSU represents a contingent right to receive one share of Varex Imaging common stock, based on achieving specified performance criteria. The amounts reported reflect PSUs earned for fiscal year 2025 performance. After the completion of fiscal year 2026 and fiscal year 2027, the Compensation Committee will certify the final number of PSUs earned for the respective grants, and vesting will require that the CFO remains employed through the vesting dates.