Varian Medical Systems, Inc. reported unaudited consolidated earnings results for the first quarter ended December 29, 2017. For the quarter, revenues were $678.5 million against $601.5 million a year ago. Operating earnings were $121.4 million against $17.4 million a year ago. Earnings from continuing operations before taxes were $122.5 million against $19.3 million a year ago. Net loss from continuing operations was $112.2 million against earnings of $8.0 million a year ago. Net loss attributable to Varian was $112.3 million against earnings of $13.9 million a year ago. Net loss per share – basic and diluted was $1.22 against earnings of $0.15 a year ago. Non-GAAP operating earnings from continuing operations were $126.0 million against $68.6 million a year ago. Non-GAAP net earnings from continuing operations attributable to Varian were $98.4 million against $47.5 million a year ago. Non-GAAP net earnings per diluted share from continuing operations were $1.06 against $0.50 a year ago. Net cash provided by operating activities was $179.0 million against $82.2 million a year ago.

Considering the financial and operational performance in the first quarter, and the impact of the new Tax Cuts and Jobs Act, fiscal year 2018 guidance is updated and increased to the following: Revenue growth range of 4% to 7%; Non-GAAP operating earnings as a percentage of revenues range of 18% to 19%; Non-GAAP effective tax rate of 21%; Non-GAAP earnings per diluted share range of $4.24 to $4.36; and cash flow from operations range of $475 million to $550 million.