Stock Alert: Varex Imaging Tanks Nearly 30% Following Q2 Results

(RTTNews) - Shares of Varex Imaging Corporation (VREX) are currently losing nearly 30% on Wednesday morning. The company reported second-quarter net loss. On adjusted basis, earnings and revenues fell short of Wall Street view.

VREX is currently trading at $18.14, down $7.18 or 28.36%, on the Nasdaq.

Net loss for the second quarter was $1.9 million or $0.05 per share, compared to net earnings of $5.8 million or $0.15 per share last year. Adjusted earnings were $0.12 per share, down from $0.34 per share last year. Analysts polled by Thomson Reuters estimated earnings of $0.35 per share.

Revenues for the second quarter $197.0 million, up from $195.8 million, but fell short of analysts' consensus estimate of 199.9 million.

Medical segment revenues increased 4% to $155 million while Industrial segment revenues decreased 11% to $42 million from the prior year quarter.

Looking forward, Varex withdrew its guidance for fiscal year 2020 citing "the unprecedented nature of the COVID-19 pandemic and its impact on the global economy."