Varian Medical Syste...
NYSE:VAR
$
176,53
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$0,00 (0,00%)
176,53
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$0,00 (0,00%)
End-of-day quote: 03/31/2021
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Varian Medical Systems Company Info
EPS Growth 5Y
0,00%
Market Cap
$16,21 B
Long-Term Debt
$0,00 B
Short Interest
0,00%
Annual earnings
N/A
Dividend
$0,00
Dividend Yield
0,00%
Founded
1948
Industry
Country
ISIN Number
Website
Analyst Price Target
There are currently no price targets available for this stock.
In the last five quarters, Varian Medical Systems’s Price Target has risen from $177,67 to $177,67 - a 0,00% increase.
Top growth stocks in the health care sector (5Y.)
What does Varian Medical Systems do?
Varian Medical Systems, Inc. manufactures medical devices and software for treating cancer and other medical conditions with radiotherapy, stereotactic radiosurgery, stereotactic body radiotherapy, brachytherapy and proton therapy. The company operates a hospital and a network of cancer centers in India and Sri Lanka; provides cancer care professional services to healthcare providers worldwide; and supplies a portfolio of interventional solutions.
Segments
The company operates through two segm...
Varian Medical Systems, Inc. manufactures medical devices and software for treating cancer and other medical conditions with radiotherapy, stereotactic radiosurgery, stereotactic body radiotherapy, brachytherapy and proton therapy. The company operates a hospital and a network of cancer centers in India and Sri Lanka; provides cancer care professional services to healthcare providers worldwide; and supplies a portfolio of interventional solutions.
Segments
The company operates through two segments, Oncology Systems and Proton Solutions.
Oncology Systems segment
This segment designs, manufactures, sells and services hardware and software products for treating cancer with conventional radiotherapy, and advanced treatments such as fixed field intensity-modulated radiation therapy (IMRT), image-guided radiation therapy (IGRT), volumetric modulated arc therapy (VMAT), stereotactic radiosurgery (SRS), stereotactic body radiotherapy (SBRT), artificial intelligence (AI) based adaptive radiotherapy (ART) and brachytherapy, as well as associated quality assurance equipment.
Products
Oncology Systems
The company’s Oncology Systems business provides hardware and software products for the treatment of cancer with conventional radiation therapy, and advanced treatments, such as IMRT, IGRT, VMAT, SRS, SBRT, ART and brachytherapy. Oncology Systems products address each major aspect of the radiotherapy process, including linear accelerators and accessory products for positioning the patient and delivering the X-ray beam; brachytherapy afterloaders for delivering radiation from within the patient; treatment planning software for planning treatment sessions and dose delivery; treatment accessories and quality assurance software for simulating and verifying treatment plans before treatment, as well as verification of correct treatment delivery; and information management software for recording the history and results of treatments and other patient treatment information and data, including patient images.
The company’s products and accessories for IMRT and IGRT allow clinicians to track and treat tumors using shaped beams, targeting the tumor closely and allowing the delivery of higher doses of radiation to the tumor while limiting exposure of nearby healthy tissue. With its treatment planning, verification and information management software products, a patient’s treatment plans, treatment data and images are recorded and stored in a single database shared by the company’s products, which enables better communication among products. The company’s products also allow multiple medical specialties such as, radiation oncology, neurosurgery, diagnostic radiology and medical oncology, as well as allowing clinicians in multiple locations to share equipment, resources and information. Furthermore, the ability of its products and technology to interoperate with each other and to interconnect into automated systems allows physicians to schedule and treat more patients within a set time period, which adds to the cost-effectiveness of its equipment.
Hardware Products
Medical linear accelerators are the core device for delivering conventional external beam radiotherapy and treatments, such as IMRT, IGRT, VMAT, SRS, SBRT, and ART, and the company produces versions of these devices to suit various clinical requirements. The TrueBeam and EDGE systems for image-guided radiotherapy and radiosurgery are fully-integrated high-energy linear accelerator systems designed from the ground up to treat a moving target with higher speed and accuracy. The Clinac iX linear accelerators deliver high-energy X-ray beams and are designed for streamlined and treatment processes, including IMRT and IGRT. The company also produces the Trilogy linear accelerator, designed to be a high-energy device with a faster dose delivery rate and precise isocenter compared to the Clinac iX. The company’s medical linear accelerator is positioned for the price sensitive emerging markets, and is designed to meet the needs of its IMRT and IGRT customers in these markets.
In September 2019, the company introduced its Ethos therapy, an AI-Powered ART system. The company received a CE Mark for Europe in August 2019 and FDA (The U.S. food and drug administration) 510(k) clearance in February 2020. The first patient was treated on this system at Herlev Hospital, University of Copenhagen in September 2019. Ethos therapy is an AI-driven holistic solution that includes a linear accelerator and is designed to increase the capability, flexibility and efficiency of radiotherapy. This solution is designed to deliver an entire online adaptive treatment in a typical 15-minute time slot, from patient setup through treatment delivery. Adaptive therapy provides the ability to alter the treatment plan based on tumor and anatomical changes.
In 2017, the company introduced its Halcyon system. The company received a CE mark for the Halcyon system in 2017 and FDA 510(k) clearance in 2017. The Halcyon system has been designed on a platform of next generation technology including a field ring gantry design that rotates at four times per minute, a stacked and staggered multi-leaf collimator design, silent magnetic drive motors and solid-state modulators. This new platform is the smallest footprint linear accelerator in the company’s portfolio, uses less energy than its other radiation therapy treatment systems, and has been designed with a human centered user experience concept that benefits the patient and the health care practitioner for simplicity of treatment and use.
The company’s Millennium series of multi-leaf collimators and High Definition 120 (HD 120) multi-leaf collimators are used with a linear accelerator to define the size, shape and intensity of the generated beams. PortalVision, its electronic portal-imager, is used to verify a patient’s position while on the treatment couch, which is critical for treatments and simplifies quality assurance of individual treatment plans. The company also offers a real-time patient position monitoring product, the real-time patient management respiratory gating system, which allows the linear accelerator to be synchronized with patient breathing to help compensate for tumor motion during treatment. In addition, the company manufactures the Calypso system (some features not approved for use in all markets), which could track and monitor the position of implanted or surface-attached Beacon transponders. This technology allows the clinician to locate the position of the tumor and aim the treatment beam to deliver the full, prescribed dose to the tumor, and minimize exposure of surrounding healthy tissues.
The company’s EDGE radiosurgery suite includes a combination of products for performing advanced radiosurgery using new real-time tumor tracking technology and motion management capabilities. The EDGE radiosurgery suite includes the EDGE radiosurgery accelerator, the Calypso system with Dynamic Edge Gating, and the PerfectPitch couch with six degrees of freedom to align the patient position. The company’s IGRT accessories include the On-Board Imager (OBI) hardware accessory affixed to the linear accelerator that allows dynamic, real-time imaging of tumors while the patient is on the treatment couch and offers cone-beam computerized tomography (CBCT) imaging software capability to allow patient positioning based on soft-tissue anatomy. Using image analysis tools, the CBCT scan could be compared with a reference computerized tomography scan to determine how the treatment couch should be adjusted to fine-tune and verify the patient’s treatment setup and positioning prior to delivery of the radiation. To deliver the most advanced forms of IGRT, the company’s accelerators would have an OBI, CBCT, PortalVision and other IGRT-related hardware and software as accessories.
The company’s RapidArc radiotherapy products are a proprietary implementation of VMAT that coordinate beam shaping, dose rate and gantry speed to deliver a dose distribution to the target tumor. RapidArc products enable the planning and delivery of image-guided IMRT in a single continuous rotation of approximately 360 degrees rather than as a series of fixed fields. The company’s RapidArc products enable faster delivery of radiation treatment with the possibility of reduced opportunity for tumor movement during treatment, as well as patient throughput and lower cost per patient for the hospital or clinic.
The company’s HyperArc high-definition radiotherapy product is designed to simplify, automate and improve the quality of intracranial SRS, making SRS accessible to more clinics and patients worldwide. HyperArc received a CE mark in August 2017 and FDA 510(k) clearance in September 2017 and is available for sale in the United States and other global markets where a CE mark is applicable. The company expects that HyperArc will significantly improve the quality and efficiency of SRS procedures. HyperArc is available only on the TrueBeam and Edge platforms.
The company purchased Mobius Medical Systems (Mobius) in February 2018. Mobius markets and sells quality assurance products to radiation oncology departments around the globe. The company would continue to sell those products while expanding and integrating the technology for current and future applications. In 2018, the company acquired humediQ GmbH, which markets and sells the IDENTIFY products that enable patient and accessory verification, patient setup position, and motion monitoring for radiation oncology treatments. The company would continue to market and sell these products as it expands the regulatory clearance footprint worldwide and enhance and integrate the technology for current and future applications.
Brachytherapy products
The company’s brachytherapy operations design, manufacture, sell and service brachytherapy products, including VariSource HDR and GammaMedplus iX HDR/PDR afterloaders, BrachyVision brachytherapy treatment planning system, applicators and accessories. The company also develops and markets the VariSeed LDR prostate treatment planning system and the Vitesse software for real-time treatment planning for HDR prostate brachytherapy.
The company’s Bravos, brachytherapy treatment delivery system, is available in approximately 100 countries where CE Mark and 510(k) clearance are applicable. Bravos is an integrated system designed to improve the patient and clinic experience by simplifying brachytherapy treatment and providing workflow efficiency. It is compatible with the company’s range of applicators and integrates with BrachyVision for treatment planning. BrachyVision integrates with the ARIA oncology information system that coordinates care from end to end, scheduling appointments, orchestrating the clinical workflow, delivering the plan to the afterloader, updating the patient's electronic record, and capturing clinical data for analytics.
Software Products
The company’s software products enhance and enable the delivery of radiotherapy treatments, from the initial treatment planning and plan quality assurance verification to the post-treatment recording of data and storing of patient information, as well as help improve physician engagement and clinical knowledge-sharing, patient care management and clinical practice management of cancer clinics, radiotherapy centers and oncology practices for better performance. Prior to any treatment, physicians must prescribe, or plan, the course of radiation delivery for the patient. The company offers a range of treatment planning products that assist physicians in designing this treatment plan. Its Eclipse treatment planning system provides physicians with 3D image viewing, treatment simulation, radiation dosage calculation and verification and other tools for generating treatment delivery plans for the patient. The Eclipse software utilizes a technique known as inverse planning to enable physicians to develop optimal treatment plans based on a desired radiation dose outcome to the tumor and surrounding tissue. The company’s RapidPlan knowledge-based planning tool creates a new category for AI applied to treatment planning systems in which machine learned statistical models could be used to predict the achievable quality of an IMRT treatment from a patient’s anatomy. RapidPlan is designed to streamline the planning process by using shared clinical knowledge embedded in its statistical plan models. Clinics might use plan models included with Eclipse or could create models based on their own treatment methods and protocols.
The company’s ARIA information system is an oncology information system spanning radiation therapy and chemotherapy treatments and departmental workflow management. ARIA offers a real-time information management system and database that records and verifies radiotherapy treatments carried out on the linear accelerator, records and stores patient data relating to radiation therapy, provides oncology flowsheets, performs patient charting and manages patient information and patient image data. This gives clinics and hospitals the ability to manage treatment and patient information across radiation oncology and medical oncology procedures. Also, because ARIA is an electronic medical record, it could enable users to operate filmless and paperless oncology departments and cancer clinics. ARIA is a (ONC-Health IT) 2015 Edition Health IT Module and supports the ICD-10 billing codes. The company’s FullScale oncology-specific information technology solutions take advantage of virtualization or cloud technologies to deploy its ARIA oncology information and Eclipse treatment planning systems in a way that enables treatment centers to take advantage of economies of scale. The company’s software product offerings also include Varian Treatment, which connects ARIA oncology information management system to third-party linear accelerators and expands its software support of third-party manufacturers.
The company’s Insightive analytics software solution aggregates clinical and operational data and allows for improved decision making and practice management. Insightive enables oncology administrators and clinicians to use real-time information to discover patterns and trends through interactive dashboards and visualizations. The company also created an interactive online group on the OncoPeer platform for clinicians to share knowledge-based cancer treatment models that could improve the efficiency and quality of cancer care across multiple institutions. The OncoPeer cloud community is a platform where oncologists, clinicians and other oncology professionals could publish knowledge, share data, exchange treatment techniques and discuss best practices within a professional oncology network.
The company’s Velocity software provides solutions at the clinical process level to aggregate unstructured treatment and imaging data from diverse systems. It allows a view of a patient’s diagnostic imaging and treatment history and helps clinicians make informed treatment decisions.
Qumulate is the company’s cloud-based software technology that collects and analyzes machine performance data in a radiation therapy department and allows users to compare their machine performance data and trends against a community of users’ data.
The company’s Noona software application is a smart, cloud-based patient-reported outcomes solution. Through the capture and analysis of structured, real-time symptom information, Noona is designed to help clinicians better manage patient symptoms and improve treatment outcomes. Noona is designed to support the everyday work of nurses and physicians in cancer care, helping to increase clinical efficiency and reduce workloads through comprehensive communications tools.
Partnerships
In addition to offering its own suite of equipment and software products for planning and delivering radiotherapy treatments, the company has partnered with selected leaders in certain segments of the radiation therapy and radiosurgery market. The company has a strategic agreement with McKesson Corp. (McKesson) to supply its US Oncology Network and Vantage Oncology affiliated sites of care with treatment delivery systems and planning, service and radiotherapy information system solutions. Under the agreement, the company is collaborating with McKesson to establish interoperability between its ARIA product and McKesson IT solutions which it anticipates would facilitate access to its ARIA, Eclipse and Velocity products at its sites that do not utilize these solutions. The company has a partnership agreement with Siemens AG (Siemens) through which, among other things, it represents Siemens diagnostic imaging products to radiation oncology clinics in the United States and agreed upon countries, and Siemens, represents its equipment and software products for radiotherapy and radiosurgery to its healthcare customers in agreed upon countries. Furthermore, the company and Siemens have developed interfaces to enable ARIA and Eclipse to connect with Siemens linear accelerators and imaging systems and are exploring opportunities to co-develop new imaging and treatment solutions. The company has equity investments, which include Grail, Inc., a life sciences company developing blood tests for early-stage cancer detection and Fusion Pharmaceuticals Inc., a clinical stage company focused on developing targeted alpha-particle radiotherapeutics for the treatment of cancer.
Cancer Treatment Services International (CTSI)
CTSI oncology solutions facilitates the use of clinical processes and technology solutions that ensure the delivery of precise, consistent and safe care to cancer patients worldwide. CTSI offers services ranging from treatment planning as a service, quality assurance as a service, linear accelerator commissioning, practice workflow optimization, oncology nursing training, clinical decision support, international tumor board and other multi-disciplinary services to improve care delivery. The range of services focuses on participating in the clinical workflow to support the decisions of clinicians rather than the direct provision of care. CTSI services also include a full-service laboratory and pathology provider, and under the company’s American Oncology Institute brand, it operates 13 multi-disciplinary cancer centers and one specialty hospital in India and one multi-disciplinary cancer center in Sri Lanka.
Strategy
A core element of the company’s business strategy is to provide its customers with highly versatile, proven products that are interoperable and could be configured and integrated into automated systems that combine greater precision, shorter treatment times and greater cost effectiveness to improve the entire process of treating a patient.
Proton Solutions segment
This segment develops, designs, manufactures, sells and services products and systems for delivering proton therapy, another form of external beam radiotherapy using proton beams for the treatment of cancer.
Products
The company’s ProBeam system is capable of delivering precise intensity modulated proton therapy (IMPT) using pencil-beam scanning technology. The ProBeam Compact product is the company’s single room proton therapy product. During 2016, the company booked its first ProBeam Compact order. In 2018, it introduced its new ProBeam 360 proton therapy product, in a single-room configuration, with a 30 percent smaller footprint and 25 percent lower vault construction costs as compared to the ProBeam Compact. The new system has a 360-degree rotating gantry, iterative cone-beam CT imaging and high-definition pencil-beam scanning technology. The system could also provide a viable path to potential next generation treatments. In 2019, the company introduced the multi-room version of ProBeam 360, which provides comparable space and cost savings as the single room version.
At the end of 2020, the company’s proton therapy systems arweree in operation at thirteen centers, which have a total of 40 operational rooms. During 2020, the company recorded four proton therapy system orders.
Interventional Solutions
The company’s Interventional Solutions business offers products for interventional oncology and interventional radiology procedures and treatments, including cryoablation, microwave ablation and embolic particles. The company also provides software and remote services for post-treatment dose calculation for Yttrium-90 microspheres, which are radioactive beads used in selective internal radiation therapy.
Ablation Products
The company’s CRYOCARE ablation systems, acquired as part of the Endocare acquisition, are treatment systems designed to simplify cryotherapy and to meet physician needs. Its cryoablation systems are used by customers primarily to treat liver, lung, kidney, and prostate cancer.
The company’s microwave ablation device, also acquired through the Endocare acquisition, features the MICROTHERMX (MTX) generator and its Synchronous Wave Alignment technology antennas. The generator is a low-profile device with a small footprint, which could be set up in approximately two minutes. The generator uses a 915 MHz operating frequency and could generate approximately 180W (60W per channel/antenna) for optimized power delivery. The SynchroWave antennas are designed to work in combination with one another to create large active heating and ablation volumes.
Embolization Therapy Products
The company’s Gelatin Sponge Particle and Polyvinyl Alcohol (PVA) Particle products, acquired as part of the Alicon and Scion acquisitions, comprise a range of calibrated particles used primarily for the treatment of liver cancers. These products are only offered outside of the United States. The Gelatin Sponge particles are degradable (resorbable), while the PVA particles are for permanent occlusion within a blood vessel. Included in the embolic microspheres business acquired from Boston Scientific were the Embozene, Oncozene, and Tandem microsphere products. The Tandem microsphere product is only offered outside of the United States. The Embozene and Oncozene microspheres are intended for embolization of arteriovenous malformations and hypervascular tumors, including uterine fibroids and hepatoma, and for embolization of prostatic arteries for symptomatic benign prostatic hyperplasia. These products are available in a range of tightly calibrated sizes for embolization control.
Marketing and Sales
The company employs a combination of a direct sales force and independent distributors or resellers for the marketing and sales of its products worldwide.
Oncology Systems
The company’s Oncology Systems business sells direct in the United States and Canada and uses a combination of direct sales and independent distributors in international regions.
The company sells its Oncology Systems products primarily to university research and community hospitals, private and governmental institutions, healthcare agencies, physicians’ offices and cancer care clinics worldwide. These hospitals, institutes, agencies, physicians’ offices and clinics replace equipment and upgrade treatment capability as technology evolves. Through its strategic global partnership with Siemens, the company represents Siemens diagnostic imaging products to radiation oncology clinics in the United States and some other small, select markets. Siemens represents the company’s equipment and software products for radiotherapy and radiosurgery to its healthcare customers in agreed upon countries.
Proton Solutions
The company’s Proton Solutions business primarily uses direct sales specialists who collaborate with its global Oncology Systems sales group on customer projects. Potential customers are government-sponsored hospitals, research institutions and research universities, which typically purchase products through public tenders, as well as private hospitals, clinics and private developers.
Interventional Solutions
The company sells its Interventional Solutions line of products in the United States primarily through a direct sales force and internationally through a combination of direct sales and distributors. The company supports its customers with customer service representatives, sales representatives, clinical specialists, medical science liaisons and market development managers. The company focuses its sales and marketing efforts on interventional radiologists, interventional oncologists and urologists.
Customer Services and Support
The company warrants majority of its Oncology Systems products for parts and labor for 12 months, and it offers various post-warranty equipment service contracts and software support contracts to suit customers’ requirements. The company has 28 service centers located in North America, EMEA and APAC.
The company also has field service personnel worldwide for Oncology Systems customer support services. Key Oncology Systems education operations are located in Beijing, China; Cham, Switzerland; Las Vegas, Nevada; Mumbai, India; Tokyo, Japan; and Montreal, Canada. The company’s network of service engineers and customer support specialists provide installation, warranty, repair, training and support services, project management, site planning, and professional services. The company also has a distributed service parts network of regional hubs and forward-stocking locations across all major geographic areas.
The company’s Proton Solutions business sells its proton therapy equipment with a 12-month warranty.
The company’s Interventional Solutions business sells cryoablation and microwave ablation systems with a 12-month warranty. Its cryoablation systems require annual preventive maintenance and its equipment servicing is handled by factory trained service personnel across the globe. The company’s product support department offers technical assistance and replacement parts to its authorized distributors and to those customers who choose to perform their own service.
Supplies
The company designs and manufactures its embolic particles (Gelatin and PVA particles) in China. The embolic microspheres (Embozene, Oncozene and Tandem products) that it acquired from Boston Scientific in August 2019 are manufactured by Boston Scientific in their United States and European facilities under a transition manufacturing agreement while the company build-outs a microspheres manufacturing facility in Austin, Texas.
Patent and Other Proprietary Rights
As of October 2, 2020, the company owned 629 patents issued in the United States and 484 patents issued throughout the rest of the world, and had 501 patent applications on file with various patent agencies worldwide.
Government Regulation
In the United States, the company’s products and operations are subject to regulation by federal governmental authorities, such as the FDA, Nuclear Regulatory Commission, and state and local regulatory agencies, such as the State of California, to ensure the devices are safe and effective and comply with laws governing products, which emit, produce or control radiation. Similar international regulations apply overseas.
Certain of the company’s products, such as its radiation delivery systems manufactured by its Oncology Systems business and proton therapy systems manufactured by its Proton Solutions business, are Class II medical devices that typically require 510(k) clearance, while majority of its other products are either exempt from 510(k) clearance or are not regulated by the FDA as medical devices.
The company’s manufacturing operations for medical devices, and those of its third-party suppliers, are required to comply with the FDA’s Quality System Regulation, as well as other federal and state regulations for medical devices and radiation emitting products.
The FDA and the Federal Trade Commission also regulate advertising and promotion of the company’s products to ensure that the claims it makes are consistent with its regulatory clearances, that there are adequate and reasonable scientific data to substantiate the claims and that its promotional labeling and advertising is neither false nor misleading.
The company is subject to the Physician Payments Sunshine Act, which requires medical product manufacturers to disclose annually any payments or other transfers of value made to the U.S. physicians or teaching hospitals.
It is important that the company’s products comply with electrical safety and environmental standards, such as those of Underwriters Laboratories, the Canadian Standards Association, and the International Electrotechnical Commission.
As a participant in the healthcare industry, the company is also subject to federal and state laws and regulations pertaining to patient privacy and data security, fraud and abuse, and physician payment transparency. These healthcare laws include the Medicare and Medicaid ‘anti-kickback’ laws.
The company is subject to the U.S. Foreign Corrupt Practices Act and anti-corruption laws, and similar laws in foreign countries, such as the U.K. Bribery Act of 2010 and the Law ‘On the Fundamentals of Health Protection in the Russian Federation’.
Competition
In the radiotherapy and radiosurgery markets, the company competes primarily with Elekta AB and Accuray Incorporated. Additionally, Elekta AB and ViewRay Incorporated have introduced MR-Linac devices that also compete with the company for hospital budget allocations. Sun Nuclear Corporation and Standard Imaging have QA products that compete with its Mobius and Qumulate offerings. Vision RT, Brainlab and C-RAD have products that compete with its humediQ product line in the areas of patient monitoring and tracking during therapy. With its information and image management, simulation, treatment planning and radiosurgery products, the company also competes with a number of other companies, such as Philips Medical Systems, Elekta AB, MIM Software Inc., RaySearch Laboratories AB, Brainlab AG and Best Theratronics, Ltd. With respect to its brachytherapy solutions, the company’s competitors are Elekta AB, MIM Software Inc. and Eckert & Ziegler BEBIG GmbH.
The company’s ARIA software competes with Elekta AB and large electronic medical record companies, such as EPIC and CERNER, as well as multiple new competing products from established companies, such as Roche (Navify and Flatiron), Philips etc., and emerging competitors, such as Carevive Systems Inc, and Syapse, Inc.
In the proton therapy market, the company competes principally with Hitachi Heavy Industries, Ion Beam Applications S.A., and Mevion Medical Systems, Inc.
In the interventional oncology market, the company’s primary competitors include Boston Scientific Corporation; Cook Medical LLC; Medtronic plc; Merit Medical Systems, Inc.; Terumo Medical Corporation; AngioDynamics, Inc.; MedWaves, Inc.; and Johnson & Johnson.
Significant Events
In April 2021, Varian is collaborating with Google Cloud to build an advanced artificial intelligence (AI) based diagnostic platform to aid in the fight against cancer. Varian and Google Cloud AI using Neural Architecture Search (NAS) technology through Google Cloud AI Platform, to create AI models for organ segmentation—a crucial and labor-intensive step in radiation oncology that can be a bottleneck in the cancer treatment clinical workflow.
History
The company, a Delaware corporation, was founded in 1948. It was incorporated in 1948. The company was formerly known as Varian Associates, Inc. and changed its name to Varian Medical Systems, Inc. in 1999.
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