Mission Statement, Vision, & Core Values of Varex Imaging Corporation (VREX)

Varex Imaging Corporation's mission to defintely make the invisible visible isn't just a slogan; it's the foundation of a business that generated $845 million in revenue in fiscal year 2025. When a company, a leader in X-ray imaging components, commits $91 million-or 11% of that revenue-to Research and Development, you have to ask: is that massive investment truly aligned with their Vision and EPIC Core Values?

You need to know if their stated commitment to 'Execution, People, Integrity, and Collaboration' is what's driving their 37% growth in Non-GAAP EBITDA to $122 million, or if those principles are just corporate boilerplate. Does the internal compass actually point to long-term value for you as an investor?

Varex Imaging Corporation (VREX) Overview

You need to know where Varex Imaging Corporation stands right now, and the short answer is they finished their 2025 fiscal year strong, proving their core business is resilient and their industrial growth is a major tailwind. This company, which has a 70+ year history of innovation, is a global leader in X-ray imaging components, a business that's far more critical than you might realize.

Varex Imaging Corporation designs and manufactures the essential X-ray tubes, digital detectors, and image processing solutions that are the heart of X-ray systems. They operate in two main segments: Medical and Industrial. Medical covers everything from CT scanners and mammography to oncology, while Industrial focuses on security inspection (like cargo systems) and non-destructive testing. Their products are in over 160,000 X-ray tubes and 170,000 X-ray detectors worldwide.

For the full fiscal year 2025, Varex Imaging Corporation reported total revenue of $845 million, a solid 4% increase year-over-year. That's a clear sign of steady demand in a complex global market.

Here's a quick look at their product focus:

• Medical: X-ray tubes for CT and oncology.
• Industrial: Security inspection products and cargo systems.
• Innovation: Advancing photon counting technology for CT.

Fiscal Year 2025 Financial Performance Highlights

Honestly, the 2025 fiscal year results, announced in November 2025, showed a company that's executing well on its strategic priorities. Total revenue for the year hit $845 million, an increase of 4% from the prior year, with non-GAAP earnings per share (EPS) rising a significant 73% to $0.90.

The Medical segment, which is their largest, generated $593 million in revenue for the year, a 2% increase, primarily driven by strong global sales of CT tubes. But the real story of acceleration is in the Industrial segment.

The Industrial segment revenue surged to $252 million for the fiscal year, marking a 10% year-over-year increase. This momentum culminated in a record-breaking performance for the fourth quarter (Q4 2025), where the Industrial segment posted its highest revenue quarter ever at $77 million, a massive 25% jump from Q4 2024. This growth was fueled by sustained demand for their cargo systems.

The geographic growth is also worth noting; Asia-Pacific (APAC) revenues increased by $19.1 million in fiscal year 2025, largely due to increased X-ray tube and security inspection product sales. That's a defintely strong signal of successful market penetration.

A Leader in X-ray Imaging Components

Varex Imaging Corporation isn't just a component supplier; they are recognized as the world's largest independent manufacturer of X-ray tubes and detectors. This market position gives them a distinct advantage, especially as they advance key growth initiatives like photon counting for computed tomography (CT) and expand their low-cost manufacturing footprint in places like India.

The company's technology is critical to a diverse range of Original Equipment Manufacturers (OEMs), including major players like Canon Medical Systems and Siemens Healthineers, who collectively accounted for about 40% of Varex Imaging Corporation's total revenue in fiscal year 2025. This shows deep, trusted partnerships.

They are a leading innovator in X-ray imaging components, and their financial results for 2025 confirm that their strategy-balancing reliable medical demand with expanding industrial sales-is working. To understand the foundational elements driving this success, you should check out the deep dive on Varex Imaging Corporation (VREX): History, Ownership, Mission, How It Works & Makes Money.

Varex Imaging Corporation (VREX) Mission Statement

You're looking for a clear picture of Varex Imaging Corporation's strategic intent, and the mission statement is the best place to start. It's the compass for their long-term goals. Varex Imaging Corporation's mission is: Through the talent of our people and vision of customers, we help improve and save lives throughout the world by making the invisible visible. This isn't corporate jargon; it maps directly to their business of supplying X-ray tubes, digital detectors, and software for medical, security, and industrial applications.

This statement is the foundation for the company's strategic planning and operational focus, which is why you see a clear alignment with their fiscal year 2025 results. The company's vision-to be the preferred global partner for innovative X-ray imaging solutions-is a direct extension of this mission. Varex Imaging Corporation (VREX): History, Ownership, Mission, How It Works & Makes Money offers a deeper dive into how this all connects.

Component 1: Leveraging Talent and Customer Vision

The first core component emphasizes that Varex Imaging Corporation's success is a function of its human capital and a deep partnership with its customers (Original Equipment Manufacturers, or OEMs). It's a recognition that they don't innovate in a vacuum. This focus is codified in two of their core values: People and Collaboration.

This commitment translates into tangible investments. In fiscal year 2025, Varex Imaging Corporation spent a substantial $91 million on Research and Development (R&D), representing about 11% of its total revenues of $845 million. That's a significant investment, and it's what drives new product development, like the work on innovative technologies such as photon counting for Computed Tomography (CT) systems. You can't develop that kind of technology without top-tier talent and close feedback from customers who will integrate it.

• Invest in people, see the results.
• R&D spending hit $91 million in FY25.
• Collaboration with OEMs drives photon counting technology.

Component 2: Improving and Saving Lives Globally

This is the ultimate purpose, the 'why' behind the technology. Varex Imaging Corporation operates in two segments-Medical and Industrial-both of which directly contribute to global health and safety. The Medical segment, which generated $593 million in revenue in fiscal year 2025, provides components for diagnostic tools like CT scanners and mammography equipment, directly aiding in the early detection and diagnosis of diseases.

The Industrial segment, with 2025 revenues of $252 million, focuses on security and inspection, which is about protecting people and infrastructure. For instance, the company secured over $55 million in orders for its high-energy non-intrusive cargo and vehicle inspection systems in fiscal year 2025. That translates to shipping over 15 new systems during the year, which is a concrete example of how they are improving global security and trade safety. Honestly, the mission is a heavy lift, but the numbers show the impact is real.

Component 3: Making the Invisible Visible

This phrase is the technical heart of the mission, defining the company's core technological function-imaging. It refers to their X-ray imaging components that allow doctors, security personnel, and industrial inspectors to see inside objects without physical intrusion. This is where the company's commitment to Execution and Integrity comes into play.

The company's focus on execution is evident in its operational performance. For fiscal year 2025, Varex Imaging Corporation reported a non-GAAP EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization), a key profitability metric, of $122 million, a significant 37% growth over the previous year. This financial discipline supports the continued investment needed to maintain product quality. Furthermore, the successful launch of a new radiographic detector from their facility in India demonstrates the execution of their global manufacturing and product strategy, ensuring high-quality components are available worldwide to make that invisible visible.

Here's the quick math: strong execution ($122 million non-GAAP EBITDA) funds innovation ($91 million R&D), which is the engine for making the invisible visible. What this estimate hides is the non-cash goodwill impairment charge of $93.9 million that led to a GAAP net loss of $69.9 million in FY25, a reminder that even mission-driven companies face significant financial challenges. Still, the operational cash flow of $42 million for the year shows the core business is defintely generating cash.

Varex Imaging Corporation (VREX) Vision Statement

You are looking at Varex Imaging Corporation's (VREX) strategic compass, and the vision statement is where the company maps its future. The core takeaway is simple: Varex aims to be the preferred global partner for innovative X-ray imaging solutions, which means they are prioritizing technology and market share over everything else.

This isn't just corporate fluff; it's a clear directive that guides capital allocation. For the 2025 fiscal year, Varex reported total revenue of $845 million, a 4% increase year-over-year, showing that their strategy is generating growth, even with a GAAP net loss of $(1.70) per diluted share, largely due to a goodwill impairment charge. The non-GAAP net income of $0.90 per diluted share, up 73%, is the real number the street cares about, reflecting solid operational execution. You can dig deeper into how this all started at Varex Imaging Corporation (VREX): History, Ownership, Mission, How It Works & Makes Money.

Technological Advancement: The Innovation Engine

The first pillar of the vision is a commitment to Technological Advancement, which means Varex must continuously innovate in X-ray imaging and other detection technologies. Honestly, in a medical device component market, if you stop innovating, you die. The company's R&D spending for fiscal year 2025 was $91 million, representing 11% of total revenues, which is a substantial commitment.

A concrete example of this focus is the push into Photon Counting Detectors (PCD) for Computed Tomography (CT). This next-generation technology promises better image quality with lower radiation dose, and Varex is actively developing it. If they nail this, they secure the high-margin future of their Medical segment, which accounted for $593 million in fiscal 2025 revenue. What this estimate hides, though, is the long, expensive regulatory path for new medical tech. It's a high-risk, high-reward bet.

Market Leadership: Diversification as a Hedge

Varex's second vision component, Market Leadership, is about maintaining and growing their position across the medical, security, and industrial sectors. This diversification is defintely a smart hedge against cyclical downturns in any one area. We saw this play out in 2025.

While the Medical segment grew 2% year-over-year, the Industrial segment revenue surged, reaching $252 million for fiscal year 2025, a 10% year-over-year increase. This strength was driven by cargo systems and security inspection products. Here's the quick math: Industrial revenue was $77 million in Q4 2025 alone, marking the highest quarterly contribution to total Varex history. That's a strong signal that their strategy to expand beyond just medical imaging is working, and it's a key factor in their non-GAAP EBITDA growing 37% to $122 million for the year.

Customer Focus: The OEM Partnership Model

The Customer Focus element of the vision is about providing solutions that meet the evolving needs of their Original Equipment Manufacturer (OEM) customers. Varex doesn't sell X-ray tubes and detectors directly to hospitals; they sell them to massive system suppliers like GE HealthCare and Siemens Healthineers. So, their success is tied to their partners' success.

This means they must anticipate market shifts, like the demand for more affordable, value-tier CT systems in emerging markets. Their strategic action here is the launch of a new radiographic detector from their low-cost manufacturing facility in India, which is on track for a planned operational launch by the end of fiscal year 2025. This move helps their OEM customers offer more competitive products globally, keeping Varex as the preferred supplier.

Global Reach: Navigating Geopolitical Headwinds

Finally, Global Reach focuses on expanding their presence and impact worldwide. Varex is a truly global player, with a strong presence in the Americas, EMEA, and APAC. But still, this goal is fraught with near-term risks, primarily geopolitical tensions and trade environment uncertainty.

The company is actively working to mitigate these risks by localizing manufacturing, like the India expansion, and diversifying their customer base. In fiscal year 2025, the APAC region showed a 7% increase in revenue, which is a good sign of traction, but the China market remains a point of volatility. The Industrial segment's global growth, with over 15 new cargo systems shipped to countries including Mexico, Iraq, Brazil, and Saudi Arabia, shows this global diversification in action. Cash flow from operations was $42 million for the year, giving them the liquidity to manage these global complexities.

The core values-Execution, People, Integrity, Collaboration (EPIC)-are the cultural bedrock for delivering on this vision. You need strong Execution to turn a $91 million R&D budget into a commercialized photon counting detector.

• Execution: Deliver on product roadmaps.
• People: Cultivate the talent for complex tech.
• Integrity: Maintain trust with global OEMs.
• Collaboration: Work closely with partners on new systems.

Next step: Finance: Model the long-term ROI of the $91 million R&D spend against the PCD market opportunity by end of Q1 2026.

Varex Imaging Corporation (VREX) Core Values

You're looking for a clear signal on what drives Varex Imaging Corporation's performance beyond the income statement, and the answer is in their core values, which they summarize as EPIC: Execution, People, Integrity, and Collaboration. These aren't just posters on the wall; they are directly tied to the company's recent financial results and strategic initiatives.

For fiscal year 2025, Varex Imaging delivered total revenues of $845 million, a 4% year-over-year increase, and non-GAAP EBITDA grew 37% to $122 million. That kind of performance defintely doesn't happen without a deeply ingrained set of operating principles guiding every decision, from R&D spending to global expansion. Let's break down how each value played out in the last fiscal year.

Execution

Execution is about delivering on promises and driving measurable results, especially through innovation. For Varex Imaging, this means consistently investing in the next generation of X-ray technology to maintain a market lead.

The company's commitment to this value is clear in its R&D budget. In fiscal year 2025, Varex Imaging invested $91 million in Research and Development, which represents 11% of their total revenues. This spending is focused on key growth initiatives like advancing the development of photon counting technology for Computed Tomography (CT) systems and security inspection systems in the Industrial segment.

• Drove Industrial segment revenue to $252 million.
• Secured over $55 million in Industrial segment orders.
• Launched a new radiographic detector from the India facility.

Strong execution is what turned a net loss in the prior year into a non-GAAP EPS of $0.90 for FY 2025.

People

The People value recognizes that the company's mission-to improve and save lives by making the invisible visible-relies entirely on the talent of its global workforce of over 2,300 employees. It's a simple truth: your people are your most valuable asset.

Varex Imaging supports this value through comprehensive benefits and professional development. For 2025, they updated their benefits program to better support employee physical, financial, social, and emotional wellbeing, even adding Pet Insurance as a new voluntary benefit. They also actively invest in their workforce's technical skills, which is crucial when 17% of their employees are in R&D.

Specific training programs, like the NDT Q-University, provide Non-Destructive Testing (NDT) training courses ranging from 16 to 40 hours, ensuring technicians are proficient with their industry-leading IQ intelligent software and digital radiography (DR) systems. This advanced, hands-on training directly supports the high quality required for their medical and security products. You can dive deeper into the company's financial health and stability, which supports these investments, by checking out Breaking Down Varex Imaging Corporation (VREX) Financial Health: Key Insights for Investors.

Integrity

Integrity is the foundation of trust, especially in a business that supplies critical components for medical diagnostics and security screening. This value means adhering to the highest ethical, quality, and environmental standards, and the company has formal structures to enforce it.

The Board's Nominating Corporate Governance Committee has formal oversight of Environmental, Social, and Governance (ESG) matters, ensuring accountability starts at the top. On the ground, Varex Imaging has expanded its ethical compliance training and supply chain mapping to Tier 4 raw material suppliers to proactively address human rights concerns like child labor and conflict minerals.

Furthermore, their commitment to a circular, lower-carbon economy includes a focus on recycling. They pride themselves on utilizing reclaimed rare earth metals, such as tungsten, in their operations, which is both environmentally responsible and financially smart.

Collaboration

Collaboration means being the preferred global partner for innovative X-ray imaging solutions, working seamlessly with customers and partners worldwide. This is a necessity, not a choice, given the complexity of the global medical and industrial imaging markets.

The company's deep customer relationships are a testament to this value; for fiscal year 2025, their top five customers, which include major players like Canon Medical Systems and Siemens Healthineers, accounted for approximately 40% of their total revenue. This concentration shows a high level of integration and trust with key original equipment manufacturers (OEMs).

Strategic geographic expansion is another form of collaboration. They are developing CT X-ray tubes and related subsystems specifically for Chinese OEMs to support the growing adoption of CT systems in China's rural healthcare expansion plans, positioning Varex Imaging as a vital regional partner. This focus on localizing manufacturing and product development is how you build lasting partnerships.