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Varian Medical (VAR) Receives FDA Clearance for Nexus DR

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Oncology and X-Ray products company, Varian Medical Systems VAR recently announced it has received 510(k) clearance from the U.S. Food and Drug Administration (FDA) to market Nexus DR.

Nexus DR is a high resolution imaging system for X-ray imaging, using a digital X-ray detector. The system is designed to replace conventional film techniques, or existing digital systems, in multipurpose or dedicated applications. It is a single common imaging platform intended for general radiographic procedures. However, this excludes fluoroscopy, angiography and mammography. The major components of Nexus DR include an image detector, a computer, a high resolution monitor and Varian's proprietary image processing software. Each system can process data from multiple detectors.

Nexus DR builds on Varian's current line of digital imaging software and workstation products, designed for installation in new or existing radiographic rooms or for use in mobile X-ray systems. It also complies fully with the provisions of the European Medical Device Directive.

Going forward, Varian’s strong overseas presence will help it to tap the opportunities latent in emerging markets. Notably, the company recorded healthy gross order growth in emerging markets like Iran, Russia, Ethiopia, Burkina Faso and Libya in the recently concluded third quarter of fiscal 2016. In Africa, Varian won gross orders worth $25 million.

We believe that Varian’s oncology business has a bright future in these countries courtesy of robust demand for its products. The company is addressing both the tier-1 and the mid-tier markets through its Edge, Truebeam and VitalBeam products. Moreover, the company believes that the Proton system has a massive growth potential.

Headquartered in Palo Alto, CA, Varian is a leading provider of radiotherapy, radiosurgery, proton therapy and brachytherapy for the treatment of cancer and other medical conditions. It is also a premier supplier of X-Ray tubes for medical, scientific and industrial applications.

Zacks Rank & Key Picks

Currently, Varian carries a Zacks Rank #3 (Hold). Better-ranked stocks in the medical sector include GW Pharmaceuticals plc GWPH, NuVasive, Inc. NUVA and Lantheus Holdings, Inc. LNTH. Each of these stocks sports a Zacks Rank #1 (Strong Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.

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