Varex Imaging Business Summary

Varex Imaging Corporation (VREX) operates as the world’s largest independent manufacturer of X-ray imaging components, generating revenue through the design and sale of X-ray tubes, digital flat-panel detectors, high-voltage connectors, and image-processing software. The company’s business is divided into two primary segments: Medical and Industrial. The Medical segment, which accounts for approximately 70% of total revenue, supplies essential components for CT, radiography, and fluoroscopy systems to global Original Equipment Manufacturers (OEMs). The Industrial segment focuses on high-energy X-ray sources and detectors for security screening, cargo inspection, and non-destructive testing. Varex competes directly with vertically integrated medical technology giants and specialized component manufacturers such as Canon Electron (formerly Toshiba), Siemens Healthineers, GE Healthcare, and Thales Group. As an independent supplier, Varex occupies a unique market niche by providing high-performance components to OEMs that may otherwise compete with the internal divisions of its larger rivals. Varex was established as an independent entity following its 2017 spin-off from Varian Medical Systems, though its technological lineage traces back to Eimac Products, founded in the 1930s by Jack McCullough and Bill Eitel. The current leadership team is led by President and CEO Sunny Sanyal, who has headed the company since its inception and previously held senior roles at Varian and McKesson. He is supported by CFO Sam Maheshwari, formerly of SiFive and Veeco Instruments, and Chief Legal Officer Matthew Martinez, who succeeded Kimberley Honeysett in late 2025. The company’s strategic direction is overseen by Board Chairman Walter M. Rosebrough, Jr., a veteran of the medical device industry. Varex maintains a predominantly institutional investor base, with significant equity positions held by BlackRock, Pzena Investment Management, and The Vanguard Group.