A global market leader with a market share exceeding 50% in a steadily growing market with exceptionally high barriers to entry. Varian Medical Systems, the latest addition to the Sifter portfolio, meets many of the criteria for an ideal company to invest in.<\/p>\n\n\n\n
When the Stocksifter tool highlighted Varian for analyst Olli P\u00f6yh\u00f6nen, he had a rough idea of what the company was about. He had previously come across it when looking at another potential investment.<\/p>\n\n\n\n
A quick look at Varian\u2019s key figures might not reveal the company\u2019s strength. However, when you look beyond the surface and delve into its income statement and cash flow statement, you start to see the inherent quality in the business of this company.<\/p>\n\n\n\n
Varian\u2019s core business is the manufacture, sale and servicing of radiotherapy equipment as well as related software. More than half of the linear accelerators \u2014 known as linac machines \u2014 installed around the world and used in cancer treatment are manufactured by Varian.<\/p>\n\n\n\n
\u201cServices represent nearly half of Varian\u2019s total revenue and more than half of its gross margin. The service business is stable and highly profitable,\u201d P\u00f6yh\u00f6nen says.<\/p><\/blockquote>\n\n\n\n
The predictability of the business is also good, as the order book stretches more than a year into the future. Moreover, even though linear accelerators cost millions of euros, the customer industry is not very sensitive to economic cycles.<\/p>\n\n\n\n
Cancer treatments can\u2019t be postponed and the machines must be used and serviced through all stages of the economic cycle.<\/p>\n\n\n\n
The company has also had difficulties<\/h2>\n\n\n\n
Why, then, aren\u2019t the company\u2019s figures more impressive? This is mainly explained by one loss-making unit.<\/p>\n\n\n\n
Varian has expanded its business from linear accelerators to proton therapy. Proton therapy is an emerging treatment modality for cancer, but the early days of this new technology have been difficult. The treatments are expensive and the clinical outcomes do not necessarily justify the costs in ordinary forms of cancer.<\/p>\n\n\n\n
The proton therapy unit accounts for only a few per cent of Varian\u2019s total revenue, but its losses have weighed down on the company\u2019s result. The unit has not yet reached profitability, there have been write-downs of goodwill and the company has incurred credit losses from systems sold under financing agreements.<\/p>\n\n\n\n
You would imagine that the company has learned its lessons from the disadvantageous contracts. The need for write-downs is likely to decrease in the years to come.<\/p>\n\n\n\n
Varian sharpened its focus<\/h2>\n\n\n\n
Another factor that makes Varian\u2019s past long-term financial performance weaker is that the company spun off its component manufacturing business, whose products are used in medical, industrial and security imaging applications.<\/p>\n\n\n\n
While this move reduced Varian\u2019s total revenue and profit, it sharpened the company\u2019s focus on hospitals and cancer clinics. We like companies that have a clear focus.<\/p>\n\n\n\n
Varian\u2019s core business is highly profitable<\/h2>\n\n\n\n
Varian\u2019s main business \u2013 linear accelerators \u2013 is performing well. There are only a few manufacturers in the market. The market share and total revenue of the second-largest company, the Sweden-based Elekta, is less than half of Varian\u2019s.<\/p>\n\n\n\n
\u201cIn its core business, Varian\u2019s profitability has been higher than its competitors. It seems that Varian benefits from economies of scale,\u201d Olli P\u00f6yh\u00f6nen points out.<\/p><\/blockquote>\n\n\n\n
One of the advantages of size is that Varian has invested in research and development much more than its competitors. In spite of this, its ratio of R&D expenditure to total revenue is lower than its competitors.<\/p>\n\n\n\n
Varian has a particularly strong position in the North American market. Its high market share also improves the efficiency of the service business and enables high profitability.<\/p>\n\n\n\n
The advantages of being the market leader<\/h2>\n\n\n\n
Varian is a full-service company in the narrow segment that it dominates. It has expanded its offering by making a number of small acquisitions.<\/p>\n\n\n\n
Varian has started to offer cancer treatment planning services for its customers, for example.<\/p>\n\n\n\n
Oncology devices are expensive investments, and training staff to use the devices is also a substantial investment for Varian\u2019s customers.<\/p>\n\n\n\n
This means that the customers tend to be loyal: when it\u2019s time to replace a machine, it\u2019s easiest to contact the familiar supplier to request a new model.<\/p><\/blockquote>\n\n\n\n
Linear accelerators have a life cycle of about 10 years, and a significant proportion of Varian\u2019s equipment sales comes from replacements of existing machines.<\/p>\n\n\n\n
In the developed markets, the need for new capacity is relatively low and is mainly related to the ageing of the population and the growing number of cancer patients.<\/p>\n\n\n\n
In the developing markets, however, it is predicted that a large amount of entirely new capacity will be needed in the near future. In the rapidly developing Indian and Chinese markets, for example, the number of advanced oncology devices is still very low relative to the size of the population. In China, the number of Varian\u2019s machines has grown at an average annual rate of 11% over the past five years.<\/p>\n\n\n\n
\u201cWe like high-quality companies such as Varian, and I expect that we will want to keep it in our portfolio for a long time,\u201d P\u00f6yh\u00f6nen concludes.<\/p><\/blockquote>\n","protected":false},"excerpt":{"rendered":"
Varian Medical Systems meets many of the criteria for an ideal company to invest in. Read what makes Varian an excellent investment for Sifter.<\/p>\n","protected":false},"author":11,"featured_media":5100,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[11],"tags":[],"class_list":["post-5352","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"yoast_head":"\n
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