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New words:
accrual, advisory, ASU, bundled, cumulative, deductible, deduction, diagnosed, discovery, discrete, distributor, Drug, Food, Framework, Guarantor, lack, life, lockdown, mediation, mitigate, monthly, particle, produced, promissory, radiology, ramp, raw, refinanced, refinancing, reliance, resurgence, rollforward, seasonality, Simplifying, Subtopic, tender, thereunder, unnecessary, unpaid, vaccination
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account, accounted, achieved, aforementioned, applied, benchmark, Boston, calculate, calculating, capitalized, classification, Codification, comparability, comparative, composite, consisting, coordinate, country, dependent, dosimetry, doubtful, earliest, efficient, enhanced, escalation, extend, gain, headcount, holdback, hypervascular, IBR, identification, iii, implicit, inception, incremental, index, insurance, iv, judgment, law, lawsuit, leaseback, lessee, LIBOR, liquid, maintenance, marketing, marketplace, migration, modifying, monitoring, optional, orderly, outlook, package, potentially, practical, prospectively, qualified, rating, reclassify, recognize, recording, relate, renewal, rent, restricting, retroactive, retrospectively, ROU, satisfaction, Scientific, separate, simultaneously, single, SOFR, Solution, space, subleased, subsequent, tenor, transparency, undiscounted, unfavorable, unit, withheld, withholding
Financial report summary
?Competition
American Shared Hospital Services • Icad • CERNER • Roche • Accuray • Angiodynamic • ViewRay • Syapse • MedtronicRisks
- The Merger is subject to the satisfaction of closing conditions in the Merger Agreement.
- Failure to complete the Merger could materially adversely affect our business operations, financial results and stock price.
- We will be subject to various uncertainties while the Merger is pending that may cause disruption and may make it more difficult to maintain relationships with employees, customers, suppliers and distributors.
- We are subject to certain restrictions in the Merger Agreement that may hinder operations pending the consummation of the Merger.
- If the Merger Agreement is terminated, we may, under certain circumstances, be obligated to pay a termination fee to Siemens Healthineers. These costs could require us to use cash that would have otherwise been available for other uses.
- Our performance depends on successful improvements to our existing products and services, commercialization of new products and services and increasingly on our ability to anticipate emerging trends in oncology diagnosis, treatment and management.
- We compete in highly competitive markets, and we may lose market share to companies with greater resources or more effective technologies, or be forced to reduce our prices.
- The interoperability of radiation oncology treatment products is becoming increasingly important, and sales of our products could fall if we fail to establish interoperability.
- We may offer extended payment terms to certain customers, which could adversely affect our financial results.
- Changes in foreign currency exchange rates may impact our results.
- Consolidation among our oncology systems customers could adversely affect our sales of oncology products.
- Our business will suffer if we are unable to provide the significant education and training required for the healthcare market to accept our products.
- We may not realize expected benefits from acquisitions of or investments in businesses, products or technologies, which could harm our business.
- Our efforts to integrate acquired businesses may not be successful, and this may adversely affect our financial results.
- Acquiring or implementing new business lines or offering new products and services may subject us to additional risks.
- Losing distributors may harm our revenues in some territories.
- The results of studies and clinical trials are highly uncertain.
- Our credit facility restricts certain activities, and failure to comply with this agreement may adversely affect our business, liquidity and financial position.
- Our operations are vulnerable to interruption or loss due to natural or other disasters, power loss, strikes and other events beyond our control.
- We work in international locations with high security risks, which could result in harm to our employees or contractors or cause us to incur substantial costs.
- Product defects or misuse may result in material product liability or professional errors and omissions claims, litigation, investigation by regulatory authorities or product recalls that could harm our future financial results.
- We are subject to certain risks related to the separation of our former imaging components business into Varex Imaging Corporation.
- We may face delays in the installation of our software products, which could have a material adverse effect on our operating results.
- The need to maintain and service multiple versions of the same software product across our installed base of customers could adversely affect our ability to release upgraded or new products.
- Coding errors in our software and cloud offerings could adversely affect our results of operations.
- We may not be successful in transitioning our customer base to software solutions deployed via cloud and SaaS solutions.
- Because we recognize revenue from subscriptions for our SaaS solutions over the term of the subscription, downturns or upturns in our SaaS business may not be immediately reflected in our operating results.
- Certain software that we use in our products is licensed from third parties and, for that reason, may not be available to us in the future, which has the potential to delay product development and production or cause us to incur additional expenses.
- We participate in project financing for our Proton Solutions business, which has resulted in impairment charges and could result in payment defaults that adversely affect our financial results.
- Our Proton Solutions business has not been profitable historically, its financial results may be unpredictable and if our proton customers are unsuccessful, our financial results will be adversely affected.
- Our Proton Solutions business may subject us to increased liability.
- Our cancer center operations may not be profitable, and the operation or development of existing and future cancer centers could cause us to incur unexpected costs.
- The performance of the cancer centers that we operate depends on our ability to recruit and retain quality physicians, qualified nurses and medical support staff and we face competition for staffing that may increase our labor costs and harm our results of operations.
- Our cancer centers face competition for patients from other cancer centers, hospitals and health care providers.
- We are subject to occupational health, safety and other similar regulations and failure to comply with such regulations could harm our business and results of operations.
- We may be subject to liabilities from claims brought against our cancer centers and third-party customers of our AmPath business.
- Any inability to obtain supplies of important components could restrict the manufacture of products, cause delays in delivery, or significantly increase our costs.
- A shortage or change in source of raw materials could restrict our ability to manufacture products, cause delays, or significantly increase our cost of goods.
- Our financial results may suffer if we are not able to match our manufacturing capacity with demand for our products.
- We rely on third parties to perform spare parts shipping and other logistics functions on our behalf. Disruptions at our logistics providers may adversely impact our business.
- We operate in a highly regulated industry, and we face significant costs in complying with laws and regulations. Failure or delays in obtaining regulatory approvals or complying with laws and regulations could delay or prevent product distribution, the introduction of new products or services and result in significant fines and penalties.
- Healthcare reform legislation including The Affordable Care Act and state-level legislation may adversely affect our business.
- Any violation of federal, state or foreign laws governing our business practices may result in substantial penalties. Investigation into our business practices could cause adverse publicity and harm our business.
- Environmental laws impose compliance costs on our business and can result in liability.
- Protecting our intellectual property can be costly and we may not be able to maintain licensed rights, which would harm our business.
- Third parties may claim we are infringing their intellectual property, and we could suffer significant litigation or licensing expenses or be prevented from selling our products.
- Fluctuations in our operating results, including quarterly gross orders, revenues, margins, and cash flows may cause our stock price to be volatile, resulting in losses for our stockholders.
- Unfavorable results of legal proceedings could adversely affect our financial results.
- Our business may suffer if we are not able to hire and retain qualified personnel.
- Changes in the interpretation or application of generally accepted accounting principles may adversely affect our operating results.
Management Discussion
- Item 2. Management’s Discussion and Analysis of Financial Condition and Results of Operations
- This Quarterly Report on Form 10-Q contains “forward-looking” statements within the meaning of the Private Securities Litigation Reform Act of 1995, which provides a “safe harbor” for statements about future events, products and future financial performance that are based on the beliefs of, estimates made by, and information currently available to the management of the Company. The outcome of the events described in these forward-looking statements is subject to risks and uncertainties. Actual results and the outcome or timing of certain events may differ significantly from those projected in these forward-looking statements or management’s current expectations due to the factors cited in this “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” the Risk Factors listed under Part II, Item 1A of this Quarterly Report on Form 10-Q, and other factors described from time to time in our other filings with the SEC, or other reasons. For this purpose, statements concerning: the continuing impact of the COVID-19 pandemic on our business, including but not limited to, the impact on our workforce, operations, supply chain, demand for our products and services, and our financial results and condition; our ability to successfully manage the challenges associated with the COVID-19 pandemic; our ability to achieve expected synergies from acquisitions; risks associated with integrating recent acquisitions; global economic conditions and changes to trends for cancer treatment regionally; currency exchange rates and tax rates; the impact of the Tax Cuts and Jobs Act; the impact of the Affordable Health Care for America Act (including excise taxes on medical devices) and any further healthcare reforms (including changes to Medicare and Medicaid), and/or changes in third-party reimbursement levels; tariffs and exclusions therefrom, cross-border trade restrictions; demand for and delays in delivery of the company’s products; the company’s ability to develop, commercialize and deploy new products; the company’s ability to meet Food and Drug Administration (FDA) and other regulatory requirements, regulations or procedures; changes in regulatory environments; risks associated with the company providing financing for the construction and start-up operations of particle therapy centers, challenges associated with commercializing the company’s Proton Solutions business; challenges to public tender awards and the loss of such awards or other orders; the effect of adverse publicity; the company’s reliance on sole or limited-source suppliers; the company’s ability to maintain or increase margins; the impact of competitive products and pricing; the potential loss of key distributors or key personnel; challenges related to entering into new business lines; the expected timing of the closing of Merger, the estimated amount of advisory fees related to the Merger; the occurrence of any event, change or other circumstances that could give rise to the termination of the Merger Agreement; the failure to obtain certain required regulatory approvals or the failure to satisfy any of the other closing conditions to the completion of the Merger; risks related to disruption of management's attention from the Company's ongoing business operations due to the Merger; the effect of the announcement of the Merger on the ability of the Company to retain and hire key personnel and maintain relationships with its customers, suppliers, distributors and others with whom it does business, or on its operating results and business generally; the ability to meet expectations regarding the timing and completion of the Merger; risks associated with Merger-related litigation; and any statements using the terms “believe,” “expect,” “anticipate,” “can,” “should,” “would,” “could,” “estimate,” “may,” “intended,” “potential,” and “possible” or similar statements are forward-looking statements that involve risks and uncertainties that could cause our actual results and the outcome and timing of certain events to differ materially from those projected or management’s current expectations. By making forward-looking statements, we have not assumed any obligation to, and you should not expect us to, update or revise those statements because of new information, future events or otherwise.
- This discussion and analysis of our financial condition and results of operations is based upon and should be read in conjunction with the Condensed Consolidated Financial Statements and the Notes included elsewhere in this Quarterly Report on Form 10-Q and the Consolidated Financial Statements, the Notes to the Consolidated Financial Statements and the related Management’s Discussion and Analysis of Financial Condition and Results of Operations in the 2020 Annual Report, as well as the information contained under Part I, Item 1A "Risk Factors" of the 2020 Annual Report and Part II, Item 1A "Risk Factors" of this Quarterly Report on Form 10-Q, and other information provided from time to time in our other filings with the SEC.