VREX - Earnings call transcript Q2 2024 | Varex Imaging Corporation

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Operator

Greetings and welcome to the Varex Imaging Second Quarter Full Year 2024 Earnings Call. [Operator Instructions] As a reminder, this conference is being recorded.It is now my pleasure to introduce your host, Chris Belfiore, Director of Investor Relations. Thank you, sir.

You may begin.

Christopher Belfiore

Good afternoon, and welcome to Varex Imaging Corporation's earnings conference call for the second quarter of fiscal year 2024. Sunny CFO. President are Sam CEO; today our Maheshwari, me Sanyal, and our and With that live be note supplemental website Please the vareximaging.com. slide includes conference at presentation a call that can accessed Varex's webcast at of this be The website. on presentation Varex's archived webcast slide and supplemental will are XXXX. our otherwise quarter simplify second quarter references to stated, To the all of discussion, the unless for fiscal year

quarter the XXXX quarterly unless are made second from otherwise to year year fiscal stated, comparisons fiscal second addition, XXXX. of In over quarter year of the year

Finally, to that are those and predictions during the are making filings references anticipated. be unless in the all relating be are current the to year cause our which statements release and subject that quarterly could fiscal that not business otherwise or our are projections on risks year Risks from this results advised with year, uncertainties will expectations to statements, to materially earnings call, SEC. about described actual assumptions we are to our differ the future calendar and forward-looking These based stated.Please and events.

they and in date, no a are measures financial or financial will obligation in SEC reports Additional including Factors not non-GAAP assume our accordance information that could our differ today's non-GAAP we today's from speaks this Form in XA, cause discussing Item factors GAAP Annual on quarterly for, discussion.On with, XX-K. are those Form anticipated on statements concerning of XX-Q of discussion contained call, Report the These in results our to Risk is as measures. measures. information to certain this forward-looking substitute actual the materially filings, and The be update revise nor presented we

now non-GAAP We earnings will in will comparable on provide the financial Sunny. release, GAAP reconciliation most call measure directly our to press which our website.I each turn posted over financial measure is the of to a

Sunny Sanyal

$XXX to cautious continued will which to in trend, our up cash quarter China. fiscal our behavior trend. respective in of the the sales second us and give of was same both let in were and is line X-quarter me a addition you $XX sales margin over CT and sales all while radiographic, with gross share compared solid last million. Global average, line the our below quarter thank worth in $X.XX some due to quarter Revenue XX% year the afternoon, last decreased trends. Medical purchasing line Industrial sales We was their resulting quarter revenue mammography were flat sales segment improved was and margin segment the year XX% in in you, the quarter million within was were in per million quarter. in sales in year, in was compared industrial respective of second tubes earnings modalities the you sales trend. in $X.XX sales in the to the non-GAAP Revenue refer compared earnings into in by guided trends. everyone, products increased and marketable was with the quarter dental quarter Global their the securities range, gross XX%, revenue on XX% second down balance Good for the ended Non-GAAP Sales the Fluoroscopy to now with $XXX was was in line Medical Oncology, of in to the XXXX.Now modality down our with EPS and over expectations, the year. of Chris. call. sales which second second detail Non-GAAP quarter by for the in equivalents, cash, we the year. quarter to quarter $X.XX as second insights in joining and customers Thank compared quarter of our and our with segment non-GAAP the the X%. year, softness sheet,

industrial we industrial continued end products experienced our inspection.Now to to strong tubes in inspection update technology. in and sales an other I'd to softness while take see some cargo markets, electronics, you semiconductor, and give a photon-counting like moment Our battery primarily on

need use with are quarters, photon-counting in past to applications be positioned our various being high inspection portfolio.Our industry. product detector imaging we sensitivity Varex and industrial in continue for highlighted technology medical we the imaging. to explore innovative and of year, and accelerated be adoption Both from the As customers has technology our and focus continues driver significant the breadth faster, from trends entire these benefit OEM Industrial of across is adopted of to continues to the modalities, well over be a speed photon-counting there's CT. to past detector to technology where food a given full sales. Engagement where niche main imaging high medical technologies the high OEMs tends verticals our across photon-counting The body growth segment, our in believe

Our services our are innovation. to Horizon of which year courier photon-counting and new The illicit is photon-counting of speed Europe photon-counting photon-counting progress. technology, discrimination, funding gathering technology sponsored prototype strengths project, and data the fiscal key expected overview customer of is the is remain and PARSEC imaging be aimed program, user an are of PARSEC in testing Once and addition, The complete future.In recycling discrimination our industrial by of GRINNER field-testing. with at project, industrial detectors under in waste is facility projects deployed of on provided express to progressing Europe within projects Union's being sales making projects abuse Both GRINNER. continue the business, are which the incorporating distinctive European collaborative research material These preventing source addressing at solid for focused and material facility to we solid photon-counting. program we aimed terrorists, the battery-caused products the well. potential capability expect and applications in Varex's X electronics fires last photon-counting systems, substances be and in of our integrated software, late postal test into criminals chain, of to is also detection of XXXX. AI is management to the coupled the parcels.The at for clusters used in A end an

used our segment, and body We final expect commercialization to panoramic full is Medical scans on dental in the imaging. work with photon-counting of our customer our being technology system.In

process quarter as planned. to their scanners. in As we moving first OEM earnings noted call, our on next is photon-counting along working integrate technology of a CT This major our with we're generation

in now stages in CT also applications. prospects pipeline are the for our other We technology who various have in assessing

sales We expect growth photon-counting the years. new technology contribute over to our and existing strong next X applications of

expect additional our with we timeframe. we Specifically, industrial in annually markets, to medical, traction than fiscal expect photon-counting $XXX of revenue contribute including to CT, by Coupled add applications of $XXX more in over portfolio over this revenue our XXXX. million million

by to industrial of to photon-counting hand the continue applications.With call and be that, acceptance We medical for Sam. technologies encouraged me over let the

Shubham Maheshwari

Sunny, hello, Thanks, and everyone.

EPS while range. XX%, million were within second of our range. was the the guided Non-GAAP at $X.XX guidance, our our quarter midpoint in of gross was below midpoint non-GAAP the $XXX margin revenues guided Our

X% were decreased sequentially quarter. to X% The our compared prior and the were million. government's Industrial XX%, region. result the revenues the APAC second of to revenues Medical and fiscal at decline second compared while XX% XXXX. EMEA was quarter, the to XXXX, due increased healthcare revenues to quarter.Looking quarter million and investigation from for anticorruption quarter quarter revenues Second year. revenues quarter XX% system. $XXX the second of in Americas revenues fiscal overall the in China were China Industrial and of second there XX%. campaign in XX% APAC Medical the sales revenues first the the in quarter were in into to increased Further, $XX accounted of by total China XX% its sales second of revenues compared of fiscal for primarily lower declined decreased

year. trend, our in remain next now fiscal a we GAAP of me start optimistic China.Let a on Given in longer this of before results no healthcare-related about sales prospects growth cover China pickup long-term expect the We basis. the our

million was year. EPS million compared were and shares. down the of million $X million, to second fiscal QX $X earnings $X fully GAAP per quarter was on expenses gross from Operating diluted up Second 'XX, share, margin 'XX. $XX million, of over quarter year and net flat XX million, $X operating based XX%, a income was were $X.XX

point the margin of assessing Moving to expense. This fiscal for is SG&A of quarter future, Gross compared in cost X offset on fixed for venture quarter. was foreseeable this margin by approximately to our a to ways to point related the the expense. X due higher warranty flat reduce joint This benefited we and sold of XX%, goods approximately to expense non-GAAP the remain from dpiX by to was to quarter. are in expected Gross results to second 'XX. gross reclassification of expense place change percentage percentage benefit margin

an second taper expense flat X% to we payment was XX% annual to We our revenues. to spending $XX our fiscal revenue R&D quarter spending by expect remain historical around R&D to off current fourth million, of year.R&D and the the target million is was fiscal quarter, for expected of higher to to milestone second levels Micro-X. Generally, is the of the $X made compared on spending In warranty of R&D return basis, of 'XX. the XX% end levels.

fiscal quarter million the venture expense revenues. fiscal expenses result second in a due aforementioned However, was Operating expense the million, was reclassification SG&A fluctuate SG&A to sales the the The percentage levels. quarter related in may sales R&D $X or our $XX to million, fixed increase to compared of of of of joint approximately $XX primarily SG&A as XX% were of dpiX. margin was 'XX. for Operating or up compared the million, overall was XX% prior of in last of quarter down was pre-tax quarter $XX second to 'XX. the XX% compared XX% expectations million, of year. to above our XX%, $X income, income the compared the $X to Operating in or $XX of the million was year. same expense Tax revenue, of quarter revenues, X% second quarter. million,

year. Average to days quarter, sheet. XX% fiscal 'XX. year remained $X.XX million, year cash cash XXX flow non-GAAP first of the a XX on of of Net days. We the tax year, $XXX moving 'XX, the quarter to quarter and million. of cash, for now diluted XX $XX separate of to on note result outstanding net in receivables decreased the of and shares of ended cash $XX our first to $X securities, and basis.Now, and of down million that Accounts down balance and and sequentially second marketable the sales million was of up a from the which million Accounts quarter. days. million, item the by full We quarter a share, over flow 'XX. XX% balance increased marketable primarily diluted turning Please line was quarter sales were days.Now earnings by were operations end rate fiscal in from days to $XXX per or cash million. is million at at million, for million $X cash Net compared $X.XX second continue securities, debt XX the and to debt, to the was the Gross the to days Days $X compared includes sheet. flat out days cash securities by $X marketable Inventory quarter payable payable of $X million XX X million decreased debt inventory broken million equivalents, information. with prior the and of fiscal higher of and outstanding quarter decreased $XXX $XXX million million $XXX expect as $XX decreased $XXX equivalents

bonds.Now a these as and capital quarter we we put on third loan. we million implemented the in March the position on a XX. delayed moving fiscal Both structure, additional revolver recently $XX approach liquidity comfortable refinancing for of the us convertible $XXX actions million 'XX. our outlook to secured of an Separately, of as a Regarding financing remainder term draw

that softness our Sunny, As for to in the visibility, third in of quarter. to are fiscal be continued to our reducing discussed with year. revenue cautious expectations the Based customers our due remainder quarter behavior China, on purchasing of 'XX the by broadly, current we fiscal the we by expect fourth in flat addition of

While near term to in term, as continue to we demand in the the promising is optimistic and be soft photon-counting. long technologies continue such invest in

million the and are and expected $X.XX. third between revenues for per above and million guidance $XXX between share earnings $XXX quarter diluted context, are With the is: expected $X.XX non-GAAP

in gross XX%, quarter, your based $XX for open of shares.And are about of expenses of a range now tax questions. a million non-GAAP the in count million, expectations of XX% share on operating non-GAAP XX% we'll $XX to the about range $XX non-GAAP million rate diluted with to margin third and for that, call Our

Operator

[Operator Suraj Instructions] comes Oppenheimer. from Our question with Kalia first

Shaymus Contorno

This is Shaymus Suraj. on for

color to from Obviously, the start seeing may you the remainder your about year ground? Just give your of Can of you started, pushed the can when seeing more pickup? bit fiscal getting out get a year any China, on little pushing out started. more what the initial we second half through of some delay calendar are it's you and talk expectations there,

Sunny Sanyal

Yes.

on started about signals quarters our the process anticipated And customers. it ago, take of was Chinese based complete that So, softness the we about from that you on driven getting the launched audit hospitals were as by that China couple recall, process. XX to this there. early government that had it months might we And in a talking was would

So, on ground broadly late customers the begin and signals that to start this free from spring, would thing should up were by summer, that early buying our again. the getting we was

see I And recovery we that time to will well.We with what significant us any that somewhat what others think at year. second half led would indications half. as the you And that the in believe start volume seeing give seeing recovery to our with indicators expect so, consistent to to that's the that not in of were the second happen us was lead would are this early the

our chain As XX of value you XXX to know, ahead we're the days customers. in

in with far view that as And as are cautious is we giving concerned. China half so, mind, of and second a the

audit, are be with but we clear is, customers, clear the is, was play factors One continue to what we secondly, in not but some general there's said, package our the impact there some what ground that's our is happen there there the multiple that the It's may what work likely playing not as it's the to at of keep expect wings. that Now, stimulus ears impact to and confusion. and is here.

this opposed more there, that, but of close of to recovery very not All to any us be the to significant it. burst a that recovery in fluid recovery. China staying and steady pent-up leads it's as of believe anticipating We're will we're gradual, again,

Shaymus Contorno

X%; I Got or that. can seeing it. outside it... you environment What And Americas there? the you're of growth are Appreciate then, there. you I X% describe environment seeing outside was X% think think, Does of somewhere was, EMEA kind China?

Sunny Sanyal

one Let China. regarding me add point more

healthcare change shift the China. or We intentions government's also is like seems support intent their or have no that. no continue intention seen stimulus it or expand throughout the to of to the And in their policy services contrary, to delivery to the Chinese

there by general some softness demand. to China, outside continues buying seeing as our China, be we're is we this cautious is in what And that characterized behavior ex what Now, customers. of a

would they like customers, then And times. cautiousness predict, with then they place they the seen that's as general they dates. to shipments they around when what from is they forecast of get prescribed us orders us that closer within and needs, Our lead need they volumes our product, us. And when give we've delivery their

asked new they deploy So, recent down us they of shipments for shipment. across to many these to their their defer, stocking levels they're forecasts us levels the products match inventory expect systems adjust customers as slow asking to board, and when into have delay, more

tease as customers us based of segment. Medical that global softness they It's then view that the of world. We So, over overall for our the them, all from where some products know, to products we're coming send ship to hard is you that's those broad because, apart getting a and customers. are

it's any So, softness. of pinpoint hard to sources specific

Shaymus Contorno

quantification. and appreciate And just side photon-counting, one our the we and last one from color

I deck $XXX think revenues about by XXXX. in you it's noted that somewhere slide about million in

to you're you going Thank point Is to I in start inflection there some can So, Any year everything's be expecting going accelerate? burn? guess, a the going slow to a Is color there. how this be describe where growth? to you.

Sunny Sanyal

Yes.

new adoption first healthcare in a to the all, of And it's anytime photon-counting long. Our introduced the environment, technology a is is platform. detectors, time new fairly

So, are our that's our and are and long cycles R&D long, cycles. why regulatory their R&D customers' cycles then

that So, the the said, that's on backdrop Medical side.

are Our coming photon-counting sales Medical, and Industrial both. from

there our the is and growing, currently the side, sales, it's On uptake photon-counting steady, of and accelerating. which Industrial chunk it's is largest

in expect new to going a because product, the driven it they in accelerating So, in we sales about we are million-ish that applications on the that we be they put tends in of it And where to and see uptake million much side from this just out talked up try today, steady, adoption are industrial by $XXX Medical the trajectory $XX-ish Industrial coming to there, than have faster out. they slides, out.

in year prototypes a detectors see side, a the our call, going of we A ship, And applications, after low design-in technology, variety then a largely of the customers are see process, rate, and few higher volumes. that market, the this take and are that detectors pilots, we run stages then in that certain product that, and mentioned of On initial these to volumes, more are then In to the couple during early that these have years and see we have there's bring we we are pipeline. currently customers photon-counting the then we applications that into. are applications. them Medical there earnings there designed out, of

that way.Now, are different much behave priced, expect, So, have and that's CT higher that's, a of I'd -- detectors. larger, trajectory, say, most they modality bigger detectors, the will modalities because the we general

phase as in be, least years, we to new X at be fairly it'll implementation for rapid customers design after expect CT we and our So, take by pace so the acceleration their phase to which at will X market. driven system be systems of that than that And our be CT photon-counting adoption, just systems the customers it'll market point. to technology more to versus bring the new there really, of CT

driven are photon-counting Our mainstream technologies being markets. towards

our market, products be confident very we're it niche application. that won't bring narrow So, to these once a customers

at are mainstream the CT market. We targeting

going few now in I outer you are CT. it's that towards showed be in trajectory looking for. So, that out with modalities. 'XX, XXXX, phase by driven design other be we color the more there's a because to and you it's to it's and It's customers. of on Industrial that going Between you XXXX, products driven gives Medical be walk, get end 'XX, go hope to going our that in by the the that for are far hard predicting specific us challenges to

Operator

Li comes question Young with next The from Jefferies.

Young Li

to all, to guess It on to China start, Wondering sounds impact I like anticorruption not if any there's that's most, the maybe little follow at well. campaign. as a is there competitive local play if bit. up due the dynamics

Sunny Sanyal

we where product is that you as any the x-ray driven majority for it's systems -- most the know, volume in engineered from designed this slowdown, that's as a our substantial we The tubes. reason are the our and CT tubes, business x-ray by see within of of in. of slowdown. don't No, highly comes slowdown And China is

significantly. we because their our what customers are experiencing pretty result needing dropped products is not have So, sales the a of

Young Li

images a a guess doing Okay, software more just lot curious, or how's Varex? data. just recently? is That photon-counting. AI your Very and I'm for I And great. there to separate a generates question, business play software play helpful. related

Sunny Sanyal

absolutely. Yes,

for certainly on application, would depending be just photon-counting, the what you described, So, CT. true

of and at produces first rates is. For Yes, high-resolution a CT, imaging lot high there data. frame of detectors all,

able information pinpointing plays in amount that type the artifacts one for the precise news and a So, images, opportunities available between material the in and more another. there with AI of is images high-resolution to discrimination these distinguish that's good versus artifact and up reasons, lot of opens now to of for be and of

with information capable reconstruction extract data more is and group and processing CT the look more out and very software of to applying and into techniques Our received. that's image

our software that expect continue to benefit from photon-counting. will certainly group we So,

next quite photon-counting with image offerings. of offer We we have a And our playing detectors Company. products processing, a and that image James of Instructions] a Sidoti are question market they our with for from & processing actually key certainly role detector comes bit part take technology for and construction. currently Sidoti to in image as CT, we are the our those [Operator Our

James Sidoti

some buying in On the are in out. tubes of China, procedures because situation done, be the are still do pent-up or wearing there'll still you think now, getting slowdown the demand

lifted, in increase restrictions you do there'll these when think be demand? So, get an

Sunny Sanyal

Yes.

Jim, need care, So, procedure are get care. volumes continuing. go People they

a get sales is stream. volumes. of when increased what we for us, recurring procedure that's tubes. replacement are demand The So, And is seeing revenue we pent-up results

So, whether at that that point. is, can know we predict I this don't

don't more up, the program have ramp a going orders? of pent-up thing when any advantage at there honestly. this time whether Once press the how However, more or is of that that's reasons, demand is have healthcare that trajectory But We we that, we the sidelines the there's is reasons doesn't to yet, over sharp return is China. on be is They unclear to Chinese out. do question believe that a likely, growth go of drive comes We're when stimulus demand And away. back, will demand. transparency versus effect to what know the will be be around the for pent-up continued in be order economic forward. or customers assess out. services government will in comes the much It take we'll off to Everything stoppage is hear on will stimulus clarity to the that of it's noticed the is from the the being what play other getting able expand not that push the a hospitals have think that. our in we continuing which it'll rolled package there's to to able back. to What what come stage not that we slowdown have is gradual is demand inflow

more what, XX that's next clarity in so, share with that will that, we get the on and expect So, to continue we to days or you.

James Sidoti

can refinancing you Are going with at the talk are regarding another that, now about rates for you debt? the the to straight you existing then your do do need it? looking When possibly And And convert? convert loan? options to or how comparing

Shubham Maheshwari

Yes, sure.

Jim, another we $XXX closed recently So, one of $XX revolver, and draw just million financing, a million $XXX of delayed about million new is term loan.

So, from our in very refinancing. position, position the perspective address are we feel strong to we liquidity a the from

So, June, maturing at June time, this convertibles XXXX. the are existing next so

makes are other including So, decision. it, with make the things. we we'll interest rates, price, are going you that for various situation to And decision Board right into factors monitor a of lot us. There go stock as and the share the and that

at a there. and were can be that's interest around It's bonds So, less thinking with current than a But we convertible current what to have are loan new convertible then, on And the dimensions various loans little about. convertible we way it's Based seen outcomes. the at as are The X%. bit market, rates, structured convertible in loan. X%. various there is terms probably from be if of our that

have So, we structured. same upon how the vary it on But we sheet. the the feel balance interest depending rates cash time, can at good is

I raised, an the partially it and completely. down we pay position, excess cash possibility in have with think extra is or also are there now we can liquidity that We this that

when as you with make decision. share we'll we and the So,

James Sidoti

sheet to you do All How next be that the comfortably right. balance going And question. much was to business? the need on my cash run

Shubham Maheshwari

we've running X Yes, carry million have were cash, million. $XX or that $XX sheet. like the in balance business about of thereabouts, $XXX ago, COVID, on decided the if would or million, you go we to back with terms years X Since the we to

have $XX cash with So, of threshold. that to compared about million excess we million, $XXX

James Sidoti

Okay.

XX% theoretically, the outstanding down So, you almost of pay debt. could

Shubham Maheshwari

Outstanding debt, meaning...

James Sidoti

convert. The

Shubham Maheshwari

we now No, targeting of pay to to And is sheet. the we cash, XX% June, be so able million. from and the might about down are between could pay generate theoretically convert, we $XXX down XX% convert because balance

James Sidoti

should Which lower and interest sense. make in beyond. rates does to XXXX It Right. theoretically lead

Operator

comes from The next CJS. question with Larry Solow

Lawrence Solow

of the overall sales, when year said, flattish remember I drivers? medical, or ex question, it China, think principally thought the it's is But the terms to sounds like to in reduction. that? correctly. that it's year your down. because more be it guess, the like a guidance clearly -- And Industrial? you also also only was going trying it quarter, guide is I any lower your but whole, XX% weaker China you you So other U.S. I be is about I sounds revenue, overall pieces U.S. I only had Has or but you of or first the to coming there China China, right? took at guess know the as a And in whole to to would outlook, that Just how puzzle changed the great. I think, is piecemeal revised are started Medical. all? there if Is ex number

Shubham Maheshwari

Yes, Larry.

we is is what just soft, we driven is but Medical And in cautious market behavior. China broader yes, soft, by customer that not phenomenon that that So, did of on the also particularly top said, China. say

of as well So, China there China softness in the also is as yes, Medical. ex there effect is

So, Medical, year, we down expect year-over-year. to it be this

So, seeing that's currently in Medical. what are we

QX, In for we to provided what are time and QX be the seeing saying, guidance QX. are we at terms to flattish of this revenue, have overall we

So, you the that year. entire almost gives

continue in It's over cargo strong But very pretty to flattish the there to to business in are Industrial Industrial cargo. doing Industrial well, business up for for growth, to Industrial is it a comp slight and year softness year. outside last time, year We expect slight be did. a the what we do expecting is well. of At this

and but So, combined, compared to 'XX us, expect of takes Industrial full expect we be those very for with all a slightly growth And 'XX. fiscal year to we area puts for to down. Medical be

Lawrence Solow

And is customers, from, you're right, guess, to? I referring the OEM that your caution

Shubham Maheshwari

yes. true, is That

Lawrence Solow

I hospitals Their is, start the actually but far hospitals' higher post They're I help overblown, you're doing But And a fine. does are hospital? are about pretty as down are the And finances good line, doing I as concerns that think lot though guess been even have rates okay. understanding my COVID. from understand, I been them. and volumes chain doing probably okay. Because in that know has hospitals spending doesn't interest capital

your theme are driving inventory cautious still? because there too common there's Is So, caution? much any this customers that's

Sunny Sanyal

dig our all Can if we we have this it's have stocks and slow a their orders conversation starts push then we the we supply into, people post to of had the out? different chain stocking then Can much clogged And you factories you and down? just Well, we well, why you COVID, with, and behavior were of the do need Larry, issues. above where what were adjust hey, worried inventory? need, and levels. so buying about and COVID trajectory expected

had So, current some causing the bought production it's together, destocking with quarter and clearly come a amount way when all needs. myriad of things inventory up their that match mind they in of adjustments. what have And components they didn't the

hard So, customers it's See, It's reconcile. of our several backlog. from ship to those. of most

of construction tubes. other of growing drive like that good We're hospitals these of that's because thing. things there side the the works, systems doesn't with procedure going modalities to that. the civil our So shipments That in correlate hospital's then which health, and glad hospital, in directly volumes accepting and replacement that's on a are require work large

have for shipments slowed certain customers. reasons So, variety why of their

Lawrence Solow

I fair. right, All that's guess

Operator

to Chris this the call would you. like over for time, Belfiore back closing comments. turn Thank to At I

Christopher Belfiore

available May and and archived A today great at XX call will support and night. slide quarterly Thank replay website. be you you accessed this for presentation on be Thank conference your questions for The of be vareximaging.com/investorrelations. supplemental your Varex. a and have can through our of continued webcast will

Operator

teleconference. Thank you. This does conclude today's

You may Thank disconnect time. for day. and this your lines your participation a you at have great

Varex Imaging (VREX) 2 May 242024 Q2 Earnings call transcript