Varian provides software and machines for oncology, alongside patient data and care team solutions, focusing on Intelligent Cancer Care.

Varian

Siemens Healthineers AG, through its subsidiaries, develops, manufactures, and sells a range of diagnostic and therapeutic products and services to healthcare providers worldwide. The company operates through four segments: Imaging, Diagnostics, Varian, and Advanced Therapies. The Imaging segment provides magnetic resonance imaging, computed tomography, X-ray systems, molecular imaging, and ultrasound systems. The Diagnostics segment offers in-vitro diagnostic products and services to healthcare providers in laboratory, molecular and point-of-care diagnostics; and workflow solutions for laboratories and informatics products. The Varian segment provides cancer care technologies, and solutions and services to oncology departments in hospitals and clinics; and technology-enabled optimized workflows, clinical services and consulting capabilities, and digital solutions and applications for managing treatment and therapy. The Advanced Therapies segment offers products that are designed to support image-guided minimally invasive treatments in various areas, such as cardiology, interventional radiology, and surgery; and angiography systems and mobile C-arms, including a robotic-assisted platform for endovascular coronary and peripheral vascular interventions. It also provides equipment performance management, clinical education and e-learning, asset management, and managed departmental services for laboratories and healthcare facilities, as well as consulting and digital health services. The company is headquartered in Erlangen, Germany. Siemens Healthineers AG operates as a subsidiary of Siemens Aktiengesellschaft.

Werner von Siemens

Siemens Healthineers AG

RaySearch Laboratories AB (publ), a medical technology company, develops software solutions for cancer treatment worldwide. It develops and markets RayStation, a treatment planning system for treatment activities, such as automated planning, adaptive therapy, multi-criteria optimization, fast and accurate dose computations, OAR dose reduction, robustness, machine learning, VMAT, IMRT, 3D-CRT, virtual simulation, electron beam therapy, tomotherapy, stereotactic, proton therapy, carbon ion therapy, and boron neutron capture therapy. The company also develops RayPlan, a treatment planning system for supporting a range of treatment planning activities for 3D-CRT, IMRT, VMAT, tomotherapy, and electron beam radiation therapy; and RayCare, an oncology information system to support cancer treatment activities. In addition, it offers RayCommand, a treatment control system that is compatible with various hardware models and supports advanced functionalities of treatment machines and software systems; and RayIntelligence, a cloud-based oncology analytics system that turns patient data into insights. Further, the company provides training courses related to its products. RaySearch Laboratories AB (publ) is headquartered in Stockholm, Sweden.

RaySearch Laboratories AB (publ)

Outcomes4Me is a cancer app that integrates with the NCCN Clinical Practice Guidelines in Oncology (NCCN Guidelines®) and uses Artificial Intelligence (AI) to translate complex treatment recommendations into understandable information for cancer patients.

Metric
Company Name	Varian	Siemens Healthineers AG	RaySearch Laboratories AB (publ)	Outcomes4Me
Symbol		SHL	RAY-B
MSH ID	COM:VARIAN	COM:SIEMENS-HEALTHINEERS	COM:RAYSEARCHLABS	COM:OUTCOMES4ME
Market	PRIVATE	STOCKS	STOCKS	PRIVATE
Sector	Healthcare & Health Services	Healthcare	Healthcare	Healthcare & Health Services
Industry	Medical Technology	Medical - Devices	Medical - Healthcare Information Services	Healthcare & Health Services
Country	US	DE	SE
Stage				Series A
Employee Count		71K	398	11
Website	varian.com	siemens-healthineers.com	raysearchlabs.com	outcomes4me.com
LinkedIn
Founders

Metric
Market Cap		63.81B	421.73M
Enterprise Value
Monthly Web Traffic	235.65K	1.01M	8.48K	26.82K
Web Traffic Growth	0.90	-0.14	0.44	4.51
Valuation
Raised Capital		2.50M		12M

Metric
Revenue	23.62B	93.52M
Revenue (LTM)
Revenue (NTM)
Gross Profit	8.94B	57.68M
EBITDA	4.46B	37.06M
Operating Income	3.03B	10.96M
Net Income	2.05B	7.46M
EPS	1.84	0.22
Diluted EPS	1.84	0.22
Revenue 2022
Revenue 2023
Revenue 2024
Revenue 2025
Revenue 2026

Metric
Revenue Growth (LTM)
Revenue Growth (NTM)
Gross Profit Growth (LTM)
EBITDA Growth (LTM)
Net Income Growth (LTM)
14-Day Growth Score
28-Day Growth Score
90-Day Growth Score
365-Day Growth Score

Metric
Gross Profit Margin	0.38	0.82
Operating Profit Margin	0.13	0.17
EBITDA Margin	0.19	0.40
Net Profit Margin	0.08	0.13
Return on Equity	0.10	0.20
Return on Assets	0.04	0.07
Return on Capital Employed	0.08	0.15

COM:VARIAN

Varian

Company Overview

Market Metrics

Financial Performance

Growth Metrics

Profitability Ratios

Valuation Multiples

Operational Metrics

Cash Flow Metrics

Balance Sheet Metrics

Efficiency Metrics

Metric
P/E Ratio	38.55	47.44
P/B Ratio	3.22	4.29
Revenue Multiple (LTM)
Revenue Multiple (NTM)
EBITDA Multiple (LTM)
EBITDA Multiple (NTM)
Price to Sales Ratio	2.83	5.13
EV Multiple	16.20	23.92

Metric
Days Sales Outstanding	136.10
Days Payables Outstanding	57.55	163.14
Days Inventory Outstanding	125.45	30.10
Operating Cycle	232.75	186.67
Cash Conversion Cycle	179.79	121.87
Asset Turnover	0.48	0.55

Metric
Operating Cash Flow	2.61B	41.72M
Free Cash Flow	1.87B	22.56M
Cash Flow to Debt	3.53	6.67
Operating Cash Flow/Sales	0.11	0.50
Free Cash Flow Yield	0.02	0.13

Metric
Cash & Equivalents	2.83B	31.44M
Accounts Receivable	-445.73M	2.91M
Inventory	4.41B	852.71K
Goodwill	18.66B
Debt to Capitalization	0.47	0.42
Debt to Assets	0.01	0.27
Current Ratio	1.05	1.21
Quick Ratio	0.89	1.21

Metric
Rule of 40 (LTM)
Rule of 40 (NTM)
Stock Comp to Revenue
R&D to Revenue	0.09	0.23
SG&A to Revenue	0.17	0.19