Varex Imaging (VREX)

Its largest business is the Medical segment, which serves applications including computed tomography, radiography, fluoroscopy, mammography, dental imaging, and other diagnostic or interventional procedures. Demand in this segment is linked to healthcare capital spending, replacement cycles for imaging equipment, hospital utilisation, and the growth of medical imaging in both developed and emerging markets.

Varex also has an Industrial segment that applies X-ray technology outside healthcare. This business provides products including Linatron accelerators, X-ray tubes, flat panel detectors, high-voltage connectors, and cooling systems for uses such as cargo inspection, security screening, non-destructive testing, and quality control in manufacturing. These markets can be influenced by infrastructure spending, border security needs, aerospace and automotive inspection demand, and industrial automation trends.

The company generates revenue across major global regions, with Europe, the Middle East, and Africa representing an important contributor alongside the Americas and Asia Pacific. Varex’s investment profile reflects its role in the imaging supply chain: it benefits from broad use of X-ray technology, but it is also exposed to customer purchasing cycles, product reliability requirements, pricing pressure, and the need for ongoing technical innovation.