Varex Imaging

What Varex Imaging does

Varex Imaging Corporation is an independent manufacturer of X-ray imaging components, founded in 1950 and publicly traded on NASDAQ under ticker VREX since 2017. Headquartered in Salt Lake City, Utah, the company designs, develops, and produces X-ray tubes, flat panel detectors, high voltage interconnect solutions, automatic exposure control (AEC) sensors, heat exchangers, tube housings, and software products. Its technology stack spans computed tomography, digital radiography, fluoroscopy, mammography, dental imaging, oncology, and industrial non-destructive testing, with proprietary photon-counting detection based on Cadmium Telluride (CdTe), Linatron industrial linear accelerators from 3 to 20 MeV, THOR ultra-high-speed detectors, and the MeVis medical imaging software suite.

The company operates an OEM-embedded business model, selling components directly to major medical imaging system manufacturers including Canon Medical, GE Healthcare, Philips, Siemens Healthineers, Fujifilm, and Hologic through design-win relationships that produce long-term supply agreements. Varex also sells integrated industrial and security systems—including the VXM-6 mobile, VXP-6 portal, VXC-300 relocatable, and VXG-6 gantry cargo inspection systems with AI-powered Automatic Container Split threat detection—directly to customs and border protection agencies, aerospace manufacturers, automotive OEMs, and oil and gas operators. Revenue is generated through hardware sales (the dominant stream) and software licensing across medical, industrial, and security applications; pricing is quote-based and not publicly disclosed, with photon-counting CT detectors targeted at approximately $250,000 per unit.

The company maintains a global manufacturing footprint spanning the United States, the Netherlands, Germany, Sweden, Finland, China, the Philippines, India, Japan, and South Korea, with India expansion underway targeting roughly $100 million in incremental revenue by FY2027. Approximately 2,450 employees serve medical and industrial customers worldwide, with FY2025 reported revenue of approximately $844.6 million and FY2026 guidance of $860 to $880 million.

Name

Varex Imaging

Legal name

Varex Imaging Corporation

Website

https://www.vareximaging.com

Company type

Public

Founded year

2016

Operating status

Operating

Headcount range

1,001–5,000 employees

Short description

Independent manufacturer of X-ray imaging components—X-ray tubes, digital detectors, high voltage interconnect, and software—sold via OEM design wins to Canon, GE Healthcare, Philips, Siemens, Fujifilm, and Hologic, with industrial and security systems for cargo inspection and non-destructive testing customers worldwide.

Ownership category

akta.pro rank

Product category

Medical X-ray Imaging Components

NAICS

Irradiation Apparatus Manufacturing (334517), Navigational, Measuring, Electromedical, and Control Instruments Manufacturing (3345)

SIC

X-Ray Apparatus & Tubes & Related Irradiation Apparatus (3844)

akta.pro primary industry

X-ray & Fluoroscopy Systems (HLAHABAA)

akta.pro secondary industries

Radiology AI, CAD & Advanced Visualization Software (HLAHABAJ), Mammography & Breast Imaging Systems (HLAHABAF), Computed Tomography (CT) Systems (HLAHABAB), CT/X-ray & Non-Destructive Testing (NDT) for AM Parts (IMAAAHAG)

Keywords

• X-ray imaging components
• Medical imaging detectors
• Industrial X-ray tubes
• Photon counting detectors
• Linear accelerators

Headquarters

HQ city

Salt Lake City

HQ country

United States

HQ region

North America

Offices19 records

Markets served

GTM type

B2B

Offering type

Hardware or Manufacturing

Cost components

Supply Chain, Operations, Personnel, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Medical X-ray Components: Sale of X-ray tubes, digital detectors, high voltage interconnect, AEC sensors, and heat exchangers to medical OEM customers for integration into diagnostic imaging equipment (CT, radiography, mammography, fluoroscopy, dental).
2. Industrial & Security Systems: Sale of industrial X-ray components, linear accelerators, cargo inspection systems, and NDT solutions for security, aerospace, automotive, energy, and manufacturing applications.
3. Software Solutions: Sale of software solutions including MeVis medical software (breast imaging, lung screening, liver analysis), Nexus DR systems, and industrial CST software.

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Varex Imaging designs, develops, and manufactures X-ray imaging component solutions, including X-ray tubes, digital flat panel detectors, high voltage interconnect, AEC sensors, heat exchangers, and software. The company supplies these components to medical imaging OEMs (CT, radiography, mammography, fluoroscopy, dental, oncology) and to industrial/security customers (cargo inspection systems, linear accelerators, non-destructive testing). It also offers medical imaging software (MeVis, Nexus DR/DRF) and industrial CT software.

Product overview

Varex Imaging Corporation is a leading independent manufacturer of X-ray imaging components serving the medical, veterinary, and industrial/security markets. The company operates two main business segments: Medical & Veterinary and Security & Industrial. The Medical & Veterinary segment offers OEM and replacement X-ray tubes, digital X-ray detectors (including photon counting detectors using Cadmium telluride technology), high voltage interconnect components, AEC sensors, heat exchangers, and software solutions including Nexus DR, Nexus DRF, and MeVis medical imaging software (MammoScape, Veolity, Liver Suite). The Security & Industrial segment provides industrial kV X-ray tubes, Linatron linear accelerators (3MV to 20MV), industrial X-ray detectors including THOR ultra-high-speed photon counting detectors, CST computed tomography software, and cargo security systems (VXM-6, VXP-6, VXC-300) with AI-powered Automatic Container Split threat detection. The portfolio includes over 75 years of imaging innovation serving customers in healthcare diagnostics, cancer treatment, border security, and industrial non-destructive testing.

Differentiator

Problem solved

Functional benefit

Products and services

• Medical X-ray Tubes OEM and replacement X-ray tubes for medical imaging systems including computed tomography, digital radiography, fluoroscopy, mammography, and oncology applications. Sold to medical imaging system manufacturers.
• X-ray Detectors Digital X-ray detectors for medical applications combining amorphous silicon sensor panels, radiation-converting materials, low-noise analog electronics, and high-speed digital electronics for radiography and fluoroscopy. For medical OEM manufacturers.
• Photon Counting Detectors X-ray detectors using direct conversion with Cadmium telluride (CdTe) technology offering multi-energy modes and multiple imaging modes for CT applications. For medical OEMs.
• Nexus DR Digital Imaging System Digital image acquisition system for automating patient workflow in digital radiography with site-specific image processing, IOS-like interface, and DICOM connectivity. For medical imaging providers.
• Nexus DRF Digital Imaging System Multi-purpose digital imaging system combining R&F and DR capabilities on one platform using Varex 4343CB dynamic flat panel detector for fluoroscopy applications. For medical imaging providers.
• MammoScape Software solution for multimodal breast imaging in both standardized high-volume screening and diagnostic workup, with customizable workspace and vendor-neutral design. For breast imaging centers.
• Veolity Software supporting lung cancer diagnostics for reading chest CT scans for both lung cancer screening and incidental nodule management. For radiologists and lung screening programs.
• Liver Suite MeVis software supporting clinicians with detailed 2D and 3D presentations of organ anatomy based on CT and MRI medical image data. For radiologists and liver diagnostic workflows.
• MeVisLab Development environment for rapid prototyping and product development of medical and industrial imaging applications. For imaging software developers and researchers.
• Linatron Linear Accelerators Industrial linear accelerators trademarked as Linatron for NDT and security applications including M3/M3A (3MV), M6/M6A (6MV), M9/M9A (9MV), K15 (20MV), MBL6, Mi6, Mi9, and Mi6SSM models. For industrial integrators and security customers.
• Industrial kV X-ray Tubes Industrial X-ray tubes for NDT, irradiation, security, and analytical applications including NDI, HPX, HPC, CEG, HPE, PI, EDS, VF, OEG series. For industrial system integrators.
• Industrial X-ray Detectors Industrial X-ray detectors including flat panels (1207N, 1308DX, 1313DX, 1512N series), photon counting detectors (DC-TDI, DC-THOR), and portable detectors (LUMEN, XRpad2 series). For industrial inspection system integrators.
• Industrial CST Software Computed tomography software toolkit providing reconstruction algorithms (Statistical and FDK), GPU acceleration, lag correction, beam hardening correction, and metal artifact reduction. For industrial CT users and integrators.
• THOR Ultra High-Speed Detectors Photon counting detectors combining 100um pixel sensors with 10G network adapters enabling up to 1000fps framerates for high-speed CT and continuous scanning applications. For industrial inspection customers.
• VXM-6 Mobile Cargo Inspection System Mobile high-energy non-intrusive screening system on Mercedes Benz Actros chassis for border crossings and port environments with 6 MeV capability and 120 scans per hour throughput. For customs and border protection agencies.
• VXP-6 Portal Cargo Inspection System Portal high-energy non-intrusive screening system for cargo vehicles, ISO containers, and palletized goods at border crossings and ports. For customs and border protection agencies.
• VXC-300 Relocatable Car Scanner Portal low-energy non-intrusive screening system with top-down imaging for scanning cars, vans, and small buses at points of entry and secure complexes. For security and border protection agencies.
• Automatic Container Split (ACS) AI-powered software that automatically identifies and separates containers arriving on single trucks, evaluates them separately for threats, and provides consigner/consignee traceability. For cargo security operators.

Quantifiable outcome

• Industrial segment achieved 17% year-over-year revenue growth in Q1 FY2026
• +4 more outcomes

Named customers14 records

Segments4 records

Ideal customer profiles4 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

AI capability4 records

Feature8 records

Partnerships

Three partnerships are on record, tiered minor and core.

• United States-Azerbaijan Chamber of Commerce (USACC)minorGTM or Marketing Partner · 24 June 2026Varex Imaging became a Regular Member of USACC, joining a network of industry leaders. The company highlights its more than 75 years of innovation in imaging technology, providing cargo screening and security solutions for law enforcement, border protection, customs, and homeland security missions worldwide.
• MeVis Medical Solutions AGcoreTechnology or IntegrationVarex offers MeVis software solutions through its subsidiary, including interdisciplinary software for radiologic imaging applications: breast imaging (MammoScape), CT lung screening (Veolity), liver analysis (Liver Suite), oncology, radiotherapy, and AI. MeVisLab development environment enables rapid prototyping.
• Medical OEM Partners (Photon Counting)coreOEM/ Whitelabel/ Licensing PartnerVarex is developing photon-counting detectors with medical customer launch expected in early 2027 at approximately $250,000 per detector. Targeting partnerships with three OEMs by 2028 for photon counting technology integration.

Scale indicators21 records

Recent moves9 records

Expansion highlights5 records

Direct peers

• Comet Group: Swiss manufacturer of X-ray, e-beam, and plasma subsystems serving industrial, medical, and security imaging customers; overlaps with Varex's industrial kV tubes and linear accelerator (Linatron) portfolio and competes for similar OEM design wins.
• Shimadzu Corporation: Japanese manufacturer of medical and industrial X-ray systems, X-ray tubes, and detectors that directly competes with Varex in the Asian OEM market and holds vertical integration across both medical imaging and analytical/industrial X-ray instruments.
• Dunlee: A Philips subsidiary that manufactures OEM and replacement X-ray tubes, tube housings, and CT/replacement components — Dunlee is Varex's most direct competitor in the replacement-tube segment for both CT and diagnostic X-ray OEMs.
• Detection Technology: Finnish manufacturer of X-ray detector modules and subsystems for medical, security, and industrial applications; competes directly with Varex's flat-panel and photon-counting detector lines and is one of the few independent X-ray detector specialists of comparable scale.

Broad incumbents

• Siemens Healthineers: Global imaging OEM that sources components from Varex while vertically integrating in photon-counting CT through its acquisition of detector pioneer Spectral (now Siemens); represents both the largest customer opportunity and the most direct photon-counting competitive threat.
• Canon Medical Systems: Major medical imaging OEM that is both a Varex customer and an in-house developer of X-ray tubes and detectors; competes with Varex in flat-panel detector market leadership and increasingly with vertical integration of components.
• GE HealthCare: Spun-off GE imaging OEM that purchases Varex X-ray tubes and detectors for CT, radiography, and mammography systems while maintaining internal component engineering capabilities; represents Varex's largest category of OEM revenue.
• Fujifilm Healthcare: Diversified imaging OEM and a co-leader with Varex and Canon in flat-panel X-ray detectors; also a customer of Varex components, creating a hybrid supplier/competitor relationship across mammography, radiography, and endoscopy imaging.

Emerging players

• Vieworks: South Korean manufacturer of digital X-ray detectors for medical, industrial, and security applications; an emerging challenger in flat-panel detectors competing for industrial CT and radiography design wins that overlap with Varex's detector portfolio.

Regional players

• Varex Medical India: Varex's own India manufacturing entity is comparable as it builds local-for-local X-ray detector and tube production for OEMs serving the Indian and broader Asian markets — analogous to similar regional buildouts by competitors including Samsung, Hitachi, and Konica Minolta to compete on local pricing.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

• Xx.com/VarexImaging
• Facebookfacebook.com/vareximaging
• LinkedInlinkedin.com/company/varex-imaging-corporation

Revenue estimate

Valuation estimate

Number of profiles

Profiles5 records

Funding overview

Funding rounds3 records

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A2 records

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about Varex Imaging