People Powering Victories Financial Highlights(1) Dollars in Millions, Except Share Amounts GAAP Non-GAAP(2)
2019 Annual Report People Powering Victories Financial highlights(1) Dollars in millions, except share amounts GAAP Non-GAAP(2) FY17 FY18 FY19 FY17 FY18 FY19 Revenues $ 2,619 $ 2,919 $ 3,225 $ 2,619 $ 2,919 $ 3,225 Gross margin $ 1,114 $ 1,274 $ 1,370 $ 1,119 $ 1,280 $ 1,391 Operating earnings $ 298 $ 437 $ 386 $ 392 $ 513 $ 542 Operating earnings (as a percentage of revenues) 11.4% 15.0% 12.0% 15.0% 17.6% 16.8% Net earnings—continuing operations $ 226 $ 150 $ 292 $ 305 $ 409 $ 426 Net earnings per diluted share(3)—continuing operations $ 2.42 $ 1.62 $ 3.18 $ 3.26 $ 4.42 $ 4.63 Gross orders $ 3,076 $ 3,172 $ 3,569 $ 3,076 $ 3,172 $ 3,569 Backlog $ 3,083 $ 3,183 $ 3,390 $ 3,083 $ 3,183 $ 3,390 Gross orders & revenues Combined businessOncology systems Proton solutions $M $M $M 4,000 4,000 350 3,500 3,500 300 3,000 3,000 250 2,500 2,500 200 2,000 2,000 150 1,500 1,500 100 1,000 1,000 500 500 50 0 0 0 FY17 FY18 FY19 FY17 FY18 FY19 FY17 FY18 FY19 Gross orders Revenues Operating & net earnings Backlog $M $M 600 4,000 3,500 500 3,000 400 2,500 300 2,000 1,500 200 1,000 100 500 0 0 FY17 FY18 FY19 FY17 FY18 FY19 Operating earnings Net earnings (1) All financial metrics, including historical figures, reflect results from continuing operations and reflect the new revenue recognition standard, ASC 606. (2) Reconciliations to GAAP financials can be found in our earnings press releases at www.varian.com/investors.
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