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Investor Day Investor Day November 15, 2019 Investor Relations investors@varian.com FOR INVESTOR USE ONLY Agenda 1. Our Strategy 7. Interventional Solutions Dow Wilson, President & Chief Executive Officer Gary Bischoping, President, Interventional Solutions* Frank Facchini, M.D., Chief Medical Officer, 2. Oncology Systems Interventional Solutions Chris Toth, President, Oncology Systems 8. Financial Update Gary Bischoping, President, Interventional Solutions* 3. CTSI J. Michael Bruff, Chief Financial Officer* Andrew Shogan, SVP, CTSI 9. Q&A 4. Software Solutions Corey Zankowski, Ph.D., SVP, Oncology Software Solutions 10. Closing Remarks Dow Wilson, President & Chief Executive Officer 5. Break 6. Proton Solutions & Emerging Businesses Kolleen T. Kennedy, President, Proton Solutions and Chief Growth Officer Dee Khuntia, M.D., Chief Medical Officer 2 FOR© 2019. INVESTOR Varian Medical USE ONLY Systems, Inc. For immediate recipient only. *Effective December 1, 2019 Overview & Strategy Dow Wilson, President & Chief Executive Officer This presentation is intended exclusively for investors. It is not intended for use in Sales or Marketing. Forward-Looking Statements Except for historical information, this presentation contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements concerning industry outlook, including growth drivers, future trends in cancer incidence and trends in cancer treatment needs, demand, innovation and growth opportunities; Varian Medical System, Inc.’s (”Varian” or the “company”) future orders, revenues, backlog earnings or cash flow growth or trends; future financial results; market acceptance of or transition to new products or technology such as our Edge® radiosurgery system, TrueBeam®, HyperArcTM, 360 OncologyTM, HALCYONTM, BRAVOSTM, EthosTM, image-guided radiation therapy, stereotactic radiosurgery, proton therapy, and interventional oncology products, and any statements using the terms “could”, “believe”, “expect”, “outlook”, “anticipate”, ”vision”, “estimate”, “future”, “horizon”, “aiming”, “driving”, “target” or similar statements are forward-looking statements that involve risks and uncertainties that could cause the company’s actual results to differ materially from those anticipated. Such risks and uncertainties include global economic conditions and changes to trends for cancer treatment regionally; new and potential future tariffs or a global trade war; the impact of changes to the Affordable Health Care for America Act (including excise taxes on medical devices) and any further healthcare reforms (including changes to Medicare and Medicaid), and/or changes to third-party reimbursement levels; currency exchange rates and tax rates; the impact of the Tax Cuts and Jobs Act; demand for the company’s products; the company’s ability to develop, commercialize, and deploy new products; the company’s ability to meet Food and Drug Administration (FDA) and other regulatory requirements for product clearances or to comply with FDA and other regulatory regulations or procedures, changes in the regulatory environment, including with respect to FDA requirements; the company’s assessment of the goodwill associated with its proton business, challenges associated with the successful commercialization of the company’s proton business; the risks associated with providing financing for the construction and start-up operations of proton therapy centers; the effect of adverse publicity; the company’s reliance on sole or limited-source suppliers; the company’s ability to maintain or increase margins; the impact of competitive products and pricing; the potential loss of key distributors or key personnel; challenges to public tender awards and the loss of such awards or other orders; and the other risks listed from time to time in the company’s filings with the Securities and Exchange Commission, which by this reference are incorporated herein. The company assumes no obligation to update or revise the forward-looking statements in this presentation because of new information, future events, or otherwise. Reconciliations to GAAP financials can be found in our earnings press releases at www.varian.com/investors. Medical Advice Disclaimer Varian as a medical device manufacturer cannot and does not recommend specific treatment approaches. Individual treatment results may vary. 4 FOR INVESTOR USE ONLY Since our last investor day Confidence in our long-term strategy 2019: Global Leader in Radiation Therapy, AND 2017: Global Leader in Radiation Therapy Building a Multi-Modality Cancer Company 2% 3Y Oncology $2.6B 8% 3Y Oncology $3.2B 23%* Orders CAGR FY17 Revenue Orders CAGR FY19 Revenue 7,800+ 4,500+ 8,500+ 9%* 5,500+ 22%* Linac Installed Base Software Installs Linac Installed Base Software Installs 2.8M 75 4M+ 40%+* 79 Patients Touched NPS Score** Patients Touched NPS Score** Oncology Systems Proton Therapy Oncology Systems Proton Solutions Interventional Oncology Software Solutions Solutions Chief Growth Office 5 FORVARIAN INVESTOR CONFIDENTIAL USE ONLY – INTERNAL USE ONLY Note: Data as of FY2017, excluding Varex. Focus driving strong operational execution * Comparison of FY19 to FY17 ** According to IMV ServiceTrak in U.S. Radiation Oncology Systems Report 70 years of leadership in medical technology Varian Medical Systems Created Introduced TrueBeam system for radiotherapy Spin-off of Varian and radiosurgery Semiconductor Varex spin-off Equipment Associates & Varian, Inc. 2017 Varian Associates Introduced first linac 2010 2016 Founded 1999 Silicon Valley 1.0 company 1960 1948 Strategy Assessment Where can we make the biggest impact? Edward Russell Sigurd William How can we generate Ginzton Varian Varian Hansen co-founded above market growth BS, Stanford Pilot with first linear Varian with University Pan American accelerator, the brothers in and long-term value? 1925 Airways circa 1949 1948 6 FORFOR INVESTOR INVESTOR USE USE ONLY ONLY Cancer burden is growing = 500,000 of every 24.6 two million 13.6 cases 1males million and cases of every three 1females will have cancer 2010 2030 at some point in their lives* FOR INVESTOR USE ONLY 7 Source:FOR INVESTOR International USE Agency ONLY for Research on Cancer 2018. *American Cancer Society, Cancer Facts and Figures, 2012. Estimates of worldwide burden of cancer in 2008: GLOBOCAN 2008 Accelerate growth across radiation therapy Expand the market What keeps us up at night… How Varian can solve this challenge… ~22,000* Exponentially improve access to care Linacs needed by 2035, with greatest need in low and mid-income countries ▪ Simplify, automate, human-centered design ▪ Lower cost of adoption 90% ▪ Combine people, data and technology to of patients don’t have access to RT in low improve treatment quality income countries ▪ Leverage AI to augment clinicians and amplify resources ~150K RT specialists needed globally by 2035 8 FOR INVESTOR USE ONLY *8,700 new machines plus 13,100 replacements = 21,800 additional machines needed Source: Expanding global access to radiotherapy. Lancet Oncol. Vol 16, Sept. 2015 Key trends impacting the future of cancer care Increased survivorship Earlier diagnosis Leverage evidence-based clinical Leading to increased curative therapy data to drive care evolution Managing costs Genomics Driving value-based care Driving personalized care and treatment Multi-disciplinary care Immunotherapy Moving towards the “care Enhancing impact through team approach” combination therapy Personalized treatment 9 FORVARIAN INVESTOR CONFIDENTIAL USE ONLY – INTERNAL USE ONLY Delivering guideline driven, multi- modality precision treatments Innovation in cancer driving increase in survival Varian believes a world without fear of cancer is on our horizon 1977 1987 1997 2007 Today >10 Years Driving Trends Prostate 99.9% 570K cases Breast 99% ✓ Earlier Diagnosis 868K cases Colorectal 91% ✓ New Treatments 704K cases Lung 38% 948K cases Liver 29% 403K cases Impact Pancreatic 17% 176K cases ✓ Increased Survivorship 0% 20% 40% 60% 80% 100% 5 year overall survival *Forecasted survival rate based on increases in treatment efficacy (Phase 2/3 data) and liquid biopsy availability. Artificial lungs, livers, and pancreas are under development but are not expected to be commercialized by 2027. 10 FORVARIAN INVESTOR CONFIDENTIAL USE ONLY – INTERNAL USE ONLY Sources: Survival Data: (1) National Cancer Institute’s SEER*Stat 8.3.4 databases, (2) Genomic Health Clinical Validation Trials, (3) Roche IMpassion 130 trial, additional on file Pivoting to a new way to fight cancer Build Expand Leverage Medical Oncology Radiation Oncology Surgical & Oncology Immuno Innovate Add new Software therapy Software RO Proton Proton radiotherapy to modalities to and cloud to Equip grow revenue touch more coordinate Interventional Services Oncology Software Equip patients cancer care Services Provider- Integrate artificial Based Tech-Enabled Services Services intelligence and machine learning Diagnosis capabilities ~5 2017 Years Horizon 1 Horizon 2 Global radiation Multimodal cancer therapy leader company 11 FORFOR INVESTOR INVESTOR USE USE ONLY ONLY Intelligent Cancer Care™ Approach Investing in innovation ~$1.5B Total organic and inorganic investment over 4 years Building strength in multi- >50% >1000 >200 disciplinary cancer care Headcount R&D Active invested in engineers patents software >120 13 Active clinical Countries collaborations with R&D 12 FOR© 2019. INVESTOR Varian Medical USE ONLY Systems, Inc. For immediate recipient only.. Pioneering and
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