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VARIAN MEDICAL SYSTEMS, INC. (Exact Name of Registrant As Specified in Its Charter)

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VARIAN MEDICAL SYSTEMS, INC. (Exact Name of Registrant As Specified in Its Charter) FINANCIAL HIGHLIGHTS Dollars in millions, except per share amounts 2016 2015 2014 REVENUES $ 3,218 $ 3,099 $ 3,050 GROSS MARGIN $ 1,361 $ 1,283 $ 1,302 OPERATING EARNINGS $ 551 $ 549 $ 571 OPERATING EARNINGS (as a percentage of revenues) 17.1% 17.7% 18.7% NET EARNINGS ATTRIBUTABLE TO VARIAN $ 402 $ 411 $ 404 NET EARNINGS PER DILUTED SHARE $ 4.19 $ 4.09 $ 3.83 GROSS ORDERS $ 3,400 $ 3,619 $ 3,527 BACKLOG $ 3,453 $ 3,475 $ 3,170 ORDERS & REVENUES COMBINED BUSINESSES ONCOLOGY SYSTEMS IMAGING COMPONENTS OTHER BUSINESS 4000 3000 800 350 3500 700 300 2500 3000 600 250 2000 2500 500 200 2000 1500 400 150 1500 300 1000 100 1000 200 500 50 500 100 0 0 0 0 FY16 FY15 FY14 FY16 FY15 FY14 FY16 FY15 FY14 FY16 FY15 FY14 Gross Orders Revenues EARNINGS BACKLOG 600 3500 500 400 300 3000 200 100 0 2500 FY16 FY15 FY14 Q1 Q2 Q3 Q4 Operating Earnings 2016 2015 2014 Net Earnings Attributable to Varian TO OUR STOCKHOLDERS Fiscal year 2016 was exciting for Varian. In May, we announced plans to separate our Imaging Components business into Varex Imaging Corporation, a new independent public company, through a distribution to Varian stockholders early in fiscal year 2017. Our intent with this separation is to enable our oncology and imaging components businesses to optimize their operations and focus more sharply on the unique needs of customers in their respective markets. You may recall that Varian Medical Systems is itself the product of a successful spin-off that unlocked a tremendous amount of value in three businesses. We firmly believe the same dynamics apply today. By separating, we believe both Varian and Varex will have a greater opportunity to grow faster — Varian as a cancer solutions company, and Varex as an imaging components leader targeting industrial and security markets as well as medical diagnostics. This report profiles both businesses for investors. After the currency- and market-related headwinds of the previous year, the Imaging Components business returned to growth in the second half of fiscal year 2016. Even with the work involved in executing this separation, both of these businesses delivered solid results for the fiscal year. After the currency- and market-related headwinds of the previous year, the Imaging Components business returned to growth in the second half of fiscal year 2016. Compared with the same period of fiscal year 2015, Imaging Components’ second-half gross orders grew by 7 percent, revenues rose by 8 percent, and its gross margin improved by more than 3 points. While getting back on the growth track, this business completed a 140,000-square-foot expansion of its manufacturing facility at its Salt Lake City headquarters, and it opened a new facility in Wuxi, China, to serve its growing customer base there. On the product front, the business added numerous components to its portfolio of digital image detectors, X-ray tubes, and linear accelerators for security. The Claymount and MeVis acquisitions added cables, connectors and control devices as well as medical diagnostics software to the product portfolio. These acquisitions, along with successful efforts to add major new customers, contributed meaningfully to the second-half recovery in top-line growth. Margins in this business benefited from favorable product mix as well as productivity gains. VARIAN MEDICAL SYSTEMS 2016 ANNUAL REPORT 1 For Oncology Systems, emerging markets were a major growth driver during the fiscal year as this business furthered its mission to help save lives by offering affordable, accessible, quality care around the globe. Fiscal year 2016 Oncology gross orders in BRICA (Brazil, Russia, India, China and Africa) increased 8 percent versus the prior fiscal year. Among the highlights of fiscal year 2016 was the first order to install advanced medical linear accelerators — six TrueBeam™ systems — in Ethiopia, a country of more than 90 million people that was previously served by just a single cobalt treatment unit. We received our largest-ever orders in Australia and Finland during the year, while the Apollo Group rolled out a major project with Varian equipment in India. We saw robust Oncology growth in North America, where we won several major multi- year deals with consolidated health networks that are replacing aging equipment with new systems capable of both radiotherapy and radiosurgery. Growth in other developed markets — Western Europe and Japan — was tempered by spending slowdowns. This has the potential to be the most exciting breakthrough in radiotherapy in years, and we are aiming to bring the first HyperArc™ offering to the market in fiscal year 2017. At the ASTRO 2016 meeting in Boston, we offered customers a glimpse of the future with three major product advances. HyperArc capitalizes on the unique properties of TrueBeam with additional beam angles and greater automation for High Definition Radiotherapy and High Definition Radiosurgery. This fast treatment delivery technology will enable clinics to compress more of the prescribed radiation dose into the tumor while protecting much more of the surrounding healthy tissue. This has the potential to be the most exciting breakthrough in radiotherapy in years, and we are aiming to bring the first HyperArc offering to the market in fiscal year 2017. We also unveiled our new 360 Oncology™ management platform, the first software system designed to enable patients and their medical teams to collaborate, coordinate and plan for optimal care. This new cancer management tool attracted tremendous customer interest at the show, and we believe it will stimulate continued growth in revenues from software service agreements and license sales. At ASTRO, we also announced our intention to enhance cybersecurity with new software slated for introduction in spring 2017. This new offering is designed to provide cancer treatment centers with additional security measures to protect medical records and digitized systems from malicious threats. During the fiscal year, our proton therapy business recorded two new orders. These included the first order for our single-room ProBeam® Compact system, which will be installed in Singapore, and for a three-room system that will be the first government- owned proton center in China. ProBeam treatments commenced at the University of Maryland and at the Cincinnati Children’s Hospital, bringing to five the number of Varian proton systems that are being used to treat patients. As of the end of the fiscal year, we were generating revenue from 14 active installations. As we prepare to separate our two major businesses, both Varian and Varex are well- positioned for continued growth, with strong financials, leadership in growing markets, robust product pipelines, and great people who are engaged in building businesses that help people. We look forward to the future of both businesses with excitement and confidence, and we thank you for your support. DOW R. WILSON Chief Executive Officer VARIAN MEDICAL SYSTEMS 2016 ANNUAL REPORT 2 INTRODUCING THE NEW VARIAN Varian Medical Systems is more than a world leader in radiotherapy. Varian is a cancer solutions company that develops systems and software for the most advanced radiotherapy, radiosurgery, brachytherapy and proton therapy to help healthcare providers treat their patients’ cancer. Varian technology is used to deliver millions of treatments every year in clinics around the world. The company is committed to partnering with healthcare providers to support the cancer patient’s entire journey from diagnosis and treatment through aftercare. With an expanding range of treatment delivery systems as well as software and data analytics tools, Varian technologies make quality care accessible and affordable. HISTORY Founded by brothers Russell and Sigurd Varian and a group of scientists with strong connections to Stanford University, Varian Associates opened in the Silicon Valley in 1948 with $22,000 and six employees. More than 50 years later in 1999, Varian Associates spun off its semiconductor and scientific instruments businesses, and changed its name to Varian Medical Systems. Since then, annual revenues for the Oncology business have grown nearly six-fold to $2.5 billion. Along the way, Varian has pioneered many advances in cancer treatment. Today, Varian has the largest footprint in the growing global radiotherapy market. VISION To help save millions of lives every year around the world. VARIAN MEDICAL SYSTEMS 2016 ANNUAL REPORT 3 VARIAN PRODUCTS Since developing the first medical linear accelerator, Varian has built the most comprehensive portfolio of products for treating and managing cancer, with equipment for radiotherapy, radiosurgery, brachytherapy and proton therapy, as well as software for coordinating care, planning treatments and managing clinical operations. With new technology, Varian is adding HyperArc capability for an even greater level of precision and automation in radiosurgery. Varian engineers have now virtually reinvented the linear accelerator with new TrueBeam, Edge™ and VitalBeam™ systems for radiotherapy and radiosurgery. Using Varian’s RapidArc®, beam shaping, image guidance and motion management technologies, these systems quickly deliver doses that closely match the size, shape and location of tumors while protecting patients’ surrounding healthy tissues. With new technology, Varian is adding HyperArc capability for an even greater level of precision and automation in radiosurgery. It also is integrating many of these capabilities into its ProBeam proton therapy system to deliver an unparalleled level of care. Varian has developed a growing software business by continually adding new products for improving care quality, speed and efficiency, as well as the security of clinical data. The latest addition is Varian’s pioneering 360 Oncology care management software for medical teams and patients. 360 Oncology integrates data from the many specialists involved in cancer treatment to improve collaboration, coordination and decision-making. VARIAN MEDICAL SYSTEMS 2016 ANNUAL REPORT 4 VARIAN PEOPLE Today, Varian has a diverse, global team of 6,400 employees focused on a single purpose: to combat cancer.
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