VREX Varex Imaging Corporation

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Description of Business

    Varex Imaging Corporation (the “Company” or “Varex”) designs, manufactures, sells, and services a broad range of medical products, which include X-ray imaging components including X-ray tubes, flat panel and photon counting detectors and accessories, ionization chambers, high voltage connectors, image processing software and workstations, 3D reconstruction software, computer-aided diagnostic software, collimators, automatic exposure control devices, generators, and heat exchangers. The Company sells its products to imaging system original equipment manufacturer (“OEM”) customers for incorporation into new medical diagnostic, radiation therapy, dental, and veterinary equipment, as well as to independent service companies and distributors, and directly to end-users for replacement purposes.

    The Company also designs, manufactures, sells and services industrial products, which include Linatron® X-ray linear accelerators, X-ray tubes, digital detectors, high voltage connectors, coolers, imaging processing software and image detection products for security and inspection purposes, such as cargo screening at ports and borders and nondestructive examination in a variety of applications. The Company generally sells security and inspection products to OEM customers who incorporate Varex’s products into their inspection or irradiation systems and processes. The Company conducts an active research and development program to focus on new technology and applications in both the medical and industrial X-ray imaging markets.

Basis of Presentation

    The accompanying unaudited condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, these unaudited condensed consolidated financial statements include all adjustments necessary for a fair presentation of the results for the interim periods. The Company has consolidated all of its majority owned subsidiaries and entities over which it has control. All intercompany balances and transactions have been eliminated as part of the consolidation.

    These condensed consolidated financial statements and the accompanying notes are unaudited and should be read in conjunction with the consolidated financial statements and notes thereto for the fiscal year ended September 29, 2023 included in the Company’s Annual Report on Form 10-K, which was filed with the SEC on November 16, 2023. The Company considers events or transactions that occur after the balance sheet date, but before the financial statements are issued, to provide additional evidence relative to certain estimates or to identify matters that require additional disclosures. Except for the change in certain policies upon adoption of the accounting standards described below, there have been no material changes to the Company's significant accounting policies, compared to the accounting policies described in Note 1, Summary of Significant Accounting Policies, in the Company’s Annual Report on Form 10-K for fiscal year 2023.

Reclassification of Prior Period Presentation

    Certain prior period amounts in the Unaudited Financial Statements and the Notes to the Condensed Consolidated Financial Statements have had a change in presentation to conform to current period presentation. This change does not affect previously reported results.

Segment Reporting

    The Company has two reportable operating segments; (i) Medical and (ii) Industrial, which aligns with how its Chief Executive Officer, who is the Company's Chief Operating Decision Maker (“CODM”), reviews the Company’s performance. See Note 15, Segment Information, for further information on the Company’s segments.

Fiscal Year

    The fiscal years of the Company as reported are the 52 or 53-week periods ending on the Friday nearest September 30. Fiscal year 2024 is the 52-week period ending September 27, 2024. Fiscal year 2023 was the 52-week period that ended on September 29, 2023. The fiscal quarters ended June 28, 2024 and June 30, 2023 were both 13-week periods. The nine-month fiscal periods ended June 28, 2024 and June 30, 2023 were both 39-week periods.

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Use of Estimates

    The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Such estimates include the valuation of inventories, valuation of goodwill and intangible assets, receivables, warranties, refund liabilities, long-lived asset valuations, impairment of investments, valuation of financial instruments, and taxes on income. Actual results could differ from these estimates.

Cash and Cash Equivalents

    The Company considers unrestricted currency on hand, demand deposits, time deposits, and all highly-liquid investments with an original maturity of three months or less at the date of purchase to be cash and cash equivalents.

Restricted Cash

    Restricted cash primarily consists of cash collateral related to certain leases and inventory arrangements. Restricted cash is included in other assets on the Company's Condensed Consolidated Balance Sheets. Cash and cash equivalents and restricted cash as reported within the Condensed Consolidated Statements of Cash Flows consisted of the following:

			Nine Months Ended												Nine Months Ended
			June 28, 2024												June 30, 2023
(In millions)			Beginning of Period						End of Period						Beginning of Period						End of Period
Cash and cash equivalents			$	152.6					$	156.4					$	89.4					$	118.5
Restricted cash			1.4						1.4						1.2						1.4
Total as presented in the Condensed Consolidated Statements of Cash Flows			$	154.0					$	157.8					$	90.6					$	119.9

Concentration of Risk

    Financial instruments that potentially expose the Company to concentrations of credit risk consist principally of cash, cash equivalents, marketable securities, certificates of deposit, and trade accounts receivable. Cash held with financial institutions may exceed the Federal Deposit Insurance Corporation insurance limits or similar limits in foreign jurisdictions. To date, the Company has not realized any losses on its deposits of cash and cash equivalents. The Company performs ongoing credit evaluations of its customers and, except for government tenders, group purchases, and orders with a letter of credit, its industrial customers often provide a down payment. The Company maintains an allowance for credit losses based upon the expected collectability of all accounts receivable. The Company obtains some of the components in its products from a limited group of suppliers or from a single-source supplier. When these suppliers are unable to meet the Company's supply needs, the Company's production is negatively impacted.

    Credit is extended to customers based on an evaluation of the customer’s financial condition, and collateral is not required. In certain circumstances, a customer may be required to prepay all or a portion of the contract price prior to transfer of control. During the periods presented, one of the Company's customers accounted for a significant portion of revenues, as set forth below:

			Three Months Ended												Nine Months Ended
			June 28, 2024						June 30, 2023						June 28, 2024						June 30, 2023
Canon Medical Systems Corporation			18.0		%				14.8		%				18.3%						16.0%

    Canon Medical Systems Corporation accounted for 11.6% and 13.8% of the Company’s accounts receivable as of June 28, 2024 and September 29, 2023, respectively.

Equity Method Investments

    The Company accounts for its equity investments in other companies under the equity method of accounting if the Company has the ability to exercise significant influence in, but not control, these investments. The Company records impairment losses on its equity method investments if an impairment exists and is deemed to be other-than-temporary, which is based on various factors, including but not limited to, the length of time the fair value of the investment is below the carrying value, the absence of an ability to recover the carrying amount of the investment, and the inability of the investee to sustain an earnings capacity that would justify the carrying amount of the investment. There were no impairments recorded during the three and nine months ended June 28, 2024 and June 30, 2023.

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Marketable Securities

    The Company's marketable securities consist primarily of financial instruments such as United States treasury securities, United States agency obligations, corporate bonds, commercial paper, money market funds, and equity securities.

Marketable Debt Securities

    The Company's marketable debt securities are classified as available-for-sale. Classification of marketable debt securities is determined at the time of purchase, and the Company reevaluates such classification as of each balance sheet date. Marketable debt securities are recorded at estimated fair value and included in cash and cash equivalents, marketable securities, and other assets within the Condensed Consolidated Balance Sheets. Any unrealized gains or losses are included in accumulated other comprehensive loss within the Condensed Consolidated Balance Sheets. When the fair value of a marketable debt security declines below its amortized cost basis, any portion of that decline attributable to credit losses, to the extent expected to be nonrecoverable before the sale of the security, is recognized in the Condensed Consolidated Statements of Operations. When the fair value of a marketable debt security declines below its amortized cost basis due to changes in interest rates, such amounts are recorded in other comprehensive loss and are recognized in the Condensed Consolidated Statements of Operations only if the Company sells or intends to sell the security before recovery of its cost basis. There were no impairments related to marketable debt securities recorded during the three and nine months ended June 28, 2024 and June 30, 2023.

Marketable Equity Securities

    Marketable equity securities are stated at fair value as determined by the most recently traded price of each security at the balance sheet date and included in other assets within the Condensed Consolidated Balance Sheets. All unrealized gains and losses on marketable equity securities are recorded as part of other expense, net in the Company's Condensed Consolidated Statements of Operations. See Note 6, Fair Value, for further details.

Loss Contingencies

    From time to time, the Company is involved in legal proceedings, claims and government inspections or investigations, customs and duties audits, and other contingency matters, both inside and outside the United States, arising in the ordinary course of its business or otherwise. The Company accrues amounts for probable losses, to the extent they can be reasonably estimated, that it believes are adequate to address any liabilities related to legal proceedings and other loss contingencies that the Company believes will result in a probable loss (including, among other things, probable settlement value). A loss or a range of loss is disclosed when it is reasonably possible that a material loss will be incurred and can be estimated or when it is reasonably possible that the amount of a loss, when material, will exceed the recorded provision. When a loss contingency is probable but not reasonably estimable the nature of the contingency and the fact that an estimate cannot be made is disclosed.

Supplier Finance Programs

    The Company participates in voluntary supply chain finance programs with a financial intermediary which provide participating suppliers the option to be paid by the intermediary earlier than the original invoice due date. The Company’s responsibility is limited to making payments on the terms originally negotiated with the suppliers, regardless of whether the intermediary pays the supplier in advance of the original due date. As part of participating in these arrangements, the Company generally receives more favorable payment terms from its suppliers. The Company does not receive fees, payments, extended payment terms, or other direct economic benefits from the intermediary. The total amounts due to the financial intermediary to settle supplier invoices under supply chain finance programs as of June 28, 2024 and September 29, 2023 were $3.6 million and $4.2 million, respectively. These amounts are included within accounts payable in the Condensed Consolidated Balance Sheets.

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Environmental Obligations

    The Company's operations and facilities, past and present, are subject to environmental laws, including laws that regulate the handling, storage, transport, and disposal of hazardous substances. Certain of those laws impose cleanup liabilities under certain circumstances. In connection with those laws and certain of our past and present operations and facilities, the Company is obligated to indemnify Varian Medical Systems, Inc. ("Varian") for the cleanup liabilities related to prior corporate restructuring activities. The Company anticipates that it will be obligated to reimburse Varian for 20% of the liabilities of Varian related to these sites (after adjusting for any insurance proceeds or tax benefits received by Varian). As of June 28, 2024 and September 29, 2023, our estimated environmental liability for these sites was $4.2 million and $2.8 million, net of expected insurance proceeds, respectively.

Product Warranty

    The Company warrants most of its products for a specific period of time, usually 12 to 24 months from delivery or acceptance, against material defects. The Company provides for the estimated future costs of warranty obligations in cost of revenues when the related revenues are recognized. The accrued warranty costs represent the best estimate at the time of sale of the total costs that the Company will incur to repair or replace product parts that fail while still under warranty.

    The amount of the accrued estimated warranty costs obligation for established products is primarily based on historical experience of product failures, adjusted for current information on repair costs. For new products, estimates include the historical experience of similar products, as well as a reasonable allowance for warranty expenses associated with new products. On a quarterly basis, the Company reviews the accrued warranty costs and updates the historical warranty cost trends, if required.

    The following table reflects the changes in the Company’s accrued product warranty:

			Nine Months Ended
(In millions)			June 28, 2024						June 30, 2023
Accrued product warranty, at beginning of period			$	7.7					$	7.9
New accruals charged to cost of revenues			15.3						9.3
Product warranty expenditures			(13.1)						(9.3)
Accrued product warranty, at end of period			$	9.9					$	7.9

Leases

    The Company determines if an arrangement is or contains a lease at the inception of an arrangement. The Company's operating lease right-of-use ("ROU") assets represent the right to use an underlying asset over the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. ROU assets may also include initial direct costs incurred and prepaid lease payments, less lease incentives. Lease liabilities and their corresponding ROU assets are recognized based on the present value of lease payments over the lease term, discounted using the Company's incremental borrowing rate. The Company recognizes operating leases with lease terms of more than twelve months in operating lease assets, current operating lease liabilities, and operating lease liabilities on its Condensed Consolidated Balance Sheets. The Company recognizes finance leases with lease terms of more than twelve months in property, plant, and equipment, net, accrued liabilities and other current liabilities, and other long-term liabilities on its Condensed Consolidated Balance Sheets. For purposes of calculating lease liabilities and the corresponding ROU assets, the Company's lease term may include options to extend or terminate the lease when it is reasonably certain that it will exercise that option.

Revenue Recognition

    The Company’s revenues are derived primarily from the sale of hardware and services. The Company recognizes its revenues net of any value-added or sales tax and net of sales discounts.

    The Company sells a high proportion of its X-ray products to a limited number of OEM customers. X-ray imaging components including X-ray tubes, digital detectors and image-processing tools, and security and inspection products are generally sold on a stand-alone basis. However, the Company occasionally sells its digital detectors, X-ray tubes and imaging processing tools as a package that is optimized for digital X-ray imaging and sells its Linatron® X-ray linear accelerators together with its image processing software and image detection products to OEM customers that incorporate them into their inspection or irradiation systems and processes. Service contracts are often sold with certain security and inspection products and computer-aided detection products.

    The Company determines revenue recognition through the following steps:

•Identification of the contract, or contracts, with a customer

•Identification of the performance obligations in the contract

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•Determination of the transaction price

•Allocation of the transaction price to the performance obligations in the contract

•Recognition of revenue when, or as, a performance obligation is satisfied

Contracts and Performance Obligations

    The Company accounts for a contract with a customer when there is an approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance, and collectability of the consideration is probable. The Company's performance obligations consist mainly of transferring control of products and services identified in the contracts or purchase orders. For each contract, the Company considers the obligation to transfer products and services to the customer, which are distinct, to be performance obligations.

Transaction Price and Allocation to Performance Obligations

    Transaction prices of products or services are typically based on contracted rates. To the extent that the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price utilizing the expected value method when there is a large number of transactions with similar characteristics or the most likely amount method when there are two possible outcomes, depending on the circumstances of the transaction, to which the Company expects to be entitled. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of the Company’s anticipated performance and all information (historical, current, and forecasted) that is reasonably available.

    The Company allows customers to return specific parts of purchased X-ray tubes for a partial refund credit, which is identified as variable consideration. For sales with a right of return, revenue is reduced and a liability is recorded for expected returns, and an asset is recorded for the right to recover products from customers on settling the liability. The Company recognizes a reduction to revenue and cost of sales at the time of sale and a corresponding refund liability and right of return asset. The Company records this estimate based on the historical volume of product returns and adjusts the estimate on a quarterly basis based on the current quarter sales and current quarter returns.

    If a contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price based on the estimated relative standalone selling prices of the promised products or services underlying each performance obligation. The Company determines standalone selling prices based on the price at which the performance obligation could be sold separately.

Recognition of Revenue

    Revenue is recognized when, or as, obligations under the terms of a contract are satisfied, which occurs when control of the promised products or services is transferred to customers. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products or services to a customer.

    Product revenue is generally recognized when the customer obtains control of the Company’s product, which occurs at a point in time, and may be upon shipment or upon delivery based on the contractual shipping terms of a contract.

    Service revenue is generally recognized over the term of the service contract. Services are expected to be transferred to the customer throughout the term of the contract, and the Company believes recognizing revenue ratably over the term of the contract best depicts the transfer of value to the customer.

Disaggregation of Revenue

    Revenue is disaggregated from contracts between geography and by reportable operating segment, which the Company believes best depicts how the nature, amount, timing, and uncertainty of revenues and cash flows are affected by economic factors. Refer to Note 15, Segment Information, included in this report, for the disaggregation of the Company’s revenue based on reportable operating segments and Note 2, Revenue Recognition, for the disaggregation of revenue by geographic region.

Contract Balances

    Contract liabilities are included within the deferred revenues, and other long-term liabilities balances in the Condensed Consolidated Balance Sheets. The Company does not have any material contract assets.

    Deferred revenue represents the Company's obligation to transfer goods or services to its customers for which it has already received consideration (or the amount is due) from the customer. The Company's deferred revenue balance primarily relates to contract advances and billings for warranty contracts.

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    Deferred revenue that is estimated to be recognized during the following twelve-month period is recorded as deferred revenues and the remaining portion is recorded as other long-term liabilities in the Condensed Consolidated Balance Sheets.

Costs to Obtain or Fulfill a Customer Contract

    The Company has certain costs to obtain and fulfill a customer contract, such as commissions and shipping costs. The Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that the Company otherwise would have recognized is one year or less. Incremental costs of obtaining contracts that would be recognized over greater than one year are not material. The Company accounts for shipping and handling activities related to contracts with customers as costs to fulfill the promise to transfer the associated products. These costs are included as a component of cost of revenues.

Recently Adopted Accounting Pronouncements

    In August 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The Company adopted this ASU on October 1, 2022, using the modified retrospective method. For further details, refer to Note 1, Summary of Significant Accounting Policies, of the Notes to the Condensed Consolidated Financial Statements of our Annual Report on Form 10-K for the fiscal year ended September 29, 2023 filed with the SEC on November 16, 2023.

    In September 2022, the FASB issued ASU 2022-04, Liabilities—Supplier Finance Programs, which requires entities to provide qualitative and quantitative disclosures about their supplier finance programs, including a rollforward of related obligations. The adoption of ASU 2022-04 did not affect the Company’s financial condition, results of operations, or cash flows as the guidance only requires additional disclosures. We adopted this ASU effective September 30, 2023 on a retrospective basis, except for the amendment on rollforward information, which has been adopted on a prospective basis.

Recent Accounting Standards or Updates Not Yet Effective

    There are no new accounting standards not yet adopted or effective that are expected to have a material impact on the Company's Condensed Consolidated Financial Statements.

Disaggregation of Revenue

    Revenue is disaggregated from contracts by geographic region and by reportable operating segment, which the Company believes best depicts how the nature, amount, timing, and uncertainty of revenues and cash flows are affected by economic factors.

    The following table disaggregates the Company’s revenue by geographic region:

			Three Months Ended												Nine Months Ended
(In millions)			June 28, 2024						June 30, 2023						June 28, 2024						June 30, 2023
Americas			$	70.2					$	73.4					$	200.8					$	207.7
EMEA			70.9						77.2						208.6						212.5
APAC			68.0						81.6						195.9						245.8
			$	209.1					$	232.2					$	605.3					$	666.0

    Revenue in the United States was $68.0 million and $72.1 million for the three months ended June 28, 2024 and June 30, 2023, respectively. Revenue in the United States was $192.7 million and $203.8 million for the nine months ended June 28, 2024 and June 30, 2023, respectively.

    Our products are sold in three geographic regions: the Americas, EMEA, and APAC. The Americas includes North America (primarily the United States) and Latin America. EMEA includes Europe, the Middle East, India, and Africa. APAC includes Asia (other than India) and Australia. Revenues by region are based on the known final destination of products sold.

    Refer to Note 15, Segment Information, for the disaggregation of the Company’s revenue based on reportable operating segments.

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Right of Return Assets and Refund Liabilities

    Right of return assets are included within the prepaid expenses and other current assets, and other assets balances in the Condensed Consolidated Balance Sheets. Refund liabilities are included within the accrued liabilities and other current liabilities and other long-term liabilities balances in the Condensed Consolidated Balance Sheets. The following table summarizes the changes in the right of return assets and refund liabilities for the nine months ended June 28, 2024 and June 30, 2023:

			Right of Return Assets
			Nine Months Ended
(In millions)			June 28, 2024						June 30, 2023
Balance at beginning of period			$	26.0					$	25.4
Costs recovered from product returns during the period			(5.3)						(3.9)
Right of return assets from shipments of products subject to return during the period			4.4						5.0
Adjustment for actual vs. reserved product returns			0.5						(0.7)
Balance at end of period			$	25.6					$	25.8

			Refund Liabilities
			Nine Months Ended
(In millions)			June 28, 2024						June 30, 2023
Balance at beginning of period			$	28.9					$	28.2
Release of refund liability included in beginning of year refund liability			(5.9)						(4.4)
Additions to refund liabilities			4.9						5.6
Adjustment for actual vs. reserved product returns			0.5						(0.7)
Balance at end of period			$	28.4					$	28.7

Contract Balances

    During the three and nine months ended June 28, 2024, the Company recognized revenue of $1.3 million and $9.4 million, respectively, related to deferred revenues which existed at September 29, 2023. During the three and nine months ended June 30, 2023, the Company recognized revenue of $0.9 million and $5.7 million, respectively, related to deferred revenues that existed at September 30, 2022.

    The Company has operating and finance leases for office space, warehouse and manufacturing space, vehicles, and equipment. The following table presents supplemental balance sheet information related to the Company's operating and finance leases:

(In millions)			Balance Sheet Location						June 28, 2024						September 29, 2023
Assets
Operating lease right-of-use assets			Operating lease assets						$	28.5					$	29.0
Finance lease right-of-use assets			Property, plant, and equipment, net						1.0						0.3
Liabilities
Operating lease liabilities (current)			Current operating lease liabilities						3.7						3.8
Finance lease liabilities (current)			Accrued liabilities and other current liabilities						0.2						0.1
Operating lease liabilities (non-current)			Operating lease liabilities						22.8						23.1
Finance lease liabilities (non-current)			Other long-term liabilities						$	0.5					$	0.2

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    The following table provides information related to the Company’s operating and finance leases:

			Three Months Ended												Nine Months Ended
(In millions)			June 28, 2024						June 30, 2023						June 28, 2024						June 30, 2023
Total operating lease costs(1)			$	1.5					$	1.4					$	4.7					$	4.2
Total finance lease costs			$	0.1					$	0.1					$	0.2					$	0.2
Operating cash flows from operating leases			$	1.5					$	2.6					$	4.4					$	7.7
Financing cash flows from finance leases			0.1						0.1						0.4						0.2
Total cash paid for amounts included in the measurement of lease liabilities			$	1.6					$	2.7					$	4.8					$	7.9
Noncash operating right-of-use assets obtained in exchange for new lease liabilities			$	0.8					$	6.9					$	4.7					$	9.2
Noncash finance right-of-use assets obtained in exchange for new lease liabilities			0.1						—						0.8						—
Total right-of-use assets obtained in exchange for new lease liabilities			$	0.9					$	6.9					$	5.5					$	9.2

(1) Includes variable and short-term lease expense which were immaterial for the three and nine months ended June 28, 2024 and June 30, 2023.

Investments in Privately-Held Companies

    The Company has a 40% ownership interest in dpiX Holding Company LLC (“dpiX Holding”), a holding company that has a 100% ownership interest in dpiX LLC (“dpiX”), a supplier of amorphous silicon-based thin film transistor arrays for flat panels used in the Company's digital image detectors. In accordance with the dpiX Holding operating agreement, net profits or losses are allocated to the members in accordance with their ownership interests.

    The investment in dpiX Holding is accounted for under the equity method of accounting. When the Company recognizes its share of net profits or losses of dpiX Holding, profits or losses in inventory purchased from dpiX are also eliminated. During the three months ended June 28, 2024 and June 30, 2023, the Company recorded a loss on the equity investment in dpiX Holding of $1.8 million and $0.0 million, respectively. During the nine months ended June 28, 2024 and June 30, 2023, the Company recorded (loss) income on the equity investment in dpiX Holding of $(0.7) million and $1.6 million, respectively. The income and loss on the equity investment in dpiX Holding are included in other expense, net in the Condensed Consolidated Statements of Operations. The carrying value of the equity investment in dpiX Holding was $25.1 million and $25.8 million at June 28, 2024 and September 29, 2023, respectively.

    During the three months ended June 28, 2024 and June 30, 2023, the Company purchased glass transistor arrays from dpiX totaling $4.8 million and $5.1 million, respectively. During the nine months ended June 28, 2024 and June 30, 2023, the Company purchased glass transistor arrays from dpiX totaling $13.8 million and $14.6 million, respectively. These purchases of glass transistor arrays are included as a component of inventories on the Condensed Consolidated Balance Sheets or cost of revenues in the Condensed Consolidated Statements of Operations.

    As of June 28, 2024 and September 29, 2023, the Company had accounts payable to dpiX totaling $3.0 million and $2.7 million, respectively.

    In October 2013, the Company entered into an amended agreement with dpiX and other parties that, among other things, provides it with the right to 50% of dpiX’s total manufacturing capacity. In addition, the Company is required to pay for 50% of dpiX's fixed costs, as determined at the beginning of each calendar year. In January 2024, the Company's fixed cost commitment was determined and approved by the dpiX board of directors to be $12.4 million for calendar year 2024. As of June 28, 2024, the Company estimated it has fixed cost commitments of $6.2 million related to the amended agreement with dpiX through the remainder of calendar year 2024. The amended agreement will continue unless the ownership structure of dpiX changes (as defined in the amended agreement).

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    The Company has determined that dpiX Holding is a variable interest entity because the at-risk equity holders, as a group, lack the characteristics of a controlling financial interest. Majority votes are required to direct the manufacturing activities, legal operations and other activities that most significantly affect dpiX’s economic performance. The Company does not have majority voting rights and no power to unilaterally direct the activities of dpiX Holding, and therefore, is not the primary beneficiary of dpiX Holding. The Company’s exposure to loss as a result of its involvement with dpiX Holding is limited to the carrying value of the Company’s investment of $25.1 million and fixed cost commitments.

    In November 2018, the Company (through one of its wholly-owned subsidiaries) and CETTEEN GmbH (“CETTEEN”), formed a German limited liability company that governs the affairs and conduct of the business of VEC Imaging GmbH & Co. KG (“VEC”), a joint venture formed to develop technology for use in X-ray imaging components. In accordance with the VEC agreement, net profits or losses are allocated to the members in accordance with their ownership interest. The Company's investment in VEC is accounted for under the equity method of accounting. The Company has determined that VEC is a variable interest entity.

    During the three months ended June 28, 2024 and June 30, 2023, the Company recorded loss on the equity investment in VEC of $0.0 million and $0.3 million, respectively. During the nine months ended June 28, 2024, and June 30, 2023, the Company recorded a loss on the equity investment in VEC of $0.1 million and $0.7 million, respectively. The Company's investment in VEC was $2.0 million and $2.1 million at June 28, 2024 and September 29, 2023, respectively. As of June 28, 2024 and September 29, 2023, the Company had loans and other receivables outstanding from VEC of $0.7 million, and $0.7 million, respectively, which are recorded in prepaid expenses and other current assets in the Condensed Consolidated Balance Sheets.

    As part of the Company’s overall risk management practices, the Company enters into financial derivatives to manage its financial exposures to foreign currency exchange rates and interest rates.

    The Company records all derivatives on the Condensed Consolidated Balance Sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. A qualitative assessment of hedge effectiveness is performed on a quarterly basis, unless facts and circumstances indicate the hedge may no longer be highly effective, in which case the Company would test for effectiveness on a more frequent basis. The changes in fair value for all trades that are not designated for hedge accounting are recognized in current period income. The Company does not offset fair value amounts recognized for derivative instruments in its Condensed Consolidated Balance Sheets for presentation purposes.

    Credit risk related to derivative transactions reflects the risk that a party to the transaction could fail to meet its obligation under the derivative contracts. Therefore, the Company’s exposure to the counterparty’s credit risk is generally limited to the amounts, if any, by which the counterparty’s obligations to the Company exceed the Company’s obligations to the counterparty. The Company’s policy is to enter into contracts only with financial institutions that meet certain minimum credit ratings to help mitigate counterparty credit risk.

Derivatives Designated as Hedging Instruments - Net Investment Hedges

    The Company uses cross currency swap contracts as net investment hedges to manage its risk of variability in foreign currency-denominated net investments in wholly-owned international operations. All changes in fair value of the derivatives designated as net investment hedges are reported in accumulated other comprehensive loss along with the foreign currency translation adjustments on those investments.

    As of June 28, 2024, the Company had the following outstanding derivatives designated as net investment hedging instruments:

(In millions, except number of instruments)			Number of Instruments						Notional Value
Cross currency swap contracts			2						$	58.7

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    The following table summarizes the amount of pre-tax income recognized from derivative instruments for the periods indicated and the line items in the accompanying statements of operations where the results are recorded for net investment hedges:

			Amount of Gain (Loss) Recognized in OCI on Derivative Three Months Ended												Location of Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)						Amount of Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) Three Months Ended
(In millions)			June 28, 2024						June 30, 2023												June 28, 2024						June 30, 2023
Cross currency swap contracts			$	0.1					$	(0.6)					Interest expense						$	0.2					$	0.3
			Amount of Loss Recognized in OCI on Derivative Nine Months Ended												Location of Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)						Amount of Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) Nine Months Ended
(In millions)			June 28, 2024						June 30, 2023												June 28, 2024						June 30, 2023
Cross currency swap contracts			$	(1.3)					$	(5.6)					Interest expense						$	0.7					$	0.7

    These derivative instruments are subject to master netting agreements giving effect to rights of offset with each counterparty. None of the balances were eligible for netting. The following table summarizes the gross fair values of derivative instruments as of the periods indicated and the line items in the accompanying Condensed Consolidated Balance Sheets where the instruments are recorded:

(In millions)												Derivative Assets and Liabilities
Derivatives Designated as Net Investment Hedges						Balance Sheet Location						June 28, 2024						September 29, 2023
Cross currency swap contracts						Prepaid expenses and other current assets						$	0.7					$	0.7
Cross currency swap contracts						Other long-term liabilities						$	6.0					$	4.9

Balance Sheet Hedges

    The Company also enters into foreign currency forward contracts to hedge fluctuations associated with foreign currency-denominated monetary assets and liabilities, primarily cash, lease contracts, third-party accounts receivable and payable, and intercompany accounts receivable and payable. These forward contracts are generally entered into at the end of one fiscal period and expire by the end of the next fiscal period. These forward contracts are not designated for hedge accounting treatment; therefore, the change in fair value of these derivatives is recorded as a component of other expense, net in the Condensed Consolidated Statements of Operations and offsets the change in fair value of the foreign currency-denominated assets and liabilities, which are also recorded as a component of other expense, net. The Company has not and does not intend to use derivative financial instruments for speculative or trading purposes.

    The following table shows the notional amounts of outstanding foreign currency contracts as of June 28, 2024:

												Notional Value of Derivatives not Designated as Hedging Instruments:
(In millions of equivalent USD)												Sell contracts
Chinese Renminbi												$	21.3
Euro												20.5
												$	41.8

Assets and Liabilities Measured at Fair Value on a Recurring Basis

    The fair values of certain of the Company’s financial instruments, including bank deposits included in cash and cash equivalents, accounts receivable, net and accounts payable, approximate their fair values due to their short maturities. As of June 28, 2024, the fair values of the Company’s Convertible Notes and Senior Secured Notes, as defined in Note 9, Borrowings and measured using Level 1 inputs, were $200.3 million and $246.3 million, respectively. As of September 29, 2023, the fair values of the

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Company’s Convertible Notes and Senior Secured Notes, measured using Level 1 inputs, were $228.4 million and $243.6 million, respectively. The Company has elected to use the income approach to value its derivative instruments using standard valuation techniques and Level 2 inputs, such as currency spot rates, forward points and credit default swap spreads.

    In the tables below, the Company has segregated all assets and liabilities that are measured at fair value on a recurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date.

			Fair Value at June 28, 2024
(In millions)			Quoted Prices in Active Markets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total
Assets:
Money market funds			$	—					$	29.5					$	—					$	29.5
Corporate notes/bonds			—						10.2						—						10.2
Government agencies			—						17.3						—						17.3
U.S. Treasury bills			—						8.1						—						8.1
Derivative assets			—						0.7						—						0.7
Deferred compensation plan(1)			7.4						—						—						7.4
Marketable equity securities			3.0						—						—						3.0
Total assets measured at fair value			$	10.4					$	65.8					$	—					$	76.2
Liabilities:
Derivative liabilities			$	—					$	6.0					$	—					$	6.0
Total liabilities measured at fair value			$	—					$	6.0					$	—					$	6.0

(1) The assets held under the Company’s deferred compensation plan are classified in Level 1, as they relate primarily to publicly traded mutual funds for which there are observable market prices in active markets.

			Fair Value at September 29, 2023
(In millions)			Quoted Prices in Active Markets (Level 1)						Significant Other Observable Inputs (Level 2)						Significant Unobservable Inputs (Level 3)						Total
Assets:
Money market funds			$	—					$	45.4					$	—					$	45.4
Commercial paper			—						6.0						—						6.0
Corporate notes/bonds			—						8.3						—						8.3
Government agencies			—						6.6						—						6.6
U.S. Treasury bills			—						28.6						—						28.6
Derivative assets			—						0.7						—						0.7
Deferred compensation plan(1)			6.3						—						—						6.3
Marketable equity securities			4.1						—						—						4.1
Total assets measured at fair value			$	10.4					$	95.6					$	—					$	106.0
Liabilities:
Derivative liabilities			$	—					$	4.9					$	—					$	4.9
Total liabilities measured at fair value			$	—					$	4.9					$	—					$	4.9

(1) The assets held under the Company’s deferred compensation plan are classified in Level 1 as they relate primarily to publicly traded mutual funds for which there are observable market prices in active markets.

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Marketable Debt Securities

    The following is a summary of marketable debt securities, which are included within the cash and cash equivalents, marketable securities, and other assets balances on the Condensed Consolidated Balance Sheets.

			June 28, 2024
(In millions)			Amortized Costs																		Fair Value
Corporate notes/bonds			$	10.2																	$	10.2
U.S. Treasury bills			8.1																		8.1
Government agencies			17.3																		17.3
Total marketable debt securities			$	35.6																	$	35.6

			September 29, 2023
(In millions)			Amortized Costs																		Fair Value
Commercial paper			$	6.0																	$	6.0
Corporate notes/bonds			8.3																		8.3
U.S. Treasury bills			28.6																		28.6
Government agencies			6.6																		6.6
Total marketable debt securities			$	49.5																	$	49.5

    The contractual maturities of marketable debt securities as of June 28, 2024, are shown in the table below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations.

			June 28, 2024
(In millions)			Amortized Costs						Fair Value
Contractual maturities:
Due within one year			$	34.6					$	34.6
Due after one year through five years			1.0						1.0
Total marketable debt securities			$	35.6					$	35.6

    During the three and nine months ended June 28, 2024, there were no gross realized gains or losses from the sale of certain marketable debt securities that were reclassified out of accumulated other comprehensive loss.

    The following tables summarize the balance sheet locations for marketable debt securities:

			June 28, 2024
(In millions)			Commercial paper						Corporate notes/bonds						Government agencies						Treasury bills						Total
Cash and cash equivalents			$	—					$	1.0					$	—					$	—					$	1.0
Marketable securities			—						8.2						17.3						8.1						33.6
Other assets			—						1.0						—						—						1.0
Total marketable debt securities			$	—					$	10.2					$	17.3					$	8.1					$	35.6

			September 29, 2023
(In millions)			Commercial paper						Corporate notes/bonds						Government agencies						Treasury bills						Total
Cash and cash equivalents			$	6.0					$	—					$	—					$	2.2					$	8.2
Marketable securities			—						8.3						6.6						26.4						41.3
Total marketable debt securities			$	6.0					$	8.3					$	6.6					$	28.6					$	49.5

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    The following table summarizes the Company’s inventories:

(In millions)			June 28, 2024						September 29, 2023
Raw materials and parts			$	221.1					$	217.5
Work-in-process			21.7						20.0
Finished goods			38.9						40.0
Total inventories			$	281.7					$	277.5

    The following table reflects goodwill by reportable operating segment:

(In millions)			Medical						Industrial						Total
Balance at September 29, 2023			$	171.5					$	117.0					$	288.5
Foreign currency translation adjustments			0.2						0.2						0.4
Balance at June 28, 2024			$	171.7					$	117.2					$	288.9

    The following table reflects the gross carrying amount and accumulated amortization of the Company’s finite-lived intangible assets included in other assets in the Condensed Consolidated Balance Sheets:

			June 28, 2024																		September 29, 2023
(In millions)			Gross Carrying Amount						Accumulated Amortization						Net Carrying Amount						Gross Carrying Amount						Accumulated Amortization						Net Carrying Amount
Acquired existing technology			$	72.9					$	(62.5)					$	10.4					$	72.3					$	(57.8)					$	14.5
Patents, licenses and other			12.5						(12.5)						—						12.5						(12.2)						0.3
Customer contracts and supplier relationship			52.4						(46.4)						6.0						50.3						(42.7)						7.6
Total intangible assets			$	137.8					$	(121.4)					$	16.4					$	135.1					$	(112.7)					$	22.4

    Amortization expense for intangible assets was $1.7 million and $3.4 million for the three months ended June 28, 2024 and June 30, 2023, respectively. Amortization expense for intangible assets was $8.9 million and $10.2 million for the nine months ended June 28, 2024 and June 30, 2023, respectively. In connection with the business combination discussed in Note 10. Business Combinations, the Company recorded additional intangible assets of $2.6 million, of which $2.1 million related to customer contracts and supplier relationships and $0.5 million related to acquired existing technology.

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    The following table summarizes the Company’s short-term and long-term debt:

			June 28, 2024						September 29, 2023
(In millions, except for percentages)			Amount						Amount						Contractual Interest Rate						Effective Interest Rate
Current maturities of long-term debt
Convertible Senior Unsecured Notes			$	45.0					$	—
Other debt			1.5						1.5
Total current maturities of long-term debt			$	46.5					$	1.5
Non-current maturities of long-term debt:
Convertible Senior Unsecured Notes(1)			$	155.0					$	200.0					4.0%						4.8%
Senior Secured Notes			243.0						243.0						7.9%						8.2%
Other debt			2.3						3.5
Total non-current maturities of long-term debt:			$	400.3					$	446.5
Unamortized issuance costs
Unamortized issuance costs - Convertible Notes			$	(1.4)					$	(2.5)
Unamortized issuance costs - Senior Secured Notes			(2.3)						(2.9)
Total			(3.7)						(5.4)
Total debt outstanding, net			$	443.1					$	442.6

(1) This amount has been excluded from current liabilities as it is supported by the Revolving Credit Facility (as defined below) and is expected to remain outstanding for an uninterrupted period extending beyond one year from the balance sheet date.

    The following table summarizes the Company’s interest expense:

			Three Months Ended												Nine Months Ended
			June 28, 2024						June 30, 2023						June 28, 2024						June 30, 2023
Contractual interest coupon and other			$	6.6					$	6.7					$	19.9					$	20.2
Amortization of debt issuance costs			0.8						0.6						2.7						1.9
Total interest expense			$	7.4					$	7.3					$	22.6					$	22.1

Senior Secured Revolving Credit Facility

    On March 26, 2024, the Company entered into a senior secured revolving credit agreement (the "Credit Agreement") providing for a senior secured revolving credit facility of up to $155.0 million (the “Revolving Credit Facility”). Simultaneous with its entry into the Revolving Credit Facility, the Company terminated its $100.0 million asset-based loan revolving credit facility (the "ABL Facility"), dated as of September 30, 2020. As of June 28, 2024, the Revolving Credit Facility remains undrawn.

    The maximum availability under the Revolving Credit Facility is $155.0 million, which is available to the Company for revolving loans in U.S. dollars and for the issuance of letters of credit. The Company may make and repay borrowings from time to time until the maturity of the Revolving Credit Facility. Borrowings under the Revolving Credit Facility will mature, and lending commitments thereunder will terminate, on September 26, 2027. The interest rate for Revolving Credit Facility borrowings is the Secured Overnight Financing Rate (“SOFR”) (subject to a floor of 0.00%) plus a margin of 2.00% to 2.75%, depending on the consolidated total net leverage ratio of the Company (as defined in the Credit Agreement). Alternatively, the Company has the option of selecting a base rate equal to the highest of (a) the prime rate, (b) the Federal Funds Rate plus 0.50% and (c) the one-month SOFR (subject to a floor of 0.00%) plus a margin of 1.00%. An unused commitment fee of 0.375% per annum was payable from March 26, 2024 until June 28, 2024, and thereafter an unused commitment fee of between 0.30% to 0.40% per annum is payable quarterly on the actual daily unused portion of the Revolving Credit Facility, depending on the consolidated total net leverage ratio of the Company.

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    Debt issuance costs, including unamortized deferred costs for continuing lenders under the previously existing ABL Facility, of $2.3 million were capitalized and are included within other assets on the Condensed Consolidated Balance Sheets. These costs will be amortized over the term of the new agreement and will be recorded within interest expense in the Condensed Consolidated Statements of Operations.

    The Credit Agreement contains customary covenants restricting the Company’s activities, as well as those of its subsidiaries, including limitations on the ability to sell assets, engage in mergers, or other fundamental changes, enter into capital leases or certain leases not in the ordinary course of business, enter into transactions involving related parties or derivatives, incur or prepay indebtedness, grant liens or negative pledges on its assets, make loans or other investments, pay dividends or repurchase stock or other securities, guarantee third-party obligations, engage in sale leasebacks, and make changes in its corporate structure, though there are certain exceptions and carveouts related to these restrictions. One such covenant involves maintaining compensating cash balances. The Company must maintain the lesser of an average quarterly balance of $80.0 million and 80% of the U.S. cash availability in certain deposit accounts; provided that the amounts maintained must not be less than $80.0 million prior to June 30, 2025. The compensating balances may be withdrawn but the availability of the Revolving Credit Facility is dependent upon maintenance of such compensating balances. In addition, the Credit Agreement includes financial covenants related to the Company’s consolidated total net leverage ratio and its consolidated fixed charge coverage ratio.

    The Company’s obligations under the Revolving Credit Facility are guaranteed by the Company and a number of Company subsidiaries. These guarantees are secured on a first lien basis by specified assets, including inventory, accounts receivable, cash, intercompany accounts and loans, and certain real property. In addition, the Revolving Credit Facility is secured by second liens on certain assets securing the Company’s 7.875% Senior Secured Notes due 2027. An intercreditor agreement governs how the collateral securing the respective debt obligations will be treated among the secured parties.

Equipment Credit Agreement

    On April 26, 2024, the Company entered into a secured delayed draw term loan credit agreement (the “Equipment Credit Agreement”), providing for a secured equipment credit facility of up to $20.0 million (the “Equipment Credit Facility”). As of June 28, 2024, there was no principal balance outstanding under the Equipment Credit Facility.

    The maximum availability under the Equipment Credit Facility is $20.0 million, available to the Company for delayed draw term loans drawn on or before June 30, 2025, in U.S. dollars. The Company may make and repay borrowings from time to time until the maturity of the Equipment Credit Facility, but once repaid, loans may not be reborrowed. The Company may make voluntary prepayments of borrowings at any time. Borrowings under the Equipment Credit Facility will mature on September 26, 2027. The interest rate for borrowings by the Company under the Equipment Credit Facility is the SOFR (subject to a floor of 0.00%) plus a margin of 2.00% to 2.75%, depending on the consolidated total net leverage ratio of the Company. Alternatively, Equipment Borrowers have the option of selecting a base rate equal to the highest of (a) the prime rate, (b) the Federal Funds Rate plus 0.50% and (c) SOFR (subject to a floor of 0.00%) plus a margin of 1.00%, in each case plus a margin of 1.00% to 1.75%, depending on the consolidated total net leverage ratio of the Company. A commitment fee of 0.375% per annum was paid from April 26, 2024 until June 28, 2024, and thereafter a commitment fee of between 0.30% to 0.40% per annum is payable quarterly on the actual daily unused portion of the Equipment Credit Facility, depending on the consolidated total net leverage ratio of the Company.

    The proceeds of the Equipment Credit Facility will be used for purchases of eligible equipment and associated software costs for the Company and its subsidiaries.

    The Company’s obligations under the Equipment Credit Agreement are secured by the equipment and associated software financed by the Equipment Credit Facility and are guaranteed by a number of Company subsidiaries on an unsecured basis.

    The Equipment Credit Agreement contains customary covenants restricting the Company’s activities, as well as those of its subsidiaries, including limitations on the ability to sell financed equipment or all or substantially all assets, engage in mergers or other fundamental changes, grant liens or negative pledges on financed equipment, make changes in its corporate structure, though there are certain exceptions and carveouts related to these restrictions. In addition, the Equipment Credit Agreement includes financial covenants related to the Company’s consolidated total net leverage ratio and its consolidated fixed charge coverage ratio.

Convertible Senior Unsecured Notes

    On June 9, 2020, Varex issued $200.0 million in aggregate principal amount of 4.00% Convertible Senior Unsecured Notes due 2025 (“Convertible Notes”). The net proceeds from the issuance of the Convertible Notes, after deducting transaction fees and offering expense payable by the Company, were approximately $193.1 million. The Convertible Notes bear interest at the annual rate of 4.00%, payable semiannually on June 1 and December 1 of each year, and will mature on June 1, 2025, unless earlier converted or repurchased by Varex.

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    The Convertible Notes are convertible into cash, shares of Varex common stock or a combination thereof, at Varex’s election, at an initial conversion rate of 48.048 shares of common stock per $1,000 principal amount of Convertible Notes, which is equivalent to an initial conversion price of approximately $20.81 per share, subject to adjustment pursuant to the terms of the indenture governing the Convertible Notes. The Convertible Notes may be converted at any time after, and including, December 15, 2024, until the close of business on the second scheduled trading day immediately before the maturity date. The maximum number of shares issuable upon conversion of the Convertible Notes is 9.6 million.

    In accordance with the applicable accounting standards, a short-term debt obligation should be excluded from current liabilities if the entity has both the intent and ability to refinance the obligation on a long-term basis. The intent and ability can be demonstrated by the issuance of a long-term obligation to refinance the short-term obligation on a long-term basis after the date of an entity’s balance sheet but before that balance sheet is issued. Due to the entry into the Senior Secured Revolving Credit Facility, the Company classified $155.0 million of debt outstanding as of June 28, 2024 as long-term debt, net of current portion. The remaining principal amount totaling $45.0 million is classified as current portion of long-term debt as of June 28, 2024.

Call Spread

    On June 4, 2020 and June 5, 2020, in connection with the offering of the Convertible Notes, Varex entered into privately negotiated convertible note hedge transactions (collectively, the “Hedge Transactions”). The Hedge Transactions cover, subject to customary anti-dilution adjustments, the number of shares of Varex common stock that initially underlie the Convertible Notes. The Hedge Transactions are expected generally to reduce the potential dilution and/or offset any cash payments Varex is required to make in excess of the principal amount due upon conversion of the Convertible Notes in the event that the market price of Varex common stock is greater than the strike price of the Hedge Transactions, which was initially $20.81 per share (subject to adjustment under the terms of the Hedge Transactions). The strike price of $20.81 corresponds to the initial conversion price of the Convertible Notes. The number of shares underlying the Hedge Transactions is 9.6 million.

    On June 4, 2020 and June 5, 2020, Varex also entered into privately negotiated warrant transactions (collectively, the “Warrant Transactions” and, together with the Hedge Transactions, the “Call Spread Transactions”), whereby the Company sold warrants at a higher strike price relating to the same number of shares of Varex common stock that initially underlie the Convertible Notes, subject to customary anti-dilution adjustments. The initial strike price of the warrants is $24.975 per share (subject to adjustment under the terms of the Warrant Transactions), which was 50% above the last reported sale price of Varex common stock on June 4, 2020. The Warrant Transactions could have a dilutive effect to the Company's stockholders to the extent that the market price per share of Varex common stock, as measured under the terms of the Warrant Transactions, exceeds the applicable strike price of the warrants. The number of shares underlying the Warrant Transactions is 9.6 million. The number of warrants outstanding as of June 28, 2024 was 9.6 million.

Senior Secured Notes

    Varex issued $300.0 million aggregate principal amount of 7.875% Senior Secured Notes due 2027 (the "Senior Secured Notes") pursuant to an indenture dated September 30, 2020. Interest payments are paid semiannually on April 15 and October 15 of each year, beginning on April 15, 2021. The Senior Secured Notes will mature on October 15, 2027, unless earlier redeemed or repurchased by Varex. On July 15, 2021, we redeemed $30.0 million, and on March 18, 2022, we redeemed $27.0 million of the Senior Secured Notes. As of June 28, 2024, the aggregate principal amount of the outstanding Senior Secured Notes was $243.0 million.

    The Senior Secured Notes are secured by a first priority lien on substantially all of the assets of Varex and the assets and capital stock of its subsidiary guarantors (subject to exceptions), except for assets for which a first priority security interest is pledged for the Revolving Credit Facility, in which the Senior Secured Notes have a second lien security interest. The Senior Secured Notes include negative covenants, subject to certain exceptions, restricting or limiting Varex's ability and the ability of its restricted subsidiaries to, among other things, incur liens on collateral; sell certain assets; incur additional indebtedness; pay dividends; issue preferred shares; consolidate, merge, or sell all or substantially all of its assets; and enter into certain transactions with their affiliates.

Asset-Based Loan

    On September 30, 2020, the Company entered into a revolving credit agreement consisting of a $100.0 million ABL Facility. On March 26, 2024, the Company terminated the ABL Facility and recognized $0.6 million of the remaining unamortized issuance costs in interest expense in the Condensed Consolidated Statements of Operations, which excludes costs related to lenders that continued under the Revolving Credit Facility. There was no principal balance outstanding under the ABL Facility when it was terminated.

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    As of September 29, 2023, the Company, through two of its consolidated subsidiaries, Varex Imaging Deutschland AG and MeVis Medical Solutions AG ("MeVis Medical"), held a combined ownership interest in MeVis BreastCare GmbH and MeVis BreastCare Gmbh & Co KG (referred to in combination as "MeVis Breastcare") of 37.6%. Because the Company had the ability to exercise significant influence in, but not control, over MeVis Breastcare, it was historically accounted for as an equity method investment.

    During the first quarter of fiscal year 2024, the Company increased its ownership in MeVis Breastcare to 87.1% for a purchase price of $0.9 million, resulting in the Company now holding a controlling interest in MeVis Breastcare. The purchase of this additional ownership interest was accounted for as a business combination achieved in stages, or step acquisition. As a result, the previously held equity interest was remeasured to its acquisition-date fair value, with a gain of $0.9 million recognized in other expense, net in the Condensed Consolidated Statements of Operations. The assets and liabilities of MeVis Breastcare were then recorded on the Company's balance sheet at their fair values in accordance with ASC 805, and a gain on bargain purchase of $1.2 million was recorded during the first quarter of fiscal year 2024 in other expense, net in the Condensed Consolidated Statements of Operations. Because the purchase price did not give consideration to the other assets of the business, the fair value of the ownership interest acquired exceeded the price paid to the third party partial owner and this resulted in a gain on bargain purchase.

    The following table summarizes the consideration paid for MeVis Breastcare and the amounts of the assets acquired and liabilities assumed recognized at their estimated acquisition date fair values, as well as the estimated fair value at the acquisition date of the noncontrolling interest in MeVis Breastcare.

			USD (in millions)
Consideration paid
Cash			$	0.9
Fair value of total consideration transferred			0.9
Remeasurement of previous equity interest
Carrying value of previous equity interest before acquisition			1.1
Fair value of previous equity interest at acquisition date			2.0
Remeasurement gain recorded on previous equity interest			0.9
Total of consideration paid and fair value of previous equity interest			$	2.9
Recognized amounts of identifiable assets acquired and liabilities assumed
Cash and cash equivalents			$	1.8
Accounts receivable, net			1.2
Intangible assets, net			2.6
Accounts payable			(0.1)
Accrued liabilities and other current liabilities			(0.6)
Other long-term liabilities			(0.1)
Total identifiable net assets			4.8
Noncontrolling interest in MeVis Breastcare			(0.7)
Bargain purchase gain			(1.2)
Total			$	2.9

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    In September 2018, the Company entered into a partnership in Saudi Arabia. The Company has majority voting rights with an approximate 75% interest. Accordingly, the Company has consolidated the operations of the Saudi Arabia partnership in its Condensed Consolidated Financial Statements and recorded the noncontrolling interests. The noncontrolling interest related to the partner’s 25% interest is included in noncontrolling interests in the equity section of the Company’s Condensed Consolidated Balance Sheets. Income representing the noncontrolling partner's share of income from operations is included in the Company's Condensed Consolidated Statements of Operations.

    In April 2015, the Company acquired 73.5% of the then outstanding shares of MeVis Medical, a publicly traded company based in Bremen, Germany that provides image processing software and services for cancer screening. In August 2015, the Company, through one of its German subsidiaries, entered into a Domination and Profit and Loss Transfer Agreement (the “DPLTA”) with MeVis Medical. In fiscal years 2017 and 2018, the Company purchased an additional 0.2% of outstanding shares such that the Company now owns 73.7% of the outstanding shares of common stock of MeVis Medical. Under the DPLTA, MeVis Medical subordinates its management to the Company and undertakes to transfer all its annual profits and losses to the Company. In return, the DPLTA grants the noncontrolling shareholders of MeVis Medical, an annual recurring net compensation of €0.95 per MeVis Medical share. At June 28, 2024, noncontrolling shareholders together held approximately 0.5 million shares of MeVis Medical, representing 26.3% of the outstanding shares.

    During the first quarter of fiscal year 2024, the Company acquired a controlling interest in MeVis Breastcare, in which the Company now holds an 87.1% ownership interest. In association with this acquisition, the Company recorded an associated noncontrolling interest of $0.7 million.

    Changes in noncontrolling interests were as follows:

			Nine Months Ended
(In millions)			June 28, 2024						June 30, 2023
Noncontrolling interests, at beginning of period			$	13.3					$	13.3
Net income attributable to noncontrolling interests			0.4						0.4
Business acquisitions			0.7						—
Other			(0.3)						(0.3)
Noncontrolling interests, at end of period			$	14.1					$	13.4

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    Basic net income per common share is computed by dividing the net income for the period by the weighted average number of shares of common stock outstanding during the reporting period. Diluted net income per common share reflects the effects of potentially dilutive securities, which is computed by dividing the sum of net income and any adjustments to net income by the sum of the weighted average number of common shares outstanding and dilutive common shares.

    A reconciliation of the numerator and denominator used in the calculation of basic and diluted net income per common share is as follows:

			Three Months Ended												Nine Months Ended
(In millions, except per share amounts)			June 28, 2024						June 30, 2023						June 28, 2024						June 30, 2023
Net income per share - basic
Net income attributable to Varex			$	1.4					$	9.1					$	2.3					$	16.3
Basic weighted average shares outstanding			40.9						40.4						40.7						40.2
Basic net income per share attributable to Varex			$	0.03					$	0.23					$	0.06					$	0.41
Net income per share - diluted
Net income attributable to Varex			$	1.4					$	9.1					$	2.3					$	16.3
Interest expense on Convertible Notes, net of tax			—						1.4						—						—
Diluted net income			$	1.4					$	10.5					$	2.3					$	16.3
Basic weighted average shares outstanding			40.9						40.4						40.7						40.2
Dilutive effect of Convertible Notes			—						9.6						—						—
Dilutive effect of share-based awards and other			0.3						0.4						0.5						0.4
Diluted weighted average shares outstanding			41.2						50.4						41.2						40.6
Diluted net income per share attributable to Varex			$	0.03					$	0.21					$	0.06					$	0.40
Anti-dilutive share summary
Share-based awards and other			2.8						2.7						3.0						2.9
Convertible notes			9.6						—						9.6						9.6
Warrants			9.6						9.6						9.6						9.6
Total anti-dilutive shares			22.0						12.3						22.2						22.1

    Potentially dilutive shares, which are based on the weighted-average shares of common stock underlying stock options, unvested stock awards, purchase rights granted under the employee stock purchase plan, warrants, and Convertible Notes using the treasury stock method or the if-converted method, as applicable, are included when calculating diluted net income per share attributable to Varex when their effect is dilutive. In connection with the offering of the Convertible Notes, the Company entered into convertible note hedges and warrants (see Note 9, Borrowings). However, the Company's convertible note hedges are not included when calculating potentially dilutive shares since their effect is always anti-dilutive.

Share-Based Compensation Expense

    Share-based compensation expense recognized in the Condensed Consolidated Statements of Operations is based on awards ultimately expected to vest. Share-based compensation expense includes expenses related to the Company’s direct employees.

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    The table below summarizes the effect of recording share-based compensation expense and the option value of the employee stock purchase plan shares:

			Three Months Ended												Nine Months Ended
(In millions)			June 28, 2024						June 30, 2023						June 28, 2024						June 30, 2023
Cost of revenues			$	0.4					$	0.5					$	1.4					$	1.3
Research and development			0.8						0.8						2.6						2.5
Selling, general, and administrative			2.7						2.3						7.8						6.3
Total share-based compensation expense			$	3.9					$	3.6					$	11.8					$	10.1

Stock Option Activity

    The following table summarizes stock option activity under Varex’s employee incentive plans for the Company's employees:

(In thousands, except per share amounts and the remaining term)			Options						Price Range						Weighted Average Exercise Price						Weighted Average Remaining Term (in years)						Aggregate Intrinsic Value(1)
Outstanding at September 29, 2023			2,862						$13.61 - $37.60						$	28.08					4.8						$	871.4
Canceled, expired or forfeited			(782)						$31.08 - $34.13						31.23
Outstanding at June 28, 2024			2,080						$13.61 - $37.60						$	26.89					5.7						$	188.4
Exercisable at June 28, 2024			1,645						$13.61 - $37.60						$	27.45					5.1						$	179.4

(1) The aggregate intrinsic value represents the total pre-tax intrinsic value, which is computed based on the difference between the exercise price and the closing price of Varex common stock of $14.73 as of June 28, 2024, the last trading date of the Company's third quarter, and which represents the amount that would have been received by the option holders had all option holders exercised their in-the-money options and sold the shares received upon exercise as of that date.

Restricted Stock Units, Performance Stock Units, Restricted Stock Awards, and Deferred Stock Units

    In the first quarter of fiscal year 2024, the Company issued performance stock units ("PSUs") to certain officers and key employees in connection with our long-term incentive program. Each PSU represents the right to receive one share of our common stock, provided that the applicable performance and vesting conditions are satisfied. The fair value of certain PSUs are linked to the achievement of performance goals based on Adjusted EBITDA margin. Share-based compensation expense for these PSUs are recognized over the performance period based on the probability of achieving the performance targets. Certain PSUs include a performance objective based on our relative total shareholder return over the performance period compared to a predetermined peer group. The fair value of these awards is determined using a Monte Carlo simulation as of the date of the grant and share-based compensation expense will not be adjusted should the target awards vary from actual awards.

    The following table summarizes the activity for restricted stock units, performance stock units, restricted stock awards, and deferred stock units under the 2020 Omnibus Stock Plan:

(In thousands, except per share amounts)			Number of Shares						Weighted Average Grant-Date Fair Value
Outstanding at September 29, 2023			1,277						$	22.30
Granted			864						19.79
Vested			(306)						26.09
Canceled or expired			(45)						21.18
Outstanding at June 28, 2024			1,790						$	20.42

---

    For the three months ended June 28, 2024, the Company recognized income tax benefit of $0.7 million on $0.8 million of pre-tax income. For the three months ended June 30, 2023, the Company recognized income tax expense of $7.9 million on $17.1 million of pre-tax income. For the nine months ended June 28, 2024, the Company recognized income tax benefit of $0.2 million on $2.5 million of pre-tax income. For the nine months ended June 30, 2023, the Company recognized income tax expense of $13.6 million on $30.3 million of pre-tax income. The Company is unable to recognize a tax benefit for pre-tax book losses in certain foreign jurisdictions but has recognized tax expense for profitable jurisdictions.

    The Company's tax expense decreased for the three and nine months ended June 28, 2024, primarily due to decreased pre-tax income in certain jurisdictions and favorable impacts of international tax provisions and tax credits in the U.S., partially offset by losses in certain foreign jurisdictions for which no benefit can be recorded.

    The Company has two reportable operating segments: Medical and Industrial, which aligns with how the CODM reviews the Company’s performance. The segments align the Company’s products and service offerings with customer use in medical and industrial markets and are consistent with how the Company’s CEO evaluates the business for the allocation of resources. The CODM allocates resources to and evaluates the financial performance of each operating segment primarily based on revenues and gross profit. The operating and reportable segment structure provides alignment between business strategies and operating results.

Description of Segments

    The Medical segment designs, manufactures, sells, and services X-ray imaging components, including X-ray tubes, digital detectors and accessories, ionization chambers, high voltage connectors, image-processing software and workstations, 3D reconstruction software, computer-aided diagnostic software, collimators, automatic exposure control devices, generators, and heat exchangers. These components are used in a range of medical imaging applications including CT, mammography, oncology, cardiac, surgery, dental, and other diagnostic radiography uses.

    The Industrial segment designs, develops, manufactures, sells and services X-ray imaging products for use in a number of markets, including security applications for cargo screening at ports and borders, baggage screening at airports, and nondestructive testing, irradiation, and inspection applications used in a number of other vertical markets. The Company's industrial products include Linatron® X-ray linear accelerators, X-ray tubes, digital detectors, high voltage connectors, and coolers. In addition, the Company licenses proprietary image-processing and detection software designed to work with other Varex products to provide packaged sub-assembly solutions to industrial customers.

    Accordingly, the following information is provided for purposes of achieving an understanding of operations, but it may not be indicative of the financial results of the reported segments were they independent organizations. In addition, comparisons of the Company’s operations to similar operations of other companies may not be meaningful.

---

    Information related to the Company’s segments is as follows:

			Three Months Ended												Nine Months Ended
(In millions)			June 28, 2024						June 30, 2023						June 28, 2024						June 30, 2023
Revenues, net
Medical			$	148.6					$	175.4					$	437.3					$	509.6
Industrial			60.5						56.8						168.0						156.4
Total revenues			209.1						232.2						605.3						666.0
Gross profit
Medical			46.2						54.7						129.8						152.7
Industrial			20.7						21.6						60.0						59.6
Total gross profit			66.9						76.3						189.8						212.3
Total operating expenses			57.6						52.1						168.6						159.5
Interest and other expense, net			(8.5)						(7.1)						(18.7)						(22.5)
Income before taxes			0.8						17.1						2.5						30.3
Income tax (benefit) expense			(0.7)						7.9						(0.2)						13.6
Net income			1.5						9.2						2.7						16.7
Less: Net income attributable to noncontrolling interests			0.1						0.1						0.4						0.4
Net income attributable to Varex			$	1.4					$	9.1					$	2.3					$	16.3

    The Company does not disclose total assets by segment as this information is not provided to the CODM.

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v3.24.2.u1

Cover - shares	9 Months Ended
	Jun. 28, 2024	Jul. 25, 2024
Cover [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 28, 2024
Document Transition Report	false
Entity File Number	001-37860
Entity Registrant Name	VAREX IMAGING CORPORATION
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	81-3434516
Entity Address, Address Line One	1678 S. Pioneer Road
Entity Address, City or Town	Salt Lake City
Entity Address, State or Province	UT
Entity Address, Postal Zip Code	84104
City Area Code	801
Local Phone Number	972-5000
Title of 12(b) Security	Common Stock
Trading Symbol	VREX
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Smaller Reporting Company	false
Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		40,900,000
Amendment Flag	false
Document Fiscal Year Focus	2024
Document Fiscal Period Focus	Q3
Entity Central Index Key	0001681622
Current Fiscal Year End Date	--09-27

v3.24.2.u1

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Income Statement [Abstract]
Revenues, net	$ 209.1	$ 232.2	$ 605.3	$ 666.0
Cost of revenues	142.2	155.9	415.5	453.7
Gross profit	66.9	76.3	189.8	212.3
Operating expenses:
Research and development	22.0	20.0	65.1	63.0
Selling, general, and administrative	35.6	32.1	103.5	96.5
Total operating expenses	57.6	52.1	168.6	159.5
Operating income	9.3	24.2	21.2	52.8
Interest income	1.8	0.9	5.5	2.1
Interest expense	(7.4)	(7.3)	(22.6)	(22.1)
Other expense, net	(2.9)	(0.7)	(1.6)	(2.5)
Interest and other expense, net	(8.5)	(7.1)	(18.7)	(22.5)
Income before taxes	0.8	17.1	2.5	30.3
Income tax (benefit) expense	(0.7)	7.9	(0.2)	13.6
Net income	1.5	9.2	2.7	16.7
Less: Net income attributable to noncontrolling interests	0.1	0.1	0.4	0.4
Net income attributable to Varex	$ 1.4	$ 9.1	$ 2.3	$ 16.3
Net income per common share attributable to Varex
Basic (in USD per share)	$ 0.03	$ 0.23	$ 0.06	$ 0.41
Diluted (in USD per share)	$ 0.03	$ 0.21	$ 0.06	$ 0.40
Weighted average common shares outstanding
Basic (in shares)	40.9	40.4	40.7	40.2
Diluted (in shares)	41.2	50.4	41.2	40.6

v3.24.2.u1

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Unaudited) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Statement of Comprehensive Income [Abstract]
Net income	$ 1.5	$ 9.2	$ 2.7	$ 16.7
Other comprehensive loss
Unrealized loss on available-for-sale securities	0.0	(0.1)	0.0	0.0
Foreign currency translation adjustments	(0.1)	(0.4)	(0.6)	(0.4)
Total comprehensive income	1.4	8.7	2.1	16.3
Less: Comprehensive income attributable to noncontrolling interests	0.1	0.1	0.4	0.4
Comprehensive income attributable to Varex	$ 1.3	$ 8.6	$ 1.7	$ 15.9

v3.24.2.u1

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Millions	Jun. 28, 2024	Sep. 29, 2023
Current assets:
Cash and cash equivalents	$ 156.4	$ 152.6
Marketable securities	33.6	41.3
Accounts receivable, net of allowance for credit losses of $0.8 million and $0.6 million at June 28, 2024 and September 29, 2023, respectively	152.0	163.6
Inventories	281.7	277.5
Prepaid expenses and other current assets	25.6	23.3
Total current assets	649.3	658.3
Property, plant, and equipment, net	148.0	143.6
Goodwill	288.9	288.5
Intangible assets, net	16.4	22.4
Investments in privately-held companies	27.1	29.0
Deferred tax assets	55.3	41.3
Operating lease assets	28.5	29.0
Other assets	39.2	37.5
Total assets	1,252.7	1,249.6
Current liabilities:
Accounts payable	69.6	64.7
Accrued liabilities and other current liabilities	67.0	82.6
Current operating lease liabilities	3.7	3.8
Current maturities of long-term debt, net	46.2	1.5
Deferred revenues	8.1	10.2
Total current liabilities	194.6	162.8
Long-term debt, net	396.9	441.1
Operating lease liabilities	22.8	23.1
Other long-term liabilities	43.1	41.6
Total liabilities	657.4	668.6
Stockholders' equity:
Preferred stock, $.01 par value: 20,000,000 shares authorized, none issued	0.0	0.0
Common stock, $.01 par value: 150,000,000 shares authorized; shares issued and outstanding: 40,860,965 and 40,529,573 at June 28, 2024 and September 29, 2023, respectively	0.4	0.4
Additional paid-in capital	462.2	450.4
Accumulated other comprehensive loss	(1.8)	(1.2)
Retained earnings	120.4	118.1
Total Varex stockholders' equity	581.2	567.7
Noncontrolling interests	14.1	13.3
Total stockholders' equity	595.3	581.0
Total liabilities and stockholders' equity	$ 1,252.7	$ 1,249.6

v3.24.2.u1

CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) - USD ($) $ in Millions	Jun. 28, 2024	Sep. 29, 2023
Statement of Financial Position [Abstract]
Accounts receivable, allowance for doubtful accounts	$ 0.8	$ 0.6
Preferred stock, par value (in USD per share)	$ 0.01	$ 0.01
Preferred stock, shares authorized (in shares)	20,000,000	20,000,000
Preferred stock, shares issued (in shares)	0	0
Common stock, par value per share (in USD per share)	$ 0.01	$ 0.01
Common stock, shares authorized (in shares)	150,000,000	150,000,000
Common stock, shares, issued (in shares)	40,860,965	40,529,573
Common stock, shares, outstanding (in shares)	40,860,965	40,529,573

v3.24.2.u1

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (Unaudited) - USD ($) $ in Millions	Total	Cumulative Effect, Period of Adoption, Adjustment	Total Varex Equity	Total Varex Equity Cumulative Effect, Period of Adoption, Adjustment	Common Stock	Additional Paid-in Capital	Additional Paid-in Capital Cumulative Effect, Period of Adoption, Adjustment	Accumulated Other Comprehensive Loss	Retained Earnings	Retained Earnings Cumulative Effect, Period of Adoption, Adjustment	Noncontrolling Interests
Common stock, shares, outstanding, beginning balance (in shares) at Sep. 30, 2022					40,100,000
Stockholders' equity, outstanding, beginning balance at Sep. 30, 2022	$ 546.7	$ (28.1)	$ 533.4	$ (28.1)	$ 0.4	$ 469.1	$ (34.6)	$ 0.1	$ 63.8	$ 6.5	$ 13.3
Increase (Decrease) in Stockholders' Equity
Net income	16.7		16.3						16.3		0.4
Common stock issued upon vesting of restricted shares (in shares)					200,000
Shares withheld on vesting of restricted stock (in shares)					(100,000)
Shares withheld on vesting of restricted stock	(1.4)		(1.4)			(1.4)
Common stock issued under employee stock purchase plan (in shares)					100,000
Common stock issued under employee stock purchase plan	2.0		2.0			2.0
Share-based compensation	10.1		10.1			10.1
Foreign currency translation adjustments	(0.4)		(0.4)					(0.4)
Unrealized loss on change in fair value of available-for-sale securities	0.0
Other (shares)					100,000
Other	(0.7)		(0.4)			(0.3)			(0.1)		(0.3)
Common stock, shares, outstanding, ending balance (in shares) at Jun. 30, 2023					40,400,000
Stockholders' equity, outstanding, ending balance at Jun. 30, 2023	544.9		531.5		$ 0.4	444.9		(0.3)	86.5		13.4
Increase (Decrease) in Stockholders' Equity
Accounting Standards Update [Extensible List]		Accounting Standards Update 2020-06 [Member]
Common stock, shares, outstanding, beginning balance (in shares) at Mar. 31, 2023					40,400,000
Stockholders' equity, outstanding, beginning balance at Mar. 31, 2023	532.9		519.6		$ 0.4	441.6		0.2	77.4		13.3
Increase (Decrease) in Stockholders' Equity
Net income	9.2		9.1						9.1		0.1
Share-based compensation	3.5		3.5			3.5
Foreign currency translation adjustments	(0.4)		(0.4)					(0.4)
Unrealized loss on change in fair value of available-for-sale securities	(0.1)		(0.1)					(0.1)
Other	(0.2)		(0.2)			(0.2)
Common stock, shares, outstanding, ending balance (in shares) at Jun. 30, 2023					40,400,000
Stockholders' equity, outstanding, ending balance at Jun. 30, 2023	$ 544.9		531.5		$ 0.4	444.9		(0.3)	86.5		13.4
Common stock, shares, outstanding, beginning balance (in shares) at Sep. 29, 2023	40,529,573				40,500,000
Stockholders' equity, outstanding, beginning balance at Sep. 29, 2023	$ 581.0		567.7		$ 0.4	450.4		(1.2)	118.1		13.3
Increase (Decrease) in Stockholders' Equity
Net income	2.7		2.3						2.3		0.4
Common stock issued upon vesting of restricted shares (in shares)					300,000
Shares withheld on vesting of restricted stock (in shares)					(100,000)
Shares withheld on vesting of restricted stock	(1.9)		(1.9)			(1.9)
Common stock issued under employee stock purchase plan (in shares)					200,000
Common stock issued under employee stock purchase plan	2.0		2.0			2.0
Share-based compensation	11.7		11.7			11.7
Foreign currency translation adjustments	(0.6)		(0.6)					(0.6)
Business acquisitions	0.7										0.7
Unrealized loss on change in fair value of available-for-sale securities	0.0
Other	$ (0.3)										(0.3)
Common stock, shares, outstanding, ending balance (in shares) at Jun. 28, 2024	40,860,965				40,900,000
Stockholders' equity, outstanding, ending balance at Jun. 28, 2024	$ 595.3		581.2		$ 0.4	462.2		(1.8)	120.4		14.1
Common stock, shares, outstanding, beginning balance (in shares) at Mar. 29, 2024					40,900,000
Stockholders' equity, outstanding, beginning balance at Mar. 29, 2024	590.2		576.1		$ 0.4	458.4		(1.7)	119.0		14.1
Increase (Decrease) in Stockholders' Equity
Net income	1.5		1.4						1.4		0.1
Shares withheld on vesting of restricted stock	(0.1)		(0.1)			(0.1)
Share-based compensation	3.9		3.9			3.9
Foreign currency translation adjustments	(0.1)		(0.1)					(0.1)
Unrealized loss on change in fair value of available-for-sale securities	0.0
Other	$ (0.1)										(0.1)
Common stock, shares, outstanding, ending balance (in shares) at Jun. 28, 2024	40,860,965				40,900,000
Stockholders' equity, outstanding, ending balance at Jun. 28, 2024	$ 595.3		$ 581.2		$ 0.4	$ 462.2		$ (1.8)	$ 120.4		$ 14.1

v3.24.2.u1

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Millions	9 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Cash flows from operating activities:
Net income	$ 2.7	$ 16.7
Adjustments to reconcile net income to net cash provided by operating activities:
Share-based compensation expense	11.8	10.1
Depreciation	15.6	14.2
Amortization of intangible assets	8.9	10.2
Deferred taxes	(14.3)	(1.1)
Loss from equity method investments	0.8	0.1
Amortization of deferred loan costs	2.1	1.9
Gain on purchase of business	(2.1)	0.0
Inventory write-down	3.4	3.8
Other, net	2.0	2.2
Changes in assets and liabilities:
Accounts receivable	12.4	10.2
Inventories	(8.0)	1.7
Prepaid expenses and other assets	0.5	4.0
Accounts payable	6.9	(3.7)
Accrued liabilities and other current and long-term liabilities	(19.2)	(12.5)
Deferred revenues	(2.1)	3.5
Net cash provided by operating activities	21.4	61.3
Cash flows from investing activities:
Purchases of property, plant, and equipment	(20.9)	(15.3)
Loss on settlement of cash flow hedge	0.0	(0.2)
Proceeds from maturities of marketable debt securities	45.2	16.7
Purchase of marketable debt securities	(37.1)	(33.6)
Purchase of marketable equity securities	(0.2)	(2.7)
Settlement of net investment hedge	0.0	7.0
Acquisitions of businesses, net of cash acquired	0.9	0.0
Other, net	(1.4)	(2.2)
Net cash used in investing activities	(13.5)	(30.3)
Cash flows from financing activities:
Taxes related to net share settlement of equity awards	(1.9)	(1.4)
Repayments of borrowing under credit agreements	(1.2)	(1.7)
Payment of debt issuance costs	(2.2)	0.0
Proceeds from shares issued under employee stock purchase plan	2.0	2.0
Other, net	(0.8)	(0.5)
Net cash used in financing activities	(4.1)	(1.6)
Effects of exchange rate changes on cash and cash equivalents and restricted cash	0.0	(0.1)
Net increase in cash and cash equivalents and restricted cash	3.8	29.3
Cash and cash equivalents and restricted cash at beginning of period	154.0	90.6
Cash and cash equivalents and restricted cash at end of period	157.8	119.9
Supplemental cash flow information:
Cash paid for interest	27.6	27.4
Income taxes paid, net of refunds	16.7	9.8
Supplemental non-cash activities:
Purchases of property, plant, and equipment financed through accounts payable	$ 1.4	$ 1.3

v3.24.2.u1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	9 Months Ended
	Jun. 28, 2024
Accounting Policies [Abstract]
SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES	SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Business     Varex Imaging Corporation (the “Company” or “Varex”) designs, manufactures, sells, and services a broad range of medical products, which include X-ray imaging components including X-ray tubes, flat panel and photon counting detectors and accessories, ionization chambers, high voltage connectors, image processing software and workstations, 3D reconstruction software, computer-aided diagnostic software, collimators, automatic exposure control devices, generators, and heat exchangers. The Company sells its products to imaging system original equipment manufacturer (“OEM”) customers for incorporation into new medical diagnostic, radiation therapy, dental, and veterinary equipment, as well as to independent service companies and distributors, and directly to end-users for replacement purposes.     The Company also designs, manufactures, sells and services industrial products, which include Linatron® X-ray linear accelerators, X-ray tubes, digital detectors, high voltage connectors, coolers, imaging processing software and image detection products for security and inspection purposes, such as cargo screening at ports and borders and nondestructive examination in a variety of applications. The Company generally sells security and inspection products to OEM customers who incorporate Varex’s products into their inspection or irradiation systems and processes. The Company conducts an active research and development program to focus on new technology and applications in both the medical and industrial X-ray imaging markets. Basis of Presentation     The accompanying unaudited condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, these unaudited condensed consolidated financial statements include all adjustments necessary for a fair presentation of the results for the interim periods. The Company has consolidated all of its majority owned subsidiaries and entities over which it has control. All intercompany balances and transactions have been eliminated as part of the consolidation.     These condensed consolidated financial statements and the accompanying notes are unaudited and should be read in conjunction with the consolidated financial statements and notes thereto for the fiscal year ended September 29, 2023 included in the Company’s Annual Report on Form 10-K, which was filed with the SEC on November 16, 2023. The Company considers events or transactions that occur after the balance sheet date, but before the financial statements are issued, to provide additional evidence relative to certain estimates or to identify matters that require additional disclosures. Except for the change in certain policies upon adoption of the accounting standards described below, there have been no material changes to the Company's significant accounting policies, compared to the accounting policies described in Note 1, Summary of Significant Accounting Policies, in the Company’s Annual Report on Form 10-K for fiscal year 2023. Reclassification of Prior Period Presentation     Certain prior period amounts in the Unaudited Financial Statements and the Notes to the Condensed Consolidated Financial Statements have had a change in presentation to conform to current period presentation. This change does not affect previously reported results. Segment Reporting     The Company has two reportable operating segments; (i) Medical and (ii) Industrial, which aligns with how its Chief Executive Officer, who is the Company's Chief Operating Decision Maker (“CODM”), reviews the Company’s performance. See Note 15, Segment Information, for further information on the Company’s segments. Fiscal Year     The fiscal years of the Company as reported are the 52 or 53-week periods ending on the Friday nearest September 30. Fiscal year 2024 is the 52-week period ending September 27, 2024. Fiscal year 2023 was the 52-week period that ended on September 29, 2023. The fiscal quarters ended June 28, 2024 and June 30, 2023 were both 13-week periods. The nine-month fiscal periods ended June 28, 2024 and June 30, 2023 were both 39-week periods. Use of Estimates     The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Such estimates include the valuation of inventories, valuation of goodwill and intangible assets, receivables, warranties, refund liabilities, long-lived asset valuations, impairment of investments, valuation of financial instruments, and taxes on income. Actual results could differ from these estimates. Cash and Cash Equivalents     The Company considers unrestricted currency on hand, demand deposits, time deposits, and all highly-liquid investments with an original maturity of three months or less at the date of purchase to be cash and cash equivalents. Restricted Cash     Restricted cash primarily consists of cash collateral related to certain leases and inventory arrangements. Restricted cash is included in other assets on the Company's Condensed Consolidated Balance Sheets. Cash and cash equivalents and restricted cash as reported within the Condensed Consolidated Statements of Cash Flows consisted of the following: Nine Months Ended Nine Months Ended June 28, 2024 June 30, 2023 (In millions) Beginning of Period End of Period Beginning of Period End of Period Cash and cash equivalents $ 152.6  $ 156.4  $ 89.4  $ 118.5  Restricted cash 1.4  1.4  1.2  1.4  Total as presented in the Condensed Consolidated Statements of Cash Flows $ 154.0  $ 157.8  $ 90.6  $ 119.9  Concentration of Risk     Financial instruments that potentially expose the Company to concentrations of credit risk consist principally of cash, cash equivalents, marketable securities, certificates of deposit, and trade accounts receivable. Cash held with financial institutions may exceed the Federal Deposit Insurance Corporation insurance limits or similar limits in foreign jurisdictions. To date, the Company has not realized any losses on its deposits of cash and cash equivalents. The Company performs ongoing credit evaluations of its customers and, except for government tenders, group purchases, and orders with a letter of credit, its industrial customers often provide a down payment. The Company maintains an allowance for credit losses based upon the expected collectability of all accounts receivable. The Company obtains some of the components in its products from a limited group of suppliers or from a single-source supplier. When these suppliers are unable to meet the Company's supply needs, the Company's production is negatively impacted.     Credit is extended to customers based on an evaluation of the customer’s financial condition, and collateral is not required. In certain circumstances, a customer may be required to prepay all or a portion of the contract price prior to transfer of control. During the periods presented, one of the Company's customers accounted for a significant portion of revenues, as set forth below: Three Months Ended Nine Months Ended June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Canon Medical Systems Corporation 18.0  % 14.8  % 18.3% 16.0%     Canon Medical Systems Corporation accounted for 11.6% and 13.8% of the Company’s accounts receivable as of June 28, 2024 and September 29, 2023, respectively. Equity Method Investments     The Company accounts for its equity investments in other companies under the equity method of accounting if the Company has the ability to exercise significant influence in, but not control, these investments. The Company records impairment losses on its equity method investments if an impairment exists and is deemed to be other-than-temporary, which is based on various factors, including but not limited to, the length of time the fair value of the investment is below the carrying value, the absence of an ability to recover the carrying amount of the investment, and the inability of the investee to sustain an earnings capacity that would justify the carrying amount of the investment. There were no impairments recorded during the three and nine months ended June 28, 2024 and June 30, 2023. Marketable Securities     The Company's marketable securities consist primarily of financial instruments such as United States treasury securities, United States agency obligations, corporate bonds, commercial paper, money market funds, and equity securities. Marketable Debt Securities     The Company's marketable debt securities are classified as available-for-sale. Classification of marketable debt securities is determined at the time of purchase, and the Company reevaluates such classification as of each balance sheet date. Marketable debt securities are recorded at estimated fair value and included in cash and cash equivalents, marketable securities, and other assets within the Condensed Consolidated Balance Sheets. Any unrealized gains or losses are included in accumulated other comprehensive loss within the Condensed Consolidated Balance Sheets. When the fair value of a marketable debt security declines below its amortized cost basis, any portion of that decline attributable to credit losses, to the extent expected to be nonrecoverable before the sale of the security, is recognized in the Condensed Consolidated Statements of Operations. When the fair value of a marketable debt security declines below its amortized cost basis due to changes in interest rates, such amounts are recorded in other comprehensive loss and are recognized in the Condensed Consolidated Statements of Operations only if the Company sells or intends to sell the security before recovery of its cost basis. There were no impairments related to marketable debt securities recorded during the three and nine months ended June 28, 2024 and June 30, 2023. Marketable Equity Securities     Marketable equity securities are stated at fair value as determined by the most recently traded price of each security at the balance sheet date and included in other assets within the Condensed Consolidated Balance Sheets. All unrealized gains and losses on marketable equity securities are recorded as part of other expense, net in the Company's Condensed Consolidated Statements of Operations. See Note 6, Fair Value, for further details. Loss Contingencies     From time to time, the Company is involved in legal proceedings, claims and government inspections or investigations, customs and duties audits, and other contingency matters, both inside and outside the United States, arising in the ordinary course of its business or otherwise. The Company accrues amounts for probable losses, to the extent they can be reasonably estimated, that it believes are adequate to address any liabilities related to legal proceedings and other loss contingencies that the Company believes will result in a probable loss (including, among other things, probable settlement value). A loss or a range of loss is disclosed when it is reasonably possible that a material loss will be incurred and can be estimated or when it is reasonably possible that the amount of a loss, when material, will exceed the recorded provision. When a loss contingency is probable but not reasonably estimable the nature of the contingency and the fact that an estimate cannot be made is disclosed. Supplier Finance Programs     The Company participates in voluntary supply chain finance programs with a financial intermediary which provide participating suppliers the option to be paid by the intermediary earlier than the original invoice due date. The Company’s responsibility is limited to making payments on the terms originally negotiated with the suppliers, regardless of whether the intermediary pays the supplier in advance of the original due date. As part of participating in these arrangements, the Company generally receives more favorable payment terms from its suppliers. The Company does not receive fees, payments, extended payment terms, or other direct economic benefits from the intermediary. The total amounts due to the financial intermediary to settle supplier invoices under supply chain finance programs as of June 28, 2024 and September 29, 2023 were $3.6 million and $4.2 million, respectively. These amounts are included within accounts payable in the Condensed Consolidated Balance Sheets. Environmental Obligations     The Company's operations and facilities, past and present, are subject to environmental laws, including laws that regulate the handling, storage, transport, and disposal of hazardous substances. Certain of those laws impose cleanup liabilities under certain circumstances. In connection with those laws and certain of our past and present operations and facilities, the Company is obligated to indemnify Varian Medical Systems, Inc. ("Varian") for the cleanup liabilities related to prior corporate restructuring activities. The Company anticipates that it will be obligated to reimburse Varian for 20% of the liabilities of Varian related to these sites (after adjusting for any insurance proceeds or tax benefits received by Varian). As of June 28, 2024 and September 29, 2023, our estimated environmental liability for these sites was $4.2 million and $2.8 million, net of expected insurance proceeds, respectively. Product Warranty     The Company warrants most of its products for a specific period of time, usually 12 to 24 months from delivery or acceptance, against material defects. The Company provides for the estimated future costs of warranty obligations in cost of revenues when the related revenues are recognized. The accrued warranty costs represent the best estimate at the time of sale of the total costs that the Company will incur to repair or replace product parts that fail while still under warranty.     The amount of the accrued estimated warranty costs obligation for established products is primarily based on historical experience of product failures, adjusted for current information on repair costs. For new products, estimates include the historical experience of similar products, as well as a reasonable allowance for warranty expenses associated with new products. On a quarterly basis, the Company reviews the accrued warranty costs and updates the historical warranty cost trends, if required.     The following table reflects the changes in the Company’s accrued product warranty: Nine Months Ended (In millions) June 28, 2024 June 30, 2023 Accrued product warranty, at beginning of period $ 7.7  $ 7.9  New accruals charged to cost of revenues 15.3  9.3  Product warranty expenditures (13.1) (9.3) Accrued product warranty, at end of period $ 9.9  $ 7.9  Leases     The Company determines if an arrangement is or contains a lease at the inception of an arrangement. The Company's operating lease right-of-use ("ROU") assets represent the right to use an underlying asset over the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. ROU assets may also include initial direct costs incurred and prepaid lease payments, less lease incentives. Lease liabilities and their corresponding ROU assets are recognized based on the present value of lease payments over the lease term, discounted using the Company's incremental borrowing rate. The Company recognizes operating leases with lease terms of more than twelve months in operating lease assets, current operating lease liabilities, and operating lease liabilities on its Condensed Consolidated Balance Sheets. The Company recognizes finance leases with lease terms of more than twelve months in property, plant, and equipment, net, accrued liabilities and other current liabilities, and other long-term liabilities on its Condensed Consolidated Balance Sheets. For purposes of calculating lease liabilities and the corresponding ROU assets, the Company's lease term may include options to extend or terminate the lease when it is reasonably certain that it will exercise that option. Revenue Recognition     The Company’s revenues are derived primarily from the sale of hardware and services. The Company recognizes its revenues net of any value-added or sales tax and net of sales discounts.     The Company sells a high proportion of its X-ray products to a limited number of OEM customers. X-ray imaging components including X-ray tubes, digital detectors and image-processing tools, and security and inspection products are generally sold on a stand-alone basis. However, the Company occasionally sells its digital detectors, X-ray tubes and imaging processing tools as a package that is optimized for digital X-ray imaging and sells its Linatron® X-ray linear accelerators together with its image processing software and image detection products to OEM customers that incorporate them into their inspection or irradiation systems and processes. Service contracts are often sold with certain security and inspection products and computer-aided detection products.     The Company determines revenue recognition through the following steps: •Identification of the contract, or contracts, with a customer •Identification of the performance obligations in the contract •Determination of the transaction price •Allocation of the transaction price to the performance obligations in the contract •Recognition of revenue when, or as, a performance obligation is satisfied Contracts and Performance Obligations     The Company accounts for a contract with a customer when there is an approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance, and collectability of the consideration is probable. The Company's performance obligations consist mainly of transferring control of products and services identified in the contracts or purchase orders. For each contract, the Company considers the obligation to transfer products and services to the customer, which are distinct, to be performance obligations. Transaction Price and Allocation to Performance Obligations     Transaction prices of products or services are typically based on contracted rates. To the extent that the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price utilizing the expected value method when there is a large number of transactions with similar characteristics or the most likely amount method when there are two possible outcomes, depending on the circumstances of the transaction, to which the Company expects to be entitled. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of the Company’s anticipated performance and all information (historical, current, and forecasted) that is reasonably available.     The Company allows customers to return specific parts of purchased X-ray tubes for a partial refund credit, which is identified as variable consideration. For sales with a right of return, revenue is reduced and a liability is recorded for expected returns, and an asset is recorded for the right to recover products from customers on settling the liability. The Company recognizes a reduction to revenue and cost of sales at the time of sale and a corresponding refund liability and right of return asset. The Company records this estimate based on the historical volume of product returns and adjusts the estimate on a quarterly basis based on the current quarter sales and current quarter returns.     If a contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price based on the estimated relative standalone selling prices of the promised products or services underlying each performance obligation. The Company determines standalone selling prices based on the price at which the performance obligation could be sold separately. Recognition of Revenue     Revenue is recognized when, or as, obligations under the terms of a contract are satisfied, which occurs when control of the promised products or services is transferred to customers. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products or services to a customer.     Product revenue is generally recognized when the customer obtains control of the Company’s product, which occurs at a point in time, and may be upon shipment or upon delivery based on the contractual shipping terms of a contract.     Service revenue is generally recognized over the term of the service contract. Services are expected to be transferred to the customer throughout the term of the contract, and the Company believes recognizing revenue ratably over the term of the contract best depicts the transfer of value to the customer. Disaggregation of Revenue     Revenue is disaggregated from contracts between geography and by reportable operating segment, which the Company believes best depicts how the nature, amount, timing, and uncertainty of revenues and cash flows are affected by economic factors. Refer to Note 15, Segment Information, included in this report, for the disaggregation of the Company’s revenue based on reportable operating segments and Note 2, Revenue Recognition, for the disaggregation of revenue by geographic region. Contract Balances     Contract liabilities are included within the deferred revenues, and other long-term liabilities balances in the Condensed Consolidated Balance Sheets. The Company does not have any material contract assets.     Deferred revenue represents the Company's obligation to transfer goods or services to its customers for which it has already received consideration (or the amount is due) from the customer. The Company's deferred revenue balance primarily relates to contract advances and billings for warranty contracts.     Deferred revenue that is estimated to be recognized during the following twelve-month period is recorded as deferred revenues and the remaining portion is recorded as other long-term liabilities in the Condensed Consolidated Balance Sheets. Costs to Obtain or Fulfill a Customer Contract     The Company has certain costs to obtain and fulfill a customer contract, such as commissions and shipping costs. The Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that the Company otherwise would have recognized is one year or less. Incremental costs of obtaining contracts that would be recognized over greater than one year are not material. The Company accounts for shipping and handling activities related to contracts with customers as costs to fulfill the promise to transfer the associated products. These costs are included as a component of cost of revenues. Recently Adopted Accounting Pronouncements     In August 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The Company adopted this ASU on October 1, 2022, using the modified retrospective method. For further details, refer to Note 1, Summary of Significant Accounting Policies, of the Notes to the Condensed Consolidated Financial Statements of our Annual Report on Form 10-K for the fiscal year ended September 29, 2023 filed with the SEC on November 16, 2023.     In September 2022, the FASB issued ASU 2022-04, Liabilities—Supplier Finance Programs, which requires entities to provide qualitative and quantitative disclosures about their supplier finance programs, including a rollforward of related obligations. The adoption of ASU 2022-04 did not affect the Company’s financial condition, results of operations, or cash flows as the guidance only requires additional disclosures. We adopted this ASU effective September 30, 2023 on a retrospective basis, except for the amendment on rollforward information, which has been adopted on a prospective basis. Recent Accounting Standards or Updates Not Yet Effective     There are no new accounting standards not yet adopted or effective that are expected to have a material impact on the Company's Condensed Consolidated Financial Statements.

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REVENUE RECOGNITION	9 Months Ended
	Jun. 28, 2024
Revenue from Contract with Customer [Abstract]
REVENUE RECOGNITION	REVENUE RECOGNITION Disaggregation of Revenue     Revenue is disaggregated from contracts by geographic region and by reportable operating segment, which the Company believes best depicts how the nature, amount, timing, and uncertainty of revenues and cash flows are affected by economic factors.     The following table disaggregates the Company’s revenue by geographic region: Three Months Ended Nine Months Ended (In millions) June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Americas $ 70.2  $ 73.4  $ 200.8  $ 207.7  EMEA 70.9  77.2  208.6  212.5  APAC 68.0  81.6  195.9  245.8  $ 209.1  $ 232.2  $ 605.3  $ 666.0      Revenue in the United States was $68.0 million and $72.1 million for the three months ended June 28, 2024 and June 30, 2023, respectively. Revenue in the United States was $192.7 million and $203.8 million for the nine months ended June 28, 2024 and June 30, 2023, respectively.     Our products are sold in three geographic regions: the Americas, EMEA, and APAC. The Americas includes North America (primarily the United States) and Latin America. EMEA includes Europe, the Middle East, India, and Africa. APAC includes Asia (other than India) and Australia. Revenues by region are based on the known final destination of products sold.     Refer to Note 15, Segment Information, for the disaggregation of the Company’s revenue based on reportable operating segments. Right of Return Assets and Refund Liabilities     Right of return assets are included within the prepaid expenses and other current assets, and other assets balances in the Condensed Consolidated Balance Sheets. Refund liabilities are included within the accrued liabilities and other current liabilities and other long-term liabilities balances in the Condensed Consolidated Balance Sheets. The following table summarizes the changes in the right of return assets and refund liabilities for the nine months ended June 28, 2024 and June 30, 2023: Right of Return Assets Nine Months Ended (In millions) June 28, 2024 June 30, 2023 Balance at beginning of period $ 26.0  $ 25.4  Costs recovered from product returns during the period (5.3) (3.9) Right of return assets from shipments of products subject to return during the period 4.4  5.0  Adjustment for actual vs. reserved product returns 0.5  (0.7) Balance at end of period $ 25.6  $ 25.8  Refund Liabilities Nine Months Ended (In millions) June 28, 2024 June 30, 2023 Balance at beginning of period $ 28.9  $ 28.2  Release of refund liability included in beginning of year refund liability (5.9) (4.4) Additions to refund liabilities 4.9  5.6  Adjustment for actual vs. reserved product returns 0.5  (0.7) Balance at end of period $ 28.4  $ 28.7  Contract Balances     During the three and nine months ended June 28, 2024, the Company recognized revenue of $1.3 million and $9.4 million, respectively, related to deferred revenues which existed at September 29, 2023. During the three and nine months ended June 30, 2023, the Company recognized revenue of $0.9 million and $5.7 million, respectively, related to deferred revenues that existed at September 30, 2022.

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LEASES	9 Months Ended
	Jun. 28, 2024
Leases [Abstract]
LEASES	LEASES     The Company has operating and finance leases for office space, warehouse and manufacturing space, vehicles, and equipment. The following table presents supplemental balance sheet information related to the Company's operating and finance leases: (In millions) Balance Sheet Location June 28, 2024 September 29, 2023 Assets Operating lease right-of-use assets Operating lease assets $ 28.5  $ 29.0  Finance lease right-of-use assets Property, plant, and equipment, net 1.0  0.3  Liabilities Operating lease liabilities (current) Current operating lease liabilities 3.7  3.8  Finance lease liabilities (current) Accrued liabilities and other current liabilities 0.2  0.1  Operating lease liabilities (non-current) Operating lease liabilities 22.8  23.1  Finance lease liabilities (non-current) Other long-term liabilities $ 0.5  $ 0.2      The following table provides information related to the Company’s operating and finance leases: Three Months Ended Nine Months Ended (In millions) June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Total operating lease costs(1) $ 1.5  $ 1.4  $ 4.7  $ 4.2  Total finance lease costs $ 0.1  $ 0.1  $ 0.2  $ 0.2  Operating cash flows from operating leases $ 1.5  $ 2.6  $ 4.4  $ 7.7  Financing cash flows from finance leases 0.1  0.1  0.4  0.2  Total cash paid for amounts included in the measurement of lease liabilities $ 1.6  $ 2.7  $ 4.8  $ 7.9  Noncash operating right-of-use assets obtained in exchange for new lease liabilities $ 0.8  $ 6.9  $ 4.7  $ 9.2  Noncash finance right-of-use assets obtained in exchange for new lease liabilities 0.1  —  0.8  —  Total right-of-use assets obtained in exchange for new lease liabilities $ 0.9  $ 6.9  $ 5.5  $ 9.2  (1) Includes variable and short-term lease expense which were immaterial for the three and nine months ended June 28, 2024 and June 30, 2023.
LEASES	LEASES     The Company has operating and finance leases for office space, warehouse and manufacturing space, vehicles, and equipment. The following table presents supplemental balance sheet information related to the Company's operating and finance leases: (In millions) Balance Sheet Location June 28, 2024 September 29, 2023 Assets Operating lease right-of-use assets Operating lease assets $ 28.5  $ 29.0  Finance lease right-of-use assets Property, plant, and equipment, net 1.0  0.3  Liabilities Operating lease liabilities (current) Current operating lease liabilities 3.7  3.8  Finance lease liabilities (current) Accrued liabilities and other current liabilities 0.2  0.1  Operating lease liabilities (non-current) Operating lease liabilities 22.8  23.1  Finance lease liabilities (non-current) Other long-term liabilities $ 0.5  $ 0.2      The following table provides information related to the Company’s operating and finance leases: Three Months Ended Nine Months Ended (In millions) June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Total operating lease costs(1) $ 1.5  $ 1.4  $ 4.7  $ 4.2  Total finance lease costs $ 0.1  $ 0.1  $ 0.2  $ 0.2  Operating cash flows from operating leases $ 1.5  $ 2.6  $ 4.4  $ 7.7  Financing cash flows from finance leases 0.1  0.1  0.4  0.2  Total cash paid for amounts included in the measurement of lease liabilities $ 1.6  $ 2.7  $ 4.8  $ 7.9  Noncash operating right-of-use assets obtained in exchange for new lease liabilities $ 0.8  $ 6.9  $ 4.7  $ 9.2  Noncash finance right-of-use assets obtained in exchange for new lease liabilities 0.1  —  0.8  —  Total right-of-use assets obtained in exchange for new lease liabilities $ 0.9  $ 6.9  $ 5.5  $ 9.2  (1) Includes variable and short-term lease expense which were immaterial for the three and nine months ended June 28, 2024 and June 30, 2023.

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RELATED-PARTY TRANSACTIONS	9 Months Ended
	Jun. 28, 2024
Related Party Transactions [Abstract]
RELATED-PARTY TRANSACTIONS	RELATED-PARTY TRANSACTIONS Investments in Privately-Held Companies     The Company has a 40% ownership interest in dpiX Holding Company LLC (“dpiX Holding”), a holding company that has a 100% ownership interest in dpiX LLC (“dpiX”), a supplier of amorphous silicon-based thin film transistor arrays for flat panels used in the Company's digital image detectors. In accordance with the dpiX Holding operating agreement, net profits or losses are allocated to the members in accordance with their ownership interests.     The investment in dpiX Holding is accounted for under the equity method of accounting. When the Company recognizes its share of net profits or losses of dpiX Holding, profits or losses in inventory purchased from dpiX are also eliminated. During the three months ended June 28, 2024 and June 30, 2023, the Company recorded a loss on the equity investment in dpiX Holding of $1.8 million and $0.0 million, respectively. During the nine months ended June 28, 2024 and June 30, 2023, the Company recorded (loss) income on the equity investment in dpiX Holding of $(0.7) million and $1.6 million, respectively. The income and loss on the equity investment in dpiX Holding are included in other expense, net in the Condensed Consolidated Statements of Operations. The carrying value of the equity investment in dpiX Holding was $25.1 million and $25.8 million at June 28, 2024 and September 29, 2023, respectively.     During the three months ended June 28, 2024 and June 30, 2023, the Company purchased glass transistor arrays from dpiX totaling $4.8 million and $5.1 million, respectively. During the nine months ended June 28, 2024 and June 30, 2023, the Company purchased glass transistor arrays from dpiX totaling $13.8 million and $14.6 million, respectively. These purchases of glass transistor arrays are included as a component of inventories on the Condensed Consolidated Balance Sheets or cost of revenues in the Condensed Consolidated Statements of Operations.     As of June 28, 2024 and September 29, 2023, the Company had accounts payable to dpiX totaling $3.0 million and $2.7 million, respectively.     In October 2013, the Company entered into an amended agreement with dpiX and other parties that, among other things, provides it with the right to 50% of dpiX’s total manufacturing capacity. In addition, the Company is required to pay for 50% of dpiX's fixed costs, as determined at the beginning of each calendar year. In January 2024, the Company's fixed cost commitment was determined and approved by the dpiX board of directors to be $12.4 million for calendar year 2024. As of June 28, 2024, the Company estimated it has fixed cost commitments of $6.2 million related to the amended agreement with dpiX through the remainder of calendar year 2024. The amended agreement will continue unless the ownership structure of dpiX changes (as defined in the amended agreement).     The Company has determined that dpiX Holding is a variable interest entity because the at-risk equity holders, as a group, lack the characteristics of a controlling financial interest. Majority votes are required to direct the manufacturing activities, legal operations and other activities that most significantly affect dpiX’s economic performance. The Company does not have majority voting rights and no power to unilaterally direct the activities of dpiX Holding, and therefore, is not the primary beneficiary of dpiX Holding. The Company’s exposure to loss as a result of its involvement with dpiX Holding is limited to the carrying value of the Company’s investment of $25.1 million and fixed cost commitments.     In November 2018, the Company (through one of its wholly-owned subsidiaries) and CETTEEN GmbH (“CETTEEN”), formed a German limited liability company that governs the affairs and conduct of the business of VEC Imaging GmbH & Co. KG (“VEC”), a joint venture formed to develop technology for use in X-ray imaging components. In accordance with the VEC agreement, net profits or losses are allocated to the members in accordance with their ownership interest. The Company's investment in VEC is accounted for under the equity method of accounting. The Company has determined that VEC is a variable interest entity.     During the three months ended June 28, 2024 and June 30, 2023, the Company recorded loss on the equity investment in VEC of $0.0 million and $0.3 million, respectively. During the nine months ended June 28, 2024, and June 30, 2023, the Company recorded a loss on the equity investment in VEC of $0.1 million and $0.7 million, respectively. The Company's investment in VEC was $2.0 million and $2.1 million at June 28, 2024 and September 29, 2023, respectively. As of June 28, 2024 and September 29, 2023, the Company had loans and other receivables outstanding from VEC of $0.7 million, and $0.7 million, respectively, which are recorded in prepaid expenses and other current assets in the Condensed Consolidated Balance Sheets.

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FINANCIAL DERIVATIVES AND HEDGING ACTIVITIES	9 Months Ended
	Jun. 28, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
FINANCIAL DERIVATIVES AND HEDGING ACTIVITIES	FINANCIAL DERIVATIVES AND HEDGING ACTIVITIES     As part of the Company’s overall risk management practices, the Company enters into financial derivatives to manage its financial exposures to foreign currency exchange rates and interest rates.     The Company records all derivatives on the Condensed Consolidated Balance Sheets at fair value. The accounting for changes in the fair value of derivatives depends on the intended use of the derivative, whether the Company has elected to designate a derivative in a hedging relationship and apply hedge accounting, and whether the hedging relationship has satisfied the criteria necessary to apply hedge accounting. A qualitative assessment of hedge effectiveness is performed on a quarterly basis, unless facts and circumstances indicate the hedge may no longer be highly effective, in which case the Company would test for effectiveness on a more frequent basis. The changes in fair value for all trades that are not designated for hedge accounting are recognized in current period income. The Company does not offset fair value amounts recognized for derivative instruments in its Condensed Consolidated Balance Sheets for presentation purposes.     Credit risk related to derivative transactions reflects the risk that a party to the transaction could fail to meet its obligation under the derivative contracts. Therefore, the Company’s exposure to the counterparty’s credit risk is generally limited to the amounts, if any, by which the counterparty’s obligations to the Company exceed the Company’s obligations to the counterparty. The Company’s policy is to enter into contracts only with financial institutions that meet certain minimum credit ratings to help mitigate counterparty credit risk. Derivatives Designated as Hedging Instruments - Net Investment Hedges     The Company uses cross currency swap contracts as net investment hedges to manage its risk of variability in foreign currency-denominated net investments in wholly-owned international operations. All changes in fair value of the derivatives designated as net investment hedges are reported in accumulated other comprehensive loss along with the foreign currency translation adjustments on those investments.     As of June 28, 2024, the Company had the following outstanding derivatives designated as net investment hedging instruments: (In millions, except number of instruments) Number of Instruments Notional Value Cross currency swap contracts 2 $ 58.7      The following table summarizes the amount of pre-tax income recognized from derivative instruments for the periods indicated and the line items in the accompanying statements of operations where the results are recorded for net investment hedges: Amount of Gain (Loss) Recognized in OCI on Derivative Three Months Ended Location of Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) Amount of Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) Three Months Ended (In millions) June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Cross currency swap contracts $ 0.1  $ (0.6) Interest expense $ 0.2  $ 0.3  Amount of Loss Recognized in OCI on Derivative Nine Months Ended Location of Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) Amount of Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) Nine Months Ended (In millions) June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Cross currency swap contracts $ (1.3) $ (5.6) Interest expense $ 0.7  $ 0.7      These derivative instruments are subject to master netting agreements giving effect to rights of offset with each counterparty. None of the balances were eligible for netting. The following table summarizes the gross fair values of derivative instruments as of the periods indicated and the line items in the accompanying Condensed Consolidated Balance Sheets where the instruments are recorded: (In millions) Derivative Assets and Liabilities Derivatives Designated as Net Investment Hedges Balance Sheet Location June 28, 2024 September 29, 2023 Cross currency swap contracts Prepaid expenses and other current assets $ 0.7  $ 0.7  Cross currency swap contracts Other long-term liabilities $ 6.0  $ 4.9  Balance Sheet Hedges     The Company also enters into foreign currency forward contracts to hedge fluctuations associated with foreign currency-denominated monetary assets and liabilities, primarily cash, lease contracts, third-party accounts receivable and payable, and intercompany accounts receivable and payable. These forward contracts are generally entered into at the end of one fiscal period and expire by the end of the next fiscal period. These forward contracts are not designated for hedge accounting treatment; therefore, the change in fair value of these derivatives is recorded as a component of other expense, net in the Condensed Consolidated Statements of Operations and offsets the change in fair value of the foreign currency-denominated assets and liabilities, which are also recorded as a component of other expense, net. The Company has not and does not intend to use derivative financial instruments for speculative or trading purposes.     The following table shows the notional amounts of outstanding foreign currency contracts as of June 28, 2024: Notional Value of Derivatives not Designated as Hedging Instruments: (In millions of equivalent USD) Sell contracts Chinese Renminbi $ 21.3  Euro 20.5  $ 41.8

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FAIR VALUE	9 Months Ended
	Jun. 28, 2024
Fair Value Disclosures [Abstract]
FAIR VALUE	FAIR VALUE Assets and Liabilities Measured at Fair Value on a Recurring Basis     The fair values of certain of the Company’s financial instruments, including bank deposits included in cash and cash equivalents, accounts receivable, net and accounts payable, approximate their fair values due to their short maturities. As of June 28, 2024, the fair values of the Company’s Convertible Notes and Senior Secured Notes, as defined in Note 9, Borrowings and measured using Level 1 inputs, were $200.3 million and $246.3 million, respectively. As of September 29, 2023, the fair values of the Company’s Convertible Notes and Senior Secured Notes, measured using Level 1 inputs, were $228.4 million and $243.6 million, respectively. The Company has elected to use the income approach to value its derivative instruments using standard valuation techniques and Level 2 inputs, such as currency spot rates, forward points and credit default swap spreads.     In the tables below, the Company has segregated all assets and liabilities that are measured at fair value on a recurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date. Fair Value at June 28, 2024 (In millions) Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Money market funds $ —  $ 29.5  $ —  $ 29.5  Corporate notes/bonds —  10.2  —  10.2  Government agencies —  17.3  —  17.3  U.S. Treasury bills —  8.1  —  8.1  Derivative assets —  0.7  —  0.7  Deferred compensation plan(1) 7.4  —  —  7.4  Marketable equity securities 3.0  —  —  3.0  Total assets measured at fair value $ 10.4  $ 65.8  $ —  $ 76.2  Liabilities: Derivative liabilities $ —  $ 6.0  $ —  $ 6.0  Total liabilities measured at fair value $ —  $ 6.0  $ —  $ 6.0  (1) The assets held under the Company’s deferred compensation plan are classified in Level 1, as they relate primarily to publicly traded mutual funds for which there are observable market prices in active markets. Fair Value at September 29, 2023 (In millions) Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Money market funds $ —  $ 45.4  $ —  $ 45.4  Commercial paper —  6.0  —  6.0  Corporate notes/bonds —  8.3  —  8.3  Government agencies —  6.6  —  6.6  U.S. Treasury bills —  28.6  —  28.6  Derivative assets —  0.7  —  0.7  Deferred compensation plan(1) 6.3  —  —  6.3  Marketable equity securities 4.1  —  —  4.1  Total assets measured at fair value $ 10.4  $ 95.6  $ —  $ 106.0  Liabilities: Derivative liabilities $ —  $ 4.9  $ —  $ 4.9  Total liabilities measured at fair value $ —  $ 4.9  $ —  $ 4.9  (1) The assets held under the Company’s deferred compensation plan are classified in Level 1 as they relate primarily to publicly traded mutual funds for which there are observable market prices in active markets. Marketable Debt Securities     The following is a summary of marketable debt securities, which are included within the cash and cash equivalents, marketable securities, and other assets balances on the Condensed Consolidated Balance Sheets. June 28, 2024 (In millions) Amortized Costs Fair Value Corporate notes/bonds $ 10.2  $ 10.2  U.S. Treasury bills 8.1  8.1  Government agencies 17.3 17.3 Total marketable debt securities $ 35.6  $ 35.6  September 29, 2023 (In millions) Amortized Costs Fair Value Commercial paper $ 6.0  $ 6.0  Corporate notes/bonds 8.3  8.3  U.S. Treasury bills 28.6  28.6  Government agencies 6.6 6.6 Total marketable debt securities $ 49.5  $ 49.5      The contractual maturities of marketable debt securities as of June 28, 2024, are shown in the table below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations. June 28, 2024 (In millions) Amortized Costs Fair Value Contractual maturities: Due within one year $ 34.6  $ 34.6  Due after one year through five years 1.0  1.0  Total marketable debt securities $ 35.6  $ 35.6      During the three and nine months ended June 28, 2024, there were no gross realized gains or losses from the sale of certain marketable debt securities that were reclassified out of accumulated other comprehensive loss.     The following tables summarize the balance sheet locations for marketable debt securities: June 28, 2024 (In millions) Commercial paper Corporate notes/bonds Government agencies Treasury bills Total Cash and cash equivalents $ —  $ 1.0  $ —  $ —  $ 1.0  Marketable securities —  8.2  17.3  8.1  33.6  Other assets —  1.0  —  —  1.0  Total marketable debt securities $ —  $ 10.2  $ 17.3  $ 8.1  $ 35.6  September 29, 2023 (In millions) Commercial paper Corporate notes/bonds Government agencies Treasury bills Total Cash and cash equivalents $ 6.0  $ —  $ —  $ 2.2  $ 8.2  Marketable securities —  8.3  6.6  26.4  41.3  Total marketable debt securities $ 6.0  $ 8.3  $ 6.6  $ 28.6  $ 49.5

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INVENTORIES	9 Months Ended
	Jun. 28, 2024
Inventory Disclosure [Abstract]
INVENTORIES	INVENTORIES     The following table summarizes the Company’s inventories: (In millions) June 28, 2024 September 29, 2023 Raw materials and parts $ 221.1  $ 217.5  Work-in-process 21.7  20.0  Finished goods 38.9  40.0  Total inventories $ 281.7  $ 277.5

v3.24.2.u1

GOODWILL AND INTANGIBLE ASSETS	9 Months Ended
	Jun. 28, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
GOODWILL AND INTANGIBLE ASSETS	GOODWILL AND INTANGIBLE ASSETS     The following table reflects goodwill by reportable operating segment: (In millions) Medical Industrial Total Balance at September 29, 2023 $ 171.5  $ 117.0  $ 288.5  Foreign currency translation adjustments 0.2  0.2  0.4  Balance at June 28, 2024 $ 171.7  $ 117.2  $ 288.9      The following table reflects the gross carrying amount and accumulated amortization of the Company’s finite-lived intangible assets included in other assets in the Condensed Consolidated Balance Sheets: June 28, 2024 September 29, 2023 (In millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Acquired existing technology $ 72.9  $ (62.5) $ 10.4  $ 72.3  $ (57.8) $ 14.5  Patents, licenses and other 12.5  (12.5) —  12.5  (12.2) 0.3  Customer contracts and supplier relationship 52.4  (46.4) 6.0  50.3  (42.7) 7.6  Total intangible assets $ 137.8  $ (121.4) $ 16.4  $ 135.1  $ (112.7) $ 22.4      Amortization expense for intangible assets was $1.7 million and $3.4 million for the three months ended June 28, 2024 and June 30, 2023, respectively. Amortization expense for intangible assets was $8.9 million and $10.2 million for the nine months ended June 28, 2024 and June 30, 2023, respectively. In connection with the business combination discussed in Note 10. Business Combinations, the Company recorded additional intangible assets of $2.6 million, of which $2.1 million related to customer contracts and supplier relationships and $0.5 million related to acquired existing technology.

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BORROWINGS	9 Months Ended
	Jun. 28, 2024
Debt Disclosure [Abstract]
BORROWINGS	BORROWINGS     The following table summarizes the Company’s short-term and long-term debt: June 28, 2024 September 29, 2023 (In millions, except for percentages) Amount Amount Contractual Interest Rate Effective Interest Rate Current maturities of long-term debt Convertible Senior Unsecured Notes $ 45.0  $ —  Other debt 1.5  1.5  Total current maturities of long-term debt $ 46.5  $ 1.5  Non-current maturities of long-term debt: Convertible Senior Unsecured Notes(1) $ 155.0  $ 200.0  4.0% 4.8% Senior Secured Notes 243.0  243.0  7.9% 8.2% Other debt 2.3  3.5  Total non-current maturities of long-term debt: $ 400.3  $ 446.5  Unamortized issuance costs Unamortized issuance costs - Convertible Notes $ (1.4) $ (2.5) Unamortized issuance costs - Senior Secured Notes (2.3) (2.9) Total (3.7) (5.4) Total debt outstanding, net $ 443.1  $ 442.6  (1) This amount has been excluded from current liabilities as it is supported by the Revolving Credit Facility (as defined below) and is expected to remain outstanding for an uninterrupted period extending beyond one year from the balance sheet date.     The following table summarizes the Company’s interest expense: Three Months Ended Nine Months Ended June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Contractual interest coupon and other $ 6.6  $ 6.7  $ 19.9  $ 20.2  Amortization of debt issuance costs 0.8  0.6  2.7  1.9  Total interest expense $ 7.4  $ 7.3  $ 22.6  $ 22.1  Senior Secured Revolving Credit Facility     On March 26, 2024, the Company entered into a senior secured revolving credit agreement (the "Credit Agreement") providing for a senior secured revolving credit facility of up to $155.0 million (the “Revolving Credit Facility”). Simultaneous with its entry into the Revolving Credit Facility, the Company terminated its $100.0 million asset-based loan revolving credit facility (the "ABL Facility"), dated as of September 30, 2020. As of June 28, 2024, the Revolving Credit Facility remains undrawn.     The maximum availability under the Revolving Credit Facility is $155.0 million, which is available to the Company for revolving loans in U.S. dollars and for the issuance of letters of credit. The Company may make and repay borrowings from time to time until the maturity of the Revolving Credit Facility. Borrowings under the Revolving Credit Facility will mature, and lending commitments thereunder will terminate, on September 26, 2027. The interest rate for Revolving Credit Facility borrowings is the Secured Overnight Financing Rate (“SOFR”) (subject to a floor of 0.00%) plus a margin of 2.00% to 2.75%, depending on the consolidated total net leverage ratio of the Company (as defined in the Credit Agreement). Alternatively, the Company has the option of selecting a base rate equal to the highest of (a) the prime rate, (b) the Federal Funds Rate plus 0.50% and (c) the one-month SOFR (subject to a floor of 0.00%) plus a margin of 1.00%. An unused commitment fee of 0.375% per annum was payable from March 26, 2024 until June 28, 2024, and thereafter an unused commitment fee of between 0.30% to 0.40% per annum is payable quarterly on the actual daily unused portion of the Revolving Credit Facility, depending on the consolidated total net leverage ratio of the Company.     Debt issuance costs, including unamortized deferred costs for continuing lenders under the previously existing ABL Facility, of $2.3 million were capitalized and are included within other assets on the Condensed Consolidated Balance Sheets. These costs will be amortized over the term of the new agreement and will be recorded within interest expense in the Condensed Consolidated Statements of Operations.     The Credit Agreement contains customary covenants restricting the Company’s activities, as well as those of its subsidiaries, including limitations on the ability to sell assets, engage in mergers, or other fundamental changes, enter into capital leases or certain leases not in the ordinary course of business, enter into transactions involving related parties or derivatives, incur or prepay indebtedness, grant liens or negative pledges on its assets, make loans or other investments, pay dividends or repurchase stock or other securities, guarantee third-party obligations, engage in sale leasebacks, and make changes in its corporate structure, though there are certain exceptions and carveouts related to these restrictions. One such covenant involves maintaining compensating cash balances. The Company must maintain the lesser of an average quarterly balance of $80.0 million and 80% of the U.S. cash availability in certain deposit accounts; provided that the amounts maintained must not be less than $80.0 million prior to June 30, 2025. The compensating balances may be withdrawn but the availability of the Revolving Credit Facility is dependent upon maintenance of such compensating balances. In addition, the Credit Agreement includes financial covenants related to the Company’s consolidated total net leverage ratio and its consolidated fixed charge coverage ratio.     The Company’s obligations under the Revolving Credit Facility are guaranteed by the Company and a number of Company subsidiaries. These guarantees are secured on a first lien basis by specified assets, including inventory, accounts receivable, cash, intercompany accounts and loans, and certain real property. In addition, the Revolving Credit Facility is secured by second liens on certain assets securing the Company’s 7.875% Senior Secured Notes due 2027. An intercreditor agreement governs how the collateral securing the respective debt obligations will be treated among the secured parties. Equipment Credit Agreement     On April 26, 2024, the Company entered into a secured delayed draw term loan credit agreement (the “Equipment Credit Agreement”), providing for a secured equipment credit facility of up to $20.0 million (the “Equipment Credit Facility”). As of June 28, 2024, there was no principal balance outstanding under the Equipment Credit Facility.     The maximum availability under the Equipment Credit Facility is $20.0 million, available to the Company for delayed draw term loans drawn on or before June 30, 2025, in U.S. dollars. The Company may make and repay borrowings from time to time until the maturity of the Equipment Credit Facility, but once repaid, loans may not be reborrowed. The Company may make voluntary prepayments of borrowings at any time. Borrowings under the Equipment Credit Facility will mature on September 26, 2027. The interest rate for borrowings by the Company under the Equipment Credit Facility is the SOFR (subject to a floor of 0.00%) plus a margin of 2.00% to 2.75%, depending on the consolidated total net leverage ratio of the Company. Alternatively, Equipment Borrowers have the option of selecting a base rate equal to the highest of (a) the prime rate, (b) the Federal Funds Rate plus 0.50% and (c) SOFR (subject to a floor of 0.00%) plus a margin of 1.00%, in each case plus a margin of 1.00% to 1.75%, depending on the consolidated total net leverage ratio of the Company. A commitment fee of 0.375% per annum was paid from April 26, 2024 until June 28, 2024, and thereafter a commitment fee of between 0.30% to 0.40% per annum is payable quarterly on the actual daily unused portion of the Equipment Credit Facility, depending on the consolidated total net leverage ratio of the Company.     The proceeds of the Equipment Credit Facility will be used for purchases of eligible equipment and associated software costs for the Company and its subsidiaries.     The Company’s obligations under the Equipment Credit Agreement are secured by the equipment and associated software financed by the Equipment Credit Facility and are guaranteed by a number of Company subsidiaries on an unsecured basis.     The Equipment Credit Agreement contains customary covenants restricting the Company’s activities, as well as those of its subsidiaries, including limitations on the ability to sell financed equipment or all or substantially all assets, engage in mergers or other fundamental changes, grant liens or negative pledges on financed equipment, make changes in its corporate structure, though there are certain exceptions and carveouts related to these restrictions. In addition, the Equipment Credit Agreement includes financial covenants related to the Company’s consolidated total net leverage ratio and its consolidated fixed charge coverage ratio. Convertible Senior Unsecured Notes     On June 9, 2020, Varex issued $200.0 million in aggregate principal amount of 4.00% Convertible Senior Unsecured Notes due 2025 (“Convertible Notes”). The net proceeds from the issuance of the Convertible Notes, after deducting transaction fees and offering expense payable by the Company, were approximately $193.1 million. The Convertible Notes bear interest at the annual rate of 4.00%, payable semiannually on June 1 and December 1 of each year, and will mature on June 1, 2025, unless earlier converted or repurchased by Varex.     The Convertible Notes are convertible into cash, shares of Varex common stock or a combination thereof, at Varex’s election, at an initial conversion rate of 48.048 shares of common stock per $1,000 principal amount of Convertible Notes, which is equivalent to an initial conversion price of approximately $20.81 per share, subject to adjustment pursuant to the terms of the indenture governing the Convertible Notes. The Convertible Notes may be converted at any time after, and including, December 15, 2024, until the close of business on the second scheduled trading day immediately before the maturity date. The maximum number of shares issuable upon conversion of the Convertible Notes is 9.6 million.     In accordance with the applicable accounting standards, a short-term debt obligation should be excluded from current liabilities if the entity has both the intent and ability to refinance the obligation on a long-term basis. The intent and ability can be demonstrated by the issuance of a long-term obligation to refinance the short-term obligation on a long-term basis after the date of an entity’s balance sheet but before that balance sheet is issued. Due to the entry into the Senior Secured Revolving Credit Facility, the Company classified $155.0 million of debt outstanding as of June 28, 2024 as long-term debt, net of current portion. The remaining principal amount totaling $45.0 million is classified as current portion of long-term debt as of June 28, 2024. Call Spread     On June 4, 2020 and June 5, 2020, in connection with the offering of the Convertible Notes, Varex entered into privately negotiated convertible note hedge transactions (collectively, the “Hedge Transactions”). The Hedge Transactions cover, subject to customary anti-dilution adjustments, the number of shares of Varex common stock that initially underlie the Convertible Notes. The Hedge Transactions are expected generally to reduce the potential dilution and/or offset any cash payments Varex is required to make in excess of the principal amount due upon conversion of the Convertible Notes in the event that the market price of Varex common stock is greater than the strike price of the Hedge Transactions, which was initially $20.81 per share (subject to adjustment under the terms of the Hedge Transactions). The strike price of $20.81 corresponds to the initial conversion price of the Convertible Notes. The number of shares underlying the Hedge Transactions is 9.6 million.     On June 4, 2020 and June 5, 2020, Varex also entered into privately negotiated warrant transactions (collectively, the “Warrant Transactions” and, together with the Hedge Transactions, the “Call Spread Transactions”), whereby the Company sold warrants at a higher strike price relating to the same number of shares of Varex common stock that initially underlie the Convertible Notes, subject to customary anti-dilution adjustments. The initial strike price of the warrants is $24.975 per share (subject to adjustment under the terms of the Warrant Transactions), which was 50% above the last reported sale price of Varex common stock on June 4, 2020. The Warrant Transactions could have a dilutive effect to the Company's stockholders to the extent that the market price per share of Varex common stock, as measured under the terms of the Warrant Transactions, exceeds the applicable strike price of the warrants. The number of shares underlying the Warrant Transactions is 9.6 million. The number of warrants outstanding as of June 28, 2024 was 9.6 million. Senior Secured Notes     Varex issued $300.0 million aggregate principal amount of 7.875% Senior Secured Notes due 2027 (the "Senior Secured Notes") pursuant to an indenture dated September 30, 2020. Interest payments are paid semiannually on April 15 and October 15 of each year, beginning on April 15, 2021. The Senior Secured Notes will mature on October 15, 2027, unless earlier redeemed or repurchased by Varex. On July 15, 2021, we redeemed $30.0 million, and on March 18, 2022, we redeemed $27.0 million of the Senior Secured Notes. As of June 28, 2024, the aggregate principal amount of the outstanding Senior Secured Notes was $243.0 million.     The Senior Secured Notes are secured by a first priority lien on substantially all of the assets of Varex and the assets and capital stock of its subsidiary guarantors (subject to exceptions), except for assets for which a first priority security interest is pledged for the Revolving Credit Facility, in which the Senior Secured Notes have a second lien security interest. The Senior Secured Notes include negative covenants, subject to certain exceptions, restricting or limiting Varex's ability and the ability of its restricted subsidiaries to, among other things, incur liens on collateral; sell certain assets; incur additional indebtedness; pay dividends; issue preferred shares; consolidate, merge, or sell all or substantially all of its assets; and enter into certain transactions with their affiliates. Asset-Based Loan     On September 30, 2020, the Company entered into a revolving credit agreement consisting of a $100.0 million ABL Facility. On March 26, 2024, the Company terminated the ABL Facility and recognized $0.6 million of the remaining unamortized issuance costs in interest expense in the Condensed Consolidated Statements of Operations, which excludes costs related to lenders that continued under the Revolving Credit Facility. There was no principal balance outstanding under the ABL Facility when it was terminated.

v3.24.2.u1

BUSINESS COMBINATIONS	9 Months Ended
	Jun. 28, 2024
Business Combinations [Abstract]
BUSINESS COMBINATIONS	BUSINESS COMBINATIONS     As of September 29, 2023, the Company, through two of its consolidated subsidiaries, Varex Imaging Deutschland AG and MeVis Medical Solutions AG ("MeVis Medical"), held a combined ownership interest in MeVis BreastCare GmbH and MeVis BreastCare Gmbh & Co KG (referred to in combination as "MeVis Breastcare") of 37.6%. Because the Company had the ability to exercise significant influence in, but not control, over MeVis Breastcare, it was historically accounted for as an equity method investment.     During the first quarter of fiscal year 2024, the Company increased its ownership in MeVis Breastcare to 87.1% for a purchase price of $0.9 million, resulting in the Company now holding a controlling interest in MeVis Breastcare. The purchase of this additional ownership interest was accounted for as a business combination achieved in stages, or step acquisition. As a result, the previously held equity interest was remeasured to its acquisition-date fair value, with a gain of $0.9 million recognized in other expense, net in the Condensed Consolidated Statements of Operations. The assets and liabilities of MeVis Breastcare were then recorded on the Company's balance sheet at their fair values in accordance with ASC 805, and a gain on bargain purchase of $1.2 million was recorded during the first quarter of fiscal year 2024 in other expense, net in the Condensed Consolidated Statements of Operations. Because the purchase price did not give consideration to the other assets of the business, the fair value of the ownership interest acquired exceeded the price paid to the third party partial owner and this resulted in a gain on bargain purchase.     The following table summarizes the consideration paid for MeVis Breastcare and the amounts of the assets acquired and liabilities assumed recognized at their estimated acquisition date fair values, as well as the estimated fair value at the acquisition date of the noncontrolling interest in MeVis Breastcare. USD (in millions) Consideration paid Cash $ 0.9  Fair value of total consideration transferred 0.9  Remeasurement of previous equity interest Carrying value of previous equity interest before acquisition 1.1  Fair value of previous equity interest at acquisition date 2.0  Remeasurement gain recorded on previous equity interest 0.9  Total of consideration paid and fair value of previous equity interest $ 2.9  Recognized amounts of identifiable assets acquired and liabilities assumed Cash and cash equivalents $ 1.8  Accounts receivable, net 1.2  Intangible assets, net 2.6  Accounts payable (0.1) Accrued liabilities and other current liabilities (0.6) Other long-term liabilities (0.1) Total identifiable net assets 4.8  Noncontrolling interest in MeVis Breastcare (0.7) Bargain purchase gain (1.2) Total $ 2.9

v3.24.2.u1

NONCONTROLLING INTERESTS	9 Months Ended
	Jun. 28, 2024
Noncontrolling Interest [Abstract]
NONCONTROLLING INTERESTS	NONCONTROLLING INTERESTS     In September 2018, the Company entered into a partnership in Saudi Arabia. The Company has majority voting rights with an approximate 75% interest. Accordingly, the Company has consolidated the operations of the Saudi Arabia partnership in its Condensed Consolidated Financial Statements and recorded the noncontrolling interests. The noncontrolling interest related to the partner’s 25% interest is included in noncontrolling interests in the equity section of the Company’s Condensed Consolidated Balance Sheets. Income representing the noncontrolling partner's share of income from operations is included in the Company's Condensed Consolidated Statements of Operations.     In April 2015, the Company acquired 73.5% of the then outstanding shares of MeVis Medical, a publicly traded company based in Bremen, Germany that provides image processing software and services for cancer screening. In August 2015, the Company, through one of its German subsidiaries, entered into a Domination and Profit and Loss Transfer Agreement (the “DPLTA”) with MeVis Medical. In fiscal years 2017 and 2018, the Company purchased an additional 0.2% of outstanding shares such that the Company now owns 73.7% of the outstanding shares of common stock of MeVis Medical. Under the DPLTA, MeVis Medical subordinates its management to the Company and undertakes to transfer all its annual profits and losses to the Company. In return, the DPLTA grants the noncontrolling shareholders of MeVis Medical, an annual recurring net compensation of €0.95 per MeVis Medical share. At June 28, 2024, noncontrolling shareholders together held approximately 0.5 million shares of MeVis Medical, representing 26.3% of the outstanding shares.     During the first quarter of fiscal year 2024, the Company acquired a controlling interest in MeVis Breastcare, in which the Company now holds an 87.1% ownership interest. In association with this acquisition, the Company recorded an associated noncontrolling interest of $0.7 million.     Changes in noncontrolling interests were as follows: Nine Months Ended (In millions) June 28, 2024 June 30, 2023 Noncontrolling interests, at beginning of period $ 13.3  $ 13.3  Net income attributable to noncontrolling interests 0.4  0.4  Business acquisitions 0.7  —  Other (0.3) (0.3) Noncontrolling interests, at end of period $ 14.1  $ 13.4

v3.24.2.u1

NET INCOME PER SHARE	9 Months Ended
	Jun. 28, 2024
Earnings Per Share [Abstract]
NET INCOME PER SHARE	NET INCOME PER SHARE     Basic net income per common share is computed by dividing the net income for the period by the weighted average number of shares of common stock outstanding during the reporting period. Diluted net income per common share reflects the effects of potentially dilutive securities, which is computed by dividing the sum of net income and any adjustments to net income by the sum of the weighted average number of common shares outstanding and dilutive common shares.     A reconciliation of the numerator and denominator used in the calculation of basic and diluted net income per common share is as follows: Three Months Ended Nine Months Ended (In millions, except per share amounts) June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Net income per share - basic Net income attributable to Varex $ 1.4  $ 9.1  $ 2.3  $ 16.3  Basic weighted average shares outstanding 40.9  40.4  40.7  40.2  Basic net income per share attributable to Varex $ 0.03  $ 0.23  $ 0.06  $ 0.41  Net income per share - diluted Net income attributable to Varex $ 1.4  $ 9.1  $ 2.3  $ 16.3  Interest expense on Convertible Notes, net of tax —  1.4  —  —  Diluted net income $ 1.4  $ 10.5  $ 2.3  $ 16.3  Basic weighted average shares outstanding 40.9  40.4  40.7  40.2  Dilutive effect of Convertible Notes —  9.6  —  —  Dilutive effect of share-based awards and other 0.3  0.4  0.5  0.4  Diluted weighted average shares outstanding 41.2  50.4  41.2  40.6  Diluted net income per share attributable to Varex $ 0.03  $ 0.21  $ 0.06  $ 0.40  Anti-dilutive share summary Share-based awards and other 2.8  2.7  3.0  2.9  Convertible notes 9.6  —  9.6  9.6  Warrants 9.6  9.6  9.6  9.6  Total anti-dilutive shares 22.0  12.3  22.2  22.1      Potentially dilutive shares, which are based on the weighted-average shares of common stock underlying stock options, unvested stock awards, purchase rights granted under the employee stock purchase plan, warrants, and Convertible Notes using the treasury stock method or the if-converted method, as applicable, are included when calculating diluted net income per share attributable to Varex when their effect is dilutive. In connection with the offering of the Convertible Notes, the Company entered into convertible note hedges and warrants (see Note 9, Borrowings). However, the Company's convertible note hedges are not included when calculating potentially dilutive shares since their effect is always anti-dilutive.

v3.24.2.u1

EMPLOYEE STOCK PLANS	9 Months Ended
	Jun. 28, 2024
Share-Based Payment Arrangement [Abstract]
EMPLOYEE STOCK PLANS	EMPLOYEE STOCK PLANS Share-Based Compensation Expense     Share-based compensation expense recognized in the Condensed Consolidated Statements of Operations is based on awards ultimately expected to vest. Share-based compensation expense includes expenses related to the Company’s direct employees.     The table below summarizes the effect of recording share-based compensation expense and the option value of the employee stock purchase plan shares: Three Months Ended Nine Months Ended (In millions) June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Cost of revenues $ 0.4  $ 0.5  $ 1.4  $ 1.3  Research and development 0.8  0.8  2.6  2.5  Selling, general, and administrative 2.7  2.3  7.8  6.3  Total share-based compensation expense $ 3.9  $ 3.6  $ 11.8  $ 10.1  Stock Option Activity     The following table summarizes stock option activity under Varex’s employee incentive plans for the Company's employees: (In thousands, except per share amounts and the remaining term) Options Price Range Weighted Average Exercise Price Weighted Average Remaining Term (in years) Aggregate Intrinsic Value(1) Outstanding at September 29, 2023 2,862  $13.61 - $37.60 $ 28.08  4.8 $ 871.4  Canceled, expired or forfeited (782) $31.08 - $34.13 31.23  Outstanding at June 28, 2024 2,080  $13.61 - $37.60 $ 26.89  5.7 $ 188.4  Exercisable at June 28, 2024 1,645  $13.61 - $37.60 $ 27.45  5.1 $ 179.4  (1) The aggregate intrinsic value represents the total pre-tax intrinsic value, which is computed based on the difference between the exercise price and the closing price of Varex common stock of $14.73 as of June 28, 2024, the last trading date of the Company's third quarter, and which represents the amount that would have been received by the option holders had all option holders exercised their in-the-money options and sold the shares received upon exercise as of that date. Restricted Stock Units, Performance Stock Units, Restricted Stock Awards, and Deferred Stock Units     In the first quarter of fiscal year 2024, the Company issued performance stock units ("PSUs") to certain officers and key employees in connection with our long-term incentive program. Each PSU represents the right to receive one share of our common stock, provided that the applicable performance and vesting conditions are satisfied. The fair value of certain PSUs are linked to the achievement of performance goals based on Adjusted EBITDA margin. Share-based compensation expense for these PSUs are recognized over the performance period based on the probability of achieving the performance targets. Certain PSUs include a performance objective based on our relative total shareholder return over the performance period compared to a predetermined peer group. The fair value of these awards is determined using a Monte Carlo simulation as of the date of the grant and share-based compensation expense will not be adjusted should the target awards vary from actual awards.     The following table summarizes the activity for restricted stock units, performance stock units, restricted stock awards, and deferred stock units under the 2020 Omnibus Stock Plan: (In thousands, except per share amounts) Number of Shares Weighted Average Grant-Date Fair Value Outstanding at September 29, 2023 1,277  $ 22.30  Granted 864  19.79  Vested (306) 26.09  Canceled or expired (45) 21.18  Outstanding at June 28, 2024 1,790  $ 20.42

v3.24.2.u1

TAXES ON INCOME	9 Months Ended
	Jun. 28, 2024
Income Tax Disclosure [Abstract]
TAXES ON INCOME	TAXES ON INCOME     For the three months ended June 28, 2024, the Company recognized income tax benefit of $0.7 million on $0.8 million of pre-tax income. For the three months ended June 30, 2023, the Company recognized income tax expense of $7.9 million on $17.1 million of pre-tax income. For the nine months ended June 28, 2024, the Company recognized income tax benefit of $0.2 million on $2.5 million of pre-tax income. For the nine months ended June 30, 2023, the Company recognized income tax expense of $13.6 million on $30.3 million of pre-tax income. The Company is unable to recognize a tax benefit for pre-tax book losses in certain foreign jurisdictions but has recognized tax expense for profitable jurisdictions.     The Company's tax expense decreased for the three and nine months ended June 28, 2024, primarily due to decreased pre-tax income in certain jurisdictions and favorable impacts of international tax provisions and tax credits in the U.S., partially offset by losses in certain foreign jurisdictions for which no benefit can be recorded.     The Company is maintaining its reinvestment assertion with respect to foreign earnings for the three months ended June 28, 2024, which is that all earnings prior to fiscal year 2018 are permanently reinvested for all countries, and that all earnings for Varex Imaging Sweden and Oy Varex Imaging Finland are also indefinitely reinvested in those countries, but post fiscal year 2017 earnings in all other countries are not permanently reinvested. Due to the level of earnings available for repatriation, the treaty benefits applicable to jurisdictions in which those earnings are located, and the now favorable United States tax treatment of repatriated foreign earnings, the amount of deferred tax liability recorded related to the potential repatriation is approximately $0.1 million. This estimated liability is for United States state income taxes and foreign withholding taxes that would apply if the foreign earnings were repatriated in the form of a dividend.

v3.24.2.u1

SEGMENT INFORMATION	9 Months Ended
	Jun. 28, 2024
Segment Reporting [Abstract]
SEGMENT INFORMATION	SEGMENT INFORMATION     The Company has two reportable operating segments: Medical and Industrial, which aligns with how the CODM reviews the Company’s performance. The segments align the Company’s products and service offerings with customer use in medical and industrial markets and are consistent with how the Company’s CEO evaluates the business for the allocation of resources. The CODM allocates resources to and evaluates the financial performance of each operating segment primarily based on revenues and gross profit. The operating and reportable segment structure provides alignment between business strategies and operating results. Description of Segments     The Medical segment designs, manufactures, sells, and services X-ray imaging components, including X-ray tubes, digital detectors and accessories, ionization chambers, high voltage connectors, image-processing software and workstations, 3D reconstruction software, computer-aided diagnostic software, collimators, automatic exposure control devices, generators, and heat exchangers. These components are used in a range of medical imaging applications including CT, mammography, oncology, cardiac, surgery, dental, and other diagnostic radiography uses.     The Industrial segment designs, develops, manufactures, sells and services X-ray imaging products for use in a number of markets, including security applications for cargo screening at ports and borders, baggage screening at airports, and nondestructive testing, irradiation, and inspection applications used in a number of other vertical markets. The Company's industrial products include Linatron® X-ray linear accelerators, X-ray tubes, digital detectors, high voltage connectors, and coolers. In addition, the Company licenses proprietary image-processing and detection software designed to work with other Varex products to provide packaged sub-assembly solutions to industrial customers.     Accordingly, the following information is provided for purposes of achieving an understanding of operations, but it may not be indicative of the financial results of the reported segments were they independent organizations. In addition, comparisons of the Company’s operations to similar operations of other companies may not be meaningful.     Information related to the Company’s segments is as follows: Three Months Ended Nine Months Ended (In millions) June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Revenues, net Medical $ 148.6  $ 175.4  $ 437.3  $ 509.6  Industrial 60.5  56.8  168.0  156.4  Total revenues 209.1  232.2  605.3  666.0  Gross profit Medical 46.2  54.7  129.8  152.7  Industrial 20.7  21.6  60.0  59.6  Total gross profit 66.9  76.3  189.8  212.3  Total operating expenses 57.6  52.1  168.6  159.5  Interest and other expense, net (8.5) (7.1) (18.7) (22.5) Income before taxes 0.8  17.1  2.5  30.3  Income tax (benefit) expense (0.7) 7.9  (0.2) 13.6  Net income 1.5  9.2  2.7  16.7  Less: Net income attributable to noncontrolling interests 0.1  0.1  0.4  0.4  Net income attributable to Varex $ 1.4  $ 9.1  $ 2.3  $ 16.3      The Company does not disclose total assets by segment as this information is not provided to the CODM.

v3.24.2.u1

Pay vs Performance Disclosure - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Pay vs Performance Disclosure
Net income attributable to Varex - basic	$ 1.4	$ 9.1	$ 2.3	$ 16.3

v3.24.2.u1

Insider Trading Arrangements	3 Months Ended
	Jun. 28, 2024 shares
Trading Arrangements, by Individual
Non-Rule 10b5-1 Arrangement Adopted	false
Rule 10b5-1 Arrangement Terminated	false
Non-Rule 10b5-1 Arrangement Terminated	false
Kimberley Honeysett [Member]
Trading Arrangements, by Individual
Material Terms of Trading Arrangement	On May 21, 2024, Kimberley Honeysett, our Chief Legal Officer, modified the Rule 10b5-1 trading arrangement (the “New Trading Arrangement”) she entered into on December 15, 2023, (the “Prior Trading Arrangement”) to reduce the number of shares to be sold to reflect: (i) net shares that vested on February 15, 2024; (ii) shares sold under the Prior Trading Arrangement prior to May 22, 2024; and (iii) to adjust the price limits for sales of shares. The New Trading Arrangement is intended to satisfy the affirmative defense of Rule 10b5-1(c). The New Trading Arrangement provides for: (i) the exercise, subject to pricing triggers, of up to 13,875 stock options that expire in February 2025, which had vested to Ms. Honeysett prior to adoption of the Prior Trading Arrangement pursuant to previous awards, and the related sale of the net shares acquired upon exercise, after withholding by the Company of shares in payment of the exercise price and applicable taxes; and (ii) the sale of up to 2,578 shares of Company common stock owned by Ms. Honeysett at the time the New Trading Arrangement was adopted. The first date that shares are permitted to be sold under the Modified Trading Arrangement is August 20, 2024, and subsequent sales may occur until the plan’s expiration date, which continues to be February 14, 2025, or earlier if all transactions under the trading arrangement are completed or the trading arrangement is otherwise earlier terminated.
Name	Kimberley Honeysett
Title	Chief Legal Officer
Rule 10b5-1 Arrangement Adopted	true
Adoption Date	On May 21, 2024
Arrangement Duration	178 days
Ms. Honeycutt Trading Arrangement, Stock Options [Member] | Kimberley Honeysett [Member]
Trading Arrangements, by Individual
Expiration Date	February 2025
Aggregate Available	13,875
Ms. Honeycutt Trading Arrangement, Common Stock [Member] | Kimberley Honeysett [Member]
Trading Arrangements, by Individual
Expiration Date	February 14, 2025
Aggregate Available	2,578

v3.24.2.u1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies)	9 Months Ended
	Jun. 28, 2024
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation     The accompanying unaudited condensed consolidated financial statements have been prepared by the Company pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”) and in accordance with accounting principles generally accepted in the United States (“GAAP”) for interim financial information. Accordingly, they do not include all of the information and notes required by GAAP for complete financial statements. In the opinion of management, these unaudited condensed consolidated financial statements include all adjustments necessary for a fair presentation of the results for the interim periods. The Company has consolidated all of its majority owned subsidiaries and entities over which it has control. All intercompany balances and transactions have been eliminated as part of the consolidation.
Consolidation	These condensed consolidated financial statements and the accompanying notes are unaudited and should be read in conjunction with the consolidated financial statements and notes thereto for the fiscal year ended September 29, 2023 included in the Company’s Annual Report on Form 10-K, which was filed with the SEC on November 16, 2023.
Subsequent Events	The Company considers events or transactions that occur after the balance sheet date, but before the financial statements are issued, to provide additional evidence relative to certain estimates or to identify matters that require additional disclosures.
Reclassification of Prior Period Presentation	Reclassification of Prior Period Presentation     Certain prior period amounts in the Unaudited Financial Statements and the Notes to the Condensed Consolidated Financial Statements have had a change in presentation to conform to current period presentation. This change does not affect previously reported results.
Segment Reporting	Segment Reporting     The Company has two reportable operating segments; (i) Medical and (ii) Industrial, which aligns with how its Chief Executive Officer, who is the Company's Chief Operating Decision Maker (“CODM”), reviews the Company’s performance.
Fiscal Year	Fiscal Year     The fiscal years of the Company as reported are the 52 or 53-week periods ending on the Friday nearest September 30. Fiscal year 2024 is the 52-week period ending September 27, 2024. Fiscal year 2023 was the 52-week period that ended on September 29, 2023. The fiscal quarters ended June 28, 2024 and June 30, 2023 were both 13-week periods. The nine-month fiscal periods ended June 28, 2024 and June 30, 2023 were both 39-week periods.
Use of Estimates	Use of Estimates     The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the reported amounts of revenues and expenses during the reporting periods. Such estimates include the valuation of inventories, valuation of goodwill and intangible assets, receivables, warranties, refund liabilities, long-lived asset valuations, impairment of investments, valuation of financial instruments, and taxes on income. Actual results could differ from these estimates.
Cash and Cash Equivalents, Restricted Cash	Cash and Cash Equivalents     The Company considers unrestricted currency on hand, demand deposits, time deposits, and all highly-liquid investments with an original maturity of three months or less at the date of purchase to be cash and cash equivalents. Restricted Cash     Restricted cash primarily consists of cash collateral related to certain leases and inventory arrangements. Restricted cash is included in other assets on the Company's Condensed Consolidated Balance Sheets.
Concentration of Risk	Concentration of Risk     Financial instruments that potentially expose the Company to concentrations of credit risk consist principally of cash, cash equivalents, marketable securities, certificates of deposit, and trade accounts receivable. Cash held with financial institutions may exceed the Federal Deposit Insurance Corporation insurance limits or similar limits in foreign jurisdictions. To date, the Company has not realized any losses on its deposits of cash and cash equivalents.
Equity Method Investments and Marketable Securities	Equity Method Investments     The Company accounts for its equity investments in other companies under the equity method of accounting if the Company has the ability to exercise significant influence in, but not control, these investments. The Company records impairment losses on its equity method investments if an impairment exists and is deemed to be other-than-temporary, which is based on various factors, including but not limited to, the length of time the fair value of the investment is below the carrying value, the absence of an ability to recover the carrying amount of the investment, and the inability of the investee to sustain an earnings capacity that would justify the carrying amount of the investment. Marketable Securities     The Company's marketable securities consist primarily of financial instruments such as United States treasury securities, United States agency obligations, corporate bonds, commercial paper, money market funds, and equity securities. Marketable Debt Securities     The Company's marketable debt securities are classified as available-for-sale. Classification of marketable debt securities is determined at the time of purchase, and the Company reevaluates such classification as of each balance sheet date. Marketable debt securities are recorded at estimated fair value and included in cash and cash equivalents, marketable securities, and other assets within the Condensed Consolidated Balance Sheets. Any unrealized gains or losses are included in accumulated other comprehensive loss within the Condensed Consolidated Balance Sheets. When the fair value of a marketable debt security declines below its amortized cost basis, any portion of that decline attributable to credit losses, to the extent expected to be nonrecoverable before the sale of the security, is recognized in the Condensed Consolidated Statements of Operations. When the fair value of a marketable debt security declines below its amortized cost basis due to changes in interest rates, such amounts are recorded in other comprehensive loss and are recognized in the Condensed Consolidated Statements of Operations only if the Company sells or intends to sell the security before recovery of its cost basis. There were no impairments related to marketable debt securities recorded during the three and nine months ended June 28, 2024 and June 30, 2023. Marketable Equity Securities     Marketable equity securities are stated at fair value as determined by the most recently traded price of each security at the balance sheet date and included in other assets within the Condensed Consolidated Balance Sheets. All unrealized gains and losses on marketable equity securities are recorded as part of other expense, net in the Company's Condensed Consolidated Statements of Operations. See Note 6, Fair Value, for further details.
Loss Contingencies	Loss Contingencies     From time to time, the Company is involved in legal proceedings, claims and government inspections or investigations, customs and duties audits, and other contingency matters, both inside and outside the United States, arising in the ordinary course of its business or otherwise. The Company accrues amounts for probable losses, to the extent they can be reasonably estimated, that it believes are adequate to address any liabilities related to legal proceedings and other loss contingencies that the Company believes will result in a probable loss (including, among other things, probable settlement value). A loss or a range of loss is disclosed when it is reasonably possible that a material loss will be incurred and can be estimated or when it is reasonably possible that the amount of a loss, when material, will exceed the recorded provision. When a loss contingency is probable but not reasonably estimable the nature of the contingency and the fact that an estimate cannot be made is disclosed.
Supplier Finance Programs	Supplier Finance Programs     The Company participates in voluntary supply chain finance programs with a financial intermediary which provide participating suppliers the option to be paid by the intermediary earlier than the original invoice due date. The Company’s responsibility is limited to making payments on the terms originally negotiated with the suppliers, regardless of whether the intermediary pays the supplier in advance of the original due date. As part of participating in these arrangements, the Company generally receives more favorable payment terms from its suppliers. The Company does not receive fees, payments, extended payment terms, or other direct economic benefits from the intermediary.
Environmental Obligations	Environmental Obligations     The Company's operations and facilities, past and present, are subject to environmental laws, including laws that regulate the handling, storage, transport, and disposal of hazardous substances. Certain of those laws impose cleanup liabilities under certain circumstances. In connection with those laws and certain of our past and present operations and facilities, the Company is obligated to indemnify Varian Medical Systems, Inc. ("Varian") for the cleanup liabilities related to prior corporate restructuring activities. The Company anticipates that it will be obligated to reimburse Varian for 20% of the liabilities of Varian related to these sites (after adjusting for any insurance proceeds or tax benefits received by Varian). As of June 28, 2024 and September 29, 2023, our estimated environmental liability for these sites was $4.2 million and $2.8 million, net of expected insurance proceeds, respectively.
Product Warranty	Product Warranty     The Company warrants most of its products for a specific period of time, usually 12 to 24 months from delivery or acceptance, against material defects. The Company provides for the estimated future costs of warranty obligations in cost of revenues when the related revenues are recognized. The accrued warranty costs represent the best estimate at the time of sale of the total costs that the Company will incur to repair or replace product parts that fail while still under warranty.     The amount of the accrued estimated warranty costs obligation for established products is primarily based on historical experience of product failures, adjusted for current information on repair costs. For new products, estimates include the historical experience of similar products, as well as a reasonable allowance for warranty expenses associated with new products. On a quarterly basis, the Company reviews the accrued warranty costs and updates the historical warranty cost trends, if required.
Leases	Leases     The Company determines if an arrangement is or contains a lease at the inception of an arrangement. The Company's operating lease right-of-use ("ROU") assets represent the right to use an underlying asset over the lease term and lease liabilities represent its obligation to make lease payments arising from the lease. ROU assets may also include initial direct costs incurred and prepaid lease payments, less lease incentives. Lease liabilities and their corresponding ROU assets are recognized based on the present value of lease payments over the lease term, discounted using the Company's incremental borrowing rate. The Company recognizes operating leases with lease terms of more than twelve months in operating lease assets, current operating lease liabilities, and operating lease liabilities on its Condensed Consolidated Balance Sheets. The Company recognizes finance leases with lease terms of more than twelve months in property, plant, and equipment, net, accrued liabilities and other current liabilities, and other long-term liabilities on its Condensed Consolidated Balance Sheets. For purposes of calculating lease liabilities and the corresponding ROU assets, the Company's lease term may include options to extend or terminate the lease when it is reasonably certain that it will exercise that option.
Revenue Recognition	Revenue Recognition     The Company’s revenues are derived primarily from the sale of hardware and services. The Company recognizes its revenues net of any value-added or sales tax and net of sales discounts.     The Company sells a high proportion of its X-ray products to a limited number of OEM customers. X-ray imaging components including X-ray tubes, digital detectors and image-processing tools, and security and inspection products are generally sold on a stand-alone basis. However, the Company occasionally sells its digital detectors, X-ray tubes and imaging processing tools as a package that is optimized for digital X-ray imaging and sells its Linatron® X-ray linear accelerators together with its image processing software and image detection products to OEM customers that incorporate them into their inspection or irradiation systems and processes. Service contracts are often sold with certain security and inspection products and computer-aided detection products.     The Company determines revenue recognition through the following steps: •Identification of the contract, or contracts, with a customer •Identification of the performance obligations in the contract •Determination of the transaction price •Allocation of the transaction price to the performance obligations in the contract •Recognition of revenue when, or as, a performance obligation is satisfied Contracts and Performance Obligations     The Company accounts for a contract with a customer when there is an approval and commitment from both parties, the rights of the parties are identified, payment terms are identified, the contract has commercial substance, and collectability of the consideration is probable. The Company's performance obligations consist mainly of transferring control of products and services identified in the contracts or purchase orders. For each contract, the Company considers the obligation to transfer products and services to the customer, which are distinct, to be performance obligations. Transaction Price and Allocation to Performance Obligations     Transaction prices of products or services are typically based on contracted rates. To the extent that the transaction price includes variable consideration, the Company estimates the amount of variable consideration that should be included in the transaction price utilizing the expected value method when there is a large number of transactions with similar characteristics or the most likely amount method when there are two possible outcomes, depending on the circumstances of the transaction, to which the Company expects to be entitled. Variable consideration is included in the transaction price if, in the Company’s judgment, it is probable that a significant future reversal of cumulative revenue under the contract will not occur. Estimates of variable consideration and determination of whether to include estimated amounts in the transaction price are based largely on an assessment of the Company’s anticipated performance and all information (historical, current, and forecasted) that is reasonably available.     The Company allows customers to return specific parts of purchased X-ray tubes for a partial refund credit, which is identified as variable consideration. For sales with a right of return, revenue is reduced and a liability is recorded for expected returns, and an asset is recorded for the right to recover products from customers on settling the liability. The Company recognizes a reduction to revenue and cost of sales at the time of sale and a corresponding refund liability and right of return asset. The Company records this estimate based on the historical volume of product returns and adjusts the estimate on a quarterly basis based on the current quarter sales and current quarter returns.     If a contract contains a single performance obligation, the entire transaction price is allocated to the single performance obligation. Contracts that contain multiple performance obligations require an allocation of the transaction price based on the estimated relative standalone selling prices of the promised products or services underlying each performance obligation. The Company determines standalone selling prices based on the price at which the performance obligation could be sold separately. Recognition of Revenue     Revenue is recognized when, or as, obligations under the terms of a contract are satisfied, which occurs when control of the promised products or services is transferred to customers. Revenue is measured as the amount of consideration the Company expects to receive in exchange for transferring products or services to a customer.     Product revenue is generally recognized when the customer obtains control of the Company’s product, which occurs at a point in time, and may be upon shipment or upon delivery based on the contractual shipping terms of a contract.     Service revenue is generally recognized over the term of the service contract. Services are expected to be transferred to the customer throughout the term of the contract, and the Company believes recognizing revenue ratably over the term of the contract best depicts the transfer of value to the customer. Disaggregation of Revenue     Revenue is disaggregated from contracts between geography and by reportable operating segment, which the Company believes best depicts how the nature, amount, timing, and uncertainty of revenues and cash flows are affected by economic factors. Refer to Note 15, Segment Information, included in this report, for the disaggregation of the Company’s revenue based on reportable operating segments and Note 2, Revenue Recognition, for the disaggregation of revenue by geographic region. Contract Balances     Contract liabilities are included within the deferred revenues, and other long-term liabilities balances in the Condensed Consolidated Balance Sheets. The Company does not have any material contract assets.     Deferred revenue represents the Company's obligation to transfer goods or services to its customers for which it has already received consideration (or the amount is due) from the customer. The Company's deferred revenue balance primarily relates to contract advances and billings for warranty contracts.     Deferred revenue that is estimated to be recognized during the following twelve-month period is recorded as deferred revenues and the remaining portion is recorded as other long-term liabilities in the Condensed Consolidated Balance Sheets. Costs to Obtain or Fulfill a Customer Contract     The Company has certain costs to obtain and fulfill a customer contract, such as commissions and shipping costs. The Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that the Company otherwise would have recognized is one year or less. Incremental costs of obtaining contracts that would be recognized over greater than one year are not material. The Company accounts for shipping and handling activities related to contracts with customers as costs to fulfill the promise to transfer the associated products. These costs are included as a component of cost of revenues.
Recently Adopted Accounting Pronouncements and Recent Accounting Standards or Updates Not Yet Effective	Recently Adopted Accounting Pronouncements     In August 2020, the Financial Accounting Standards Board ("FASB") issued Accounting Standard Update ("ASU") 2020-06, Accounting for Convertible Instruments and Contracts in an Entity’s Own Equity. The Company adopted this ASU on October 1, 2022, using the modified retrospective method. For further details, refer to Note 1, Summary of Significant Accounting Policies, of the Notes to the Condensed Consolidated Financial Statements of our Annual Report on Form 10-K for the fiscal year ended September 29, 2023 filed with the SEC on November 16, 2023.     In September 2022, the FASB issued ASU 2022-04, Liabilities—Supplier Finance Programs, which requires entities to provide qualitative and quantitative disclosures about their supplier finance programs, including a rollforward of related obligations. The adoption of ASU 2022-04 did not affect the Company’s financial condition, results of operations, or cash flows as the guidance only requires additional disclosures. We adopted this ASU effective September 30, 2023 on a retrospective basis, except for the amendment on rollforward information, which has been adopted on a prospective basis. Recent Accounting Standards or Updates Not Yet Effective     There are no new accounting standards not yet adopted or effective that are expected to have a material impact on the Company's Condensed Consolidated Financial Statements.

v3.24.2.u1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables)	9 Months Ended
	Jun. 28, 2024
Accounting Policies [Abstract]
Schedule of Cash and Cash Equivalents	Cash and cash equivalents and restricted cash as reported within the Condensed Consolidated Statements of Cash Flows consisted of the following: Nine Months Ended Nine Months Ended June 28, 2024 June 30, 2023 (In millions) Beginning of Period End of Period Beginning of Period End of Period Cash and cash equivalents $ 152.6  $ 156.4  $ 89.4  $ 118.5  Restricted cash 1.4  1.4  1.2  1.4  Total as presented in the Condensed Consolidated Statements of Cash Flows $ 154.0  $ 157.8  $ 90.6  $ 119.9
Schedule of Restrictions on Cash and Cash Equivalents	Cash and cash equivalents and restricted cash as reported within the Condensed Consolidated Statements of Cash Flows consisted of the following: Nine Months Ended Nine Months Ended June 28, 2024 June 30, 2023 (In millions) Beginning of Period End of Period Beginning of Period End of Period Cash and cash equivalents $ 152.6  $ 156.4  $ 89.4  $ 118.5  Restricted cash 1.4  1.4  1.2  1.4  Total as presented in the Condensed Consolidated Statements of Cash Flows $ 154.0  $ 157.8  $ 90.6  $ 119.9
Schedule of Customers with a Significant Portion of Revenue	During the periods presented, one of the Company's customers accounted for a significant portion of revenues, as set forth below: Three Months Ended Nine Months Ended June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Canon Medical Systems Corporation 18.0  % 14.8  % 18.3% 16.0%
Schedule of Product Warranty Liability	The following table reflects the changes in the Company’s accrued product warranty: Nine Months Ended (In millions) June 28, 2024 June 30, 2023 Accrued product warranty, at beginning of period $ 7.7  $ 7.9  New accruals charged to cost of revenues 15.3  9.3  Product warranty expenditures (13.1) (9.3) Accrued product warranty, at end of period $ 9.9  $ 7.9

v3.24.2.u1

REVENUE RECOGNITION (Tables)	9 Months Ended
	Jun. 28, 2024
Revenue from Contract with Customer [Abstract]
Schedule of Disaggregation of Revenue by Geographic Location	The following table disaggregates the Company’s revenue by geographic region: Three Months Ended Nine Months Ended (In millions) June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Americas $ 70.2  $ 73.4  $ 200.8  $ 207.7  EMEA 70.9  77.2  208.6  212.5  APAC 68.0  81.6  195.9  245.8  $ 209.1  $ 232.2  $ 605.3  $ 666.0
Schedule of Right of Return Assets and Refund Liabilities	The following table summarizes the changes in the right of return assets and refund liabilities for the nine months ended June 28, 2024 and June 30, 2023: Right of Return Assets Nine Months Ended (In millions) June 28, 2024 June 30, 2023 Balance at beginning of period $ 26.0  $ 25.4  Costs recovered from product returns during the period (5.3) (3.9) Right of return assets from shipments of products subject to return during the period 4.4  5.0  Adjustment for actual vs. reserved product returns 0.5  (0.7) Balance at end of period $ 25.6  $ 25.8  Refund Liabilities Nine Months Ended (In millions) June 28, 2024 June 30, 2023 Balance at beginning of period $ 28.9  $ 28.2  Release of refund liability included in beginning of year refund liability (5.9) (4.4) Additions to refund liabilities 4.9  5.6  Adjustment for actual vs. reserved product returns 0.5  (0.7) Balance at end of period $ 28.4  $ 28.7

v3.24.2.u1

LEASES (Tables)	9 Months Ended
	Jun. 28, 2024
Leases [Abstract]
Schedule of Supplemental Balance Sheet Information	The following table presents supplemental balance sheet information related to the Company's operating and finance leases: (In millions) Balance Sheet Location June 28, 2024 September 29, 2023 Assets Operating lease right-of-use assets Operating lease assets $ 28.5  $ 29.0  Finance lease right-of-use assets Property, plant, and equipment, net 1.0  0.3  Liabilities Operating lease liabilities (current) Current operating lease liabilities 3.7  3.8  Finance lease liabilities (current) Accrued liabilities and other current liabilities 0.2  0.1  Operating lease liabilities (non-current) Operating lease liabilities 22.8  23.1  Finance lease liabilities (non-current) Other long-term liabilities $ 0.5  $ 0.2
Schedule of Lease Cost and Supplemental Cash Flow Information	The following table provides information related to the Company’s operating and finance leases: Three Months Ended Nine Months Ended (In millions) June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Total operating lease costs(1) $ 1.5  $ 1.4  $ 4.7  $ 4.2  Total finance lease costs $ 0.1  $ 0.1  $ 0.2  $ 0.2  Operating cash flows from operating leases $ 1.5  $ 2.6  $ 4.4  $ 7.7  Financing cash flows from finance leases 0.1  0.1  0.4  0.2  Total cash paid for amounts included in the measurement of lease liabilities $ 1.6  $ 2.7  $ 4.8  $ 7.9  Noncash operating right-of-use assets obtained in exchange for new lease liabilities $ 0.8  $ 6.9  $ 4.7  $ 9.2  Noncash finance right-of-use assets obtained in exchange for new lease liabilities 0.1  —  0.8  —  Total right-of-use assets obtained in exchange for new lease liabilities $ 0.9  $ 6.9  $ 5.5  $ 9.2  (1) Includes variable and short-term lease expense which were immaterial for the three and nine months ended June 28, 2024 and June 30, 2023.

v3.24.2.u1

FINANCIAL DERIVATIVES AND HEDGING ACTIVITIES (Tables)	9 Months Ended
	Jun. 28, 2024
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Instruments	As of June 28, 2024, the Company had the following outstanding derivatives designated as net investment hedging instruments: (In millions, except number of instruments) Number of Instruments Notional Value Cross currency swap contracts 2 $ 58.7  The following table shows the notional amounts of outstanding foreign currency contracts as of June 28, 2024: Notional Value of Derivatives not Designated as Hedging Instruments: (In millions of equivalent USD) Sell contracts Chinese Renminbi $ 21.3  Euro 20.5  $ 41.8
Schedule of Net Investment Hedges	The following table summarizes the amount of pre-tax income recognized from derivative instruments for the periods indicated and the line items in the accompanying statements of operations where the results are recorded for net investment hedges: Amount of Gain (Loss) Recognized in OCI on Derivative Three Months Ended Location of Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) Amount of Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) Three Months Ended (In millions) June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Cross currency swap contracts $ 0.1  $ (0.6) Interest expense $ 0.2  $ 0.3  Amount of Loss Recognized in OCI on Derivative Nine Months Ended Location of Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) Amount of Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing) Nine Months Ended (In millions) June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Cross currency swap contracts $ (1.3) $ (5.6) Interest expense $ 0.7  $ 0.7      These derivative instruments are subject to master netting agreements giving effect to rights of offset with each counterparty. None of the balances were eligible for netting. The following table summarizes the gross fair values of derivative instruments as of the periods indicated and the line items in the accompanying Condensed Consolidated Balance Sheets where the instruments are recorded: (In millions) Derivative Assets and Liabilities Derivatives Designated as Net Investment Hedges Balance Sheet Location June 28, 2024 September 29, 2023 Cross currency swap contracts Prepaid expenses and other current assets $ 0.7  $ 0.7  Cross currency swap contracts Other long-term liabilities $ 6.0  $ 4.9

v3.24.2.u1

FAIR VALUE (Tables)	9 Months Ended
	Jun. 28, 2024
Fair Value Disclosures [Abstract]
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis	In the tables below, the Company has segregated all assets and liabilities that are measured at fair value on a recurring basis into the most appropriate level within the fair value hierarchy based on the inputs used to determine the fair value at the measurement date. Fair Value at June 28, 2024 (In millions) Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Money market funds $ —  $ 29.5  $ —  $ 29.5  Corporate notes/bonds —  10.2  —  10.2  Government agencies —  17.3  —  17.3  U.S. Treasury bills —  8.1  —  8.1  Derivative assets —  0.7  —  0.7  Deferred compensation plan(1) 7.4  —  —  7.4  Marketable equity securities 3.0  —  —  3.0  Total assets measured at fair value $ 10.4  $ 65.8  $ —  $ 76.2  Liabilities: Derivative liabilities $ —  $ 6.0  $ —  $ 6.0  Total liabilities measured at fair value $ —  $ 6.0  $ —  $ 6.0  (1) The assets held under the Company’s deferred compensation plan are classified in Level 1, as they relate primarily to publicly traded mutual funds for which there are observable market prices in active markets. Fair Value at September 29, 2023 (In millions) Quoted Prices in Active Markets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Money market funds $ —  $ 45.4  $ —  $ 45.4  Commercial paper —  6.0  —  6.0  Corporate notes/bonds —  8.3  —  8.3  Government agencies —  6.6  —  6.6  U.S. Treasury bills —  28.6  —  28.6  Derivative assets —  0.7  —  0.7  Deferred compensation plan(1) 6.3  —  —  6.3  Marketable equity securities 4.1  —  —  4.1  Total assets measured at fair value $ 10.4  $ 95.6  $ —  $ 106.0  Liabilities: Derivative liabilities $ —  $ 4.9  $ —  $ 4.9  Total liabilities measured at fair value $ —  $ 4.9  $ —  $ 4.9  (1) The assets held under the Company’s deferred compensation plan are classified in Level 1 as they relate primarily to publicly traded mutual funds for which there are observable market prices in active markets.
Schedule of Gains and (Losses) on Marketable Securities	The following is a summary of marketable debt securities, which are included within the cash and cash equivalents, marketable securities, and other assets balances on the Condensed Consolidated Balance Sheets. June 28, 2024 (In millions) Amortized Costs Fair Value Corporate notes/bonds $ 10.2  $ 10.2  U.S. Treasury bills 8.1  8.1  Government agencies 17.3 17.3 Total marketable debt securities $ 35.6  $ 35.6  September 29, 2023 (In millions) Amortized Costs Fair Value Commercial paper $ 6.0  $ 6.0  Corporate notes/bonds 8.3  8.3  U.S. Treasury bills 28.6  28.6  Government agencies 6.6 6.6 Total marketable debt securities $ 49.5  $ 49.5
Schedule of Marketable Securities	The contractual maturities of marketable debt securities as of June 28, 2024, are shown in the table below. Actual maturities may differ from contractual maturities because borrowers may have the right to call or prepay obligations. June 28, 2024 (In millions) Amortized Costs Fair Value Contractual maturities: Due within one year $ 34.6  $ 34.6  Due after one year through five years 1.0  1.0  Total marketable debt securities $ 35.6  $ 35.6  The following tables summarize the balance sheet locations for marketable debt securities: June 28, 2024 (In millions) Commercial paper Corporate notes/bonds Government agencies Treasury bills Total Cash and cash equivalents $ —  $ 1.0  $ —  $ —  $ 1.0  Marketable securities —  8.2  17.3  8.1  33.6  Other assets —  1.0  —  —  1.0  Total marketable debt securities $ —  $ 10.2  $ 17.3  $ 8.1  $ 35.6  September 29, 2023 (In millions) Commercial paper Corporate notes/bonds Government agencies Treasury bills Total Cash and cash equivalents $ 6.0  $ —  $ —  $ 2.2  $ 8.2  Marketable securities —  8.3  6.6  26.4  41.3  Total marketable debt securities $ 6.0  $ 8.3  $ 6.6  $ 28.6  $ 49.5

v3.24.2.u1

INVENTORIES (Tables)	9 Months Ended
	Jun. 28, 2024
Inventory Disclosure [Abstract]
Schedule of Inventory, Current	The following table summarizes the Company’s inventories: (In millions) June 28, 2024 September 29, 2023 Raw materials and parts $ 221.1  $ 217.5  Work-in-process 21.7  20.0  Finished goods 38.9  40.0  Total inventories $ 281.7  $ 277.5

v3.24.2.u1

GOODWILL AND INTANGIBLE ASSETS (Tables)	9 Months Ended
	Jun. 28, 2024
Goodwill and Intangible Assets Disclosure [Abstract]
Schedule of Goodwill	The following table reflects goodwill by reportable operating segment: (In millions) Medical Industrial Total Balance at September 29, 2023 $ 171.5  $ 117.0  $ 288.5  Foreign currency translation adjustments 0.2  0.2  0.4  Balance at June 28, 2024 $ 171.7  $ 117.2  $ 288.9
Schedule of Finite-Lived Intangible Assets	The following table reflects the gross carrying amount and accumulated amortization of the Company’s finite-lived intangible assets included in other assets in the Condensed Consolidated Balance Sheets: June 28, 2024 September 29, 2023 (In millions) Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Acquired existing technology $ 72.9  $ (62.5) $ 10.4  $ 72.3  $ (57.8) $ 14.5  Patents, licenses and other 12.5  (12.5) —  12.5  (12.2) 0.3  Customer contracts and supplier relationship 52.4  (46.4) 6.0  50.3  (42.7) 7.6  Total intangible assets $ 137.8  $ (121.4) $ 16.4  $ 135.1  $ (112.7) $ 22.4

v3.24.2.u1

BORROWINGS (Tables)	9 Months Ended
	Jun. 28, 2024
Debt Disclosure [Abstract]
Schedule of Debt	The following table summarizes the Company’s short-term and long-term debt: June 28, 2024 September 29, 2023 (In millions, except for percentages) Amount Amount Contractual Interest Rate Effective Interest Rate Current maturities of long-term debt Convertible Senior Unsecured Notes $ 45.0  $ —  Other debt 1.5  1.5  Total current maturities of long-term debt $ 46.5  $ 1.5  Non-current maturities of long-term debt: Convertible Senior Unsecured Notes(1) $ 155.0  $ 200.0  4.0% 4.8% Senior Secured Notes 243.0  243.0  7.9% 8.2% Other debt 2.3  3.5  Total non-current maturities of long-term debt: $ 400.3  $ 446.5  Unamortized issuance costs Unamortized issuance costs - Convertible Notes $ (1.4) $ (2.5) Unamortized issuance costs - Senior Secured Notes (2.3) (2.9) Total (3.7) (5.4) Total debt outstanding, net $ 443.1  $ 442.6  (1) This amount has been excluded from current liabilities as it is supported by the Revolving Credit Facility (as defined below) and is expected to remain outstanding for an uninterrupted period extending beyond one year from the balance sheet date.
Schedule of Interest Expense	The following table summarizes the Company’s interest expense: Three Months Ended Nine Months Ended June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Contractual interest coupon and other $ 6.6  $ 6.7  $ 19.9  $ 20.2  Amortization of debt issuance costs 0.8  0.6  2.7  1.9  Total interest expense $ 7.4  $ 7.3  $ 22.6  $ 22.1

v3.24.2.u1

BUSINESS COMBINATION (Tables)	9 Months Ended
	Jun. 28, 2024
Business Combinations [Abstract]
Schedule of Business Acquisitions	The following table summarizes the consideration paid for MeVis Breastcare and the amounts of the assets acquired and liabilities assumed recognized at their estimated acquisition date fair values, as well as the estimated fair value at the acquisition date of the noncontrolling interest in MeVis Breastcare. USD (in millions) Consideration paid Cash $ 0.9  Fair value of total consideration transferred 0.9  Remeasurement of previous equity interest Carrying value of previous equity interest before acquisition 1.1  Fair value of previous equity interest at acquisition date 2.0  Remeasurement gain recorded on previous equity interest 0.9  Total of consideration paid and fair value of previous equity interest $ 2.9  Recognized amounts of identifiable assets acquired and liabilities assumed Cash and cash equivalents $ 1.8  Accounts receivable, net 1.2  Intangible assets, net 2.6  Accounts payable (0.1) Accrued liabilities and other current liabilities (0.6) Other long-term liabilities (0.1) Total identifiable net assets 4.8  Noncontrolling interest in MeVis Breastcare (0.7) Bargain purchase gain (1.2) Total $ 2.9

v3.24.2.u1

NONCONTROLLING INTERESTS (Tables)	9 Months Ended
	Jun. 28, 2024
Noncontrolling Interest [Abstract]
Schedule of Noncontrolling Interest	Changes in noncontrolling interests were as follows: Nine Months Ended (In millions) June 28, 2024 June 30, 2023 Noncontrolling interests, at beginning of period $ 13.3  $ 13.3  Net income attributable to noncontrolling interests 0.4  0.4  Business acquisitions 0.7  —  Other (0.3) (0.3) Noncontrolling interests, at end of period $ 14.1  $ 13.4

v3.24.2.u1

NET INCOME PER SHARE (Tables)	9 Months Ended
	Jun. 28, 2024
Earnings Per Share [Abstract]
Schedule of Income (loss) Per Share, Basic and Diluted	A reconciliation of the numerator and denominator used in the calculation of basic and diluted net income per common share is as follows: Three Months Ended Nine Months Ended (In millions, except per share amounts) June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Net income per share - basic Net income attributable to Varex $ 1.4  $ 9.1  $ 2.3  $ 16.3  Basic weighted average shares outstanding 40.9  40.4  40.7  40.2  Basic net income per share attributable to Varex $ 0.03  $ 0.23  $ 0.06  $ 0.41  Net income per share - diluted Net income attributable to Varex $ 1.4  $ 9.1  $ 2.3  $ 16.3  Interest expense on Convertible Notes, net of tax —  1.4  —  —  Diluted net income $ 1.4  $ 10.5  $ 2.3  $ 16.3  Basic weighted average shares outstanding 40.9  40.4  40.7  40.2  Dilutive effect of Convertible Notes —  9.6  —  —  Dilutive effect of share-based awards and other 0.3  0.4  0.5  0.4  Diluted weighted average shares outstanding 41.2  50.4  41.2  40.6  Diluted net income per share attributable to Varex $ 0.03  $ 0.21  $ 0.06  $ 0.40  Anti-dilutive share summary Share-based awards and other 2.8  2.7  3.0  2.9  Convertible notes 9.6  —  9.6  9.6  Warrants 9.6  9.6  9.6  9.6  Total anti-dilutive shares 22.0  12.3  22.2  22.1

v3.24.2.u1

EMPLOYEE STOCK PLANS (Tables)	9 Months Ended
	Jun. 28, 2024
Share-Based Payment Arrangement [Abstract]
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs	The table below summarizes the effect of recording share-based compensation expense and the option value of the employee stock purchase plan shares: Three Months Ended Nine Months Ended (In millions) June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Cost of revenues $ 0.4  $ 0.5  $ 1.4  $ 1.3  Research and development 0.8  0.8  2.6  2.5  Selling, general, and administrative 2.7  2.3  7.8  6.3  Total share-based compensation expense $ 3.9  $ 3.6  $ 11.8  $ 10.1
Schedule of Share-based Compensation, Stock Options, Activity	The following table summarizes stock option activity under Varex’s employee incentive plans for the Company's employees: (In thousands, except per share amounts and the remaining term) Options Price Range Weighted Average Exercise Price Weighted Average Remaining Term (in years) Aggregate Intrinsic Value(1) Outstanding at September 29, 2023 2,862  $13.61 - $37.60 $ 28.08  4.8 $ 871.4  Canceled, expired or forfeited (782) $31.08 - $34.13 31.23  Outstanding at June 28, 2024 2,080  $13.61 - $37.60 $ 26.89  5.7 $ 188.4  Exercisable at June 28, 2024 1,645  $13.61 - $37.60 $ 27.45  5.1 $ 179.4  (1) The aggregate intrinsic value represents the total pre-tax intrinsic value, which is computed based on the difference between the exercise price and the closing price of Varex common stock of $14.73 as of June 28, 2024, the last trading date of the Company's third quarter, and which represents the amount that would have been received by the option holders had all option holders exercised their in-the-money options and sold the shares received upon exercise as of that date.
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity	The following table summarizes the activity for restricted stock units, performance stock units, restricted stock awards, and deferred stock units under the 2020 Omnibus Stock Plan: (In thousands, except per share amounts) Number of Shares Weighted Average Grant-Date Fair Value Outstanding at September 29, 2023 1,277  $ 22.30  Granted 864  19.79  Vested (306) 26.09  Canceled or expired (45) 21.18  Outstanding at June 28, 2024 1,790  $ 20.42

v3.24.2.u1

SEGMENT INFORMATION (Tables)	9 Months Ended
	Jun. 28, 2024
Segment Reporting [Abstract]
Schedule of Segment Reporting Information, by Segment	Information related to the Company’s segments is as follows: Three Months Ended Nine Months Ended (In millions) June 28, 2024 June 30, 2023 June 28, 2024 June 30, 2023 Revenues, net Medical $ 148.6  $ 175.4  $ 437.3  $ 509.6  Industrial 60.5  56.8  168.0  156.4  Total revenues 209.1  232.2  605.3  666.0  Gross profit Medical 46.2  54.7  129.8  152.7  Industrial 20.7  21.6  60.0  59.6  Total gross profit 66.9  76.3  189.8  212.3  Total operating expenses 57.6  52.1  168.6  159.5  Interest and other expense, net (8.5) (7.1) (18.7) (22.5) Income before taxes 0.8  17.1  2.5  30.3  Income tax (benefit) expense (0.7) 7.9  (0.2) 13.6  Net income 1.5  9.2  2.7  16.7  Less: Net income attributable to noncontrolling interests 0.1  0.1  0.4  0.4  Net income attributable to Varex $ 1.4  $ 9.1  $ 2.3  $ 16.3

v3.24.2.u1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Segment Reporting (Details)	9 Months Ended
	Jun. 28, 2024 segment
Accounting Policies [Abstract]
Number of reportable operating segments	2

v3.24.2.u1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Schedule of Cash and Cash Equivalents and Restricted Cash (Details) - USD ($) $ in Millions	Jun. 28, 2024	Sep. 29, 2023	Jun. 30, 2023	Sep. 30, 2022
Accounting Policies [Abstract]
Cash and cash equivalents	$ 156.4	$ 152.6	$ 118.5	$ 89.4
Restricted cash	1.4	1.4	1.4	1.2
Total as presented in the Condensed Consolidated Statements of Cash Flows	$ 157.8	$ 154.0	$ 119.9	$ 90.6

v3.24.2.u1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Customer Concentration Risk (Details) - Customer Concentration Risk - Canon Medical Systems Corporation	3 Months Ended		9 Months Ended		12 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023	Sep. 29, 2023
Revenue from Contract with Customer
Concentration Risk
Concentration risk (as a percent)	18.00%	14.80%	18.30%	16.00%
Accounts Receivable
Concentration Risk
Concentration risk (as a percent)			11.60%		13.80%

v3.24.2.u1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Investments (Details) - USD ($)	3 Months Ended		9 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Accounting Policies [Abstract]
Equity method investment, amount written off	$ 0	$ 0	$ 0	$ 0
Marketable securities credit loss	$ 0	$ 0	$ 0	$ 0

v3.24.2.u1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Supplier Finance Programs (Details) - USD ($) $ in Millions	Jun. 28, 2024	Sep. 29, 2023
Accounting Policies [Abstract]
Amounts due for supplier finance program	$ 3.6	$ 4.2

v3.24.2.u1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Environmental Obligations (Details) - USD ($) $ in Millions	Jun. 28, 2024	Sep. 29, 2023
Accounting Policies [Abstract]
Percentage of liabilities obligated to reimburse (as a percent )	20.00%
Accrual for environmental losses	$ 4.2	$ 2.8

v3.24.2.u1

SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES - Product Warranty (Details) - USD ($) $ in Millions	9 Months Ended
	Jun. 28, 2024	Jun. 30, 2023
Movement in Standard Product Warranty Accrual
Accrued product warranty, at beginning of period	$ 7.7	$ 7.9
New accruals charged to cost of revenues	15.3	9.3
Product warranty expenditures	(13.1)	(9.3)
Accrued product warranty, at end of period	$ 9.9	$ 7.9
Minimum
Product Warranty Liability
Warranty term	12 months
Maximum
Product Warranty Liability
Warranty term	24 months

v3.24.2.u1

REVENUE RECOGNITION - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Disaggregation of Revenue
Revenues, net	$ 209.1	$ 232.2	$ 605.3	$ 666.0
Americas
Disaggregation of Revenue
Revenues, net	70.2	73.4	200.8	207.7
EMEA
Disaggregation of Revenue
Revenues, net	70.9	77.2	208.6	212.5
APAC
Disaggregation of Revenue
Revenues, net	68.0	81.6	195.9	245.8
United States
Disaggregation of Revenue
Revenues, net	$ 68.0	$ 72.1	$ 192.7	$ 203.8

v3.24.2.u1

REVENUE RECOGNITION - Schedule of Right of Return Assets and Refund Liabilities (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Right of Return Assets
Balance at beginning of period			$ 26.0	$ 25.4
Costs recovered from product returns during the period			(5.3)	(3.9)
Right of return assets from shipments of products subject to return during the period			4.4	5.0
Adjustment for actual vs. reserved product returns			0.5	(0.7)
Balance at end of period	$ 25.6	$ 25.8	25.6	25.8
Refund Liabilities
Balance at beginning of period			28.9	28.2
Release of refund liability included in beginning of year refund liability			(5.9)	(4.4)
Additions to refund liabilities			4.9	5.6
Adjustment for actual vs. reserved product returns			0.5	(0.7)
Balance at end of period	28.4	28.7	28.4	28.7
Contract with customer, liability, revenue recognized	$ 1.3	$ 0.9	$ 9.4	$ 5.7

v3.24.2.u1

LEASES - Schedule of Lease Right-of-Use Assets and Liabilities (Details) - USD ($) $ in Millions	Jun. 28, 2024	Sep. 29, 2023
Assets
Operating lease right-of-use assets	$ 28.5	$ 29.0
Finance lease right-of-use assets	1.0	0.3
Liabilities
Operating lease liabilities (current)	3.7	3.8
Finance lease liabilities (current)	0.2	0.1
Operating lease liabilities (non-current)	22.8	23.1
Finance lease liabilities (non-current)	$ 0.5	$ 0.2
Finance Lease, Right-of-Use Asset, Statement of Financial Position [Extensible List]	Property, plant, and equipment, net	Property, plant, and equipment, net
Finance Lease, Liability, Current, Statement of Financial Position [Extensible List]	Accrued liabilities and other current liabilities	Accrued liabilities and other current liabilities
Finance Lease, Liability, Noncurrent, Statement of Financial Position [Extensible List]	Other long-term liabilities	Other long-term liabilities

v3.24.2.u1

LEASES - Schedule of Operating Lease Cost and Supplemental Cash Flow Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Leases [Abstract]
Total operating lease costs	$ 1.5	$ 1.4	$ 4.7	$ 4.2
Total finance lease costs	0.1	0.1	0.2	0.2
Operating cash flows from operating leases	1.5	2.6	4.4	7.7
Financing cash flows from finance leases	0.1	0.1	0.4	0.2
Total cash paid for amounts included in the measurement of lease liabilities	1.6	2.7	4.8	7.9
Noncash operating right-of-use assets obtained in exchange for new lease liabilities	0.8	6.9	4.7	9.2
Noncash finance right-of-use assets obtained in exchange for new lease liabilities	0.1	0.0	0.8	0.0
Total right-of-use assets obtained in exchange for new lease liabilities	$ 0.9	$ 6.9	$ 5.5	$ 9.2

v3.24.2.u1

RELATED-PARTY TRANSACTIONS - Investment in Privately-held Companies (Details) - USD ($) $ in Millions	1 Months Ended	3 Months Ended		9 Months Ended
	Oct. 30, 2013	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023	Jan. 31, 2024	Sep. 29, 2023
Related Party Transaction
Accounts payable		$ 69.6		$ 69.6			$ 64.7
Prepaid expenses and other current assets		25.6		25.6			23.3
Purchases | Dpi X LLC
Related Party Transaction
Related party transaction, amounts of transaction		$ 4.8	$ 5.1	$ 13.8	$ 14.6
dpiX Holding | Equity Method Investee
Related Party Transaction
Ownership interest (as a percent)		40.00%		40.00%
Income (loss) from equity investments		$ (1.8)	0.0	$ (0.7)	1.6
Equity method investments		25.1		25.1			25.8
Accounts payable		3.0		$ 3.0			2.7
Percentage of manufacturing capacity	50.00%
Percentage of fixed costs				50.00%
dpiX Holding | Equity Method Investee | Fixed Cost Commitments
Related Party Transaction
Related party transaction expected fixed cost		$ 6.2		$ 6.2		$ 12.4
Dpi X LLC | dpiX Holding | Equity Method Investee
Related Party Transaction
Ownership interest (as a percent)		100.00%		100.00%
VEC Imaging GmbH & Co. KG | Equity Method Investee
Related Party Transaction
Income (loss) from equity investments		$ 0.0	$ (0.3)	$ (0.1)	$ (0.7)
Equity method investments		2.0		2.0			2.1
Prepaid expenses and other current assets		$ 0.7		$ 0.7			$ 0.7

v3.24.2.u1

FINANCIAL DERIVATIVES AND HEDGING ACTIVITIES - Schedule of Derivative Instruments (Details) - Net Investment Hedging - Designated as Hedging Instrument - Cross currency swap contracts $ in Millions	Jun. 28, 2024 USD ($) instrument
Derivative
Number of Instruments | instrument	2
Notional Value | $	$ 58.7

v3.24.2.u1

FINANCIAL DERIVATIVES AND HEDGING ACTIVITIES - Schedule of Income Recognized From Derivative Instruments (Details) - Cross currency swap contracts - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Derivative
Amount of Gain (Loss) Recognized in OCI on Derivative	$ 0.1	$ (0.6)	$ (1.3)	$ (5.6)
Interest expense
Derivative
Amount of Gain Recognized in Income on Derivative (Amount Excluded from Effectiveness Testing)	$ 0.2	$ 0.3	$ 0.7	$ 0.7

v3.24.2.u1

FINANCIAL DERIVATIVES AND HEDGING ACTIVITIES - Schedule of Derivatives at Fair Value (Details) - Net Investment Hedging - Derivatives Designated as Net Investment Hedges - Cross currency swap contracts - USD ($) $ in Millions	Jun. 28, 2024	Sep. 29, 2023
Prepaid expenses and other current assets
Derivative
Derivative assets fair value, gross	$ 0.7	$ 0.7
Other long-term liabilities
Derivative
Derivative liabilities fair value, gross	$ 6.0	$ 4.9

v3.24.2.u1

FINANCIAL DERIVATIVES AND HEDGING ACTIVITIES - Schedule of Balance Sheet Hedges (Details) - Short - Foreign Exchange Contract $ in Millions	Jun. 28, 2024 USD ($)
Derivative
Notional Value	$ 41.8
Chinese Renminbi
Derivative
Notional Value	21.3
Euro
Derivative
Notional Value	$ 20.5

v3.24.2.u1

FAIR VALUE - Narrative (Details) - Level 1 - USD ($) $ in Millions	Jun. 28, 2024	Sep. 29, 2023
Convertible Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term debt, fair value	$ 200.3	$ 228.4
Secured Debt
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis
Long-term debt, fair value	$ 246.3	$ 243.6

v3.24.2.u1

FAIR VALUE - Schedule of Fair Value Inputs (Details) - USD ($) $ in Millions	Jun. 28, 2024	Sep. 29, 2023
Assets
Derivative Asset, Statement of Financial Position [Extensible Enumeration]	Assets	Assets
Liabilities:
Derivative Liability, Statement of Financial Position [Extensible Enumeration]	Liabilities	Liabilities
Fair Value, Recurring
Assets
Money market funds	$ 29.5	$ 45.4
Commercial paper		6.0
Corporate notes/bonds	10.2	8.3
Government agencies	17.3	6.6
U.S. Treasury bills	8.1	28.6
Derivative assets	0.7	0.7
Deferred compensation plan	7.4	6.3
Marketable equity securities	3.0	4.1
Total assets measured at fair value	76.2	106.0
Liabilities:
Derivative liabilities	6.0	4.9
Total liabilities measured at fair value	6.0	4.9
Quoted Prices in Active Markets (Level 1) | Fair Value, Recurring
Assets
Money market funds	0.0	0.0
Commercial paper		0.0
Corporate notes/bonds	0.0	0.0
Government agencies	0.0	0.0
U.S. Treasury bills	0.0	0.0
Derivative assets	0.0	0.0
Deferred compensation plan	7.4	6.3
Marketable equity securities	3.0	4.1
Total assets measured at fair value	10.4	10.4
Liabilities:
Derivative liabilities	0.0	0.0
Total liabilities measured at fair value	0.0	0.0
Significant Other Observable Inputs (Level 2) | Fair Value, Recurring
Assets
Money market funds	29.5	45.4
Commercial paper		6.0
Corporate notes/bonds	10.2	8.3
Government agencies	17.3	6.6
U.S. Treasury bills	8.1	28.6
Derivative assets	0.7	0.7
Deferred compensation plan	0.0	0.0
Marketable equity securities	0.0	0.0
Total assets measured at fair value	65.8	95.6
Liabilities:
Derivative liabilities	6.0	4.9
Total liabilities measured at fair value	6.0	4.9
Significant Unobservable Inputs (Level 3) | Fair Value, Recurring
Assets
Money market funds	0.0	0.0
Commercial paper		0.0
Corporate notes/bonds	0.0	0.0
Government agencies	0.0	0.0
U.S. Treasury bills	0.0	0.0
Derivative assets	0.0	0.0
Deferred compensation plan	0.0	0.0
Marketable equity securities	0.0	0.0
Total assets measured at fair value	0.0	0.0
Liabilities:
Derivative liabilities	0.0	0.0
Total liabilities measured at fair value	$ 0.0	$ 0.0

v3.24.2.u1

FAIR VALUE - Schedule of Marketable Debt Securities (Details) - USD ($) $ in Millions	Jun. 28, 2024	Sep. 29, 2023
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share
Amortized Costs	$ 35.6	$ 49.5
Fair Value	35.6	49.5
Commercial paper
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share
Amortized Costs		6.0
Fair Value	0.0	6.0
Corporate notes/bonds
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share
Amortized Costs	10.2	8.3
Fair Value	10.2	8.3
U.S. Treasury bills
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share
Amortized Costs	8.1	28.6
Fair Value	8.1	28.6
Government agencies
Fair Value, Investments, Entities that Calculate Net Asset Value Per Share
Amortized Costs	17.3	6.6
Fair Value	$ 17.3	$ 6.6

v3.24.2.u1

FAIR VALUE - Schedule of Contractual Maturities of Marketable Securities (Details) - USD ($) $ in Millions	Jun. 28, 2024	Sep. 29, 2023
Amortized Costs
Due within one year	$ 34.6
Due after one year through five years	1.0
Amortized Costs	35.6	$ 49.5
Fair Value
Due within one year	34.6
Due after one year through five years	1.0
Total marketable debt securities	$ 35.6	$ 49.5

v3.24.2.u1

FAIR VALUE - Schedule of Balance Sheet Marketable Securities (Details) - USD ($) $ in Millions	Jun. 28, 2024	Sep. 29, 2023
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value
Fair Value	$ 35.6	$ 49.5
Cash and cash equivalents
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value
Fair Value	1.0	8.2
Marketable securities
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value
Fair Value	33.6	41.3
Other assets
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value
Fair Value	1.0
Commercial paper
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value
Fair Value	0.0	6.0
Commercial paper | Cash and cash equivalents
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value
Fair Value	0.0	6.0
Commercial paper | Marketable securities
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value
Fair Value	0.0	0.0
Commercial paper | Other assets
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value
Fair Value	0.0
Corporate notes/bonds
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value
Fair Value	10.2	8.3
Corporate notes/bonds | Cash and cash equivalents
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value
Fair Value	1.0	0.0
Corporate notes/bonds | Marketable securities
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value
Fair Value	8.2	8.3
Corporate notes/bonds | Other assets
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value
Fair Value	1.0
Government agencies
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value
Fair Value	17.3	6.6
Government agencies | Cash and cash equivalents
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value
Fair Value	0.0	0.0
Government agencies | Marketable securities
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value
Fair Value	17.3	6.6
Government agencies | Other assets
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value
Fair Value	0.0
Treasury bills
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value
Fair Value	8.1	28.6
Treasury bills | Cash and cash equivalents
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value
Fair Value	0.0	2.2
Treasury bills | Marketable securities
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value
Fair Value	8.1	$ 26.4
Treasury bills | Other assets
Fair Value Disclosure, Asset and Liability, Not Measured at Fair Value
Fair Value	$ 0.0

v3.24.2.u1

INVENTORIES - Schedule of Inventory (Details) - USD ($) $ in Millions	Jun. 28, 2024	Sep. 29, 2023
Inventory Disclosure [Abstract]
Raw materials and parts	$ 221.1	$ 217.5
Work-in-process	21.7	20.0
Finished goods	38.9	40.0
Total inventories	$ 281.7	$ 277.5

v3.24.2.u1

GOODWILL AND INTANGIBLE ASSETS - Goodwill Rollforward (Details) $ in Millions	9 Months Ended
	Jun. 28, 2024 USD ($)
Goodwill
Balance at September 29, 2023	$ 288.5
Foreign currency translation adjustments	0.4
Balance at June 28, 2024	288.9
Medical
Goodwill
Balance at September 29, 2023	171.5
Foreign currency translation adjustments	0.2
Balance at June 28, 2024	171.7
Industrial
Goodwill
Balance at September 29, 2023	117.0
Foreign currency translation adjustments	0.2
Balance at June 28, 2024	$ 117.2

v3.24.2.u1

GOODWILL AND INTANGIBLE ASSETS - Intangible Assets (Details) - USD ($) $ in Millions	Jun. 28, 2024	Sep. 29, 2023
Finite-Lived Intangible Assets
Gross Carrying Amount	$ 137.8	$ 135.1
Accumulated Amortization	(121.4)	(112.7)
Net Carrying Amount	16.4	22.4
Acquired existing technology
Finite-Lived Intangible Assets
Gross Carrying Amount	72.9	72.3
Accumulated Amortization	(62.5)	(57.8)
Net Carrying Amount	10.4	14.5
Patents, licenses and other
Finite-Lived Intangible Assets
Gross Carrying Amount	12.5	12.5
Accumulated Amortization	(12.5)	(12.2)
Net Carrying Amount	0.0	0.3
Customer contracts and supplier relationship
Finite-Lived Intangible Assets
Gross Carrying Amount	52.4	50.3
Accumulated Amortization	(46.4)	(42.7)
Net Carrying Amount	$ 6.0	$ 7.6

v3.24.2.u1

GOODWILL AND INTANGIBLE ASSETS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023	Dec. 29, 2023
Finite-Lived Intangible Assets
Amortization of intangible assets	$ 1.7	$ 3.4	$ 8.9	$ 10.2
MeVis Breastcare
Finite-Lived Intangible Assets
Intangible assets, net					$ 2.6
MeVis Breastcare | Customer contracts and supplier relationship
Finite-Lived Intangible Assets
Intangible assets, net					2.1
MeVis Breastcare | Acquired existing technology
Finite-Lived Intangible Assets
Intangible assets, net					$ 0.5

v3.24.2.u1

BORROWINGS - Schedule of Debt (Details) - USD ($) $ in Millions	9 Months Ended
	Jun. 28, 2024	Sep. 29, 2023	Sep. 30, 2020
Current maturities of long-term debt
Total current maturities of long-term debt	$ 46.5	$ 1.5
Non-current maturities of long-term debt:
Total non-current maturities of long-term debt:	400.3	446.5
Unamortized issuance costs
Total	(3.7)	(5.4)
Total debt outstanding, net	443.1	442.6
Convertible Debt
Non-current maturities of long-term debt:
Total non-current maturities of long-term debt:	$ 155.0	200.0
Contractual Interest Rate (as a percent)	4.00%
Effective Interest Rate (as a percent)	4.80%
Unamortized issuance costs
Unamortized issuance costs	$ (1.4)	(2.5)
Senior Unsecured Notes
Current maturities of long-term debt
Total current maturities of long-term debt	45.0	0.0
Senior Secured Notes | Secured Debt
Non-current maturities of long-term debt:
Total non-current maturities of long-term debt:	$ 243.0	243.0
Contractual Interest Rate (as a percent)	7.90%		7.875%
Effective Interest Rate (as a percent)	8.20%
Unamortized issuance costs
Unamortized issuance costs	$ (2.3)	(2.9)
Other debt
Current maturities of long-term debt
Total current maturities of long-term debt	1.5	1.5
Non-current maturities of long-term debt:
Total non-current maturities of long-term debt:	$ 2.3	$ 3.5

v3.24.2.u1

BORROWINGS - Schedule of Interest Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Debt Disclosure [Abstract]
Contractual interest coupon and other	$ 6.6	$ 6.7	$ 19.9	$ 20.2
Amortization of debt issuance costs	0.8	0.6	2.7	1.9
Total interest expense	$ 7.4	$ 7.3	$ 22.6	$ 22.1

v3.24.2.u1

BORROWINGS - Senior Secured Revolving Credit Facility Narrative (Details) - USD ($)	Mar. 26, 2024	Jun. 28, 2024	Sep. 30, 2020
Senior Secured Notes Due 2027 | Secured Debt
Debt Instrument
Contractual interest rate (as a percent)	7.875%
Revolving Credit Facility | Senior Secured Revolving Credit Facility Member
Debt Instrument
Maximum borrowing capacity	$ 155,000,000
Debt covenant, minimum average quarterly cash balance		$ 80,000,000
Debt covenant, minimum average quarterly cash balance, percentage based on deposits (as a percent)		80.00%
Debt covenant, minimum cash balance		$ 80,000,000
Revolving Credit Facility | Senior Secured Revolving Credit Facility Member | Secured Overnight Financing Rate (SOFR)
Debt Instrument
Debt instrument floor rate	0.00%
Revolving Credit Facility | Senior Secured Revolving Credit Facility Member | Federal Funds Effective Swap Rate
Debt Instrument
Basis spread on variable rate	0.50%
Revolving Credit Facility | Senior Secured Revolving Credit Facility Member | Line of Credit
Debt Instrument
Commitment fee percentage	0.375%
Revolving Credit Facility | Senior Secured Revolving Credit Facility Member | Line of Credit | Minimum
Debt Instrument
Commitment fee percentage	0.30%
Revolving Credit Facility | Senior Secured Revolving Credit Facility Member | Line of Credit | Maximum
Debt Instrument
Commitment fee percentage	0.40%
Revolving Credit Facility | Senior Secured Revolving Credit Facility Member | Line of Credit | Secured Overnight Financing Rate (SOFR)
Debt Instrument
Debt instrument floor rate	0.00%
Basis spread on variable rate	1.00%
Revolving Credit Facility | Senior Secured Revolving Credit Facility Member | Line of Credit | Secured Overnight Financing Rate (SOFR) | Minimum
Debt Instrument
Basis spread on variable rate	2.00%
Revolving Credit Facility | Senior Secured Revolving Credit Facility Member | Line of Credit | Secured Overnight Financing Rate (SOFR) | Maximum
Debt Instrument
Basis spread on variable rate	2.75%
Revolving Credit Facility | Asset-Based Loan | Secured Debt
Debt Instrument
Maximum borrowing capacity			$ 100,000,000
Debt issuance cost, gross		$ 2,300,000

v3.24.2.u1

BORROWINGS - Equipment Credit Agreement Narrative (Details) - Revolving Credit Facility - Equipment Credit Facility	Apr. 26, 2024 USD ($)
Debt Instrument
Maximum borrowing capacity	$ 20,000,000
Used capacity, commitment fee percentage	0.375%
Minimum
Debt Instrument
Used capacity, commitment fee percentage	0.30%
Maximum
Debt Instrument
Used capacity, commitment fee percentage	0.40%
Secured Overnight Financing Rate (SOFR)
Debt Instrument
Debt instrument floor rate	0.00%
Basis spread on variable rate	1.00%
Secured Overnight Financing Rate (SOFR) | Minimum
Debt Instrument
Basis spread on variable rate	2.00%
Secured Overnight Financing Rate (SOFR) | Minimum | Line of Credit
Debt Instrument
Basis spread on variable rate	1.00%
Secured Overnight Financing Rate (SOFR) | Maximum
Debt Instrument
Basis spread on variable rate	2.75%
Secured Overnight Financing Rate (SOFR) | Maximum | Line of Credit
Debt Instrument
Basis spread on variable rate	1.75%
Federal Funds Effective Swap Rate
Debt Instrument
Basis spread on variable rate	0.50%

v3.24.2.u1

BORROWINGS - Convertible Senior Unsecured Notes Narrative (Details) $ / shares in Units, shares in Millions			9 Months Ended
	Jun. 09, 2020 USD ($)	Jun. 05, 2020 shares $ / shares	Jun. 28, 2024 USD ($) shares	Sep. 29, 2023 USD ($)
Debt Instrument
Long-term debt			$ 443,100,000	$ 442,600,000
Current maturities of long-term debt, net			$ 46,200,000	$ 1,500,000
Convertible Debt
Debt Instrument
Contractual interest rate (as a percent)			4.00%
Convertible Debt | Convertible Notes
Debt Instrument
Face amount	$ 200,000,000
Contractual interest rate (as a percent)	4.00%
Borrowings under credit agreements	$ 193,100,000
Conversion ratio		0.048048
Conversion price (in USD per share) | $ / shares		$ 20.81
Number of equity instruments for convertible debt (in shares) | shares		9.6	9.6
Long-term debt			$ 155,000,000
Current maturities of long-term debt, net			$ 45,000,000
Convertible Debt | Convertible Notes | Maximum
Debt Instrument
Number of equity instruments for convertible debt (in shares) | shares		9.6

v3.24.2.u1

BORROWINGS - Call Spread Narrative (Details) - Convertible Notes - Convertible Debt shares in Millions		9 Months Ended
	Jun. 05, 2020 shares $ / shares	Jun. 28, 2024 shares	Jun. 04, 2020 $ / shares
Debt Instrument
Conversion price (in USD per share) | $ / shares	$ 20.81
Number of equity instruments for convertible debt (in shares) | shares	9.6	9.6
Warrant exercise price (in USD per share) | $ / shares			$ 24.975
Percent increase of strike price over sale price			50.00%
Maximum
Debt Instrument
Number of equity instruments for convertible debt (in shares) | shares	9.6

v3.24.2.u1

BORROWINGS - Senior Secured Notes Narrative (Details) - USD ($)	Jun. 28, 2024	Sep. 29, 2023	Mar. 18, 2022	Jul. 15, 2021	Sep. 30, 2020
Debt Instrument
Long-term debt excluding current maturities, gross	$ 400,300,000	$ 446,500,000
Senior Secured Notes | Secured Debt
Debt Instrument
Face amount					$ 300,000,000
Contractual interest rate (as a percent)	7.90%				7.875%
Debt redeemed			$ 27,000,000	$ 30,000,000
Long-term debt excluding current maturities, gross	$ 243,000,000.0	$ 243,000,000.0

v3.24.2.u1

BORROWINGS - Asset-Based Loan Narrative (Details) - USD ($)		3 Months Ended		9 Months Ended
	Mar. 26, 2024	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023	Sep. 30, 2020
Debt Instrument
Amortization of deferred loan costs		$ 800,000	$ 600,000	$ 2,700,000	$ 1,900,000
Revolving Credit Facility | Asset-Based Loan | Secured Debt
Debt Instrument
Maximum borrowing capacity						$ 100,000,000
Amortization of deferred loan costs	$ 600,000

v3.24.2.u1

BUSINESS COMBINATIONS - Narrative (Details) - USD ($) $ in Millions	3 Months Ended	9 Months Ended
	Dec. 29, 2023	Jun. 28, 2024	Sep. 29, 2023
MeVis Breastcare
Business Acquisition
Ownership interest (as a percent)	87.10%		37.60%
MeVis Breastcare
Business Acquisition
Purchase price	$ 0.9
Remeasurement gain	0.9
Gain on purchase of business	$ 1.2
Business Combination, Bargain Purchase, Gain, Statement of Income or Comprehensive Income [Extensible Enumeration]		Other expense, net

v3.24.2.u1

BUSINESS COMBINATIONS - Schedule of Assets Acquired and Liabilities Assumed (Details) - MeVis Breastcare $ in Millions	3 Months Ended
	Dec. 29, 2023 USD ($)
Consideration paid
Cash	$ 0.9
Fair value of total consideration transferred	0.9
Remeasurement of previous equity interest
Carrying value of previous equity interest before acquisition	1.1
Fair value of previous equity interest at acquisition date	2.0
Remeasurement gain recorded on previous equity interest	0.9
Total of consideration paid and fair value of previous equity interest	2.9
Recognized amounts of identifiable assets acquired and liabilities assumed
Cash and cash equivalents	1.8
Accounts receivable, net	1.2
Intangible assets, net	2.6
Accounts payable	(0.1)
Accrued liabilities and other current liabilities	(0.6)
Other long-term liabilities	(0.1)
Total identifiable net assets	4.8
Noncontrolling interest in MeVis Breastcare	(0.7)
Bargain purchase gain	(1.2)
Total	$ 2.9

v3.24.2.u1

NONCONTROLLING INTERESTS - Narrative (Details) shares in Millions, $ in Millions			1 Months Ended	3 Months Ended	9 Months Ended
	Sep. 28, 2018	Sep. 29, 2017	Aug. 31, 2015 € / shares	Dec. 29, 2023 USD ($)	Jun. 28, 2024 USD ($) shares	Jun. 30, 2023 USD ($)	Sep. 29, 2023	Dec. 31, 2018	Sep. 30, 2018	Apr. 30, 2015
Noncontrolling Interest
Business acquisitions | $				$ 0.7	$ 0.7	$ 0.0
MeVis Breastcare
Noncontrolling Interest
Ownership interest (as a percent)				87.10%			37.60%
MeVis Medical Solutions AG (MeVis)
Noncontrolling Interest
Percentage of voting interests acquired (as a percent)										73.50%
Annual recurring compensation (in euros per share) | € / shares			€ 0.95
Temporary equity, shares outstanding (in shares) | shares					0.5
Joint Venture In Saudi Arabia
Noncontrolling Interest
Majority voting rights (as a percent)									75.00%
Noncontrolling interest, ownership percentage by noncontrolling owners (as a percent)									25.00%
MeVis Medical Solutions AG (MeVis)
Noncontrolling Interest
Percentage of additional outstanding shares purchased (as a percent)	0.20%	0.20%
Cumulative percentage of voting interests acquired (as a percent)								73.70%
MeVis Medical Solutions AG (MeVis) | MeVis Medical Solutions AG (MeVis)
Noncontrolling Interest
Noncontrolling interest, ownership percentage by noncontrolling owners (as a percent)					26.30%

v3.24.2.u1

NONCONTROLLING INTERESTS - Schedule of Noncontrolling Interest (Details) - USD ($) $ in Millions	3 Months Ended			9 Months Ended
	Jun. 28, 2024	Dec. 29, 2023	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Stockholders' Equity Attributable to Noncontrolling Interest
Noncontrolling interests, at beginning of period		$ 13.3		$ 13.3	$ 13.3
Net income attributable to noncontrolling interests	$ 0.1		$ 0.1	0.4	0.4
Business acquisitions		$ 0.7		0.7	0.0
Other				(0.3)	(0.3)
Noncontrolling interests, at end of period	$ 14.1		$ 13.4	$ 14.1	$ 13.4

v3.24.2.u1

NET INCOME PER SHARE - Reconciliation of Numerator and Denominator for Basic and Diluted Net (Loss) Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions	3 Months Ended		9 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Net income per share - basic
Net income attributable to Varex - basic	$ 1.4	$ 9.1	$ 2.3	$ 16.3
Basic weighted average shares outstanding (in shares)	40.9	40.4	40.7	40.2
Basic net income per share attributable to Varex (in USD per share)	$ 0.03	$ 0.23	$ 0.06	$ 0.41
Net income per share - diluted
Net income attributable to Varex - diluted	$ 1.4	$ 9.1	$ 2.3	$ 16.3
Interest expense on Convertible Notes, net of tax	0.0	1.4	0.0	0.0
Diluted net income	$ 1.4	$ 10.5	$ 2.3	$ 16.3
Dilutive effect of Convertible Notes (in shares)	0.0	9.6	0.0	0.0
Dilutive effect of share-based awards and other (in shares)	0.3	0.4	0.5	0.4
Diluted weighted average shares outstanding (in shares)	41.2	50.4	41.2	40.6
Diluted net income per share attributable to Varex (in USD per share)	$ 0.03	$ 0.21	$ 0.06	$ 0.40
Anti-dilutive shares (in shares)	22.0	12.3	22.2	22.1
Share-based awards and other
Net income per share - diluted
Anti-dilutive shares (in shares)	2.8	2.7	3.0	2.9
Convertible notes
Net income per share - diluted
Anti-dilutive shares (in shares)	9.6	0.0	9.6	9.6
Warrants
Net income per share - diluted
Anti-dilutive shares (in shares)	9.6	9.6	9.6	9.6

v3.24.2.u1

NET INCOME PER SHARE - Narrative (Details) - shares shares in Millions		9 Months Ended
	Jun. 05, 2020	Jun. 28, 2024
Convertible Notes | Convertible Debt
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Number of equity instruments for convertible debt (in shares)	9.6	9.6

v3.24.2.u1

EMPLOYEE STOCK PLANS - Share-based Compensation Expense (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Share-based Payment Arrangement, Expensed and Capitalized, Amount
Total share-based compensation expense	$ 3.9	$ 3.6	$ 11.8	$ 10.1
Cost of revenues
Share-based Payment Arrangement, Expensed and Capitalized, Amount
Total share-based compensation expense	0.4	0.5	1.4	1.3
Research and development
Share-based Payment Arrangement, Expensed and Capitalized, Amount
Total share-based compensation expense	0.8	0.8	2.6	2.5
Selling, general, and administrative
Share-based Payment Arrangement, Expensed and Capitalized, Amount
Total share-based compensation expense	$ 2.7	$ 2.3	$ 7.8	$ 6.3

v3.24.2.u1

EMPLOYEE STOCK PLANS - Stock Option Activity (Details) - USD ($) $ / shares in Units, shares in Thousands	9 Months Ended	12 Months Ended
	Jun. 28, 2024	Sep. 29, 2023
Options
Outstanding, beginning balance (in shares)	2,862
Canceled, expired or forfeited (in shares)	(782)
Outstanding, ending balance (in shares)	2,080	2,862
Options, exercisable (in shares)	1,645
Weighted Average Exercise Price
Options outstanding beginning balance (in USD per share)	$ 28.08
Canceled, expired or forfeited (in USD per share)	31.23
Options outstanding ending balance (in USD per share)	26.89	$ 28.08
Options, exercisable, weighted average exercise price (in USD per share)	$ 27.45
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures
Options, outstanding, weighted average remaining contractual term, (in years)	5 years 8 months 12 days	4 years 9 months 18 days
Options, exercisable, weighted average remaining contractual term (in years)	5 years 1 month 6 days
Options, outstanding, aggregate intrinsic value	$ 188,400	$ 871,400
Options, exercisable, aggregate intrinsic value	$ 179,400
Share price (in USD per share)	$ 14.73
Minimum
Price Range
Outstanding at period beginning (in USD per share)	13.61
Canceled, expired or forfeited (in USD per share)	31.08
Outstanding at period ending (in USD per share)	13.61	$ 13.61
Exercisable (in USD per share)	13.61
Maximum
Price Range
Outstanding at period beginning (in USD per share)	37.60
Canceled, expired or forfeited (in USD per share)	34.13
Outstanding at period ending (in USD per share)	37.60	$ 37.60
Exercisable (in USD per share)	$ 37.60

v3.24.2.u1

EMPLOYEE STOCK PLANS - Restricted Stock and Performance Stock (Details) shares in Thousands	9 Months Ended
	Jun. 28, 2024 $ / shares shares
Number of Shares
Restricted stock units, nonvested, beginning balance (in shares) | shares	1,277
Restricted stock units, grants in period (in shares) | shares	864
Restricted stock units, vested in period (in shares) | shares	(306)
Restricted stock units, canceled or expired in period (in shares) | shares	(45)
Restricted stock units, nonvested, ending balance (in shares) | shares	1,790
Weighted Average Grant-Date Fair Value
Restricted stock units, nonvested, beginning of period (in USD per share) | $ / shares	$ 22.30
Restricted stock units, grants in period (in USD per share) | $ / shares	19.79
Restricted stock units, vested in period (in USD per share) | $ / shares	26.09
Restricted stock units, canceled or expired (in USD per share) | $ / shares	21.18
Restricted stock units, nonvested, end of period (in USD per share) | $ / shares	$ 20.42

v3.24.2.u1

TAXES ON INCOME (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Income Tax Disclosure [Abstract]
Income tax (benefit) expense	$ (0.7)	$ 7.9	$ (0.2)	$ 13.6
Income before taxes	0.8	$ 17.1	2.5	$ 30.3
Deferred tax liabilities of undistributed foreign earnings	$ 0.1		$ 0.1

v3.24.2.u1

SEGMENT INFORMATION - Narrative (Details)	9 Months Ended
	Jun. 28, 2024 segment
Segment Reporting [Abstract]
Number of reportable operating segments	2

v3.24.2.u1

SEGMENT INFORMATION - Income Statement Information (Details) - USD ($) $ in Millions	3 Months Ended		9 Months Ended
	Jun. 28, 2024	Jun. 30, 2023	Jun. 28, 2024	Jun. 30, 2023
Segment Reporting Information
Revenues, net	$ 209.1	$ 232.2	$ 605.3	$ 666.0
Gross profit	66.9	76.3	189.8	212.3
Total operating expenses	57.6	52.1	168.6	159.5
Interest and other expense, net	(8.5)	(7.1)	(18.7)	(22.5)
Income before taxes	0.8	17.1	2.5	30.3
Income tax (benefit) expense	(0.7)	7.9	(0.2)	13.6
Net income	1.5	9.2	2.7	16.7
Less: Net income attributable to noncontrolling interests	0.1	0.1	0.4	0.4
Net income attributable to Varex	1.4	9.1	2.3	16.3
Medical
Segment Reporting Information
Revenues, net	148.6	175.4	437.3	509.6
Gross profit	46.2	54.7	129.8	152.7
Industrial
Segment Reporting Information
Revenues, net	60.5	56.8	168.0	156.4
Gross profit	$ 20.7	$ 21.6	$ 60.0	$ 59.6

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