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GuruFocus Financial Strength Rank measures how strong a company’s financial situation is. It is based on these factors

1. The debt burden that the company has as measured by its Interest coverage (current year).
2. Debt to revenue ratio. The lower, the better
3. Altman Z-score.

A company ranks high with financial strength is likely to withstand any business slowdowns and recessions.

Financial Strength : 9/10

vs
industry
vs
history
Cash to Debt 2.07
VAR's Cash to Debt is ranked lower than
52% of the 320 Companies
in the Global Medical Devices industry.

( Industry Median: 2.30 vs. VAR: 2.07 )
Ranked among companies with meaningful Cash to Debt only.
VAR' s 10-Year Cash to Debt Range
Min: 0.24  Med: 4.15 Max: N/A
Current: 2.07
Equity to Asset 0.49
VAR's Equity to Asset is ranked lower than
71% of the 283 Companies
in the Global Medical Devices industry.

( Industry Median: 0.65 vs. VAR: 0.49 )
Ranked among companies with meaningful Equity to Asset only.
VAR' s 10-Year Equity to Asset Range
Min: 0.32  Med: 0.53 Max: 0.6
Current: 0.49
0.32
0.6
Interest Coverage 79.78
VAR's Interest Coverage is ranked lower than
62% of the 168 Companies
in the Global Medical Devices industry.

( Industry Median: 10000.00 vs. VAR: 79.78 )
Ranked among companies with meaningful Interest Coverage only.
VAR' s 10-Year Interest Coverage Range
Min: 5.4  Med: 59.88 Max: 226.41
Current: 79.78
5.4
226.41
F-Score: 5
Z-Score: 5.00
M-Score: -2.67
WACC vs ROIC
3.61%
34.79%
WACC
ROIC
GuruFocus Profitability Rank ranks how profitable a company is and how likely the company’s business will stay that way. It is based on these factors:

1. Operating Margin
2. Trend of the Operating Margin (5-year average). The company with an uptrend profit margin has a higher rank.
••3. Consistency of the profitability
4. Piotroski F-Score
5. Predictability Rank•

The maximum rank is 10. A rank of 7 or higher means a higher profitability and may stay that way. A rank of 3 or lower indicates that the company has had trouble to make a profit.

Profitability Rank is not directly related to the Financial Strength Rank. But if a company is consistently profitable, its financial strength will be stronger.

Profitability & Growth : 7/10

vs
industry
vs
history
Operating margin (%) 18.71
VAR's Operating margin (%) is ranked higher than
88% of the 303 Companies
in the Global Medical Devices industry.

( Industry Median: 3.07 vs. VAR: 18.71 )
Ranked among companies with meaningful Operating margin (%) only.
VAR' s 10-Year Operating margin (%) Range
Min: 8.1  Med: 18.96 Max: 22.67
Current: 18.71
8.1
22.67
Net-margin (%) 13.53
VAR's Net-margin (%) is ranked higher than
84% of the 303 Companies
in the Global Medical Devices industry.

( Industry Median: 1.65 vs. VAR: 13.53 )
Ranked among companies with meaningful Net-margin (%) only.
VAR' s 10-Year Net-margin (%) Range
Min: -4.1  Med: 13.36 Max: 15.36
Current: 13.53
-4.1
15.36
ROE (%) 25.07
VAR's ROE (%) is ranked higher than
94% of the 289 Companies
in the Global Medical Devices industry.

( Industry Median: 3.20 vs. VAR: 25.07 )
Ranked among companies with meaningful ROE (%) only.
VAR' s 10-Year ROE (%) Range
Min: -6.52  Med: 27.28 Max: 33.66
Current: 25.07
-6.52
33.66
ROA (%) 12.16
VAR's ROA (%) is ranked higher than
88% of the 322 Companies
in the Global Medical Devices industry.

( Industry Median: 0.05 vs. VAR: 12.16 )
Ranked among companies with meaningful ROA (%) only.
VAR' s 10-Year ROA (%) Range
Min: -2.75  Med: 13.81 Max: 17.33
Current: 12.16
-2.75
17.33
ROC (Joel Greenblatt) (%) 71.98
VAR's ROC (Joel Greenblatt) (%) is ranked higher than
91% of the 317 Companies
in the Global Medical Devices industry.

( Industry Median: 3.52 vs. VAR: 71.98 )
Ranked among companies with meaningful ROC (Joel Greenblatt) (%) only.
VAR' s 10-Year ROC (Joel Greenblatt) (%) Range
Min: -1.29  Med: 95.63 Max: 162.75
Current: 71.98
-1.29
162.75
Revenue Growth (3Y)(%) 9.80
VAR's Revenue Growth (3Y)(%) is ranked higher than
73% of the 201 Companies
in the Global Medical Devices industry.

( Industry Median: 3.00 vs. VAR: 9.80 )
Ranked among companies with meaningful Revenue Growth (3Y)(%) only.
VAR' s 10-Year Revenue Growth (3Y)(%) Range
Min: -27.1  Med: 11.80 Max: 17.4
Current: 9.8
-27.1
17.4
EBITDA Growth (3Y)(%) 4.10
VAR's EBITDA Growth (3Y)(%) is ranked higher than
51% of the 175 Companies
in the Global Medical Devices industry.

( Industry Median: 4.10 vs. VAR: 4.10 )
Ranked among companies with meaningful EBITDA Growth (3Y)(%) only.
VAR' s 10-Year EBITDA Growth (3Y)(%) Range
Min: -47.7  Med: 13.90 Max: 65.8
Current: 4.1
-47.7
65.8
EPS Growth (3Y)(%) 3.60
VAR's EPS Growth (3Y)(%) is ranked higher than
53% of the 174 Companies
in the Global Medical Devices industry.

( Industry Median: 0.90 vs. VAR: 3.60 )
Ranked among companies with meaningful EPS Growth (3Y)(%) only.
VAR' s 10-Year EPS Growth (3Y)(%) Range
Min: -58.1  Med: 14.20 Max: 112.3
Current: 3.6
-58.1
112.3
» VAR's 10-Y Financials

Financials


Revenue & Net Income
Cash & Debt
Oprt. Cash Flow & Free Cash Flow

» Details

Guru Trades

Q3 2014

VAR Guru Trades in Q3 2014

John Hussman 20,000 sh (New)
David Rolfe 2,832,194 sh (+8.87%)
Charles Brandes 146,016 sh (+7.37%)
Westport Asset Management 277,500 sh (unchged)
First Pacific Advisors 127,600 sh (unchged)
Joel Greenblatt Sold Out
Jeremy Grantham 266,531 sh (-8.67%)
Paul Tudor Jones 4,100 sh (-14.58%)
CI Can Am Small Cap 58,925 sh (-20.37%)
» More
Q4 2014

VAR Guru Trades in Q4 2014

Joel Greenblatt 236,388 sh (New)
Jim Simons 264,500 sh (New)
Ray Dalio 19,996 sh (New)
John Hussman 125,000 sh (+525.00%)
David Rolfe 3,186,216 sh (+12.50%)
Charles Brandes 151,445 sh (+3.72%)
Westport Asset Management 277,500 sh (unchged)
First Pacific Advisors 127,600 sh (unchged)
Jeremy Grantham 246,924 sh (-7.36%)
Paul Tudor Jones 2,600 sh (-36.59%)
» More
Q1 2015

VAR Guru Trades in Q1 2015

Paul Tudor Jones 2,700 sh (+3.85%)
John Hussman 125,000 sh (unchged)
Westport Asset Management 277,500 sh (unchged)
CI Can Am Small Cap 58,925 sh (unchged)
First Pacific Advisors 124,700 sh (-2.27%)
Jeremy Grantham 225,824 sh (-8.55%)
Charles Brandes 133,327 sh (-11.96%)
David Rolfe 2,147,870 sh (-32.59%)
Ray Dalio 9,961 sh (-50.19%)
Joel Greenblatt 100,133 sh (-57.64%)
Jim Simons 98,300 sh (-62.84%)
» More
Q2 2015

VAR Guru Trades in Q2 2015

Ray Dalio 129,674 sh (+1201.82%)
Paul Tudor Jones 11,796 sh (+336.89%)
John Hussman 150,000 sh (+20.00%)
David Rolfe 2,307,861 sh (+7.45%)
David Rolfe 2,307,861 sh (+7.45%)
First Pacific Advisors 124,700 sh (unchged)
Westport Asset Management 277,500 sh (unchged)
Jim Simons Sold Out
Charles Brandes 132,527 sh (-0.60%)
Jeremy Grantham 185,124 sh (-18.02%)
Joel Greenblatt 8,407 sh (-91.60%)
» More
» Details

Insider Trades

Latest Guru Trades with VAR

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Guru Investment Theses on Varian Medical Systems Inc

David Rolfe Comments on Varian Medical Systems - Apr 18, 2014

Varian Medical Systems (VAR) has been a staple in our portfolio since the fall of 2005. The stock has rebounded smartly, up +31% from its April 2013 lows through the first quarter. Varian continues to be the global market share and technological leader in the radiation oncology business. Unfortunately, the incidence of cancer continues its deadly growth. In the U.S. alone, the American Cancer Society projects that some 1.7 million people will be diagnosed with cancer. Expectations of new cancer cases around the world are approaching 25 million over the next three decades. Of these new cases, approximately two-­‐thirds will be treated with some sort of radiation therapy. Varian has been at the forefront of linear particle accelerator since the late 1940's. Today the Company's installed base numbers over 7,300 LINACS across the globe – a 60% market share. As impressive as that may sound, the availability of state-­‐of-­‐the-­‐art radiation therapy (radiosurgery and proton therapy) outside of the U.S. is woefully low. The developed world has access to 35 to 110 LINACS per million people over the age of 65. In the U.S., it's 110 LINACS per million. Western Europe and Japan is 35 to 65 per million. In India, Africa, Eastern Europe and Southeast Asia there are between 1 and 20 machines per million. In China there is less than 10 machines per million. Complementing the Company's long-­‐term growth opportunity in radiation therapy is the secular trend in the "digitization of radiology," which is a key driver of their lucrative software and flat-­‐panel services business, plus their X-­‐ray tube replacement business that sells into the installed base of competing LINACS. The Company's initiatives to drive greater productivity continue to bear fruit. In 2013 sales per employee increased 14% and operating income per employee increased 20% over 2012 levels. Such productivity has helped the Company offset the continuing losses as they rollout their proton therapy machines. Cutting edge technologies such as proton therapy are one of the many reasons why cancer survivorship rates are up to nearly 70% from 50% from just the 1970's. You will be hearing much more about the marvels of proton therapy in the years to come. The key benefit of proton therapy over the latest x-­‐ray technology is that proton beams, due to proton's relatively larger sub-­‐atomic mass, can be controlled and stopped at the tumor. Conventional X-­‐rays particles cannot be 3 stopped and risk damaging surrounding healthy cells. Due to the exceptional accuracy of a proton beam, the oncologist can more safely deliver much higher doses of radiation (hypofraction), which kills cancer faster with fewer treatments. Furthermore, tumors that are close to vital organs are ideal for proton therapy. These include head and neck, breast, lung, gastrointestinal, prostate and spine. Proton therapy is also ideal for children to avoid longer-­‐term side effects of traditional radiation therapy. The advantages of this therapy have been known since the 1940's, but the cost of commercialization has been a nearly insurmountable hurdle. The Varian proton therapy equipped facility at the Scripps Proton Therapy center in San Diego just went online in January. This $220 million, 102,000 square-­‐foot, facility is only the 15th proton therapy facility in the U.S. At its core sits a 95-­‐ton superconducting cyclotron where the proton beam is generated using oxygen and hydrogen to create a plasma stream. Protons are then extracted and accelerated to roughly 100,000 miles per second. Such miracles of science and technology (Cincinnati Children's Hospital just recently placed a proton order) come at considerable costs. The Company needs to get the costs of such systems below $25 million in order to drive any meaningful growth and profitability from proton therapy. Given Varian's long and exceptional history of innovation with LINACS, combined with proton therapy's high barriers to entry, we believe the Company is well-­‐positioned to eventually reap a substantial proportion of any potential financial rewards generated by this ground-­‐breaking technology. Stericycle continued its steady streak of growth. Last quarter earnings per share were up 12%, driven by a 13% increase in revenues, compared to the December 2012 calendar quarter. Stericycle is able to methodically deliver such growth through a unique combination of organic and inorganic means. For instance, during the quarter they closed eight acquisitions that will generate roughly $34 million in incremental annual revenues. As for the Company's competitive positioning, the regulated medical waste industry market opportunity is roughly $10.5 billion spread across a highly fragmented competitive field, consisting of regional or local players, with none generating revenues above $100 million.

From David Rolfe (Trades, Portfolio)'s Wedgewood Partners first quarter 2014 commentary.

Check out David Rolfe latest stock trades

Ratios

vs
industry
vs
history
P/E(ttm) 19.69
VAR's P/E(ttm) is ranked higher than
65% of the 156 Companies
in the Global Medical Devices industry.

( Industry Median: 28.20 vs. VAR: 19.69 )
Ranked among companies with meaningful P/E(ttm) only.
VAR' s 10-Year P/E(ttm) Range
Min: 12.14  Med: 21.40 Max: 40.92
Current: 19.69
12.14
40.92
Forward P/E 17.30
VAR's Forward P/E is ranked higher than
71% of the 96 Companies
in the Global Medical Devices industry.

( Industry Median: 23.31 vs. VAR: 17.30 )
Ranked among companies with meaningful Forward P/E only.
N/A
PE(NRI) 20.00
VAR's PE(NRI) is ranked higher than
65% of the 155 Companies
in the Global Medical Devices industry.

( Industry Median: 28.40 vs. VAR: 20.00 )
Ranked among companies with meaningful PE(NRI) only.
VAR' s 10-Year PE(NRI) Range
Min: 11.14  Med: 21.18 Max: 40.86
Current: 20
11.14
40.86
P/B 4.69
VAR's P/B is ranked lower than
70% of the 286 Companies
in the Global Medical Devices industry.

( Industry Median: 3.01 vs. VAR: 4.69 )
Ranked among companies with meaningful P/B only.
VAR' s 10-Year P/B Range
Min: 3.06  Med: 5.42 Max: 11.34
Current: 4.69
3.06
11.34
P/S 2.67
VAR's P/S is ranked higher than
52% of the 285 Companies
in the Global Medical Devices industry.

( Industry Median: 3.00 vs. VAR: 2.67 )
Ranked among companies with meaningful P/S only.
VAR' s 10-Year P/S Range
Min: 1.62  Med: 3.03 Max: 5.96
Current: 2.67
1.62
5.96
PFCF 19.38
VAR's PFCF is ranked higher than
76% of the 119 Companies
in the Global Medical Devices industry.

( Industry Median: 33.52 vs. VAR: 19.38 )
Ranked among companies with meaningful PFCF only.
VAR' s 10-Year PFCF Range
Min: 14.57  Med: 22.75 Max: 47.82
Current: 19.38
14.57
47.82
POCF 16.21
VAR's POCF is ranked higher than
66% of the 157 Companies
in the Global Medical Devices industry.

( Industry Median: 22.08 vs. VAR: 16.21 )
Ranked among companies with meaningful POCF only.
VAR' s 10-Year POCF Range
Min: 11.51  Med: 18.58 Max: 37.62
Current: 16.21
11.51
37.62
EV-to-EBIT 12.70
VAR's EV-to-EBIT is ranked higher than
73% of the 159 Companies
in the Global Medical Devices industry.

( Industry Median: 21.34 vs. VAR: 12.70 )
Ranked among companies with meaningful EV-to-EBIT only.
VAR' s 10-Year EV-to-EBIT Range
Min: 7  Med: 14.00 Max: 26.2
Current: 12.7
7
26.2
PEG 2.44
VAR's PEG is ranked higher than
59% of the 59 Companies
in the Global Medical Devices industry.

( Industry Median: 3.01 vs. VAR: 2.44 )
Ranked among companies with meaningful PEG only.
VAR' s 10-Year PEG Range
Min: 0.78  Med: 1.25 Max: 3.75
Current: 2.44
0.78
3.75
Shiller P/E 21.54
VAR's Shiller P/E is ranked higher than
71% of the 96 Companies
in the Global Medical Devices industry.

( Industry Median: 32.28 vs. VAR: 21.54 )
Ranked among companies with meaningful Shiller P/E only.
VAR' s 10-Year Shiller P/E Range
Min: 15.58  Med: 25.51 Max: 67.07
Current: 21.54
15.58
67.07
Current Ratio 2.06
VAR's Current Ratio is ranked lower than
58% of the 312 Companies
in the Global Medical Devices industry.

( Industry Median: 2.44 vs. VAR: 2.06 )
Ranked among companies with meaningful Current Ratio only.
VAR' s 10-Year Current Ratio Range
Min: 1.38  Med: 1.90 Max: 2.33
Current: 2.06
1.38
2.33
Quick Ratio 1.56
VAR's Quick Ratio is ranked lower than
58% of the 312 Companies
in the Global Medical Devices industry.

( Industry Median: 1.92 vs. VAR: 1.56 )
Ranked among companies with meaningful Quick Ratio only.
VAR' s 10-Year Quick Ratio Range
Min: 1.04  Med: 1.50 Max: 1.87
Current: 1.56
1.04
1.87
Days Inventory 125.74
VAR's Days Inventory is ranked higher than
53% of the 283 Companies
in the Global Medical Devices industry.

( Industry Median: 129.48 vs. VAR: 125.74 )
Ranked among companies with meaningful Days Inventory only.
VAR' s 10-Year Days Inventory Range
Min: 66.28  Med: 76.61 Max: 150.45
Current: 125.74
66.28
150.45
Days Sales Outstanding 79.49
VAR's Days Sales Outstanding is ranked lower than
57% of the 275 Companies
in the Global Medical Devices industry.

( Industry Median: 69.92 vs. VAR: 79.49 )
Ranked among companies with meaningful Days Sales Outstanding only.
VAR' s 10-Year Days Sales Outstanding Range
Min: 80.22  Med: 92.27 Max: 144.54
Current: 79.49
80.22
144.54

Valuation & Return

vs
industry
vs
history
Price/Net Current Asset Value 9.58
VAR's Price/Net Current Asset Value is ranked lower than
63% of the 207 Companies
in the Global Medical Devices industry.

( Industry Median: 6.33 vs. VAR: 9.58 )
Ranked among companies with meaningful Price/Net Current Asset Value only.
VAR' s 10-Year Price/Net Current Asset Value Range
Min: 7.37  Med: 12.28 Max: 45.09
Current: 9.58
7.37
45.09
Price/Tangible Book 5.45
VAR's Price/Tangible Book is ranked lower than
61% of the 259 Companies
in the Global Medical Devices industry.

( Industry Median: 4.01 vs. VAR: 5.45 )
Ranked among companies with meaningful Price/Tangible Book only.
VAR' s 10-Year Price/Tangible Book Range
Min: 3.62  Med: 6.59 Max: 11.9
Current: 5.45
3.62
11.9
Price/Projected FCF 1.31
VAR's Price/Projected FCF is ranked higher than
73% of the 112 Companies
in the Global Medical Devices industry.

( Industry Median: 2.02 vs. VAR: 1.31 )
Ranked among companies with meaningful Price/Projected FCF only.
VAR' s 10-Year Price/Projected FCF Range
Min: 0.95  Med: 1.54 Max: 6.17
Current: 1.31
0.95
6.17
Price/DCF (Earnings Based) 1.11
VAR's Price/DCF (Earnings Based) is ranked higher than
87% of the 15 Companies
in the Global Medical Devices industry.

( Industry Median: 1.65 vs. VAR: 1.11 )
Ranked among companies with meaningful Price/DCF (Earnings Based) only.
N/A
Price/Median PS Value 0.88
VAR's Price/Median PS Value is ranked higher than
61% of the 264 Companies
in the Global Medical Devices industry.

( Industry Median: 1.03 vs. VAR: 0.88 )
Ranked among companies with meaningful Price/Median PS Value only.
VAR' s 10-Year Price/Median PS Value Range
Min: 0.59  Med: 1.04 Max: 3.47
Current: 0.88
0.59
3.47
Price/Peter Lynch Fair Value 3.34
VAR's Price/Peter Lynch Fair Value is ranked lower than
76% of the 38 Companies
in the Global Medical Devices industry.

( Industry Median: 2.21 vs. VAR: 3.34 )
Ranked among companies with meaningful Price/Peter Lynch Fair Value only.
VAR' s 10-Year Price/Peter Lynch Fair Value Range
Min: 0.85  Med: 1.27 Max: 3.69
Current: 3.34
0.85
3.69
Price/Graham Number 2.17
VAR's Price/Graham Number is ranked higher than
51% of the 138 Companies
in the Global Medical Devices industry.

( Industry Median: 2.50 vs. VAR: 2.17 )
Ranked among companies with meaningful Price/Graham Number only.
VAR' s 10-Year Price/Graham Number Range
Min: 1.48  Med: 2.86 Max: 4.89
Current: 2.17
1.48
4.89
Earnings Yield (Greenblatt) (%) 7.92
VAR's Earnings Yield (Greenblatt) (%) is ranked higher than
86% of the 309 Companies
in the Global Medical Devices industry.

( Industry Median: 0.50 vs. VAR: 7.92 )
Ranked among companies with meaningful Earnings Yield (Greenblatt) (%) only.
VAR' s 10-Year Earnings Yield (Greenblatt) (%) Range
Min: 3.8  Med: 7.10 Max: 14.4
Current: 7.92
3.8
14.4
Forward Rate of Return (Yacktman) (%) 10.24
VAR's Forward Rate of Return (Yacktman) (%) is ranked higher than
69% of the 111 Companies
in the Global Medical Devices industry.

( Industry Median: 4.79 vs. VAR: 10.24 )
Ranked among companies with meaningful Forward Rate of Return (Yacktman) (%) only.
VAR' s 10-Year Forward Rate of Return (Yacktman) (%) Range
Min: 9.8  Med: 19.40 Max: 32
Current: 10.24
9.8
32

Analyst Estimate

Sep15 Sep16
Revenue(Mil) 3,160 3,284
EPS($) 4.32 4.77
EPS without NRI($) 4.32 4.77

Business Description

Industry: Medical Devices » Medical Devices
Compare:WST, BAX, COV, TMO, COO » details
Traded in other countries:VNM.Germany,
Varian Medical Systems Inc is a Delaware corporation originally incorporated in the year 1948 as Varian Associates, Inc. The Company manufactures medical devices and software for treating cancer and other medical conditions with radiotherapy, radiosurgery, proton therapy and brachytherapy. It is a supplier of x-ray imaging components for medical, scientific, and industrial applications and also supplies x-ray imaging products for cargo screening and industrial inspection. The Company has two reportable operating segments: Oncology Systems and X-ray Products. The Oncology Systems business segment designs, manufactures, sells and services hardware and software products for treating cancer with radiotherapy, stereotactic radiotherapy, stereotactic body radiotherapy, stereotactic radiosurgery and brachytherapy. Products include linear accelerators, brachytherapy afterloaders, treatment simulation and verification equipment and accessories; as well as information management, treatment planning and image processing software. Oncology Systems products enable radiation oncology departments in hospitals and clinics to perform conventional radiotherapy treatments and offer advanced treatments such as fixed field intensity-modulated radiation therapy, image-guided radiation therapy, volumetric modulated arc therapy and stereotactic radiotherapy, as well as to treat patients using brachytherapy techniques, which involve temporarily implanting radioactive sources. The Company's Oncology Systems products are also used by neurosurgeons to perform stereotactic radiosurgery. Oncology Systems customers include university research and community hospitals, private and governmental institutions, healthcare agencies, physicians' offices and cancer care clinics. The X-ray Products business segment designs, manufactures, sells and services x-ray imaging components for use in a range of applications, including radiographic or fluoroscopic imaging, mammography, special procedures, computed tomography and industrial applications. The Company's x-ray imaging components are sold to large imaging system OEM customers that incorporate them into their medical diagnostic, dental, veterinary and industrial imaging systems. It sells x-ray tubes and flat panel digital image detectors for filmless x-ray imaging to small OEMs, independent service companies and directly to end-users for replacement purposes. The Company has three other businesses that are reported together under the Other category. The Company's imaging components business designs, manufactures, sells and services Linatron x-ray accelerators, 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 VPT business develops, designs, manufactures, sells and services products and systems for delivering proton therapy, a form of external beam radiotherapy using
» More Articles for VAR

Headlines

Articles On GuruFocus.com
Wedgewood Partners 2nd Quarter 2015 Client Letter - Wedgewood On Sale Jul 20 2015 
Reversing a Declining Pattern in Earnings Per Share Feb 24 2015 
Edwards Lifesciences a Gold Standard in the Market Dec 16 2014 
No More a Simple Distributor Sep 07 2014 
Bearish Investor John Hussman's 5 Top New Stock Buys May 02 2014 
David Rolfe Comments on Varian Medical Systems Apr 18 2014 
David Rolfe's Wedgewood Partners Q1 2014 Investor Letter Apr 18 2014 
David Rolfe's Wedgewood Partners Fourth Quarter 2013 Client Letter Jan 22 2014 
comment on VAR Mar 03 2013 
Wedgewood Partners' David Rolfe Comments on Varian Medical Systems Nov 12 2012 

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