Varian Medical Systems, Inc.VAR , in collaboration with Proton Therapy Pte., recently announced the installation of the gantry for the Varian ProBeam Compact single-room proton therapy system at the new oncology center in Biopolis, Singapore. Additionally, Varian Medical will also be providing its Eclipse treatment planning system training environment for Proton Therapy Pte. at its new Advanced Medicine Training Centre.
Clearly, this fortifies Varian Medical's foothold in the global proton therapy market.
For investors' notice, Proton Therapy Pte.is part of a new oncology center inBiopolis.
Brief Note on ProBeam
Varian's ProBeam is the world's first commercially available pencil beam scanning system, which is the most precise form of proton therapy available. Notably, the ProBeam Compact system is a single-room system equipped with a 360-degree gantry for intensity modulated proton therapy (IMPT). When combined with ARIA oncology information system and Eclipse treatment planning system, the ProBeam system enables an efficient adaptive workflow.
Although in the las t report ed quarter, Varian Medical's Proton business declined 12% year over year, a slew of developments is expected to boost the segment.
Last December, Varian Medical's flagship ProBeam-equipped Emory Proton Therapy Center was opened in Georgia. (Read More: Varian Medical ProBeam-Equipped Emory Center Opens in Georgia )
Moreover, last September, the company installed the cyclotron for its coveted ProBeam Compact single-room proton therapy system at the cancer treatment center of the Delray Medical Center, Florida. (Read More: Varian's ProBeam System Gets Picked by Delray Medical )
Technavio analysts forecast the global proton therapy market to see a CAGR of more than 9% between 2018 and 2022. Advantages of proton therapy over standard radiation therapies currently fuel the demand for proton therapy around the world.
Hence, the developments have been well-timed for Varian Medical.
Zacks Rank & Key Picks
Varian Medical currently has a Zacks Rank #3 (Hold).
A few better-ranked stocks in the broader medical space are Veeva Systems Inc VEEV ,OPKO Health, Inc OPK and Penumbra, Inc. PEN . While, Veeva Systems and OPKO Health sport a Zacks Rank #1 (Strong Buy), Penumbra carries a Zacks Rank #2 (Buy). You can see the complete list of today's Zacks #1 Rank stocks here .
Veeva Systems' long-term earnings growth rate is projected at 19.5%.
OPKO Health's long-term earnings growth rate is projected at 12%.
Penumbra has a long-term earnings growth rate of 20%.
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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.