57 min.
Behind The Idea #98: Varian's Moat May Be Worth The Price Behind The Idea
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We continue our special November series. Mike shares his long thesis for Varian Medical Systems, an industry leader in oncology treatment devices that has a lot of attractive business aspects, though it's valuation is also challenging. Daniel tries to probe the thesis for any gaps, but the moat here seems quite strong.
Topics Covered
5:00 minute mark - Introduction to Varian Medical Systems and the business case
12:40 - How much does it matter that there are two revenue lines in the income statement? Oncology vs. Proton and Product vs. Service
19:30 - Any reason to think they are transforming more to a service business?
24:30 - Market and customer relationship strategy... moat around business.
31:00 - Is a throughput based model something to be concerned about?
36:00 - Valuation
53:30 - The under the radar aspect of VAR.
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We continue our special November series. Mike shares his long thesis for Varian Medical Systems, an industry leader in oncology treatment devices that has a lot of attractive business aspects, though it's valuation is also challenging. Daniel tries to probe the thesis for any gaps, but the moat here seems quite strong.
Topics Covered
5:00 minute mark - Introduction to Varian Medical Systems and the business case
12:40 - How much does it matter that there are two revenue lines in the income statement? Oncology vs. Proton and Product vs. Service
19:30 - Any reason to think they are transforming more to a service business?
24:30 - Market and customer relationship strategy... moat around business.
31:00 - Is a throughput based model something to be concerned about?
36:00 - Valuation
53:30 - The under the radar aspect of VAR.
Learn more about your ad choices. Visit megaphone.fm/adchoices
57 min.