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Varex Imaging manufactures X-ray imaging components — tubes, flat panel detectors, and software — used in medical, industrial, and security applications. Its Industrial segment, powered by cargo security systems, grew 17% year-over-year in Q1, while the Medical segment held steady at $145 million in revenue. The stock remains in a low-volume consolidation phase following investor disappointment over Q2 fiscal 2026 guidance that fell short of expectations despite a Q1 earnings beat on February 10.