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BUSINESS COMBINATIONS

12 Months Ended

Oct. 01, 2021

Acquisition of Direct Conversion AB

In April 2019, Varex completed the acquisition of 98.2% of the outstanding shares of common stock of Direct Conversion AB (publ) (“Direct Conversion”). In April 2021, the Company acquired all of the remaining shares representing the noncontrolling interests in Direct Conversion such that the Company now owns 100% of the outstanding shares of common stock of Direct Conversion. The acquisition of Direct Conversion expanded our detector product portfolio to include photon counting technology.

This technology allows Varex to expand its range of imaging applications and offer new solutions to both Medical and Industrial customers.

The following amounts represent revenues by reporting segment from Direct Conversion from the acquisition date of April 29, 2019, through September 27, 2019:


(In millions)	Direct Conversion Revenue
Medical	$	4.5
Industrial	1.8
Total Direct Conversion revenues	$	6.3

The acquisition of Direct Conversion did not have a significant impact on the Company's consolidated results of operations on a pro forma basis for fiscal year 2019.