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News Breaks | | | | July 9, 2012 | | 10:23 EDT |  | VAR | Varian falls after CMS proposes 2013 reimbursement rates
Varian Medical (VAR), which has developed radiation therapy for cancer, is retreating after the Center for Medicare and Medicaid Services, or CMS, on Friday night announced its proposed payment rates for 2013. In a note to investors this morning, Citigroup wrote that CMS' proposal would reduce payment rates for radiation cancer therapy at free standing clinics by a significantly greater than expected level. Based on the firm's calculations, reimbursement for Varian's radiation therapy at free standing clinics would drop 29% for the average patient, versus expectations for a 5% decline in such reimbursements. However, reimbursements for hospital outpatients who receive the therapy would increase 8%, versus expectations of a1% increase to 1% decrease, the firm reported. Citigroup responded to the news by reducing its target on Varian to $63 from $69. The firm reiterated a Neutral rating on the shares, which fell $1.80, or 3%, to $58.13 in mid-morning trading. | |
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News For VAR From The Last 14 Days Check below for free stories on VAR the last two weeks. |
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| May 22, 2013 | | 08:01 EDT | | VAR | Varian Medical receives FDA clearance for Nexus DRF X-ray imaging system
 Subscribe for More Information | | | May 14, 2013 | | 12:19 EDT |  | VAR | Varian Medical reaffirms Q3, FY13 outlooks during mid-year view
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