Oncology and X-Ray products company, Varian Medical Systems ( VAR - Analyst Report ) recently revealed the issuance of its 2012 Corporate Social Responsibility report. This document provides details of the company’s goals and accomplishments in preserving resources, providing support and helping to protect lives. The Varian Sustainability Report 2012 is an integral part of the company’s overall effort to enhance performance in the sphere of sustainability.

Varian remains committed to providing annual updates of its progress in meeting sustainability objectives. It believes that it has a duty to meet official goals in an eco friendly and socially responsible manner.

Varian is a leading manufacturer of integrated radiotherapy systems for cancer treatment, and a premier supplier of X-ray tubes for diagnostic imaging applications. The company operates in a technology-driven environment where success depends on the use of new technology, product development and upgrades. In the radiation oncology market, Varian competes with Accuray ( ARAY - Analyst Report ) .

The company is poised to increase its market share in radiation oncology. It currently enjoys a healthy demand for its coveted TrueBeam technology, which has meaningfully contributed to its net order oncology growth. Varian’s TrueBeam was designed to treat tumors with beams of high speed and precision. It incorporates several technological innovations such as patient positioning and managing his/her motion. It can dispense dosage roughly four times faster than that possible with earlier equipment.

Moreover, Varian enjoys a strong balance sheet marked by low debt and moderate cash. The company from time to time uses a part of its healthy cash flow for share repurchases.

However, Varian competes with larger players in a technology-intensive industry. Further, uncertainties stemming from health care reform and a still weak hospital capital spending environment across many developed countries, especially in Europe, are significant challenges.

We are currently ‘Neutral’ on Varian. The stock retains a Zacks #3 Rank, which translates into a short-term Hold rating.