Varex Imaging designs and manufactures X-ray imaging components — primarily X-ray tubes and flat panel detectors — that OEM customers integrate into their own medical imaging and industrial inspection systems. Medical is the dominant segment at roughly 70% of revenue, with components going into CT scanners, mammography, fluoroscopy, radiography, dental, and oncology systems. CT is the largest single modality, representing about 40% of Medical revenue and driven almost entirely by tube sales. The Industrial segment, roughly 30% of revenue, sells tubes, detectors, and proprietary Linatron linear accelerators for cargo security screening and non-destructive testing. Varex sells primarily to large global OEMs, with Canon the largest customer at ~18% of revenue and the top 10 customers representing ~52% of revenue. Varex earns revenue two ways: new system design-ins, where components are customized for a specific OEM platform and tend to stay for the platform's life due to high switching costs and regulatory re-approvals; and replacements, where an installed base of over 160,000 tubes and 170,000 detectors generates recurring revenue as tubes wear out every few years. Varex is pursuing three growth initiatives: photon counting detectors (a next-generation technology targeting ~$150M in annual revenue by FY29), full cargo inspection systems sold directly to government customers at ports and borders, and new manufacturing capacity in India to lower costs and reduce tariff exposure in value-tier segments.