11/18/2025 1 Making the Invisible Visible Q4 FY25 Earnings Presentation November 18, 2025 While forward-looking statements are based on assumptions and analyses made by management of Varex that it believes to be reasonable under the circumstances, whether actual results and developments will meet such expectations depends on a number of risks and uncertainties which could cause actual results, performance, and financial condition to differ materially from such expectations. Such risks and uncertainties incl ...

Core Insights - Elevance Health, Inc. is a prominent healthcare company with a market capitalization of $71.7 billion, serving approximately 46.8 million members through various health plans and services [1] Financial Performance - The company is set to announce its fiscal Q3 earnings for 2025 on October 21st, with analysts projecting a profit of $5.01 per share, representing a 40.1% decline from $8.37 per share in the same quarter last year [2] - For the current year, analysts expect Elevance Health to report an EPS of $29.89, down 9.5% from $33.04 in fiscal 2024, but anticipate a rebound in FY2026 with a projected EPS of $30.96, reflecting a 3.6% year-over-year increase [3] Stock Performance - Shares of Elevance Health have decreased by 38.8% over the past 52 weeks, significantly underperforming compared to the S&P 500 Index, which has increased by 15.6%, and the Health Care Select Sector SPDR Fund, which has seen an 11.5% loss during the same period [4] Market Sentiment - Wall Street analysts maintain a "Moderate Buy" rating for Elevance Health, with 13 out of 21 analysts recommending "Strong Buy," one suggesting "Moderate Buy," six indicating "Hold," and one advising "Strong Sell." The mean price target for the stock is $359.06, suggesting a potential upside of 12.7% from current levels [6] Regulatory Environment - On September 25, shares of Elevance Health fell by 3% following the U.S. Commerce Department's initiation of a national security investigation into medical equipment imports, which could lead to new tariffs and create uncertainty within the healthcare sector [5]

Company Overview - Humana Inc. is one of the largest health care plan providers in the United States, founded in 1964 and headquartered in Louisville, KY [11] - The company offers health insurance benefits through various plans including Health Maintenance Organization (HMO), Private Fee-For-Service (PFFS), and Preferred Provider Organization (PPO) plans, along with specialty products like dental and vision benefits [11] Investment Analysis - Humana has a Zacks Rank of 3 (Hold) and a VGM Score of B, indicating a moderate investment outlook [12] - The company has a Momentum Style Score of B, with shares increasing by 29.9% over the past four weeks, suggesting positive price momentum [12] - For fiscal 2025, 11 analysts have revised their earnings estimates upwards in the last 60 days, with the Zacks Consensus Estimate rising by $0.62 to $16.99 per share [12] - Humana has an average earnings surprise of +9.6%, indicating a history of exceeding earnings expectations [12] Conclusion - With a solid Zacks Rank and strong Momentum and VGM Style Scores, Humana is positioned as a noteworthy option for investors [13]

Core Insights - Zacks Premium offers various tools for investors to enhance their stock market strategies and confidence [1] - The Zacks Style Scores are designed to help investors identify stocks with the highest potential to outperform the market in the short term [2] Zacks Style Scores Overview - The Style Scores categorize stocks into four main types: Value Score, Growth Score, Momentum Score, and VGM Score, each focusing on different investment strategies [3][4][5][6] - Value Score emphasizes finding undervalued stocks based on financial ratios [3] - Growth Score focuses on a company's financial health and future growth potential [4] - Momentum Score capitalizes on existing trends in stock prices and earnings [5] - VGM Score combines the strengths of all three Style Scores to identify the most attractive investment opportunities [6] Zacks Rank and Performance - The Zacks Rank is a proprietary model that uses earnings estimate revisions to assist in stock selection [7] - Stocks rated 1 (Strong Buy) have historically achieved an average annual return of +23.75% since 1988, significantly outperforming the S&P 500 [8] - Investors are encouraged to select stocks with a Zacks Rank of 1 or 2 and Style Scores of A or B for optimal returns [9] Stock Example: Humana Inc. (HUM) - Humana Inc. is a major health care plan provider in the U.S., offering various health insurance products [11] - Currently rated 3 (Hold) by Zacks, Humana has a VGM Score of A and a Value Style Score of A, indicating strong valuation metrics [12] - Recent analyst revisions have increased Humana's earnings estimate for fiscal 2025, with a consensus estimate of $16.93 per share and an average earnings surprise of +9.6% [12] - Given its solid Zacks Rank and favorable Style Scores, Humana is recommended for investors' consideration [13]