Under the terms of the previously announced separation, Varian stockholders received 0.4 of a share of Varex stock for every one share of Varian stock they held as of the record date of January 20, 2017. Varex shares were distributed at 12:01 am Pacific Time on January 28, 2017 in a distribution that is intended to be tax-free for U.S. federal income tax purposes. Varex has approximately 38 million shares outstanding.