Varian Medical Systems (NYSE: VAR) reported earnings on Aug. 7. Here are the numbers you need to know.

The 10-second takeaway
 For the quarter ended June 29 (Q3), Varian Medical Systems met expectations on revenues and beat expectations on earnings per share.

Compared to the prior-year quarter, revenue improved and GAAP earnings per share improved significantly.

Margins improved across the board.

Revenue details
 Varian Medical Systems tallied revenue of $705.3 million. The 10 analysts polled by S&P Capital IQ predicted sales of $711.9 million on the same basis. GAAP reported sales were 8.6% higher than the prior-year quarter's $649.4 million.

Source: S&P Capital IQ. Quarterly periods. Dollar amounts in millions. Non-GAAP figures may vary to maintain comparability with estimates.

EPS details
 EPS came in at $0.96. The 12 earnings estimates compiled by S&P Capital IQ predicted $0.93 per share. GAAP EPS of $0.96 for Q3 were 16% higher than the prior-year quarter's $0.83 per share.

Source: S&P Capital IQ. Quarterly periods. Non-GAAP figures may vary to maintain comparability with estimates.

Margin details
 For the quarter, gross margin was 43.6%, 50 basis points better than the prior-year quarter. Operating margin was 21.8%, 20 basis points better than the prior-year quarter. Net margin was 15.4%, 20 basis points better than the prior-year quarter.

Looking ahead
 Next quarter's average estimate for revenue is $749.4 million. On the bottom line, the average EPS estimate is $1.04.

Next year's average estimate for revenue is $2.81 billion. The average EPS estimate is $3.73.

Investor sentiment
 The stock has a four-star rating (out of five) at Motley Fool CAPS, with 386 members out of 403 rating the stock outperform, and 17 members rating it underperform. Among 105 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 103 give Varian Medical Systems a green thumbs-up, and two give it a red thumbs-down.

Of Wall Street recommendations tracked by S&P Capital IQ, the average opinion on Varian Medical Systems is outperform, with an average price target of $73.50.