Varian Medical Systems (NYSE: VAR) is expected to report Q3 earnings on July 24. Here's what Wall Street wants to see:

The 10-second takeaway
 Comparing the upcoming quarter to the prior-year quarter, average analyst estimates predict Varian Medical Systems's revenues will increase 6.2% and EPS will expand 5.2%.

The average estimate for revenue is $749.0 million. On the bottom line, the average EPS estimate is $1.01.

Revenue details
 Last quarter, Varian Medical Systems notched revenue of $768.4 million. GAAP reported sales were 6.7% higher than the prior-year quarter's $720.3 million.

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

EPS details
 Last quarter, non-GAAP EPS came in at $1.04. GAAP EPS of $1.02 for Q2 were 8.5% higher than the prior-year quarter's $0.94 per share.

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

Recent performance
 For the preceding quarter, gross margin was 41.6%, 40 basis points better than the prior-year quarter. Operating margin was 20.6%, 30 basis points better than the prior-year quarter. Net margin was 14.7%, 30 basis points worse than the prior-year quarter.

Looking ahead

The full year's average estimate for revenue is $3.03 billion. The average EPS estimate is $4.11.

Investor sentiment
 The stock has a five-star rating (out of five) at Motley Fool CAPS, with 396 members out of 411 rating the stock outperform, and 15 members rating it underperform. Among 126 CAPS All-Star picks (recommendations by the highest-ranked CAPS members), 125 give Varian Medical Systems a green thumbs-up, and one 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 $76.06.

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