Exhibit 99.01

For Release on April 23, 2003

2:00 p.m. Pacific Time

For Information Contact:

Laurie H. Alire

Varian, Inc.

650.424.5225

laurie.alire@varianinc.com

VARIAN, INC. REPORTS HIGHER REVENUES AND PROFITS

FOR THE SECOND QUARTER OF FISCAL YEAR 2003

PALO ALTO, Calif. — Varian, Inc. (Nasdaq: VARI) today reported sales for the second quarter of fiscal 2003 of $204.6 million, up 7.5% from the $190.3 million reported for the second quarter of fiscal 2002. Net earnings in the second quarter of fiscal 2003 rose to $13.9 million, or $0.40 diluted earnings per share, compared to $11.6 million, or $0.33 diluted earnings per share, in the second quarter of fiscal 2002. The earnings for the second quarter of the prior year included an in-process R&D charge of $0.9 million resulting from an acquisition during that quarter.

The improved results for the second quarter of fiscal 2003 were primarily driven by higher sales in the Scientific Instruments segment and improved operating margins in the Electronics Manufacturing segment.

Results by Segment

Scientific Instruments revenues for the second quarter of fiscal 2003 rose 13.7% to $135.5 million compared to $119.1 million in the second quarter of the prior year. The solid growth in segment sales resulted primarily from good demand for new products introduced over the past year, particularly those for life science applications. In fact, the segment achieved a significant milestone during the first six months of fiscal 2003, deriving about one-half of its revenues from life-science targeted products. In comparison, when Varian, Inc. became an independent company four years ago, only about 30% of the segment’s revenues came from life sciences.

Scientific Instruments operating profit margin for the second quarter of fiscal 2003 was 10.7%. The segment’s profitability was negatively impacted by dilution resulting from the January 31, 2003 acquisition of the non-clinical, drugs of abuse testing business of Roche Diagnostics Corporation for approximately $22 million in cash. Varian, Inc. expects the acquisition to become accretive in the fourth fiscal quarter of 2003.

Vacuum Technologies revenues of $28.2 million rose 3.3% in the second quarter of fiscal 2003 compared to revenues of $27.3 million in the second quarter of fiscal 2002. The increase was primarily due to higher sales into life science applications. Vacuum Technologies’ operating profit margin of 11.9% for the second fiscal quarter of 2003 was impacted by increased R&D spending, higher than normal legal fees, and workforce reduction costs.

Electronics Manufacturing revenues were $40.9 million in the second quarter of fiscal 2003, down 6.8% from revenues of $43.9 million in the second quarter of fiscal 2002. Sales declined as several customers slowed their order rates during the quarter, seemingly in response to the uncertain impact of world events. The operating profit margin for Electronics Manufacturing was 12.2% in the second quarter of fiscal 2003, primarily as a result of operational efficiencies.

Outlook

“Varian, Inc.’s core strategy of moving more products into various life science applications continues to pay off,” said Allen J. Lauer, Chairman and Chief Executive Officer. “Almost half of the company’s revenues came from these more profitable, faster growing areas. Again this quarter, our global distribution system demonstrated its critical role in the company’s progress by allowing our businesses to quickly address fluctuating market opportunities in various key countries.

“For the third quarter, diluted earnings per share should be between $0.38 and $0.42. For the second half of the fiscal year, diluted earnings per share are expected to be in the $0.84 to $0.85 range, which is consistent with previous guidance.”

Varian, Inc. will be holding a conference call with securities analysts and investors tomorrow, April 24, 2003, at 7:00 a.m. Pacific time. Interested investors are invited to listen to the call by going to www.varianinc.com, clicking on the Corporate tab at the top of the screen, and selecting Investor Relations.

###

This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, as amended, including those relating to: our expectation that the acquisition from Roche Diagnostics will become accretive in the fourth fiscal quarter of 2003; our core strategy of moving more products into life science applications; and expected diluted earnings per share for the third quarter and the second half of the fiscal year. These forward-looking statements are based on management’s current expectations, are not guarantees of future performance, and involve certain risks and uncertainties that could cause the company’s actual results to differ materially from management’s current expectations and the forward-looking statements made in this press release. Those risks and uncertainties include, but are not limited to, the following: whether we will succeed in new product development, commercialization, performance, and acceptance, particularly in life science applications; whether we can achieve continued growth in sales in life science applications; risks arising from the timing of shipments, installations, and the recognition of revenues on leading-edge NMR systems; whether we will see renewed demand for vacuum products and contract electronics manufacturing; competitive products and pricing; economic conditions in the company’s product and geographic markets; whether we will see continued and timely delivery of key raw materials and components by suppliers; foreign currency fluctuations that could adversely impact revenue growth and earnings; whether we will see sustained or improved market investment in capital equipment; whether we will be able to successfully integrate acquired businesses; whether we will see reduced demand from customers that operate in cyclical industries; whether government funding for research might decline; and other risks detailed from time to time in the company’s filings with the Securities and Exchange Commission. We disclaim any intent or obligation to update publicly any forward-looking statements, whether in response to new information, future events, or otherwise.

Varian, Inc. (Nasdaq: VARI) is a major supplier of scientific instruments, vacuum technologies, and specialized contract electronics manufacturing services. These businesses serve a broad range of life science and industrial customers worldwide. The company manufactures in 15 locations in North America, Europe, and the Pacific Rim and employs some 4,300 people. Varian, Inc. had fiscal year 2002 sales of $780 million. Additional information about Varian, Inc. is available at www.varianinc.com.

2

VARIAN, INC. AND SUBSIDIARY COMPANIES

UNAUDITED CONSOLIDATED CONDENSED STATEMENT OF EARNINGS

(In thousands, except per share amounts)

	Fiscal Quarter Ended				Six Months Ended
	Mar. 28, 2003		Mar. 29, 2002		Mar. 28, 2003		Mar. 29, 2002
Sales	$	204,614	$	190,331	$	400,357	$	374,571
Cost of sales		126,330		120,131		245,683		234,670
Gross profit		78,284		70,200		154,674		139,901
Operating expenses
Sales and marketing		34,489		31,976		68,175		62,924
Research and development		11,088		9,601		21,962		18,619
General and administrative		11,434		8,678		23,014		18,491
Purchased in-process research and development		—		890		—		890
Total operating expenses		57,011		51,145		113,151		100,924
Operating earnings		21,273		19,055		41,523		38,977
Interest expense, net		193		455		620		799
Earnings before income taxes		21,080		18,600		40,903		38,178
Income tax expense		7,180		7,017		14,316		14,065
Net earnings	$	13,900	$	11,583	$	26,587	$	24,113
Net earnings per diluted share	$	0.40	$	0.33	$	0.76	$	0.69
Diluted shares outstanding		34,888		34,922		34,966		34,750

3

VARIAN, INC. AND SUBSIDIARY COMPANIES

UNAUDITED CONSOLIDATED CONDENSED BALANCE SHEET

(In thousands, except par value amounts)

	Mar. 28, 2003			Sept. 27, 2002
ASSETS
Current assets
Cash and cash equivalents	$	92,270		$	65,145
Accounts receivable, net		172,352			168,958
Inventories		126,890			116,252
Deferred taxes		30,814			30,644
Other current assets		16,663			16,084
Total current assets		438,989			397,083
Property, plant, and equipment, net		110,562			105,871
Goodwill		125,459			115,922
Intangible assets, net		18,228			12,153
Other assets		3,482			3,575
Total assets	$	696,720		$	634,604
LIABILITIES AND STOCKHOLDERS’ EQUITY
Current liabilities
Notes payable	$	2,494		$	—
Current portion of long-term debt		3,057			3,321
Accounts payable		58,918			52,086
Deferred profit		21,955			20,952
Accrued liabilities		141,932			122,819
Total current liabilities		228,356			199,178
Long-term debt		36,698			37,635
Deferred taxes		8,243			8,191
Other liabilities		10,326			9,879
Total liabilities		283,623			254,883
Stockholders’ equity
Preferred stock—par value $.01, authorized—1,000 shares; issued—none		—			—
Common stock—par value $.01, authorized—99,000 shares; issued and outstanding—33,834 shares at Mar. 28, 2003 and 33,951 shares at Sept. 27, 2002		247,316			251,904
Retained earnings		171,006			144,419
Accumulated other comprehensive loss		(5,225	)		(16,602	)
Total stockholders’ equity		413,097			379,721
Total liabilities and stockholders’ equity	$	696,720		$	634,604

4

VARIAN, INC. AND SUBSIDIARY COMPANIES

UNAUDITED CONSOLIDATED CONDENSED STATEMENT OF CASH FLOWS

(In thousands)

	Six Months Ended
	Mar. 28, 2003			Mar. 29, 2002
Cash flows from operating activities
Net earnings	$	26,587		$	24,113
Adjustments to reconcile net earnings to net cash provided by operating activities:
Depreciation and amortization		11,330			9,730
(Gain) loss on disposition of property, plant, and equipment		(16	)		66
Purchased in-process research and development		—			890
Tax benefit from stock option exercises		515			—
Changes in assets and liabilities, excluding effects of acquisitions:
Accounts receivable, net		2,629			5,353
Inventories		(4,442	)		238
Other current assets		2,001			352
Other assets		113			413
Accounts payable		5,510			(1,997	)
Deferred profit		906			(252	)
Accrued liabilities		16,772			(9,403	)
Other liabilities		443			(321	)
Net cash provided by operating activities		62,348			29,182
Cash flows from investing activities
Proceeds from sale of property, plant, and equipment		324			312
Purchase of property, plant, and equipment		(9,985	)		(10,399	)
Purchase of businesses, net of cash acquired		(22,728	)		(48,871	)
Net cash used in investing activities		(32,389	)		(58,958	)
Cash flows from financing activities
Net issuance (repayment) of debt		981			(2,837	)
Repurchase of common stock		(8,074	)		—
Issuance of common stock		2,971			4,097
Net transfers to Varian Medical Systems, Inc.		(466	)		(2,201	)
Net cash used in financing activities		(4,588	)		(941	)
Effects of exchange rate changes on cash and cash equivalents		1,754			(395	)
Net increase (decrease) in cash and cash equivalents		27,125			(31,112	)
Cash and cash equivalents at beginning of period		65,145			59,879
Cash and cash equivalents at end of period	$	92,270		$	28,767

5