OSI Systems Reports Fiscal 2021 Second Quarter Revenues of $276 Million

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OSI Systems, Inc. has announced financial results for the three and six months ended December 31, 2020. Deepak Chopra, OSI Systems’ Chairman and Chief Executive Officer, stated, “We are pleased with our second quarter performance as we delivered record adjusted earnings despite the continued impact of the COVID-19 pandemic. With a healthy backlog and robust pipeline of opportunities, we believe we are well positioned as we enter the second half of fiscal 2021.”

For the second quarter of fiscal 2021, the Company reported revenues of $276.0 million compared to $305.3 million reported for the second quarter of fiscal 2020. Net income for the second quarter of fiscal 2021 was $20.0 million, or $1.10 per diluted share, compared to net income of $21.0 million, or $1.12 per diluted share, for the second quarter of fiscal 2020. Non-GAAP net income for the second quarter of fiscal 2021 was $24.6 million, or $1.35 per diluted share, compared to non-GAAP net income for the fiscal 2020 second quarter of $23.8 million, or $1.27 per diluted share. 

For the six months ended December 31, 2020, revenues were $530.9 million compared to $596.2 million in the same period a year ago. Net income for the six months ended December 31, 2020 was $29.4 million, or $1.61 per diluted share, compared with $41.7 million, or $2.22 per diluted share, for the same period a year ago. Non-GAAP net income for the six months ended December 31, 2020 was $44.1 million, or $2.41 per diluted share, compared with non-GAAP net income of $41.0 million, or $2.18 per diluted share, for the comparable prior-year period.

During the quarter ended December 31, 2020, the Company’s book-to-bill ratio was 1.1. As of December 31, 2020, the Company's backlog was $1,031 million compared to $861 million as of June 30, 2020. Operating cash flow during the quarter ended December 31, 2020 was $35.6 million, and capital expenditures were $4.7 million.

Chopra commented, “As expected, the Security division reported a reduction in year-over-year revenues as we continue to be impacted by the pandemic. However, with strong operational performance, we maintained our adjusted operating margin. We have captured multiple recent awards as we continue to exhibit our leadership in the global marketplace.”

Chopra continued, “Our Optoelectronics and Manufacturing division again delivered outstanding results with record second quarter sales and operating income. We continue to see strong global demand, and, with record Opto backlog, we expect the division to deliver strong results for the remainder of fiscal 2021.”

Chopra concluded, “We continued building on our positive momentum in the Healthcare division resulting in a 31% increase in second quarter year-over-year revenue and noteworthy operating income growth. This marks the fourth consecutive quarter of significant adjusted operating margin expansion in the division. Our Healthcare backlog is solid, and we will continue to focus on enhancing our core products and developing new products.”