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OSI Systems Reports Fiscal 2020 Fourth Quarter and Full Year Financial Results
- Q4 Revenues of $277 Million
- Q4 Earnings Per Diluted Share
- GAAP EPS of $0.76
- Non-GAAP EPS of $1.22 (6% year-over-year increase)
- FY 2020 Operating Cash Flow of $129 Million (8% year-over-year increase)
- Company Provides Fiscal 2021 Revenue and Non-GAAP EPS Guidance
HAWTHORNE, Calif.--(BUSINESS WIRE)--August 20, 2020--OSI Systems, Inc. (the “Company” or “OSI Systems”) (NASDAQ: OSIS) today announced financial results for the fourth quarter and fiscal year ended June 30, 2020.
Deepak Chopra, OSI Systems’ Chairman and Chief Executive Officer, said “We were pleased to deliver solid fourth quarter earnings and overall financial performance as we closed out the fiscal year in the midst of the COVID-19 pandemic. We continue to prioritize the safety of our workforce as we navigate challenges arising from the COVID-19 pandemic. I am confident in our ability to execute our strategic goals during these uncertain times.”
The Company reported revenues of $277.0 million for the fourth quarter of fiscal 2020, a decrease of 10% from the $308.4 million reported for the fourth quarter of fiscal 2019. Net income for the fourth quarter of fiscal 2020 was $14.0 million, or $0.76 per diluted share, compared to net income of $16.7 million, or $0.89 per diluted share, for the fourth quarter of fiscal 2019. Non-GAAP net income for the fourth quarter of fiscal 2020 was $22.5 million, or $1.22 per diluted share, compared to non-GAAP net income for the fourth quarter of fiscal 2019 of $21.6 million, or $1.15 per diluted share.
For the fiscal year ended June 30, 2020, revenues decreased by 1% to $1.166 billion compared to $1.182 billion in the prior fiscal year. Net income for fiscal 2020 was $75.3 million, or $4.05 per diluted share, compared to net income of $64.8 million, or $3.46 per diluted share, in the prior fiscal year. Non-GAAP net income for the fiscal year ended June 30, 2020 was $85.6 million, or $4.60 per diluted share, compared to non-GAAP net income of $80.8 million, or $4.32 per diluted share, for the 2019 fiscal year.
During the three months ended June 30, 2020, the Company's book-to-bill ratio was approximately 1.0. As of June 30, 2020, the Company's backlog was $861 million. Operating cash flow during the quarter ended June 30, 2020 was $23.6 million, and capital expenditures were $4.3 million.
Mr. Chopra stated, “We are pleased with the strong profits and adjusted operating margin expansion in the Security division despite lower than anticipated fourth quarter revenues due primarily to the impact of the pandemic on our aviation and cargo businesses. This is a testament to our proactive leadership and ability to adapt swiftly.”
Mr. Chopra further commented, “Our Optoelectronics and Manufacturing division ended the fiscal year with solid fourth quarter bookings and a record year-end backlog as we enter fiscal 2021. The team successfully managed operational challenges associated with COVID-19 to deliver a comparable year-over-year adjusted operating margin.”
Mr. Chopra continued, “The Healthcare division delivered a strong finish to the fiscal year with revenues increasing 15% in the fourth quarter and significant improvement in adjusted operating margin. We are very proud of the vital contributions our Healthcare team and critical care patient monitoring products are making to assist physicians and hospitals in their response to the global pandemic.”
Stock Repurchase Program
The Company’s Board of Directors has authorized the purchase of up to 2,000,000 shares of the Company's common stock, adding to the previously authorized purchase of 1,000,000 shares for a total authorization of 3,000,000 shares under its stock repurchase program. The stock repurchase program may be expanded, reduced or otherwise modified, or terminated, by the Company’s Board of Directors at any time without prior notice. There is no assurance that all or any of the shares authorized for repurchase under the program will be repurchased by the Company.
The following information was filed by Osi Systems Inc (OSIS) on Thursday, August 20, 2020 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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