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OSI Systems Reports Fiscal 2018 Fourth Quarter and Full Year Financial Results
- Record Q4 Revenues of $287 Million (14% year-over-year increase)
- Record Fiscal 2018 Revenues of $1.089 Billion (13% year-over-year increase)
Earnings Per Diluted Share
- GAAP EPS of $0.27
- Non-GAAP EPS of $1.02
- Backlog of $976 Million (32% year-over-year increase)
- Sales Guidance of $1.125 Billion - $1.165 Billion
- Non-GAAP Diluted EPS Guidance of $3.80 - $4.00
HAWTHORNE, Calif.--(BUSINESS WIRE)--August 23, 2018--OSI Systems, Inc. (the “Company” or “OSI Systems”) (NASDAQ: OSIS) today announced financial results for the fourth quarter and fiscal year ended June 30, 2018.
Deepak Chopra, OSI Systems’ Chairman and Chief Executive Officer, said, “We are pleased to announce a strong finish to fiscal 2018 highlighted by impressive sales and bookings in the Security division. We are proud to have surpassed $1 billion in annual sales for the first time in our history. We enter fiscal 2019 with a strong backlog, an enhanced leadership team, and heightened focus on our core strengths.”
The Company reported revenues of $287 million for the fourth quarter of fiscal 2018, an increase of 14% from the $252 million reported for the fourth quarter of fiscal 2017. Net income for the fourth quarter of fiscal 2018 was $5.1 million, or $0.27 per diluted share, compared to net income of $1.5 million, or $0.08 per diluted share, for the fourth quarter of fiscal 2017. Non-GAAP net income for the fourth quarter of fiscal 2018 was $19.1 million, or $1.02 per diluted share, compared to non-GAAP net income for the fourth quarter of fiscal 2017 of $19.9 million, or $1.02 per diluted share.
For the fiscal year ended June 30, 2018, the Company reported revenues of $1.089 billion, an increase of 13% over revenues in the prior fiscal year. Net loss for fiscal 2018 was $29.1 million, or $(1.57) per diluted share, compared to net income of $21.1 million, or $1.07 per diluted share, in the prior fiscal year. Non-GAAP net income for the fiscal year ended June 30, 2018 was $69.5 million, or $3.61 per diluted share, compared to non-GAAP net income of $58.8 million, or $2.99 per diluted share, for the 2017 fiscal year.
During the three months ended June 30, 2018, the Company's book-to-bill ratio for equipment and related services (non-turnkey) was approximately 1.3. As of June 30, 2018, the Company's backlog was $976 million, compared to $738 million as of June 30, 2017. For the three months and fiscal year ended June 30, 2018, cash flow from operations was $17 million and $133 million, respectively, as compared to $11 million and $63 million for the three months and fiscal year ended June 30, 2017.
Mr. Chopra stated, “Our Security division finished the year with strong revenues and backlog. Fourth quarter revenues in the division increased 26% to a record $185 million. Excluding $17.5 million of revenues from the trace detection business that we acquired in July 2017, fourth quarter sales in our Security division increased 14% over sales in the same prior-year fiscal period. During the quarter, we won several notable orders with overall Security division bookings of $198 million.”
Mr. Chopra further commented, “Our Optoelectronics and Manufacturing division continued the steady performance seen throughout fiscal 2018. Fourth quarter sales increased 9% on a year-over-year basis. However, one of our businesses within this division incurred an operating loss in the quarter contributing to an overall year-over-year reduction in operating income. We have taken steps to address the operational issues and expect improved performance in fiscal 2019.”
Mr. Chopra continued, “Fourth quarter sales in our Healthcare division decreased 11% as compared to the prior fiscal year. Although we are disappointed with the second half results of our Healthcare division, we are encouraged by the direction under new leadership. We are increasing focus on patient monitoring, diagnostic cardiology, and supplies and accessories and leveraging our market positions in the U.S. and Europe, while de-emphasizing our anesthesia products that lack scale. We anticipate these actions should lead to increased margins in this division.”
The following information was filed by Osi Systems Inc (OSIS) on Thursday, August 23, 2018 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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