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Exhibit 99.1
OSI Systems Reports Fiscal 2019 First Quarter Financial Results
HAWTHORNE, Calif.--(BUSINESS WIRE)--October 25, 2018--OSI Systems, Inc. (the “Company” or “OSI Systems”) (NASDAQ: OSIS) today announced financial results for the quarter ended September 30, 2018.
Deepak Chopra, OSI Systems’ Chairman and Chief Executive Officer, stated, “We are pleased with the first quarter performance as we delivered record first quarter revenues and solid profit. Our growing backlog and strong book-to-bill ratio reflect a robust pipeline of opportunities, putting us in good position for the remainder of fiscal 2019.”
The Company reported revenues of $266.2 million for the first quarter of fiscal 2019, an increase of 4% from the $257.1 million reported for the first quarter of fiscal 2018. Net income for the first quarter of fiscal 2019 was $9.4 million, or $0.50 per diluted share, compared to net income of $10.2 million, or $0.52 per diluted share, for the first quarter of fiscal 2018. Non-GAAP net income for the first quarter of fiscal 2019 was $15.3 million, or $0.81 per diluted share, compared to non-GAAP net income for the fiscal 2018 first quarter of $15.5 million, or $0.79 per diluted share.
During the quarter ended September 30, 2018, the Company’s book-to-bill ratio was 1.2. As of September 30, 2018, the Company’s backlog was $1.035 billion as compared to $976 million as of June 30, 2018.
Mr. Chopra commented, “Our Security division achieved record first quarter revenues of $170 million, with strong operating profit. Bookings were robust, leading to significant growth in our backlog. We continue to be well positioned in the global marketplace to capitalize on future opportunities.”
Mr. Chopra continued, “Our Optoelectronics and Manufacturing division performed well as sales increased 20% over the same prior-year period, inclusive of acquisitions. A strong mix of revenues and operational execution led to significant year-over-year operating margin expansion.”
Mr. Chopra concluded, “Although we were disappointed by the financial results in our Healthcare division, we remain dedicated to improving our competitive position. We are focused on enhancing our core products, developing new products, and growing the supplies and accessories business.”
Fiscal Year 2019 Outlook
The Company is raising its fiscal year 2019 sales guidance to a range of $1.140 billion to $1.175 billion, which would represent growth of 5% to 8% compared to the prior fiscal year. The Company is also increasing its non-GAAP earnings guidance to $3.85 to $4.05 per diluted share for fiscal 2019. Actual sales and non-GAAP diluted earnings per share could vary from this guidance due to factors discussed under “Forward-Looking Statements” or other factors.
The Company’s fiscal 2019 diluted earnings per share guidance is provided on a non-GAAP basis only. The Company does not provide a reconciliation of non-GAAP diluted EPS guidance to GAAP diluted EPS (the most directly comparable GAAP measure) on a forward-looking basis because the Company is unable to provide a meaningful or accurate compilation of reconciling items and certain information is not available. This is due to the inherent difficulty and complexity in accurately forecasting the timing and amounts of various items that would be excluded from GAAP diluted EPS, including, for example, acquisition costs and other non-recurring items that have not yet occurred, are out of the Company’s control or cannot be reasonably predicted. For the same reasons, the Company is unable to address the probable significance of unavailable information which may be material and therefore could result in GAAP diluted EPS, the corresponding GAAP financial measure, being materially less than projected non-GAAP diluted EPS.
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Osi Systems Inc's Definitive Proxy Statement (Form DEF 14A) filed after their 2018 10-K Annual Report includes:
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The increase in the gross margin was driven in part by a favorable sales mix within the Optoelectronics and Manufacturing division as well as the Healthcare division.
Gross Profit Gross profit during the three months ended September 30, 2018 increased as a result of increased sales volume combined with a higher consolidated gross margin.
Although we believe that the assumptions upon which our forward-looking statements are based are reasonable, such assumptions could prove to be inaccurate and actual results could differ materially from those expressed in or implied by the forward-looking statements.
Important factors that could cause our actual results to differ materially from those expectations are disclosed in this report, our Annual Report on Form 10-K for the fiscal year ended June 30, 2018 (including Part I, Item 1, "Business," Part I, Item 1A, "Risk Factors" and Part II, Item 7, "Managements Discussion and Analysis of Financial Condition and Results of Operations"), and other documents filed by us from time to time with the SEC.
Further, R&D; expense decreased in our Healthcare division due to the de-emphasis of the anesthesia product line and related development programs.
In light of these risks,...Read more
Cash and cash equivalents totaled...Read more
(2) In March 2018, the...Read more
New Accounting Pronouncements For information...Read more
These borrowings were primarily used...Read more
However, this deadline could potentially...Read more
Revenues for the Security division...Read more
In addition, anesthesia sales decreased...Read more
Revenues for the Optoelectronics and...Read more
Additional changes may require us...Read more
Purchase delays and deferments could...Read more
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Financial Statements, Disclosures and Schedules
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Osi Systems Inc provided additional information to their SEC Filing as exhibits
Ticker: OSIS
CIK: 1039065
Form Type: 10-Q Quarterly Report
Accession Number: 0001104659-18-064220
Submitted to the SEC: Fri Oct 26 2018 1:25:42 PM EST
Accepted by the SEC: Fri Oct 26 2018
Period: Sunday, September 30, 2018
Industry: Semiconductors And Related Devices