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OSI Systems Reports Fiscal 2019 First Quarter Financial Results
- Record Q1 Revenue of $266.2 Million (4% increase over prior year)
Earnings Per Diluted Share
- GAAP EPS of $0.50
- Non-GAAP EPS of $0.81
- Backlog of $1.035 Billion (22% year-over-year increase)
- Company Raises Guidance for Fiscal Year 2019 Sales and Non-GAAP Diluted EPS
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.
The following information was filed by Osi Systems Inc (OSIS) on Thursday, October 25, 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-Q Quarterly Report statement of earnings and operation as management may choose to highlight particular information in the press release.
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