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OSI Systems, Inc. announced financial results for the fourth quarter and fiscal year ended June 30, 2021.
Deepak Chopra, OSI Systems’ Chairman and Chief Executive Officer, said “We are pleased with our performance for fiscal 2021 and for the fourth quarter, as we finished with record fourth quarter revenues and earnings per share driven by outstanding performance in each of our Security and Optoelectronics and Manufacturing divisions. We enter fiscal 2022 with significant backlog and a robust pipeline of opportunities to enable us to continue the positive momentum.”
The Company reported revenues of $332.2 million for the fourth quarter of fiscal 2021, an increase of 20% from the $277.0 million reported for the fourth quarter of fiscal 2020. Net income for the fourth quarter of fiscal 2021 was $25.9 million, or $1.40 per diluted share, compared to net income of $14.0 million, or $0.76 per diluted share, for the fourth quarter of fiscal 2020. Non-GAAP net income for the fourth quarter of fiscal 2021 was $28.5 million, or $1.54 per diluted share, compared to non-GAAP net income for the fourth quarter of fiscal 2020 of $22.5 million, or $1.22 per diluted share.
For the fiscal year ended June 30, 2021, revenues decreased by 2% to $1.147 billion compared to $1.166 billion in the prior fiscal year. Net income for fiscal 2021 was $74.0 million, or $4.03 per diluted share, compared to net income of $75.3 million, or $4.05 per diluted share, in the prior fiscal year. Non-GAAP net income for the fiscal year ended June 30, 2021 was $97.9 million, or $5.32 per diluted share, compared to non-GAAP net income of $85.6 million, or $4.60 per diluted share, for the 2020 fiscal year.
During the three months ended June 30, 2021, the Company's book-to-bill ratio was approximately 1.0. As of June 30, 2021, the Company's backlog was $1.076 billion compared to $861 million as of June 30, 2020. During the quarter ended June 30, 2021, operating cash flow was $8.0 million, and net capital expenditures were $4.6 million. For the fiscal year ended June 30, 2021, operating cash flow was $139.1 million, and net capital expenditures were $15.8 million.
Chopra stated, “We are pleased with the fourth quarter performance of the Security division, which reported a 23% year-over-year increase in revenues coupled with significant adjusted operating margin expansion. This was driven by strength across multiple geographic channels and across the bulk of the product portfolio. We believe the Security division is poised for further success as we enter fiscal 2022 with a strong backlog and a streamlined cost structure.”
Chopra further commented, “Our Optoelectronics and Manufacturing division performed exceptionally well and ended the fiscal year with record fourth quarter sales, bookings, and backlog. Fourth quarter revenues increased 37% year-over-year with continued solid profits. We believe the business is well positioned for continued growth as we enter fiscal 2022.”
Chopra continued, “Our Healthcare division made significant improvements in fiscal 2021 with 15% sales growth and noteworthy operating margin expansion. As expected, fourth quarter revenues were comparatively down year-over-year due to a surge in international demand in Q4 of fiscal 2020 for our patient monitoring products at the inception of the pandemic.
Fiscal Year 2022 Outlook
For fiscal year 2022, the Company anticipates revenues in the range of $1.190 billion to $1.225 billion and non-GAAP earnings per diluted share in the range of $5.72 to $6.00. Actual revenues and non-GAAP diluted earnings per share could vary from this guidance due to factors discussed under “Forward-Looking Statements” or other factors, including uncertainties as to the duration and scope of the COVID-19 pandemic.
The Company’s fiscal 2022 diluted earnings per share guidance is provided on a non-GAAP basis only. The Company does not provide a reconciliation of guidance for non-GAAP diluted EPS 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 included in the calculation of GAAP diluted EPS but excluded in the calculation of non-GAAP diluted EPS, such as acquisition costs and other non-recurring items that have not yet occurred, are out of the Company’s control, or cannot otherwise reasonably be predicted. For the same reasons, the Company is unable to address the significance of unavailable information which may be material and therefore could result in GAAP diluted EPS, the most directly comparable GAAP financial measure, being materially different from projected non-GAAP diluted EPS.