OSI Systems Reports Fiscal 2021 Q4, Full Year Financial Results
August 19, 2021 | Business WireEstimated reading time: 3 minutes
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.
Suggested Items
Real Time with... IPC APEX EXPO 2024: AI Implementation at Omron
04/18/2024 | Real Time with...IPC APEX EXPOEditor Nolan Johnson and Omron Product Manager Nick Fieldhouse discuss the company's focus on AI implementation to enhance customer experience and results. They address programming challenges and how AI can help customers achieve better outcomes with less experience. Omron's AI is compatible with existing systems, facilitating easy upgrades.
Cadence Unveils Palladium Z3 and Protium X3 Systems
04/18/2024 | Cadence Design SystemsThe Palladium Z3 and Protium X3 systems offer increased capacity, and scale from job sizes of 16 million gates up to 48 billion gates, so the largest SoCs can be tested as a whole rather than just partial models, ensuring proper functionality and performance.
Australian Flow Batteries and The SCHMID Group Announce Groundbreaking Memorandum of Understanding
04/17/2024 | SCHMID GroupAustralian Flow Batteries Pty Ltd (AFB), a leader in innovative energy solutions and economical, safe, and reliable power storage, and SCHMID Energy Systems GmbH a company of the German SCHMID Group, a global technology leader with a rich history in delivering innovative solutions across multiple industries including Electronics, Renewables, and Energy Storage sectors, are thrilled to announce the signing of a Memorandum of Understanding (MoU)
Ansys Joins BAE Systems’ Mission Advantage Program to Advance Digital Engineering Across US Department of Defense
04/16/2024 | ANSYSAnsys announced it is working with BAE Systems, Inc., to accelerate the adoption of digital engineering and MBSE across the Department of Defense (DoD).
Designing Electronics for High Thermal Loads
04/16/2024 | Akber Roy, Rush PCB Inc.Developing proactive thermal management strategies is important in the early stages of the PCB design cycle to minimize costly redesign iterations. Here, I delve into key aspects of electronic design that hold particular relevance for managing heat in electronic systems. Each of these considerations plays a pivotal role in enhancing the reliability and performance of the overall system.