OSI Systems Q3 2017 revenues up 16% YoY

OSI Systems, Inc. (NASDAQ: OSIS) has reported record revenues of USD 245.1m for the third quarter of fiscal 2017, an increase of 16% from the USD 210.8m reported for the third quarter of fiscal 2016, the company said.

Net income for the third quarter of fiscal 2017 was USD 14.0m, or USD 0.72 per diluted share, compared to net income of USD 9.3m, or USD 0.47 per diluted share, for the third quarter of fiscal 2016. Non-GAAP net income (excluding the impact of impairment, restructuring and other charges, acquired intangible assets, non-cash interest expense and gain from the disposition of a business, net of related tax impact thereof) for the third quarter of fiscal 2017 was USD 16.6m, or USD 0.85 per diluted share, compared to non-GAAP net income for the third quarter of fiscal 2016 of USD 13.2m, or USD 0.66 per diluted share.

For the nine months ended March 31, 2017, the company reported revenues of USD 708.5m, an increase of 17% as compared to the same period a year ago. Net income in this nine-month period of fiscal 2017 was USD 19.5m, or USD 1.00 per diluted share, compared to net income of USD 20.3m, or USD 1.00 per diluted share, in the same period a year ago. Non-GAAP net income for the nine months ended March 31, 2017 was USD 38.8m, or USD 1.98 per diluted share, compared to non-GAAP net income of USD 33.0m, or USD 1.63 per diluted share, for the comparable period in the prior year.

During the quarter ended March 31, 2017, the company´s book-to-bill ratio for equipment and related services (non-turnkey) was 1.0. As of March 31, 2017 the company´s backlog (measured as quantifiable purchase orders or contracts for which revenues are expected to be recognized within the next five years) was USD 686m, compared to USD 623m as of June 30, 2016. During the third fiscal quarter, cash flow generated from operations was USD 33.9m and capital expenditures were USD 7.7m.

OSI Systems is a vertically integrated designer and manufacturer of specialized electronic systems and components for critical applications in the homeland security, healthcare, defense, and aerospace industries. OSI combines more than 40 years of electronics engineering and manufacturing experience with offices and production facilities in more than a dozen countries to implement a strategy of expansion into selective end-product markets.