Business
OSI Systems Reports Fiscal 2022 First Quarter Financial Results
Q1 Revenues of $279 Million (10% year-over-year increase) Q1 Earnings Per Diluted Share GAAP EPS of $1.04 Non-GAAP EPS of $1.16 (9% year-over-year increase)
About this update from Osi Systems, Inc.
[{"type":"text","content":"\n\nQ1 Revenues of $279 Million (10% year-over-year increase)\n\n\nQ1 Earnings Per Diluted Share\n\n\nGAAP EPS of $1.04\n\n\nNon-GAAP EPS of $1.16 (9% year-over-year increase)\n\n\n\n\nQ1 Book-to-Bill Ratio of 1.6\n\n\nQ1 Backlog Increased to $1.2 Billion (15% increase from June 30, 2021)\n\n\nCompany Reiterates FY 2022 Guidance\n\n\n HAWTHORNE, Calif.--(BUSINESS WIRE)--\nOSI Systems, Inc. (the “Company” or “OSI Systems”) (NASDAQ: OSIS) today announced financial results for the quarter ended September 30, 2021.\n\nDeepak Chopra, OSI Systems’ Chairman and Chief Executive Officer, stated, “Despite continuing impacts from COVID, including supply chain and logistics challenges, the Company performed well during the first quarter of fiscal 2022. We delivered strong revenue and earnings growth as well as robust bookings, most notably in our Security and Optoelectronics and Manufacturing divisions, resulting in significant growth in backlog.”\n\nThe Company reported revenues of $279.3 million for the first quarter of fiscal 2022, an increase of 10% from the $254.9 million reported for the first quarter of fiscal 2021. Net income for the first quarter of fiscal 2022 was $19.1 million, or $1.04 per diluted share, compared to net income of $9.3 million, or $0.51 per diluted share, for the first quarter of fiscal 2021. Non-GAAP net income for the first quarter of fiscal 2022 was $21.2 million, or $1.16 per diluted share, compared to non-GAAP net income for the fiscal 2021 first quarter of $19.5 million, or $1.06 per diluted share.\n\nFor the quarter ended September 30, 2021, the Company's book-to-bill ratio was 1.6. As of September 30, 2021, the Company's backlog was over $1.2 billion, representing an increase of 15% from the Company’s backlog as of June 30, 2021. The Company’s cash used in operations was $11.0 million during the first quarter of fiscal 2022 as the Company invested in inventory to support expected sales growth and to mitigate supply chain risk. In addition, the timing of cash used for other working capital purposes adversely impacted first quarter operating cash flow. Capital expenditures were $3.5 million during the three months ended September 30, 2021.\n\nMr. Chopra commented, “We were pleased with the year-over-year Security division sales growth of 11% in the first fiscal quarter which was leveraged to 21% growth in a...