Business
OSI Systems Reports Fiscal 2023 First Quarter Financial Results
Q1 Revenues of $268 Million Q1 Earnings Per Diluted Share GAAP EPS of $0.65 Adjusted EPS of $0.87 Record Q1 Ended Backlog of $1.3 Billion Company Reiterates
About this update from Osi Systems, Inc.
[{"type":"text","content":"\n\nQ1 Revenues of $268 Million\n\n\nQ1 Earnings Per Diluted Share\n\n\nGAAP EPS of $0.65\n\n\nAdjusted EPS of $0.87\n\n\n\n\nRecord Q1 Ended Backlog of $1.3 Billion\n\n\nCompany Reiterates FY 2023 Guidance\n\n\nQ2-Q4 Year-Over-Year Revenue Growth of 7% - 11%\n\n\nQ2-Q4 Year-Over-Year Adjusted EPS Growth of 17% - 22%\n\n\n\n\n HAWTHORNE, Calif.--(BUSINESS WIRE)--\nOSI Systems, Inc. (the “Company” or “OSI Systems”) (NASDAQ: OSIS) today announced its financial results for the quarter ended September 30, 2022.\n\nFor the first quarter of fiscal 2023, the Company reported revenues of $268.1 million, a 4% decrease compared to the $279.3 million reported for the first quarter of fiscal 2022. Net income for the first quarter of fiscal 2023 was $11.2 million, or $0.65 per diluted share, compared to net income of $19.1 million, or $1.04 per diluted share, for the first quarter of fiscal 2022. Non-GAAP net income for the first quarter of fiscal 2023 was $15.0 million, or $0.87 per diluted share, compared to non-GAAP net income for the first quarter of fiscal 2022 of $21.2 million, or $1.16 per diluted share.\n\nDeepak Chopra, OSI Systems’ Chairman and Chief Executive Officer, stated “Our first quarter sales and earnings were generally consistent with expectations. Bookings remained robust, and the opportunity pipeline is substantial. While the overall economy continues to be impacted by global supply chain constraints, inflationary pressures, and rising interest rates, given our significant backlog and upcoming opportunities, we anticipate solid revenues and earnings growth for the balance of fiscal 2023.”\n\nFor the three months ended September 30, 2022, the Company's book-to-bill ratio was 1.2. As of September 30, 2022, the Company's backlog was $1.3 billion, representing an increase of 4% from the Company’s backlog as of June 30, 2022. During the quarter ended September 30, 2022, operating cash flow was $17.2 million compared to operating cash flow of negative $11.0 million for the same quarter of the prior year. Capital expenditures were $3.2 million and $3.6 million for the three months ended September 30, 2022 and 2021, respectively.\n\nMr. Chopra commented, “The Security division’s bookings were strong in the first fiscal quarter of fiscal 2023, leading to an increase in the quarter-end backlog. Revenues for the first quarter were ...