OSI Systems Reports Fiscal 2021 Third Quarter Financial Results
OSI Systems (Nasdaq: OSIS) reported Q3 and nine-month financial results for fiscal 2021, showcasing resilience amid pandemic challenges. Q3 revenues were $283.8 million, down from $292.9 million a year earlier, with net income at $18.8 million ($1.03/share) compared to $19.6 million ($1.06/share) in Q3 2020. Nine-month revenues totaled $814.7 million, down from $889.1 million, with net income of $48.2 million ($2.63/share). Notably, the company anticipates Q4 sales growth of 11%-20% and has a robust backlog of $1.063 billion, supporting optimistic fiscal year-end guidance.
- Anticipated Q4 sales growth of 11%-20%.
- Record third quarter sales in the Optoelectronics and Manufacturing division.
- Strong operational performance in the Security division, leading to adjusted operating margin expansion.
- Healthcare division reported an 18% year-over-year revenue increase.
- Q3 revenues declined 3.7% year-over-year.
- Nine-month revenues decreased by 8.4% compared to the prior year.
- Net income for nine months down 21.4% year-over-year.
OSI Systems, Inc. (the “Company” or “OSI Systems”) (Nasdaq: OSIS) today announced financial results for the three and nine months ended March 31, 2021.
Deepak Chopra, OSI Systems’ Chairman and Chief Executive Officer, stated, “We are pleased with our third quarter performance as we delivered another quarter of record adjusted earnings despite the ongoing impact of the COVID-19 pandemic on our Security division. With the strength of our backlog and momentum in our end markets, we expect to conclude fiscal 2021 with fourth quarter year-over-year sales growth of
For the third quarter of fiscal 2021, the Company reported revenues of
For the nine months ended March 31, 2021, revenues were
For the quarter ended March 31, 2021, the Company’s book-to-bill ratio was 1.1. As of March 31, 2021, the Company's backlog was
Mr. Chopra commented, “Our Optoelectronics and Manufacturing division delivered excellent results with record third quarter sales and operating income. Bookings were also strong leading to a record Opto backlog positioning the division for a strong finish to fiscal 2021.”
Mr. Chopra continued, “The Security division’s solid operational performance contributed to adjusted operating margin expansion despite lower year-over-year revenues that were impacted by the pandemic, most notably in our aviation and cargo businesses. We continue to demonstrate our leadership in the global marketplace and are seeing signs of the Security business beginning to emerge from the pandemic-related challenges with numerous recent awards. We expect to resume sales growth during the fourth fiscal 2021 quarter.”
Mr. Chopra concluded, “The Healthcare division reported another terrific quarter with an
Fiscal Year 2021 Outlook
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