OSIS
$73.76
O S I Systems
($.17)
(.23%)
Earnings Details
Quarter June 2022
Thursday, August 18, 2022 4:00:00 PM
Tweet Share Watch
Summary

OSI Systems Sees Fiscal 2023 Earnings Below Estimates

O S I Systems (OSIS) reported Quarter June 2022 earnings of $1.96 per share on revenue of $336.8 million. The consensus earnings estimate was $1.95 per share on revenue of $336.4 million. Revenue grew 1.4% on a year-over-year basis.

The company said it expects fiscal 2023 earnings of $6.02 to $6.25 per share on revenue of $1.240 billion to $1.275 billion. The current consensus earnings estimate is $6.30 per share on revenue of $1.26 billion for the year ending June 30, 2023.

OSI Systems Inc, together with its subsidiaries, is a designer and manufacturer of electronic systems and components for critical applications. It operates in three divisions: Security, Healthcare, and Optoelectronics and Manufacturing.

Results
Reported Earnings
$1.96
Earnings Whisper
-
Consensus Estimate
$1.95
Reported Revenue
$336.8 Mil
Revenue Estimate
$336.4 Mil
Growth
Earnings Growth
Revenue Growth
Power Rating
Grade
Earnings Release

OSI Systems Reports Fiscal 2022 Fourth Quarter and Full Year Financial Results

  • Record Q4 Revenues of $337 Million
  • Q4 Earnings Per Diluted Share
    • GAAP EPS of $1.94 (39% year-over-year increase)
    • Record Adjusted EPS of $1.96 (27% year-over-year increase)
  • Q4 Ended Backlog of $1.2 Billion (15% increase from June 30, 2021)
  • Company Provides Fiscal 2023 Revenue and Adjusted EPS Guidance

HAWTHORNE, Calif.--(BUSINESS WIRE)--OSI Systems, Inc. (the “Company” or “OSI Systems”) (NASDAQ: OSIS) today announced financial results for the fourth quarter and fiscal year ended June 30, 2022.

Deepak Chopra, OSI Systems’ Chairman and Chief Executive Officer, stated “We are pleased to conclude fiscal 2022 with record fourth quarter and full-year revenues and adjusted earnings per share despite continued global economic uncertainty characterized by supply chain challenges, inflationary pressure, and rising interest rates. With strong bookings, we enter our new fiscal year with significant backlog and a robust pipeline of opportunities to enable us to maintain our positive momentum.”

For the fourth quarter of fiscal 2022 the Company reported revenues of $336.8 million, 1% higher than the $332.2 million reported for the fourth quarter of fiscal 2021. Net income for the fourth quarter of fiscal 2022 was $33.8 million, or $1.94 per diluted share, compared to net income of $25.9 million, or $1.40 per diluted share, for the fourth quarter of fiscal 2021. Non-GAAP net income for the fourth quarter of fiscal 2022 was $34.0 million, or $1.96 per diluted share, compared to non-GAAP net income for the fourth quarter of fiscal 2021 of $28.5 million, or $1.54 per diluted share.

For the fiscal year ended June 30, 2022, revenues increased by 3% to $1.183 billion from $1.147 billion in the prior fiscal year. Net income for fiscal 2022 was $115.3 million, or $6.45 per diluted share, compared to net income of $74.0 million, or $4.03 per diluted share, in the prior fiscal year. Non-GAAP net income for the fiscal year ended June 30, 2022 was $103.8 million, or $5.81 per diluted share, compared to non-GAAP net income of $97.9 million, or $5.32 per diluted share, for the 2021 fiscal year.

Mr. Chopra commented, “The Security division finished the fiscal year with record fourth quarter revenues and operating income despite continued challenges, including the impact of higher supply chain and logistics costs, and rising labor costs. The Security division reported a 4% year-over-year increase in fourth quarter revenues and significantly expanded its adjusted operating margin, driven by robust activity across multiple geographic channels. With our strong fiscal 2022 book-to-bill ratio, we enter the new fiscal year with significant backlog in our Security division.”

Mr. Chopra continued, “Our Optoelectronics and Manufacturing division again delivered solid fourth quarter financial results posting significant operating margin expansion along with solid bookings leading to a record backlog for the division. The division has benefitted from our vertically-integrated manufacturing global footprint and performed exceptionally well ending the fiscal year with record revenues, record operating income, and record bookings, positioning us well as we enter fiscal 2023.”

Mr. Chopra concluded, “Our Healthcare division, as anticipated, reported a relatively small reduction in revenues for the fourth quarter of fiscal 2022 in comparison to the same prior-year period, which had been bolstered during the earlier stages of the COVID pandemic. During the quarter, we continued to focus on new product development, principally in our patient monitoring portfolio, to enhance our core offerings.”

The effective tax rate for the fourth quarter of fiscal 2022 was 9.0%, compared with 12.9% in the prior year fourth quarter. The Company recognized a net discrete income tax benefit of $4.9 million during the fourth quarter of fiscal 2022 compared to $4.0 million in the comparable prior year quarter. Excluding the net discrete income tax items in both periods, the effective tax rates would have been 22.3% and 26.3%, respectively, for the three months ended June 30, 2022 and 2021.

During the three months and fiscal year ended June 30, 2022, the Company's book-to-bill ratio was 1.0 and 1.1, respectively. As of June 30, 2022, the Company's backlog was $1.2 billion, representing an increase of 15% from the Company’s backlog as of the end of the last fiscal year. During the quarter ended June 30, 2022, operating cash flow was $22.0 million, and capital expenditures were $4.6 million.

Alan Edrick, Executive Vice President and Chief Financial Officer, stated, “Overall, we were pleased with our fourth quarter and fiscal year 2022 financial results. In the face of continuing supply chain constraints throughout fiscal 2022, we invested in working capital, including maintaining higher inventory levels, which enabled us to be nimble and responsive to our customers in a difficult environment.”

Mr. Edrick continued, “We continued to be active in our stock repurchase program and acquired 177,336 shares during the fourth quarter of fiscal 2022. During fiscal 2022, in aggregate, we repurchased approximately 7% of our outstanding shares as part of our capital allocation strategy, leaving us with the ability to repurchase approximately 1.25 million additional shares under our current buyback program. In the near term, we expect to utilize our credit facility to repay the remaining outstanding balance of our convertible notes maturing in September 2022.”

Fiscal Year 2023 Outlook

For fiscal year 2023, the Company anticipates revenues in the range of $1.240 billion to $1.275 billion and adjusted earnings per diluted share in the range of $6.02 to $6.25. This guidance reflects significantly higher expected interest expense due to the rising interest rate environment coupled with the maturity of the Company’s 1.25% convertible notes. Actual revenues and adjusted diluted earnings per share could vary from this guidance due to factors discussed under “Forward-Looking Statements” or other factors.

The Company’s fiscal 2023 diluted earnings per share guidance is provided on a non-GAAP basis only. The Company does not provide a reconciliation of guidance for adjusted 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 adjusted 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 adjusted diluted EPS.

Presentation of Non-GAAP Financial Measures

This earnings release includes a presentation of non-GAAP net income, non-GAAP diluted earnings per share, non-GAAP operating income (loss) by segment and non-GAAP operating margin, all of which are non-GAAP financial measures. The presentation of these non-GAAP figures for the three months and fiscal year ended June 30, 2021 and 2022 is provided to allow for the comparison of the underlying performance of the Company, net of impairment, restructuring and other charges (including certain legal costs), amortization of intangible assets acquired through business acquisitions, gain on sale of property in fiscal 2022, and non-cash interest expense primarily related to convertible debt in fiscal 2021, and their associated tax effects, and the impact of discrete income tax items. Although we exclude amortization of acquired intangible assets from our non-GAAP figures, revenue generated from such intangibles is included within revenue in determining non-GAAP financial performance of the Company. Management believes that these non-GAAP financial measures provide (i) enhanced insight into the ongoing operations of the Company, (ii) meaningful information regarding the Company’s financial results (excluding amounts management does not view as reflective of ongoing operating results) for purposes of planning, forecasting, and assessing the performance of the Company’s businesses, (iii) a meaningful comparison of financial results of the current period against results of past periods, and (iv) financial results that are generally more comparable to financial results of peer companies than are GAAP figures. Non-GAAP financial measures should not be assessed in isolation or as a substitute for measures of financial performance prepared in accordance with GAAP. These non-GAAP measures may not be the same as measures used by other companies due to possible differences in methods and in the items or events for which adjustments are made.

Reconciliations of GAAP to non-GAAP financial information are provided in the accompanying tables. The financial results calculated in accordance with GAAP and reconciliations from those financial results should be carefully evaluated.

Conference Call Information

The Company will host a conference call and simultaneous webcast beginning at 1:30pm PT (4:30pm ET) today to discuss its results for the fourth quarter and fiscal year 2022. To listen, please visit the Investor Relations section of the OSI Systems website at http://investors.osi-systems.com/index.cfm and follow the link that will be posted on the front page. A replay of the webcast will be available beginning shortly after the conclusion of the conference call until September 1, 2022. The replay can be accessed through the Company’s website at www.osi-systems.com.

About OSI Systems

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. The Company 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. For more information on OSI Systems and its subsidiary companies, visit www.osi-systems.com. News Filter: OSIS-E

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements relate to the Company's current expectations, beliefs, and projections concerning matters that are not historical facts. Forward-looking statements are not guarantees of future performance and involve uncertainties, risks, assumptions, and contingencies, many of which are outside the Company's control and which may cause actual results to differ materially from those described in or implied by any forward-looking statement. Forward-looking statements include, but are not limited to, information provided regarding expected revenues, earnings, growth, and operational performance in fiscal 2023 and beyond. The Company could be exposed to a variety of negative consequences as a result of delays related to the award of domestic and international contracts; failure to secure the renewal of key customer contracts; delays in customer programs; delays in revenue recognition related to the timing of customer acceptance; changes in domestic and foreign government spending and budgetary, procurement and trade policies adverse to the Company's businesses; the impact of the Russia-Ukraine conflict, including the potential for broad economic disruption; global economic uncertainty; impact on the Company’s business related to or resulting from the COVID-19 pandemic such as material delays and cancellations of orders or deliveries thereon, supply chain disruptions, plant closures, or other adverse impacts on the Company’s ability to execute business plans; unfavorable currency exchange rate fluctuations; effect of changes in tax legislation; market acceptance of the Company's new and existing technologies, products, and services; the Company's ability to win new business and convert orders received to sales within the current fiscal year; enforcement actions in respect of any noncompliance with laws and regulations, including export control and environmental regulations and the matters that are the subject of some or all of the Company's investigations and compliance reviews; contract and regulatory compliance matters, and actions which, if brought, could result in judgments, settlements, fines, injunctions, debarment, or penalties; and other risks and uncertainties, including, but not limited to, those detailed herein and from time to time in the Company's Securities and Exchange Commission filings, which could have a material and adverse impact on the Company's business, financial condition, and results of operations. Many of the referenced risks could be amplified by the magnitude and duration of the COVID-19 pandemic. For additional information on these and other factors that could cause the Company's future results to differ materially from those in any forward-looking statements, see the section titled "Risk Factors" in the Company's most recently filed Annual Report on Form 10-K and other risks described therein and in documents subsequently filed by the Company from time to time with the Securities and Exchange Commission. Undue reliance should not be placed on forward-looking statements, which are based on currently available information and speak only as of the date on which they are made. The Company assumes no obligation to update any forward-looking statement made in this press release that becomes untrue because of subsequent events, new information, or otherwise, except to the extent it is required to do so under federal securities laws.

OSI SYSTEMS, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(in thousands, except per share data)

 

 

 

 

 

Three Months Ended

June 30,

 

Fiscal Year Ended

June 30,

 

 

2021

 

 

 

2022

 

 

 

2021

 

 

 

2022

 

Net revenues:

 

 

 

 

 

 

 

Products

$

264,571

 

 

$

262,813

 

 

$

872,809

 

 

$

897,259

 

Services

 

67,627

 

 

 

74,008

 

 

 

274,093

 

 

 

285,977

 

Total net revenues

 

332,198

 

 

 

336,821

 

 

 

1,146,902

 

 

 

1,183,236

 

Cost of goods sold:

 

 

 

 

 

 

 

Products

 

177,243

 

 

 

176,713

 

 

 

586,935

 

 

 

608,990

 

Services

 

36,888

 

 

 

37,642

 

 

 

140,049

 

 

 

149,819

 

Total cost of goods sold

 

214,131

 

 

 

214,355

 

 

 

726,984

 

 

 

758,809

 

Gross profit

 

118,067

 

 

 

122,466

 

 

 

419,918

 

 

 

424,427

 

Operating expenses:

 

 

 

 

 

 

 

Selling, general and administrative

 

68,123

 

 

 

65,538

 

 

 

240,747

 

 

 

235,553

 

Research and development

 

13,898

 

 

 

14,639

 

 

 

53,696

 

 

 

59,583

 

Impairment, restructuring and other charges, net

 

2,192

 

 

 

2,732

 

 

 

10,104

 

 

 

7,542

 

Total operating expenses

 

84,213

 

 

 

82,909

 

 

 

304,547

 

 

 

302,678

 

Income from operations

 

33,854

 

 

 

39,557

 

 

 

115,371

 

 

 

121,749

 

Interest and other expense, net

 

(4,142

)

 

 

(2,428

)

 

 

(16,731

)

 

 

(8,962

)

Other income

 

--

 

 

 

--

 

 

 

--

 

 

 

27,373

 

Income before income taxes

 

29,712

 

 

 

37,129

 

 

 

98,640

 

 

 

140,160

 

Provision for income taxes

 

(3,818

)

 

 

(3,366

)

 

 

(24,591

)

 

 

(24,813

)

Net income

$

25,894

 

 

$

33,763

 

 

$

74,049

 

 

$

115,347

 

 

 

 

 

 

 

 

 

Diluted earnings per share

$

1.40

 

 

$

1.94

 

 

$

4.03

 

 

$

6.45

 

Weighted average shares outstanding – diluted

 

18,471

 

 

 

17,383

 

 

 

18,388

 

 

 

17,870

 

UNAUDITED SEGMENT INFORMATION

(in thousands)

 

 

 

 

 

Three Months Ended

June 30,

 

Fiscal Year Ended

June 30,

 

 

2021

 

 

 

2022

 

 

 

2021

 

 

 

2022

 

Revenues – by Segment:

 

 

 

 

 

 

 

Security division

$

201,920

 

 

$

209,081

 

 

$

633,340

 

 

$

663,160

 

Healthcare division

 

51,894

 

 

 

50,467

 

 

 

212,315

 

 

 

205,658

 

Optoelectronics and Manufacturing division, including intersegment revenues

 

92,174

 

 

 

90,742

 

 

 

349,887

 

 

 

366,659

 

Intersegment eliminations

 

(13,790

)

 

 

(13,469

)

 

 

(48,640

)

 

 

(52,241

)

Total

$

332,198

 

 

$

336,821

 

 

$

1,146,902

 

 

$

1,183,236

 

 

 

 

 

 

 

 

 

Operating income (loss) – by Segment:

 

 

 

 

 

 

 

Security division

$

32,864

 

 

$

38,461

 

 

$

85,515

 

 

$

98,784

 

Healthcare division

 

5,923

 

 

 

4,266

 

 

 

31,563

 

 

 

24,696

 

Optoelectronics and Manufacturing division

 

8,827

 

 

 

10,688

 

 

 

38,465

 

 

 

45,030

 

Corporate

 

(13,874

)

 

 

(14,095

)

 

 

(39,769

)

 

 

(46,950

)

Intersegment eliminations

 

114

 

 

 

237

 

 

 

(403

)

 

 

189

 

Total

$

33,854

 

 

$

39,557

 

 

$

115,371

 

 

$

121,749

 

 
OSI SYSTEMS, INC. AND SUBSIDIARIES

UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

 

 

June 30, 2021

 

June 30, 2022

Assets

 

 

 

 

 

 

 

Cash and cash equivalents

$

80,613

 

$

64,202

Accounts receivable, net

 

290,653

 

 

307,973

Inventories

 

294,208

 

 

333,907

Other current assets

 

43,930

 

 

40,062

Total current assets

 

709,404

 

 

746,144

Property and equipment, net

 

118,004

 

 

109,684

Goodwill

 

320,304

 

 

336,357

Intangible assets, net

 

127,608

 

 

138,370

Other non-current assets

 

109,047

 

 

112,595

Total Assets

$

1,384,367

 

$

1,443,150

 

 

 

 

Liabilities and Stockholders' Equity

 

 

 

 

 

 

 

Bank lines of credit

$

--

 

$

60,000

Current portion of long-term debt

 

846

 

 

244,575

Accounts payable and accrued expenses

 

210,077

 

 

194,266

Other current liabilities

 

133,844

 

 

115,113

Total current liabilities

 

344,767

 

 

613,954

Long-term debt

 

276,421

 

 

48,668

Other long-term liabilities

 

123,359

 

 

142,104

Total liabilities

 

744,547

 

 

804,726

Total stockholders’ equity

 

639,820

 

 

638,424

Total Liabilities and Stockholders’ Equity

$

1,384,367

 

$

1,443,150

 

RECONCILIATION OF GAAP TO NON-GAAP

NET INCOME AND EARNINGS PER SHARE

(in thousands, except earnings per share data)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

June 30,

 

 

Fiscal Year Ended

June 30,

 

2021

 

2022

 

2021

 

2022

 

Net income

 

EPS

 

Net income

 

EPS

 

Net income

 

EPS

 

Net income

 

EPS

GAAP basis

$

25,894

 

 

$

1.40

 

 

$

33,763

 

 

$

1.94

 

 

$

74,049

 

 

$

4.03

 

 

$

115,347

 

 

$

6.45

 

 

Impairment, restructuring and other charges

 

2,192

 

 

 

0.12

 

 

 

2,732

 

 

 

0.16

 

 

 

10,104

 

 

 

0.55

 

 

 

7,542

 

 

 

0.42

 

 

Amortization of acquired intangible assets

 

4,525

 

 

 

0.25

 

 

 

3,700

 

 

 

0.21

 

 

 

15,644

 

 

 

0.85

 

 

 

13,417

 

 

 

0.75

 

 

Non-cash interest expense

 

2,249

 

 

 

0.12

 

 

 

217

 

 

 

0.01

 

 

 

8,968

 

 

 

0.48

 

 

 

530

 

 

 

0.03

 

 

Gain on sale of property

 

--

 

 

 

--

 

 

 

--

 

 

 

--

 

 

 

--

 

 

 

--

 

 

 

(27,368

)

 

 

(1.53

)

 

Tax effect of above adjustments

 

(2,346

)

 

 

(0.13

)

 

 

(1,485

)

 

 

(0.08

)

 

 

(9,240

)

 

 

(0.50

)

 

 

1,333

 

 

 

0.08

 

 

Discrete tax items

 

(3,983

)

 

 

(0.22

)

 

 

(4,942

)

 

 

(0.28

)

 

 

(1,664

)

 

 

(0.09

)

 

 

(6,965

)

 

 

(0.39

)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Non-GAAP basis

$

28,531

 

 

$

1.54

 

 

$

33,985

 

 

$

1.96

 

 

$

97,861

 

 

$

5.32

 

 

$

103,836

 

 

$

5.81

 

 

 

RECONCILIATION OF GAAP TO NON-GAAP

OPERATING INCOME (LOSS) AND OPERATING MARGIN BY SEGMENT

(in thousands, except percentages)

 

Three Months Ended June 30, 2021

 

 

Security Division

 

Healthcare Division

 

Optoelectronics and Manufacturing Division

 

Corporate/ Elimination

 

Total

 

 

 

 

% of Sales

 

 

 

% of Sales

 

 

 

% of Sales

 

 

 

 

 

% of Sales

GAAP basis – operating income (loss)

 

$

32,864

 

16.3

%

 

$

5,923

 

11.4

%

 

$

8,827

 

9.6

%

 

$

(13,760

)

 

$

33,854

 

10.2

%

Impairment, restructuring and other charges, net

 

 

374

 

0.2

%

 

 

-

 

-

 

 

 

169

 

0.2

%

 

 

1,649

 

 

 

2,192

 

0.7

%

Amortization of acquired intangible assets

 

 

3,151

 

1.5

%

 

 

201

 

0.4

%

 

 

1,173

 

1.2

%

 

 

-

 

 

 

4,525

 

1.3

%

Non-GAAP basis– operating income (loss)

 

$

36,389

 

18.0

%

 

$

6,124

 

11.8

%

 

$

10,169

 

11.0

%

 

$

(12,111

)

 

$

40,571

 

12.2

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2022

 

 

Security Division

 

Healthcare Division

 

Optoelectronics and Manufacturing Division

 

Corporate/ Elimination

 

Total

 

 

 

 

% of Sales

 

 

 

% of Sales

 

 

 

% of Sales

 

 

 

 

 

% of Sales

GAAP basis – operating income (loss)

 

$

38,461

 

18.4

%

 

$

4,266

 

8.5

%

 

$

10,688

 

11.8

%

 

$

(13,858

)

 

$

39,557

 

11.7

%

Impairment, restructuring and other charges, net

 

 

14

 

0.0

%

 

 

-

 

-

 

 

 

100

 

0.2

%

 

 

2,618

 

 

 

2,732

 

0.8

%

Amortization of acquired intangible assets

 

 

2,793

 

1.3

%

 

 

201

 

0.4

%

 

 

706

 

0.7

%

 

 

-

 

 

 

3,700

 

1.2

%

Non-GAAP basis– operating income (loss)

 

$

41,268

 

19.7

%

 

$

4,467

 

8.9

%

 

$

11,494

 

12.7

%

 

$

(11,240

)

 

$

45,989

 

13.7

%

 
RECONCILIATION OF GAAP TO NON-GAAP

OPERATING INCOME (LOSS) AND OPERATING MARGIN BY SEGMENT

(in thousands, except percentages)

 

Fiscal Year Ended June 30, 2021

 

 

Security Division

 

Healthcare Division

 

Optoelectronics and Manufacturing Division

 

Corporate/ Elimination

 

Total

 

 

 

 

% of Sales

 

 

 

% of Sales

 

 

 

% of Sales

 

 

 

 

 

% of Sales

GAAP basis – operating income (loss)

 

$

85,515

 

13.5

%

 

$

31,563

 

14.9

%

 

$

38,465

 

11.0

%

 

$

(40,172

)

 

$

115,371

 

10.1

%

Impairment, restructuring and other charges, net

 

 

9,297

 

1.5

%

 

 

27

 

0.0

%

 

 

315

 

0.1

%

 

 

465

 

 

 

10,104

 

0.9

%

Amortization of acquired intangible assets

 

 

11,360

 

1.8

%

 

 

806

 

0.4

%

 

 

3,478

 

1.0

%

 

 

-

 

 

 

15,644

 

1.3

%

Non-GAAP basis– operating income (loss)

 

$

106,172

 

16.8

%

 

$

32,396

 

15.3

%

 

$

42,258

 

12.1

%

 

$

(39,707

)

 

$

141,119

 

12.3

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fiscal Year Ended June 30, 2022

 

 

Security Division

 

Healthcare Division

 

Optoelectronics and Manufacturing Division

 

Corporate/ Elimination

 

Total

 

 

 

 

% of Sales

 

 

 

% of Sales

 

 

 

% of Sales

 

 

 

 

 

% of Sales

GAAP basis – operating income (loss)

 

$

98,784

 

14.9

%

 

$

24,696

 

12.0

%

 

$

45,030

 

12.3

%

 

$

(46,761

)

 

$

121,749

 

10.3

%

Impairment, restructuring and other charges, net

 

 

1,275

 

0.2

%

 

 

-

 

-

 

 

 

100

 

0.0

%

 

 

6,167

 

 

 

7,542

 

0.7

%

Amortization of acquired intangible assets

 

 

9,778

 

1.5

%

 

 

806

 

0.4

%

 

 

2,833

 

0.8

%

 

 

-

 

 

 

13,417

 

1.1

%

Non-GAAP basis– operating income (loss)

 

$

109,837

 

16.6

%

 

$

25,502

 

12.4

%

 

$

47,963

 

13.1

%

 

$

(40,594

)

 

$

142,708

 

12.1

%

 

OSI Systems, Inc.
Ajay Vashishat
Vice President, Business Development
Tel: (310) 349-2237
avashishat@osi-systems.com

Source: OSI Systems, Inc.