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© adam121 dreamstime.com Electronics Production | November 07, 2014

Record revenue for OSI Systems during Q115

OSI Systems reported revenues of USD 218.4 million for the first quarter of fiscal 2015, an increase of USD 12.1 million, or 6%, from the USD 206.3 million reported for the first quarter of fiscal 2014.
Deepak Chopra, OSI Systems' Chairman and CEO, stated, "We are pleased to report solid first quarter performance which delivered record-breaking revenue, earnings and free cash flow providing a strong start to our fiscal year. Led by our Security division, our non-GAAP earnings increased 24% over the prior year."

Net income for the first quarter of fiscal 2015 was USD 11.2 million, compared to net income of USD 6.4 million for the first quarter of fiscal 2014.

Excluding the impact of restructuring and other charges, net income for the first quarter of fiscal 2015 would have been approximately USD 11.8 million, compared to net income of USD 9.4 million for the comparable period of fiscal 2014.

During the three months ended September 30, 2014, the OSI generated USD 28.0 million of free cash flow. Adjusted EBITDA during the quarter was USD 41.1 million, an increase of 24% over the comparable period of fiscal 2014.

Mr. Chopra continued, "Our Security division reported a 17% topline increase as a result of strong equipment sales, including partial fulfillment of our Foreign Military Sales contract to the U.S. Department of Defense. This sales growth combined with operating margin expansion led to record first-quarter Security division operating income of USD 17.3 million, a 31% increase over the prior year amount, excluding the impact of restructuring and other charges."

Mr. Chopra concluded, "Our Healthcare division's bookings during the first quarter increased significantly year-over-year, although the timing of certain orders did not enable us to fulfill many orders until the subsequent quarter. The resultant higher backlog and the opportunity pipeline leave us optimistic for the future in our Healthcare division."

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