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© stevanovicigor dreamstime.com Electronics Production | January 27, 2015

Strong Q2 for OSI - increases full year sales guidance

OSI Systems' second quarter for the fiscal year of 2015 was a strong one for the company. Revenues are up, sales are up and the company is looking to keep the pace.
“We are pleased to announce strong second quarter financial results. Led by our Security Division, we achieved record sales and record earnings per share. With a solid pipeline of opportunities and strong balance sheet, we believe we are well positioned for future growth,” said Deepak Chopra, OSI Systems’ Chairman and CEO.

The Company reported revenues of USD 258 million for the second quarter of fiscal 2015, an increase of 9% as compared to the same period a year ago. Net income for the second quarter of fiscal 2015 was USD 18.2 million, compared to net income of USD 14.6 million, for the second quarter of fiscal 2014.

For the six months ended December 31, 2014, the Company reported revenues of USD 476 million, an increase of 8% as compared to the same period a year ago. Net income in this period was USD 29.5 million, compared to net income of USD 21.0 million in the same period a year ago.

As of December 31, 2014, the Company’s backlog was approximately USD 0.7 billion. During the second fiscal quarter, the Company generated free cash flow of USD 26 million.

Mr. Chopra continued, “During the second quarter, our Security Division generated both record sales and profits as sales grew by 29%. This strong performance was highlighted by solid execution on our Foreign Military Sales contract with the U.S. Department of Defense.”

Sales in OSI's Healthcare Division increased by 10% over the prior year, mainly driven by growth in the emerging markets and the impact of an acquisition completed in the first quarter.

Mr. Chopra concluded, “As expected, our Optoelectronics and Manufacturing sales decreased year over year. However, operational improvements coupled with a more favorable product mix resulted in strong operating margin expansion.”

The Company is increasing its sales guidance for fiscal 2015 to USD 975 million – USD 998 million.

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