OSI Systems, Inc. (NASDAQ: OSIS) rose sharply early Friday, after reporting a second-quarter earnings beat. The company raised FY19 earnings and sales guidance.
The Company, based in Hawthorne, Calif. reported revenues of $303.2 million for the second quarter of fiscal 2019, an increase of 9% from the $277.5 million reported for the second quarter of fiscal 2018. Net income for the second quarter of fiscal 2019 was $19.1 million, or $1.03 per diluted share, compared to net loss of $47.0 million, or ($2.47) per diluted share, for the second quarter of fiscal 2018.
Non-GAAP net income for the second quarter of fiscal 2019 was $22.1 million, or $1.19 per diluted share, compared to non-GAAP net income for the second quarter of fiscal 2018 of $19.1 million, or $0.97 per diluted share.
During the quarter ended December 31, 2018, the Company’s book-to-bill ratio for equipment and related services was 0.9. As of December 31, 2018, the Company’s backlog was approximately $998 million representing a 20% year-over-year increase. Operating cash flow during the quarter ended December 31, 2018 was $43.7 million, and capital expenditures were $4.8 million.
CEO Deepak Chopra said, "We are pleased to report excellent second-quarter financial performance. We achieved record revenues leading to strong profits and solid cash flow. With a substantial backlog, we continue to see the Company well positioned for the remainder of fiscal 2019.
"Our Security division delivered record second-fiscal quarter revenues of $189 million, or a 10% increase compared with the prior-year period and delivered strong operating profit during the quarter."
Shares in OSI strengthened $8.54, or 11.3%, to $84.38
