HAWTHORNE, CA – OSI Systems reported revenues of $303.2 million for the fiscal second quarter of 2019, an increase of 9% year-over-year.

Net income for the period ended Dec. 31 was $19.1 million, compared to a net loss of $47 million for the fiscal second quarter of 2018.

“Our Optoelectronics and Manufacturing division continued to perform well in the quarter, delivering year-over-year sales growth of 13%, operating margin expansion, and strong cash flow,” said Deepak Chopra, chairman and CEO. “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.”

During the quarter, the company’s book-to-bill ratio for equipment and related services was 0.9. As of Dec. 31, OSI’s backlog was approximately $998 million, representing a 20% year-over-year increase. Operating cash flow during the quarter was $43.7 million.

For the six months ended Dec. 31, revenues increased 7% year-over-year to $569.5 million.

Net income for the six-month period was $28.5 million, compared with a net loss of $36.8 million for the same period the prior year.

The firm is raising its fiscal 2019 sales guidance to a range of $1.15 billion to $1.185 billion.

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