HAWTHORNE, CA – OSI Systems reported fiscal third quarter revenue of $283.8 million, down 3.1% year-over-year.

For the quarter ended Mar. 31, net income was $18.8 million, a decrease of 4% compared to the same period last year.

For the nine months ended Mar. 31, revenues were $814.7 million, down 8.4% year-over-year. Net income was $48.2 million, a decrease of 21.4%.

“We are pleased with our third quarter performance, as we delivered another quarter of record adjusted earnings despite the ongoing impact of the Covid-19 pandemic on our Security division,” said Deepak Chopra, OSI Systems’ chairman and CEO. “With the strength of our backlog and momentum in our end markets, we expect to conclude fiscal 2021 with fourth quarter year-over-year sales growth of 11% to 20% and strong earnings.”

For the quarter, the company’s book-to-bill ratio was 1.1. As of Mar. 31, the OSI’s backlog was $1.063 billion compared to $861 million as of June 30, 2020. During the fiscal third quarter, operating cash flow was $41.6 million, and capital expenditures were $2.6 million.

“Our Optoelectronics and Manufacturing division delivered excellent results, with record third quarter sales and operating income. Bookings were also strong leading to a record Opto backlog, positioning the division for a strong finish to fiscal 2021.

“The Security division’s solid operational performance contributed to adjusted operating margin expansion, despite lower year-over-year revenues that were impacted by the pandemic, most notably in our aviation and cargo businesses. We continue to demonstrate our leadership in the global marketplace and are seeing signs of the Security business beginning to emerge from the pandemic-related challenges with numerous recent awards. We expect to resume sales growth during the fourth fiscal 2021 quarter.”

For fiscal year 2021, the company is raising its revenue guidance to a range of $1.123 billion to $1.148 billion.

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