HAWTHORNE, CA – OSI Systems reported fiscal first quarter revenues of $257.1 million, an increase of 16% year-over-year.
Net income for the quarter ended Sept. 30 was $10.2 million, compared to net income of $700,000 during the same period last year.
“Our Optoelectronics and Manufacturing division performed solidly, as the division leveraged sales growth to achieve year-over-year operating margin expansion,” said Deepak Chopra, OSI Systems’ chairman and CEO.
“We are pleased to report solid fiscal first quarter performance, including record revenues and earnings. Each of our divisions contributed to our outstanding start to fiscal 2018 with year-over-year profit growth. Based on this performance and our strong bookings, we have heightened optimism that fiscal 2018 will be a successful year for OSI.”
During the quarter, the company's book-to-bill ratio for equipment and related services (non-turnkey) was 1.6. As of Sept. 30, OSI’s backlog was $846 million, compared to $738 million as of June 30. Operating cash flow during the quarter was $35 million.
The company is raising its fiscal 2018 sales guidance to $1.045 billion to $1.085 billion.