Osi Systems Inc 8-K, filed Oct 27, 2022

Osi Systems Inc (OSIS)

8-K 2022-10-27 For: 2022-10-27

Added on April 10, 2026

About this 8-K

Osi Systems Inc filed this 8-K on October 27, 2022.

Delaware		000-23125		33-0238801
(STATE OR OTHER JURISDICTION OF INCORPORATION)		(COMMISSION FILE NUMBER)		(IRS EMPLOYER IDENTIFICATION NO.)

Title of each class		Trading Symbol(s)		Name of each exchange on which registered
Common Stock, $0.001 par value		OSIS		The Nasdaq Global Select Market


Exhibit 99.1:	Press Release of OSI Systems, Inc. dated October 27, 2022.

Exhibit 104:	Cover Page Interactive Data File (embedded within the Inline XBRL document)

Exhibit Number	Description
99.1	Press Release of OSI Systems, Inc. dated October 27, 2022.

104	Cover Page Interactive Data File (embedded within the Inline XBRL document)


	OSI SYSTEMS, INC.
Date: October 27, 2022

	By:	/s/ Alan Edrick
		Alan Edrick
		Executive Vice President and Chief Financial Officer

OSI SYSTEMS, INC. AND SUBSIDIARIES
UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
*(in thousands, except per share data)*

	Three Months Ended September 30,
	2021			2022

Revenues:
Products	$	207,212		$	196,954
Services	72,045			71,117
Total net revenues	279,257			268,071
Cost of goods sold:
Products	142,906			143,369
Services	37,021			37,205
Total cost of goods sold	179,927			180,574
Gross profit	99,330			87,497
Operating expenses:
Selling, general and administrative	57,323			53,438
Research and development	14,817			14,540
Impairment, restructuring and other charges, net	2,510			1,219
Total operating expenses	74,650			69,197
Income from operations	24,680			18,300
Interest and other expense, net	(2,016		)	(3,432		)
Income before income taxes	22,664			14,868
Provision for income taxes	(3,612		)	(3,633		)
Net income	$	19,052		$	11,235

Diluted earnings per share	$	1.04		$	0.65
Weighted average shares outstanding – diluted	18,306			17,180

UNAUDITED SEGMENT INFORMATION
*(in thousands)*

	Three Months Ended September 30,
	2021			2022
Revenues – by Segment:
Security division	$	149,517		$	144,993
Healthcare division	50,588			43,563
Optoelectronics and Manufacturing division, including intersegment revenues	92,305			93,915
Intersegment eliminations	(13,153		)	(14,400		)
Total	$	279,257		$	268,071

Operating income (loss) – by Segment:
Security division	$	21,593		$	14,925
Healthcare division	5,920			1,628
Optoelectronics and Manufacturing division	9,783			11,258
Corporate	(12,463		)	(10,148		)
Intersegment eliminations	(153		)	637
Total	$	24,680		$	18,300

OSI SYSTEMS, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS
(in thousands)
	June 30, 2022		September 30, 2022
Assets

Cash and cash equivalents	$	64,202	$	53,990
Accounts receivable, net		307,973		313,506
Inventories		333,907		361,949
Other current assets		40,062		41,599
Total current assets		746,144		771,044
Property and equipment, net		109,684		107,976
Goodwill		336,357		335,825
Intangible assets, net		138,370		138,202
Other non-current assets		112,595		114,720
Total Assets	$	1,443,150	$	1,467,767

Liabilities and Stockholders' Equity

Bank lines of credit	$	60,000	$	215,000
Current portion of long-term debt		244,575		8,110
Accounts payable and accrued expenses		194,266		207,586
Other current liabilities		115,113		131,785
Total current liabilities		613,954		562,481
Long-term debt		48,668		143,150
Other long-term liabilities		142,104		137,483
Total liabilities		804,726		843,114
Total stockholders’ equity		638,424		624,653
Total Liabilities and Stockholders’ Equity	$	1,443,150	$	1,467,767

RECONCILIATION OF GAAP TO NON-GAAP
NET INCOME AND EARNINGS PER SHARE
*(in thousands, except earnings per share data)*

	Three Months Ended September 30,
	2021						2022
	Net income			Diluted EPS			Net income			Diluted EPS
GAAP basis	$	19,052		$	1.04		$	11,235		$	0.65
Impairment, restructuring and other charges, net		2,510			0.14			1,219			0.07
Amortization of acquired intangible assets		3,198			0.18			3,720			0.22
Non-cash interest expense		68			0.00			156			0.01
Tax effect of above adjustments		(1,467	)		(0.08	)		(1,279	)		(0.07	)
Discrete tax items		(2,145	)		(0.12	)		(99	)		(0.01	)
Non-GAAP basis	$	21,216		$	1.16		$	14,952		$	0.87

RECONCILIATION OF GAAP TO NON-GAAP
OPERATING INCOME (LOSS) AND OPERATING MARGIN BY SEGMENT
*(in thousands, except percentages)*

Three Months Ended September 30, 2021
	Security Division				Healthcare Division				Optoelectronics and Manufacturing Division				Corporate / Elimination			Total
			% of Sales				% of Sales				% of Sales							% of Sales
GAAP basis – operating income (loss)	$	21,593	14.4	%	$	5,920	11.7	%	$	9,783	10.6	%	$	(12,616	)	$	24,680	8.8	%
Impairment, restructuring and other charges, net		275	0.2	%		-	-			-	-			2,235			2,510	0.9	%
Amortization of acquired intangible assets		2,286	1.6	%		202	0.4	%		710	0.8	%		-			3,198	1.2	%
Non-GAAP basis– operating income (loss)	$	24,154	16.2	%	$	6,122	12.1	%	$	10,493	11.4	%	$	(10,381	)	$	30,388	10.9	%


Three Months Ended September 30, 2022
	Security Division				Healthcare Division				Optoelectronics and Manufacturing Division				Corporate / Elimination			Total
			% of Sales				% of Sales				% of Sales							% of Sales
GAAP basis – operating income (loss)	$	14,925	10.3	%	$	1,628	3.7	%	$	11,258	12.0	%	$	(9,511	)	$	18,300	6.8	%
Impairment, restructuring and other charges, net		788	0.5	%		294	0.7	%		15	0.0	%		122			1,219	0.5	%
Amortization of acquired intangible assets		2,820	2.0	%		202	0.5	%		698	0.7	%		-			3,720	1.4	%
Non-GAAP basis– operating income (loss)	$	18,533	12.8	%	$	2,124	4.9	%	$	11,971	12.7	%	$	(9,389	)	$	23,239	8.7	%