Chopra

Chopra

OSI Systems Inc.’s forecast for 2022 shows positive outlook for its security and optoelectronics divisions.

The Hawthorne-based company ended its fiscal 2021 on June 30 with $74 million in net income on $1.14 billion in revenue and said it anticipates revenue for the next 12 months to be in the range of $1.19 billion to $1.22 billion.


OSI, which makes security scanning equipment, medical monitoring devices and optoelectronic components, is hedging its optimism in part on the Infrastructure Investment and Jobs Act now before the House of Representatives.


The bill “has large expenditures identified in areas that could help us generally, especially at airport and port upgrades, and generally with our industrial (original equipment manufacturer) customers,” Chief Executive Deepak Chopra told analysts during an Aug. 18 earnings call. “We will assess the impact from the final version of the bill and expect to have a positive impact for our business in the long run.”


OSI posted “record” revenue of $332.2 million in the fourth quarter, an increase of 20% from the $277 million in sales it reported during the same period in 2020. Net income for the quarter was $25.9 million, or $1.40 a share, compared to net income of $14 million, or 76 cents a share, for the fourth quarter of its fiscal 2020.


OSI’s medical division accounted for $51.8 million of revenue, a 10% decrease compared to a “very strong prior-year fourth quarter that was driven by heavy Covid-related demand near the onset of the pandemic,” Chopra said.

 
The security division brought in $201.9 million, a 23% year-over-year uptick, and its optoelectronics and manufacturing division generated $92.2 million in sales, a 37% jump from the same period last year.

 
“Overall, I’m pleased with our performance in Q4 and fiscal ’21 and also very grateful for the perseverance that our team has demonstrated in handling Covid-related challenges and opportunities,” Chopra said. 

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