OSI Systems, Inc. (NASDAQ: OSIS) has announced that its Chairman and CEO, Deepak Chopra, will be retiring from his roles by the end of the current calendar year, after the appointment of a successor. Mr. Chopra will then continue to work with the company as the Executive Chairman of the Board.
In terms of financial performance, OSI Systems reported a revenue of $1.29 billion for the quarter, representing a 7% increase over the same period last year. The company's net income for the quarter was $78.6 million, a significant improvement from the previous year's $52.3 million. Additionally, OSI Systems reported an adjusted EBITDA of $153.4 million, marking a 19% increase from the same quarter in the prior year.
Furthermore, the company's operating cash flow for the quarter was $137.8 million, reflecting a notable increase from the previous year's $108.6 million. OSI Systems also reported a strong backlog of $1.5 billion, indicating a 10% increase from the backlog reported in the prior year.
In terms of segment performance, the company's Security division reported a revenue of $726 million for the quarter, showing a 9% increase from the same period last year. The Healthcare division also demonstrated robust performance with a revenue of $458 million, marking a 5% increase from the previous year.
The Aerospace/Defense division reported a revenue of $108 million for the quarter, representing a 3% increase from the same period in the prior year. Today the company's shares have moved -0.1% to a price of $135.56. For more information, read the company's full 8-K submission here.
