<p>OSI Systems ((OSIS)) 举行了第三季度财报电话会议。以下是会议的主要亮点。</p>
<h3>在 TipRanks 上享受 55% 的折扣</h3>
<ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
<p>OSI Systems 最近的财报电话会议语气明显乐观，管理层强调了创纪录的季度收入、创纪录的非 GAAP 每股收益，以及公司历史上最大的订单积压。尽管承认区域疲软、时机问题和利润压力，管理层将大多数逆风视为暂时的，强化了对长期增长的积极展望。</p>
<h2>创纪录的收入和盈利凸显运营势头</h2>
<p>OSI Systems 报告称，财政第三季度收入为 4.53 亿美元，是其历史上最高的第三季度。非 GAAP 稀释每股收益也达到了 2.60 美元，创下第三季度纪录，尽管区域收入波动和宏观不确定性，仍显示出稳健的执行力。</p>
<h2>订单积压达到峰值，订单超越销售</h2>
<p>公司在季度末的订单积压约为 19 亿美元，是其有史以来最大的订单积压。1.3 的订单与出货比，主要受到安全和光电订单的推动，表明需求超过当前收入，并支持未来时期的可见性。</p>
<h2>安全部门在墨西哥以外实现强劲增长</h2>
<p>第三季度安全收入达到 3.19 亿美元，但当排除大型墨西哥合同时，基础实力更加明显。在这种情况下，安全收入同比增长 25%，反映出多个地区对筛查和检测解决方案的强劲需求。</p>
<h2>光电业务创下季度纪录并取得重大胜利</h2>
<p>光电和制造收入同比增长 10%，达到 1.11 亿美元，创下该部门的第三季度纪录。光电还获得了一份来自医疗 OEM 的 4000 万美元合同，其订单与出货比保持在 1 以上，指向未来持续增长。</p>
<h2>射频业务创下新高并获得国土安全合同</h2>
<p>射频业务实现了创纪录的季度，收入约为 3800 万美元，受益于强劲的项目活动。OSI 还赢得了一项未确定的国土防御合同，价值约为 2.35 亿美元，并继续参与大型 Shield IDIQ，增强了其国防管道。</p>
<h2>尽管收款延迟，现金状况仍然增强</h2>
<p>第三季度的经营现金流为 1400 万美元，受到收款放缓的限制，但流动性在季度结束后迅速改善。公司收回了约 7400 万美元与其最大的墨西哥应收款相关的款项，季度末现金余额为 3.45 亿美元，净杠杆约为 2.2 倍。</p>
<h2>较低的间接费用和利息成本支持盈利能力</h2>
<p>销售、一般和行政费用同比下降 2%，降至 7150 万美元，占销售额的 15.8%，而去年为 16.5%。净利息和其他费用从 820 万美元降至 400 万美元，反映出借款成本降低，帮助支持底线表现。</p>
<h2>研发支出增加以推动未来增长</h2>
<p>研发支出增加至 1950 万美元，占收入的 4.3%，略高于去年的 4.2%。管理层强调持续投资于创新对于维持竞争优势和扩展产品组合的重要性。</p>
<h2>墨西哥收入下降，模式转向服务</h2>
<p>来自主要墨西哥安全合同的收入大幅下降至 1100 万美元，较去年同期的 6900 万美元下降约 84%。这反映出从前期产品销售向长期服务和支持的战略转变，虽然对短期收入造成压力，但建立了一个可持续的经常性收入基础。</p>
<h2>医疗部门面临需求和利润率的挑战</h2>
<p>医疗部门在第三季度的销售疲软，尤其是在美国市场，需求滞后。因此，该部门的调整后经营利润率微乎其微，使医疗部门成为整体表现良好的投资组合中的一个显著弱点。</p>
<h2>地缘政治和政府资金造成时机风险</h2>
<p>管理层提到中东冲突的早期影响，包括物流限制和旅行限制，导致一些项目延迟。最近美国国土安全部的停摆也干扰了采购，给订单带来了时机逆风，并可能将收入推迟到后期。</p>
<h2>利润率面临部门转变的组合逆风</h2>
<p>毛利率同比下降至 33%，因为不太有利的产品组合对盈利能力造成压力。光电的调整后经营利润率从 14.0% 降至 13.5%，整体非 GAAP 调整后经营利润率为 14%，略低于去年的水平。</p>
<h2>营运资金和应收款仍需关注</h2>
<p>有限的收款使得第三季度的经营现金流保持在 1400 万美元，销售天数比上季度上升 7%。尽管 7400 万美元的墨西哥大额付款在季度结束后到账，管理层仍将应收款的时机视为短期现金流风险，直到收款正常化。</p>
<h2>指导意见在短期不确定性中保持稳定</h2>
<p>OSI Systems 重申了其 2026 财年的收入和非 GAAP 每股收益指导，依靠其创纪录的 19 亿美元订单积压和强劲的 1.3 订单与出货比。然而，管理层警告称，第四季度的订单、收入时机和现金收款可能会受到地缘政治紧张、政府资金中断、关税和供应链波动的影响，预计与墨西哥相关的逆风将在 2027 财年之前大部分消退。</p>
<p>总体而言，OSI Systems 的财报电话会议展示了一家公司在创纪录的业绩与可控风险之间的平衡，给投资者留下了谨慎乐观的印象。强劲的安全和光电趋势、稳健的订单积压以及改善的资产负债表指标抵消了对墨西哥、医疗和地缘政治时机的担忧，表明长期轨迹仍然向好。</p>

OSI系统

<p>OSI 系统报告了创纪录的第三季度收益，收入为 4.53 亿美元，非 GAAP 每股收益为 2.60 美元。该公司的订单积压为 19 亿美元，显示出强劲的未来需求。安全业务收入同比增长 25%，而光电业务达到了创纪录的 1.11 亿美元。然而，来自墨西哥合同的收入大幅下降，原因是转向服务。医疗保健部门面临需求疲软，地缘政治问题带来了时机风险。尽管面临这些挑战，OSI 重申了其 2026 财年的指导，强调了强劲的订单积压和账单比率</p>

<p>OSI Systems ((OSIS)) has held its Q3 earnings call. Read on for the main highlights of the call.</p>
<div class="lb-trans"><p>OSI Systems ((OSIS)) 举行了第三季度财报电话会议。以下是会议的主要亮点。</p>
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<div class="lb-trans"><h3>在 TipRanks 上享受 55% 的折扣</h3>
</div><ul>
<li>Unlock hedge fund-level data and powerful investing tools for smarter, sharper decisions</li>
<li>Discover top-performing stock ideas and upgrade to a portfolio of market leaders with Smart Investor Picks</li>
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<div class="lb-trans"><ul>
<li>解锁对冲基金级别的数据和强大的投资工具，以做出更聪明、更精准的决策</li>
<li>发现表现优异的股票投资理念，并升级到市场领先者的投资组合，使用智能投资者精选</li>
</ul>
</div><p>OSI Systems’ latest earnings call carried a distinctly upbeat tone, as management highlighted record quarterly revenue, record non‑GAAP EPS, and the largest backlog in the company’s history. While acknowledging regional softness, timing issues, and margin pressure, executives framed most headwinds as temporary, reinforcing a constructive outlook for long‑term growth.</p>
<div class="lb-trans"><p>OSI Systems 最近的财报电话会议语气明显乐观，管理层强调了创纪录的季度收入、创纪录的非 GAAP 每股收益，以及公司历史上最大的订单积压。尽管承认区域疲软、时机问题和利润压力，管理层将大多数逆风视为暂时的，强化了对长期增长的积极展望。</p>
</div><h2>Record Revenue and Earnings Underscore Operating Momentum</h2>
<div class="lb-trans"><h2>创纪录的收入和盈利凸显运营势头</h2>
</div><p>OSI Systems reported fiscal third‑quarter revenue of $453 million, the highest Q3 in its history. Non‑GAAP diluted EPS also reached a Q3 record at $2.60, underscoring solid execution despite regional revenue swings and macro uncertainty.</p>
<div class="lb-trans"><p>OSI Systems 报告称，财政第三季度收入为 4.53 亿美元，是其历史上最高的第三季度。非 GAAP 稀释每股收益也达到了 2.60 美元，创下第三季度纪录，尽管区域收入波动和宏观不确定性，仍显示出稳健的执行力。</p>
</div><h2>Backlog Peaks as Bookings Outpace Sales</h2>
<div class="lb-trans"><h2>订单积压达到峰值，订单超越销售</h2>
</div><p>The company ended the quarter with a backlog of about $1.9 billion, the largest it has ever recorded. A 1.3 book‑to‑bill ratio, fueled largely by Security and Optoelectronics orders, signals demand is running ahead of current revenue and supports visibility into future periods.</p>
<div class="lb-trans"><p>公司在季度末的订单积压约为 19 亿美元，是其有史以来最大的订单积压。1.3 的订单与出货比，主要受到安全和光电订单的推动，表明需求超过当前收入，并支持未来时期的可见性。</p>
</div><h2>Security Segment Delivers Strong Growth Ex‑Mexico</h2>
<div class="lb-trans"><h2>安全部门在墨西哥以外实现强劲增长</h2>
</div><p>Security revenue reached $319 million in Q3, but the underlying strength is clearer when excluding large Mexico contracts. On that basis, Security revenue jumped 25% year over year, reflecting robust demand for screening and detection solutions across multiple geographies.</p>
<div class="lb-trans"><p>第三季度安全收入达到 3.19 亿美元，但当排除大型墨西哥合同时，基础实力更加明显。在这种情况下，安全收入同比增长 25%，反映出多个地区对筛查和检测解决方案的强劲需求。</p>
</div><h2>Optoelectronics Posts Record Quarter and Major Win</h2>
<div class="lb-trans"><h2>光电业务创下季度纪录并取得重大胜利</h2>
</div><p>Optoelectronics and Manufacturing revenue rose 10% year over year to $111 million, a Q3 record for the segment. Opto also secured a $40 million award from a medical OEM, and its book‑to‑bill stayed well above 1, pointing to sustained growth ahead.</p>
<div class="lb-trans"><p>光电和制造收入同比增长 10%，达到 1.11 亿美元，创下该部门的第三季度纪录。光电还获得了一份来自医疗 OEM 的 4000 万美元合同，其订单与出货比保持在 1 以上，指向未来持续增长。</p>
</div><h2>RF Business Hits New High and Lands Homeland Deal</h2>
<div class="lb-trans"><h2>射频业务创下新高并获得国土安全合同</h2>
</div><p>The RF business delivered a record quarter with about $38 million in revenue, benefiting from strong program activity. OSI also won an undefinitized Homeland Defense award with a not‑to‑exceed value around $235 million and remains a participant on the large Shield IDIQ, bolstering its defense pipeline.</p>
<div class="lb-trans"><p>射频业务实现了创纪录的季度，收入约为 3800 万美元，受益于强劲的项目活动。OSI 还赢得了一项未确定的国土防御合同，价值约为 2.35 亿美元，并继续参与大型 Shield IDIQ，增强了其国防管道。</p>
</div><h2>Cash Position Strengthens Despite Collection Delays</h2>
<div class="lb-trans"><h2>尽管收款延迟，现金状况仍然增强</h2>
</div><p>Operating cash flow in Q3 was $14 million, constrained by slower collections, but liquidity improved rapidly after quarter end. The company collected approximately $74 million tied to its largest Mexico receivable and finished the quarter with $345 million in cash and net leverage around 2.2x.</p>
<div class="lb-trans"><p>第三季度的经营现金流为 1400 万美元，受到收款放缓的限制，但流动性在季度结束后迅速改善。公司收回了约 7400 万美元与其最大的墨西哥应收款相关的款项，季度末现金余额为 3.45 亿美元，净杠杆约为 2.2 倍。</p>
</div><h2>Lower Overheads and Interest Costs Support Profitability</h2>
<div class="lb-trans"><h2>较低的间接费用和利息成本支持盈利能力</h2>
</div><p>Selling, general, and administrative expenses declined 2% year over year to $71.5 million, falling to 15.8% of sales versus 16.5% a year ago. Net interest and other expense dropped to $4.0 million from $8.2 million, reflecting reduced borrowing costs and helping support bottom‑line performance.</p>
<div class="lb-trans"><p>销售、一般和行政费用同比下降 2%，降至 7150 万美元，占销售额的 15.8%，而去年为 16.5%。净利息和其他费用从 820 万美元降至 400 万美元，反映出借款成本降低，帮助支持底线表现。</p>
</div><h2>R&amp;D Spending Rises to Fuel Future Growth</h2>
<div class="lb-trans"><h2>研发支出增加以推动未来增长</h2>
</div><p>Research and development spending increased to $19.5 million, or 4.3% of revenue, up slightly from 4.2% in the prior year. Management emphasized ongoing investment in innovation as critical to sustaining competitive advantages and expanding the product portfolio over time.</p>
<div class="lb-trans"><p>研发支出增加至 1950 万美元，占收入的 4.3%，略高于去年的 4.2%。管理层强调持续投资于创新对于维持竞争优势和扩展产品组合的重要性。</p>
</div><h2>Mexico Revenue Drops as Model Shifts to Services</h2>
<div class="lb-trans"><h2>墨西哥收入下降，模式转向服务</h2>
</div><p>Revenue from major Mexico Security contracts fell sharply to $11 million from $69 million in the prior‑year quarter, an approximate 84% decline. This reflects a strategic shift from upfront product sales to long‑term service and support, pressuring near‑term revenue but building a recurring revenue base.</p>
<div class="lb-trans"><p>来自主要墨西哥安全合同的收入大幅下降至 1100 万美元，较去年同期的 6900 万美元下降约 84%。这反映出从前期产品销售向长期服务和支持的战略转变，虽然对短期收入造成压力，但建立了一个可持续的经常性收入基础。</p>
</div><h2>Healthcare Segment Struggles with Demand and Margins</h2>
<div class="lb-trans"><h2>医疗部门面临需求和利润率的挑战</h2>
</div><p>The Healthcare division posted soft sales in Q3, particularly in the U.S. market, as demand lagged. As a result, the segment generated negligible adjusted operating margin, making Healthcare a notable weak spot in an otherwise solid portfolio.</p>
<div class="lb-trans"><p>医疗部门在第三季度的销售疲软，尤其是在美国市场，需求滞后。因此，该部门的调整后经营利润率微乎其微，使医疗部门成为整体表现良好的投资组合中的一个显著弱点。</p>
</div><h2>Geopolitics and Government Funding Create Timing Risks</h2>
<div class="lb-trans"><h2>地缘政治和政府资金造成时机风险</h2>
</div><p>Management cited early impacts from the Middle East conflict, including logistics constraints and travel limits, which have delayed some programs. The recent U.S. Department of Homeland Security shutdown also disrupted procurement, creating timing headwinds for bookings and potentially shifting revenue into later periods.</p>
<div class="lb-trans"><p>管理层提到中东冲突的早期影响，包括物流限制和旅行限制，导致一些项目延迟。最近美国国土安全部的停摆也干扰了采购，给订单带来了时机逆风，并可能将收入推迟到后期。</p>
</div><h2>Margins Face Mix Headwinds Amid Segment Shifts</h2>
<div class="lb-trans"><h2>利润率面临部门转变的组合逆风</h2>
</div><p>Gross margin ticked down to 33% year over year, as a less favorable product mix weighed on profitability. Optoelectronics adjusted operating margin eased to 13.5% from 14.0%, and overall non‑GAAP adjusted operating margin settled at 14%, slightly below last year’s level.</p>
<div class="lb-trans"><p>毛利率同比下降至 33%，因为不太有利的产品组合对盈利能力造成压力。光电的调整后经营利润率从 14.0% 降至 13.5%，整体非 GAAP 调整后经营利润率为 14%，略低于去年的水平。</p>
</div><h2>Working Capital and Receivables Remain a Watch Point</h2>
<div class="lb-trans"><h2>营运资金和应收款仍需关注</h2>
</div><p>Limited collections kept Q3 operating cash flow modest at $14 million, and days‑sales‑outstanding rose 7% from the prior quarter. Although the large $74 million Mexico payment arrived after quarter end, management still views receivable timing as a near‑term cash flow risk until collections normalize.</p>
<div class="lb-trans"><p>有限的收款使得第三季度的经营现金流保持在 1400 万美元，销售天数比上季度上升 7%。尽管 7400 万美元的墨西哥大额付款在季度结束后到账，管理层仍将应收款的时机视为短期现金流风险，直到收款正常化。</p>
</div><h2>Guidance Holds Steady Amid Near‑Term Uncertainty</h2>
<div class="lb-trans"><h2>指导意见在短期不确定性中保持稳定</h2>
</div><p>OSI Systems reaffirmed its fiscal 2026 revenue and non‑GAAP EPS guidance, leaning on its record $1.9 billion backlog and strong 1.3 book‑to‑bill. However, management warned that Q4 bookings, revenue timing, and cash collections may be affected by geopolitical tensions, government funding disruptions, tariffs, and supply chain variability, with Mexico‑related headwinds expected to largely fade by fiscal 2027.</p>
<div class="lb-trans"><p>OSI Systems 重申了其 2026 财年的收入和非 GAAP 每股收益指导，依靠其创纪录的 19 亿美元订单积压和强劲的 1.3 订单与出货比。然而，管理层警告称，第四季度的订单、收入时机和现金收款可能会受到地缘政治紧张、政府资金中断、关税和供应链波动的影响，预计与墨西哥相关的逆风将在 2027 财年之前大部分消退。</p>
</div><p>Overall, OSI Systems’ earnings call presented a company balancing record performance with manageable risks, leaving investors with a cautiously optimistic picture. Strong Security and Opto trends, robust backlog, and improving balance sheet metrics offset concerns around Mexico, Healthcare, and geopolitical timing, suggesting the long‑term trajectory remains favorable.</p>
<div class="lb-trans"><p>总体而言，OSI Systems 的财报电话会议展示了一家公司在创纪录的业绩与可控风险之间的平衡，给投资者留下了谨慎乐观的印象。强劲的安全和光电趋势、稳健的订单积压以及改善的资产负债表指标抵消了对墨西哥、医疗和地缘政治时机的担忧，表明长期轨迹仍然向好。</p>
</div>

OSI 系统在时间阻力的影响下公布了创纪录的第三季度业绩