Shareholders of Hawthorne security system maker OSI Systems Inc. are probably feeling anything but secure.

The company’s share price fell a whopping 32 percent Jan. 27 to close at $52 a share after much lower earnings were reported.

The manufacturer reported revenue of $197 million for the second quarter of fiscal year 2016 – a 23 percent decrease compared with the same period a year ago. Analysts were expecting revenue of $224 million.

OSI generated a profit of $100,000 in the quarter (1 cent a share), compared with net income of $18.2 million (89 cents) for the same period a year earlier. Adjusted net income was $8.15 million, half of the $16.3 million that analysts expected.

That decline made the company the biggest loser on the Business Journal’s Stock Index for the week ended Feb. 3. (See page 26.)

OSI manufactures X-ray systems for security purposes, patient monitoring equipment and light-sensing electrical components. Slowing global growth hit demand for the company’s products hard.

Chief Executive Deepak Chopra said he expected revenue to be lower for the second quarter, but the actual figures fell below even his expectations.

“With the global macroeconomic dynamics that have affected most industries to various degrees, our security and health care divisions’ performance was also adversely affected to some extent by these conditions,” he said in a conference call. “We believe that the global market swings that we have all seen have had an impact on our customers.”

In particular, Chopra said the company’s health care division sales were well below expectations. Lower demand also wasn’t helped by delayed rollout of several new products, which caused some lost sales and booking delays, he added.

Nicholas Ong, president of the company’s health care subsidiary SpaceLabs, has agreed to step down pending the hiring of his replacement.

Reduced revenue and net income has investors and analysts rethinking their assessment of OSI, wrote Motley Fool Equities analyst Brian Pacampara.

“Downbeat guidance is forcing analysts to drastically recalibrate their growth estimates,” he said, which is leading to “negative vibes over the company’s competitive position and product mix going forward.”

OSI is counting on a backlog of $695 million in orders to help its revenue rebound in the second half of the fiscal year. Security division bookings in particular rose in the first half of the year by 272 percent compared with a year ago.

Still, the company’s revenue guidance is significantly below what was predicted at the end of the first quarter.

Its fiscal 2016 revenue guidance is $900 million to $945 million with an earnings forecast of $2.95 to $3.20 a share.