What: Shares of security scanner specialist OSI Systems (NASDAQ:OSIS) were down a staggering 32% at 11 a.m. ET on Thursday after its quarterly results and outlook missed Wall Street expectations.

So what: OSI shares surged in the latter half of 2015 on optimism over its near-term growth prospects, but a wide Q2 miss -- EPS of $0.40 on revenue of $197 million vs. the consensus of $0.81 and $224 million -- coupled with downbeat guidance is forcing analysts to drastically recalibrate their growth estimates. Management cited a sales decline in its optoelectronics/manufacturing division and worse-than-expected performance its healthcare segment for the disappointing report, giving Mr. Market plenty of negative vibes over the company's competitive position and product mix going forward.

Now what: Management now sees full-year EPS of $2.95 to $3.20 on revenue of $900 million to $945 million, well below the consensus of $3.78 and $223.8 million. "[T]he challenges associated with the global economy proved to be greater than anticipated leading to disappointing first half financial results," said Chairman and CEO Deepak Chopra. "Despite this, we are encouraged by our strong first half bookings, which we believe positions us to rebound nicely in the second half of fiscal 2016." With the stock now off a whopping 50% from its 52-week highs and trading at a forward P/E in the mid-teens, now might even be an opportune time to bet on that turnaround.