Q4 2024 OSI Systems Inc Earnings Call Transcript
Key Points
- OSI Systems Inc (OSIS) reported record revenues of $481 million for Q4, a 17% year-over-year increase.
- The security division saw a 27% year-over-year revenue increase in Q4, contributing significantly to overall growth.
- The company ended the fiscal year with a substantial backlog of approximately $1.7 billion, providing strong visibility for fiscal 2025.
- Non-GAAP adjusted earnings per share for Q4 reached a record $2.84, with full-year EPS at $8.13, a 31% increase over the prior year.
- The optoelectronics and manufacturing division achieved record Q4 revenues, indicating strong performance across multiple segments.
- The healthcare division's Q4 revenues were down 15% year-over-year due to a challenging hospital spending environment.
- Gross margin for Q4 decreased to 32.1% from 34.7% in the prior year, primarily due to a less favorable revenue mix.
- Operating expenses increased year-over-year, driven by higher compensation costs and unfavorable foreign exchange rates.
- Net interest and other expenses rose to $8.2 million in Q4 from $5.7 million in the prior year, mainly due to increased interest rates on higher borrowings.
- Cash used in operations was $29 million in Q4, primarily due to increases in accounts receivable associated with security division revenue growth.
Hello, and thank you for standing by. Welcome to OSI Systems Inc. fourth quarter and fiscal year 2024 conference call. (Operator Instructions)
I would now like to turn the call over to Alan Edrick, Executive Vice President and Chief Financial Officer of OSI. Sir, you may begin.
Well, thank you. Good morning, and thank you for joining us. I'm Alan Edrick, Executive Vice President and CFO of OSI Systems. And I'm here today with Deepak Chopra, OSI's President and CEO. Welcome to the OSI Systems fiscal '24 fourth quarter and year end conference call. We are pleased that you can join us as we review both our financial and our operational results.
Earlier today, we issued a press release announcing our fiscal '24 fourth quarter and full year financial results. Before we discuss these results however, I would like to remind everyone that today's discussion will include forward-looking statements and the company wishes to take advantage of the Safe Harbor provisions of
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