OSI Systems, Inc. has reported its financial results for the fourth quarter and fiscal year ending June 30, 2024. The company achieved record revenues of $481 million in the fourth quarter, representing a 17% increase from the same period in the prior year. For the full fiscal year, OSI Systems reported record revenues of $1.54 billion, marking a 20% growth year-over-year.
In terms of earnings per diluted share, the company recorded GAAP diluted EPS of $2.55 for Q4 FY24, while non-GAAP diluted EPS reached a record $2.84. For the fiscal year ended June 30, 2024, GAAP diluted EPS was $7.38, with non-GAAP diluted EPS hitting a record $8.13, reflecting a 31% growth year-over-year.
The company's strong performance is further evidenced by its backlog of approximately $1.7 billion as of June 30, 2024, which is near all-time highs. Additionally, OSI Systems provided guidance for fiscal 2025, anticipating revenues in the range of $1.620 billion to $1.650 billion and non-GAAP adjusted earnings per diluted share in the range of $8.80 to $9.15.
The security division played a significant role in driving the company's strong financial results, with fourth-quarter revenues increasing by 27% year-over-year, leading to substantial growth in adjusted operating income. The optoelectronics and manufacturing division also rebounded, reporting record fourth-quarter revenues, and is anticipated to deliver solid performance in fiscal 2025, particularly in the second half of the year.
Furthermore, OSI Systems concluded fiscal 2024 with the strongest quarter for the healthcare division. Despite challenges in the hospital spending environment, the company foresees a stronger fiscal 2025, focusing on new product development, particularly in the patient monitoring portfolio, to unlock new avenues of growth.
In July 2024, OSI Systems issued $350 million of convertible senior notes, with an interest rate of 2.25% due in fiscal 2030, and used the net proceeds to partially reduce the outstanding balance under its revolving credit facility.
The company's executive vice president and chief financial officer, Alan Edrick, highlighted the successful completion of the convertible notes financing, which is expected to facilitate continued growth while reducing the weighted average cost of borrowing and resulting in significant interest savings.
OSI Systems' presentation of non-GAAP financial measures, including non-GAAP net income, non-GAAP adjusted diluted earnings per share, and non-GAAP operating income by segment, is intended to provide enhanced insight into the company's ongoing operations and meaningful information for assessing its performance.
Today the company's shares have moved 6.5% to a price of $154.01. If you want to know more, read the company's complete 8-K report here.
