Thu, Aug 29, 9:16 PM (138 days ago)
For the fiscal year ended June 30, 2024, OSI Systems, Inc. reported consolidated revenues of $1,538.8 million, a 20.4% increase from the prior year, driven primarily by a $275 million rise in product sales within the Security division, which accounted for 67.8% of total revenues. Net income rose to $128.2 million, with earnings per share at $7.55. Operating expenses increased by 15.6% to $341.4 million, primarily due to higher selling, general, and administrative costs. The company experienced a significant rise in contract assets, reflecting a $252.1 million increase in unbilled revenue, while contract liabilities also grew, highlighting the ongoing demand for its services. OSI Systems made strategic acquisitions, adding capabilities in optoelectronics and security, which are expected to enhance market positioning. Key risks include geopolitical tensions, particularly the Russia-Ukraine conflict, inflationary pressures, and supply chain disruptions. The company maintains a strong liquidity position with $95.4 million in cash and cash equivalents, and significant borrowing capacity under its credit facility. The future outlook remains cautiously optimistic, contingent on navigating these risks and capitalizing on market opportunities.