OSI Systems Reports Fiscal 2025 First Quarter Financial Results
OSI Systems (NASDAQ: OSIS) reported strong fiscal 2025 first quarter results with record Q1 revenues of $344.0 million, representing a 23% year-over-year increase. Net income reached $17.9 million, or $1.05 per diluted share, up from $12.9 million ($0.75 per share) in the prior year. The company's Security division showed exceptional performance with a 36% revenue increase year-over-year. The backlog grew to approximately $1.8 billion, up from $1.7 billion in June 2024. Based on strong performance, OSI Systems increased its fiscal 2025 guidance, projecting revenues of $1.670-1.695 billion and non-GAAP adjusted EPS of $9.00-$9.30.
OSI Systems (NASDAQ: OSIS) ha riportato risultati solidi per il primo trimestre fiscale 2025, con entrate record nel Q1 di 344,0 milioni di dollari, che rappresentano un aumento del 23% rispetto all'anno precedente. L'utile netto ha raggiunto i 17,9 milioni di dollari, ovvero 1,05 dollari per azione diluita, in crescita rispetto ai 12,9 milioni di dollari (0,75 dollari per azione) dell'anno precedente. La divisione Sicurezza dell'azienda ha mostrato un'ottima performance con un aumento del 36% delle entrate rispetto all'anno precedente. Il portafoglio ordini è cresciuto a circa 1,8 miliardi di dollari, rispetto a 1,7 miliardi di dollari a Giugno 2024. Sulla base di questa forte performance, OSI Systems ha aumentato le sue previsioni per il fiscale 2025, prevedendo entrate comprese tra 1,670 e 1,695 miliardi di dollari e un utile per azione rettificato non-GAAP compreso tra 9,00 e 9,30 dollari.
OSI Systems (NASDAQ: OSIS) informó resultados sólidos para el primer trimestre fiscal de 2025, con ingresos récord en el Q1 de 344,0 millones de dólares, lo que representa un aumento del 23% en comparación con el año anterior. La utilidad neta alcanzó los 17,9 millones de dólares, o 1,05 dólares por acción diluida, en comparación con 12,9 millones de dólares (0,75 dólares por acción) en el año anterior. La división de Seguridad de la compañía mostró un rendimiento excepcional con un aumento del 36% en los ingresos interanuales. La cartera de pedidos creció a aproximadamente 1,8 mil millones de dólares, en comparación con 1,7 mil millones de dólares en junio de 2024. Con base en un fuerte desempeño, OSI Systems aumentó su guía fiscal para 2025, proyectando ingresos de 1,670 a 1,695 mil millones de dólares y un EPS ajustado no-GAAP de 9,00 a 9,30 dólares.
OSI Systems (NASDAQ: OSIS)는 2025 회계 연도 1분기 실적 발표에서 1분기 매출 3억 4천4백만 달러의 기록을 세웠으며, 이는 지난해 같은 기간 대비 23% 증가한 수치입니다. 순이익은 1천790만 달러, 즉 희석 주당 1.05달러로, 전년도 1천290만 달러 (주당 0.75달러)에서 증가했습니다. 회사의 보안 부문은 전년 대비 36% 매출 증가로 예외적인 성과를 보였습니다. 연말 적체는 17억 달러에서 18억 달러로 증가했습니다. 강력한 성과를 바탕으로, OSI Systems는 2025 회계연도 가이던스를 상향 조정하여, 매출을 1,670억-1,695억 달러, 비-GAAP 조정 EPS는 9.00-9.30달러로 예상했습니다.
OSI Systems (NASDAQ: OSIS) a publié des résultats solides pour le premier trimestre de l'exercice fiscal 2025, avec des revenus records de 344,0 millions de dollars pour le Q1, représentant une augmentation de 23 % par rapport à l'année précédente. Le bénéfice net a atteint 17,9 millions de dollars, soit 1,05 dollar par action diluée, contre 12,9 millions de dollars (0,75 dollar par action) l'année précédente. La division Sécurité de l'entreprise a affiché des performances exceptionnelles avec une augmentation de 36 % des revenus d'une année sur l'autre. Le carnet de commandes a atteint environ 1,8 milliard de dollars, contre 1,7 milliard de dollars en juin 2024. Sur la base de ces résultats solides, OSI Systems a relevé ses prévisions pour l'exercice 2025, prévoyant des revenus entre 1,670 et 1,695 milliard de dollars et un BPA ajusté non-GAAP de 9,00 à 9,30 dollars.
OSI Systems (NASDAQ: OSIS) hat starke Ergebnisse für das erste Quartal des Geschäftsjahres 2025 berichtet, mit Rekordumsätzen im Q1 von 344,0 Millionen Dollar, was einem Anstieg von 23% im Vergleich zum Vorjahr entspricht. Der Nettogewinn erreichte 17,9 Millionen Dollar, oder 1,05 Dollar pro verwässerter Aktie, im Vergleich zu 12,9 Millionen Dollar (0,75 Dollar pro Aktie) im Vorjahr. Die Sicherheitsabteilung des Unternehmens zeigte eine außergewöhnliche Leistung mit einem Umsatzanstieg von 36% im Jahresvergleich. Der Auftragsbestand wuchs auf etwa 1,8 Milliarden Dollar, nach 1,7 Milliarden Dollar im Juni 2024. Basierend auf dieser starken Leistung erhöhte OSI Systems seine Prognose für das Geschäftsjahr 2025 und erwartet Umsätze zwischen 1,670 und 1,695 Milliarden Dollar sowie einen bereinigten Gewinn pro Aktie (EPS) nach Non-GAAP zwischen 9,00 und 9,30 Dollar.
- Record Q1 revenues of $344.0 million, up 23% year-over-year
- Security division revenue increased 36% year-over-year
- Net income increased to $17.9 million from $12.9 million year-over-year
- Backlog grew to $1.8 billion from $1.7 billion in June 2024
- Increased FY2025 guidance for both revenue and earnings
- Successfully issued $350 million convertible senior notes at 2.25% interest
- Net cash used in operating activities was $37.2 million due to working capital increases
- Share repurchase of $80 million may impact cash reserves
Insights
OSI Systems delivered an exceptional Q1 FY25 performance with several notable achievements.
The robust backlog of
The
-
Record Fiscal Q1 Revenues of
($344 Million 23% growth year-over-year) -
Q1 Earnings Per Diluted Share
-
GAAP EPS of
$1.05 -
Record Q1 Non-GAAP Adjusted EPS of
$1.25
-
GAAP EPS of
-
Q1 Operating Income Growth of
34% Year-Over-Year -
Q1-Ended Backlog of Approximately
$1.8 Billion - Company Increases Fiscal 2025 Revenues and Non-GAAP Adjusted Diluted EPS Guidance
Deepak Chopra, OSI Systems’ Chairman and Chief Executive Officer, stated “We are pleased to kick off fiscal 2025 with a strong first quarter in which we posted record Q1 revenues and non-GAAP earnings per share led again by outstanding growth in the Security division. Given our robust backlog and high visibility into the opportunity pipeline, we anticipate a strong fiscal year.”
For Q1 FY25, the Company reported revenues of
The Company's backlog was approximately
Mr. Chopra commented, “The Security division results reflect continuing strong momentum with heightened demand for our product and service offerings, as well as our superior competitive position. The Security division’s revenues in the first quarter of fiscal 2025 increased
Mr. Chopra continued, “Our Optoelectronics and Manufacturing division delivered solid quarterly results, reporting year-over-year revenue growth despite certain customers continuing to adjust inventory levels and purchasing patterns. The division continues to benefit from our global manufacturing footprint with exposure across multiple end markets.”
Mr. Chopra concluded, “During the first quarter of fiscal 2025, we saw improved margins in the Healthcare division on a comparable level of revenues with the same quarter of the prior year. We continue to focus on new product development, principally in our patient monitoring portfolio.”
In July 2024 the Company issued
Fiscal Year 2025 Outlook
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Previous Guidance |
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Growth Rate |
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Non-GAAP Adjusted Diluted Earnings Per Share |
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Growth Rate |
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The Company is increasing its fiscal 2025 revenues and non-GAAP adjusted diluted earnings per share guidance. Actual revenues and adjusted diluted earnings per share could vary from this guidance due to factors discussed under “Forward-Looking Statements” or other factors.
The Company’s fiscal 2025 adjusted diluted earnings per share guidance is provided on a non-GAAP basis only. The Company does not provide a reconciliation of guidance for non-GAAP adjusted diluted EPS to GAAP diluted EPS (the most directly comparable GAAP measure) on a forward-looking basis because the Company is unable to provide a meaningful or accurate compilation of reconciling items and certain information is not available. This is due to the inherent difficulty and complexity in accurately forecasting the timing and amounts of various items included in the calculation of GAAP diluted EPS but excluded in the calculation of non-GAAP adjusted diluted EPS, such as acquisition costs and other non-recurring items that have not yet occurred, are out of the Company’s control or cannot otherwise reasonably be predicted. For the same reasons, the Company is unable to address the significance of unavailable information which may be material and therefore could result in GAAP diluted EPS, the most directly comparable GAAP financial measure, being materially different from projected non-GAAP adjusted diluted EPS.
Presentation of Non-GAAP Financial Measures
This earnings release includes a presentation of non-GAAP net income, non-GAAP adjusted diluted earnings per share, non-GAAP operating income (loss) by segment and non-GAAP operating margin, all of which are non-GAAP financial measures. The presentation of these non-GAAP figures for all fiscal periods is provided to allow for the comparison of the underlying performance of the Company, net of impairment, restructuring and other charges (including certain legal costs), amortization of intangible assets acquired through business acquisitions, and their associated tax effects, and the impact of discrete income tax items. Although we exclude amortization of acquired intangible assets from our non-GAAP figures, revenue generated from such intangibles is included within revenue in determining non-GAAP financial performance of the Company. Management believes that the non-GAAP financial measures presented in this earnings release provide (i) enhanced insight into the ongoing operations of the Company, (ii) meaningful information regarding the Company’s financial results (excluding amounts management does not view as reflective of ongoing operating results) for purposes of planning, forecasting and assessing the performance of the Company’s businesses, (iii) a meaningful comparison of financial results of the current period against results of past periods and (iv) financial results that are generally more comparable to financial results of peer companies than are GAAP figures. Non-GAAP financial measures should not be assessed in isolation or as a substitute for measures of financial performance prepared in accordance with GAAP. These non-GAAP measures may not be the same as measures used by other companies due to possible differences in methods and in the items or events for which adjustments are made.
Reconciliations of GAAP financial information to non-GAAP financial information are provided in the accompanying tables. The financial results calculated in accordance with GAAP and reconciliations from those financial results should be carefully evaluated.
Conference Call Information
The Company will host a conference call and simultaneous webcast beginning at 9:00am PT (12:00pm ET) today to discuss its results for Q1 FY25. To listen, please visit the Investor Relations section of the OSI Systems website at http://investors.osi-systems.com/index.cfm and follow the link that will be posted on the front page. A replay of the webcast will be available beginning shortly after the conclusion of the conference call until November 10, 2024. The replay can be accessed through the Company’s website at www.osi-systems.com.
About OSI Systems
OSI Systems is a vertically integrated designer and manufacturer of specialized electronic systems and components for critical applications in the homeland security, healthcare, defense and aerospace industries. The Company combines more than 40 years of electronics engineering and manufacturing experience with offices and production facilities in more than a dozen countries to implement a strategy of expansion into selective end-product markets. For more information on OSI Systems and its subsidiary companies, visit www.osi-systems.com. News Filter: OSIS-E
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements relate to the Company's current expectations, beliefs, and projections concerning matters that are not historical facts. Forward-looking statements are not guarantees of future performance and involve uncertainties, risks, assumptions, and contingencies, many of which are outside the Company's control and which may cause actual results to differ materially from those described in or implied by any forward-looking statement. Forward-looking statements include, but are not limited to, information provided regarding expected revenues, earnings, growth, and operational performance in fiscal 2025 and beyond. The Company could be exposed to a variety of negative consequences as a result of delays related to the award of domestic and international contracts; failure to secure the renewal of key customer contracts; delays in customer programs; delays in revenue recognition related to the timing of customer acceptance; the impact of potential information technology, cybersecurity or data security breaches; changes in domestic and foreign government spending and budgetary, procurement and trade policies adverse to the Company's businesses; the impact of the
OSI SYSTEMS, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (in thousands, except per share data) |
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|
Three Months Ended September 30, |
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|
2023 |
|
2024 |
|||
|
|
|
|
|||
Revenues: |
|
|
|
|||
Products |
$ |
199,709 |
|
$ |
255,808 |
|
Services |
79,501 |
|
88,199 |
|||
Total net revenues |
279,210 |
|
344,007 |
|||
Cost of goods sold: |
|
|
|
|||
Products |
136,983 |
|
170,422 |
|||
Services |
43,482 |
|
52,083 |
|||
Total cost of goods sold |
180,465 |
|
222,505 |
|||
Gross profit |
98,745 |
|
121,502 |
|||
Operating expenses: |
|
|
|
|||
Selling, general and administrative |
59,798 |
|
72,223 |
|||
Research and development |
15,922 |
|
17,773 |
|||
Restructuring and other charges, net |
466 |
|
1,178 |
|||
Total operating expenses |
76,186 |
|
91,174 |
|||
Income from operations |
22,559 |
|
30,328 |
|||
Interest and other expense, net |
(5,748) |
|
(7,359) |
|||
Income before income taxes |
16,811 |
|
22,969 |
|||
Provision for income taxes |
(3,932) |
|
(5,033) |
|||
Net income |
$ |
12,879 |
|
$ |
17,936 |
|
|
|
|
|
|||
Diluted earnings per share |
$ |
0.75 |
|
$ |
1.05 |
|
Weighted average shares outstanding – diluted |
17,175 |
|
17,055 |
UNAUDITED SEGMENT INFORMATION (in thousands) |
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|
Three Months Ended September 30, |
|||||
|
2023 |
|
2024 |
|||
Revenues – by Segment: |
|
|
|
|||
Security division |
$ |
164,629 |
|
$ |
224,314 |
|
Optoelectronics and Manufacturing division, including intersegment revenues |
96,128 |
|
97,795 |
|||
Healthcare division |
37,787 |
|
37,102 |
|||
Intersegment eliminations |
(19,334) |
|
(15,204) |
|||
Total |
$ |
279,210 |
|
$ |
344,007 |
|
|
|
|
|
|||
Operating income (loss) – by Segment: |
|
|
|
|||
Security division |
$ |
20,609 |
|
$ |
28,856 |
|
Optoelectronics and Manufacturing division |
11,437 |
|
10,609 |
|||
Healthcare division |
164 |
|
800 |
|||
Corporate |
(9,916) |
|
(9,510) |
|||
Intersegment eliminations |
265 |
|
(427) |
|||
Total |
$ |
22,559 |
|
$ |
30,328 |
OSI SYSTEMS, INC. AND SUBSIDIARIES UNAUDITED CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) |
||||||
|
June 30, 2024 |
|
September 30, 2024 |
|||
Assets |
|
|
|
|||
|
|
|
|
|||
Cash and cash equivalents |
$ |
95,353 |
|
$ |
85,053 |
|
Accounts receivable, net |
|
648,155 |
|
|
687,610 |
|
Inventories |
|
397,939 |
|
|
456,030 |
|
Prepaid expenses and other current assets |
|
74,077 |
|
|
81,310 |
|
Total current assets |
|
1,215,524 |
|
|
1,310,003 |
|
Property and equipment, net |
|
113,967 |
|
|
124,613 |
|
Goodwill |
|
351,480 |
|
|
381,444 |
|
Intangible assets, net |
|
139,529 |
|
|
183,222 |
|
Other non-current assets |
|
115,508 |
|
|
114,232 |
|
Total Assets |
$ |
1,936,008 |
|
$ |
2,113,514 |
|
|
|
|
|
|||
Liabilities and Stockholders' Equity |
|
|
|
|||
|
|
|
|
|||
Bank lines of credit |
$ |
384,000 |
|
$ |
259,000 |
|
Current portion of long-term debt |
|
8,167 |
|
|
8,217 |
|
Accounts payable and accrued expenses |
|
248,427 |
|
|
269,067 |
|
Other current liabilities |
|
174,043 |
|
|
176,252 |
|
Total current liabilities |
|
814,637 |
|
|
712,536 |
|
Long-term debt |
|
129,383 |
|
|
468,084 |
|
Other long-term liabilities |
|
128,505 |
|
|
146,399 |
|
Total liabilities |
|
1,072,525 |
|
|
1,327,019 |
|
Total stockholders’ equity |
|
863,483 |
|
|
786,495 |
|
Total Liabilities and Stockholders’ Equity |
$ |
1,936,008 |
|
$ |
2,113,514 |
RECONCILIATION OF GAAP TO NON-GAAP NET INCOME AND EARNINGS PER SHARE (in thousands, except earnings per share data) |
||||||||||||||||
|
Three Months Ended September 30, |
|||||||||||||||
|
2023 |
|
2024 |
|||||||||||||
|
Net income |
|
Diluted EPS |
|
Net income |
|
Diluted EPS |
|||||||||
GAAP basis |
$ |
12,879 |
|
|
$ |
0.75 |
|
|
$ |
17,936 |
|
|
$ |
1.05 |
|
|
Restructuring and other charges, net |
|
466 |
|
|
|
0.02 |
|
|
|
1,178 |
|
|
|
0.07 |
|
|
Amortization of acquired intangible assets |
|
3,707 |
|
|
|
0.22 |
|
|
|
3,867 |
|
|
|
0.23 |
|
|
Non-cash interest expense |
|
- |
|
|
|
- |
|
|
|
- |
|
|
|
- |
|
|
Tax effect of above adjustments |
|
(1,079 |
) |
|
|
(0.06 |
) |
|
|
(1,211 |
) |
|
|
(0.07 |
) |
|
Discrete tax benefit |
|
(413 |
) |
|
|
(0.02 |
) |
|
|
(482 |
) |
|
|
(0.03 |
) |
|
Non-GAAP basis |
$ |
15,560 |
|
|
$ |
0.91 |
|
|
$ |
21,288 |
|
|
$ |
1.25 |
|
RECONCILIATION OF GAAP TO NON-GAAP OPERATING INCOME (LOSS) AND OPERATING MARGIN BY SEGMENT (in thousands, except percentages) |
|||||||||||||||||||||||
Three Months Ended September 30, 2023 |
|||||||||||||||||||||||
|
|
Security Division |
|
Optoelectronics and Manufacturing Division |
|
Healthcare Division |
|
Corporate / Elimination |
|
Total |
|||||||||||||
|
|
|
|
% of Sales |
|
|
|
% of Sales |
|
|
|
% of Sales |
|
|
|
|
|
% of Sales |
|||||
GAAP basis – operating income (loss) |
|
$ |
20,609 |
|
|
|
$ |
11,437 |
|
|
|
$ |
164 |
|
|
|
$ |
(9,651) |
|
$ |
22,559 |
|
|
Restructuring and other charges, net |
|
|
272 |
|
|
|
|
51 |
|
|
|
|
- |
|
|
|
|
143 |
|
|
466 |
|
|
Amortization of acquired intangible assets |
|
|
2,627 |
|
|
|
|
779 |
|
|
|
|
301 |
|
|
|
|
- |
|
|
3,707 |
|
|
Non-GAAP basis– operating income (loss) |
|
$ |
23,508 |
|
|
|
$ |
12,267 |
|
|
|
$ |
465 |
|
|
|
$ |
(9,508) |
|
$ |
26,732 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Three Months Ended September 30, 2024 |
|||||||||||||||||||||||
|
|
Security Division |
|
Optoelectronics and Manufacturing Division |
|
Healthcare Division |
|
Corporate / Elimination |
|
Total |
|||||||||||||
|
|
|
|
% of Sales |
|
|
|
% of Sales |
|
|
|
% of Sales |
|
|
|
|
|
% of Sales |
|||||
GAAP basis – operating income (loss) |
|
$ |
28,856 |
|
|
|
$ |
10,609 |
|
|
|
$ |
800 |
|
|
|
$ |
(9,937) |
|
$ |
30,328 |
|
|
Restructuring and other charges, net |
|
|
479 |
|
|
|
|
547 |
|
|
|
|
152 |
|
|
|
|
- |
|
|
1,178 |
|
|
Amortization of acquired intangible assets |
|
|
2,986 |
|
|
|
|
580 |
|
|
|
|
301 |
|
|
|
|
- |
|
|
3,867 |
|
|
Non-GAAP basis– operating income (loss) |
|
$ |
32,321 |
|
|
|
$ |
11,736 |
|
|
|
$ |
1,253 |
|
|
|
$ |
(9,937) |
|
$ |
35,373 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20241024089255/en/
For Additional Information, Contact:
OSI Systems, Inc.
Ajay Vashishat
Vice President, Business Development
Tel: (310) 349-2237
avashishat@osi-systems.com
Source: OSI Systems, Inc.
FAQ
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