The following is a summary of the OSI Systems, Inc. (OSIS) Q4 2024 Earnings Call Transcript:

Financial Performance:

• OSI Systems reported a Q4 revenue of $481 million, a 17% increase year-over-year, driven by outstanding performance in the Security division.

• Q4 non-GAAP adjusted earnings per share were at a record $2.84.

• Full fiscal year 2024 revenues reached a record $1.54 billion, marking a 20% increase from the previous year, with non-GAAP adjusted EPS at $8.13 for the year, up 31%.

• The company concluded the year with a strong backlog of approximately $1.7 billion, providing visibility for fiscal year 2025.

Business Progress:

• Security division showed remarkable growth with Q4 revenues up 27% year-over-year, primarily driven by significant programs including a major program with Mexico's SEDENA and a $200 million international contract.

• Opto Electronics Manufacturing division achieved record revenues of $102 million in Q4, focusing on strategic near-shoring to reduce dependency on Chinese supply chains.

• Healthcare division showed robust performance despite challenges, securing a $6 million award from a U.S. hospital.

Opportunities:

• Continued focus on expanding service revenues which carry higher margins compared to product revenues.

• Strong backlog and robust pipeline of opportunities across security, opto electronics, and healthcare divisions predicting favorable growth in fiscal year 2025.

Risks:

• The company anticipates fluctuations in gross margin influenced by revenue mix and varying operational costs.

• Possible impacts from ongoing adjustments in supply chain and inventory levels affecting near-term financial outcomes.

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