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OSI Systems Inc. (OSIS) has submitted its 10-Q filing for the quarterly period ended December 31, 2024.
The filing includes financial statements for the quarter, showing an increase in net revenues to $419.9 million from $373.2 million in the same quarter the previous year. The increase is attributed to growth in the Security division's product and service revenues.
Gross profit for the quarter was $147.1 million, compared to $141.3 million in the previous year, with the margin decreasing to 35.0% from 37.9% due to a change in revenue mix.
Selling, general, and administrative expenses were $70.7 million, slightly down from $71.6 million the previous year, while research and development expenses increased to $18.3 million from $16.3 million.
Net income for the quarter was $37.8 million, up from $36.6 million in the previous year. Basic earnings per share were $2.26, compared to $2.15 in the previous year.
Cash provided by operating activities was $15.4 million, a significant improvement from the $6.4 million used in the previous year. Cash used in investing activities was $97.6 million, primarily due to a business acquisition.
The company issued $350 million in convertible senior notes due in 2029, with proceeds used to repurchase shares and for general corporate purposes.
As of December 31, 2024, OSI Systems held $101.6 million in cash and cash equivalents, with 77% held by foreign subsidiaries.
The filing also details the company's segment performance, with the Security division accounting for 67% of total revenues, followed by the Optoelectronics and Manufacturing division at 22%, and the Healthcare division at 11%.
OSI Systems reported compliance with all financial covenants under its credit facility and noted no significant changes in its risk factors or legal proceedings.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the OSI Systems Inc. quarterly 10-Q report dated January 24, 2025. To report an error, please email earnings@qz.com.