OSI Systems (OSIS) Q2 FY2024 earnings: revenue $373 million, up 26.3% on the year

OSI Systems Inc. (OSIS) reported revenue of $373 million for Q2 FY2024, the quarter ended 31 December 2023, up 26.3% on the same quarter a year earlier. Net income was $37 million, up 123.5% on the year, and diluted earnings per share $2.11. The figures are the company's own, from the 10-Q it filed with the SEC on 26 January 2024.

Revenue$373 millionup 26.3%

Net income$37 millionup 123.5%

Diluted EPS$2.11

QuarterQ2 FY2024ended 31 December 2023

The quarter, against the one before and a year earlier

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Revenue	373	279	n/a	n/a
Cost of revenue	232	180	n/a	n/a
Gross profit	141	98.7	n/a	n/a
Gross margin	37.9%	35.4%	n/a
Research and development	16.4	15.9	n/a	n/a
Selling, general and administrative	71.6	59.8	n/a	n/a
Operating income	52.3	22.6	n/a	n/a
Operating margin	14.0%	8.1%	n/a
Interest expense	6.5	5.7	n/a	n/a
Pre-tax income	45.8	16.8	n/a	n/a
Income tax	9.2	3.9	n/a	n/a
Effective tax rate	20.2%	23.4%	n/a
Net income	36.6	12.9	n/a	n/a
Net margin	9.8%	4.6%	n/a
Diluted EPS	$2.11	$0.75	n/a	n/a

$ million except per share.

Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Those four are arithmetic on the filed numbers; everything else is as filed. Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and share counts are as they are.

Cash flow and capital returned

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Operating cash flow	-23.5	17.1	n/a	n/a
Capital expenditure	3.5	5.2	n/a	n/a
Free cash flow	-27.0	11.9	n/a	n/a
Free cash flow margin	-7.2%	4.3%	n/a
Cash from investing	-12.2	-9.6	n/a	n/a
Cash from financing	78.9	-1.9	n/a	n/a
Depreciation and amortisation	10.3	9.6	n/a	n/a
Share-based compensation	7.3	7.1	n/a	n/a
Diluted shares, weighted	17m	17m	n/a	n/a
Shares outstanding at period end	17m	17m	n/a	n/a

Cash flow lines for the quarter; where the company files them year to date, the quarter is the difference between two filings.

Balance sheet at quarter end

Line	Q2 FY2024	Q1 FY2024	A year earlier	Change on the year
Shareholders' equity	770	724	n/a	n/a
Debt	457	378	n/a	n/a
Operating lease liabilities	22.5	23.5	n/a	n/a
Other liabilities	477	463	n/a	n/a
Total liabilities and equity	1,726	1,588	n/a	n/a
Fixed assets	110	109	n/a	n/a
Goodwill	353	348	n/a	n/a
Intangible assets	143	140	n/a	n/a
Cash and equivalents	127	82.6	n/a	n/a
Receivables	370	324	n/a	n/a
Inventory	446	419	n/a	n/a
Other assets	177	165	n/a	n/a
Total assets	1,726	1,588	n/a	n/a

Questions

What was OSI Systems' revenue in Q2 FY2024?

OSI Systems (OSIS) reported revenue of $373 million for Q2 FY2024, the quarter ended 31 December 2023, up 26.3% on the same quarter a year earlier.

How much did OSI Systems earn in Q2 FY2024?

Net income for Q2 FY2024 was $37 million, up 123.5% on the year, and diluted earnings per share $2.11.

When did OSI Systems report Q2 FY2024 results?

OSI Systems filed its 10-Q for the quarter ended 31 December 2023 with the SEC on 26 January 2024.

Quarterly results, the last 12 quarters

	Q1 FY2024	Q2 FY2024	Q3 FY2024	Q4 FY2024	Q1 FY2025	Q2 FY2025	Q3 FY2025	Q4 FY2025	Q1 FY2026	Q2 FY2026	Q3 FY2026	Q4 FY2026
Revenue	279	373	405	481	344	420	444	505	385	464	453	484
Cost of revenue	180	232	269	327	223	273	294	337	261	312	303	316
Gross profit	98.7	141	136	154	122	147	150	168	123	152	150	168
Gross margin	35%	38%	34%	32%	35%	35%	34%	33%	32%	33%	33%	35%
R&D	15.9	16.4	17.1	15.9	17.8	18.3	18.6	18.8	20.4	19.8	19.5	19.5
SG&A	59.8	71.6	66.6	71.7	72.2	70.7	73.2	74.7	67.0	70.2	71.5	69.7
Operating income	22.6	52.3	51.4	62.8	30.3	58.0	56.2	73.0	33.1	58.8	53.2	73.9
Operating margin	8%	14%	13%	13%	9%	14%	13%	14%	9%	13%	12%	15%
Interest expense	5.7	6.5	7.4	8.2	7.4	8.6	8.2	7.2	7.4	10.7	4.0	4.1
Pre-tax income	16.8	45.8	44.0	54.7	23.0	49.3	48.0	65.8	25.7	48.1	49.2	69.8
Tax rate	23%	20%	23%	18%	22%	23%	14%	20%	20%	20%	18%	21%
Net income	12.9	36.6	34.0	44.7	17.9	37.8	41.1	52.7	20.6	38.7	40.2	55.2
Net margin	5%	10%	8%	9%	5%	9%	9%	10%	5%	8%	9%	11%
Diluted EPS	$0.75	$2.11	$1.95	$2.55	$1.05	$2.22	$2.40	$3.03	$1.18	$2.22	$2.33	$3.27
Operating cash flow	17.1	-23.5	-52.1	-29.0	-37.2	52.5	81.6	0.6	17.1	62.2	14.5	182
Capital expenditure	5.2	3.5	4.9	8.5	7.7	5.5	4.5	6.1	7.0	6.7	7.6	9.3
Free cash flow	11.9	-27.0	-57.0	-37.5	-44.9	47.1	77.1	-5.6	10.1	55.5	6.9	173
Buybacks	n/a	n/a	n/a	n/a	80.4	0.0	0.0	0.0	n/a	n/a	0.0	n/a
Shares outstanding	17m	17m	17m	17m	17m	17m	17m	17m	17m	16m	16m	16m
Filing	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K	10-Q	10-Q	10-Q	10-K

Each quarter as filed, linked to its filing.

Money is in $ million as the company files it, or in $ billion by the switch above the tables; per share figures and the share count are as they are. Free cash flow is operating cash flow less capital expenditure; the effective tax rate is income tax over pre-tax income; margins are the line over revenue. Gross profit is revenue less cost of revenue, and operating income is revenue less the company's own total costs, where the statement does not print those lines. Cash flow lines filed year to date are the difference between two filings. Shares outstanding are at the period end where the balance sheet tags them, otherwise the count on the filing's cover page. A derived fourth-quarter EPS is left blank when a split in the year makes the arithmetic meaningless.

Source

10-Q for the period ended 31 December 2023, filed 26 January 2024, accession 0001104659-24-007226: the filing on EDGAR. All of OSI Systems Inc.'s filings: EDGAR company page.

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