OSI Systems, Inc.(NASDAQ:OSIS) Q2 2024 Results Conference Call January 25, 2024 12:00 PM ET

Company Participants

Alan Edrick - Executive Vice President and Chief Financial Officer

Deepak Chopra - Chairman, President and CEO

Conference Call Participants

Josh Nichols - B. Riley &Co.

Christopher Glynn - Oppenheimer

Lawrence Solow - CJS Securities

Jeffrey Martin - Roth MKM Partners

Operator

Good day and thank you for standing by. Welcome to the OSI Systems, Inc. Second Quarter 2024 Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded.

I would now like to hand the conference over to your speaker today, Alan Edrick, CFO. Please go ahead.

Alan Edrick

Well, thank you. Good morning and thank you for joining us. I'm Alan Edrick, Executive Vice President and CFO of OSI Systems, and I'm here today with Deepak Chopra, OSI's President and CEO.

Welcome to the OSI Systems’ fiscal ‘24 second quarter conference call. We are pleased that you can join us as we review our financial and our operational results. Earlier today, we issued a press release, announcing our 2024 fiscal year second quarter financial results. Before we discuss our results, however, I'd like to remind everyone that today's discussion will include forward looking statements and the company wishes to take advantage of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995 with respect to such forward-looking statements. All forward-looking statements made on this call are based on currently available information, and the company undertakes no obligation to update any forward-looking statement based on subsequent events or new information or otherwise.

During today's call, we will refer both to GAAP and non-GAAP financial measures when describing the company's results. For further information regarding non-GAAP measures and comparable GAAP measures of the company's results and a quantitative reconciliation of those figures, please refer to today's earnings release.

I will begin with a high-level summary of our financial performance for the second quarter of fiscal '24 and then turn the call over to Deepak for a discussion of our business and operational performance. We will then finish with more detail regarding our financial results and a discussion of our outlook for fiscal year of 2024.

We mentioned on the last earnings call that we expected to see accelerated growth beginning in Q2, and that was indeed the case. Our second quarter financial results were very strong with the Security Division again generating double-digit revenue growth and significant year-over-year operating margin expansion. The Opto division performed solidly, while the Healthcare division experienced a challenging quarter. We anticipate significant overall revenue and earnings growth for the balance of fiscal ‘24, and we are encouraged by the momentum in the business.