OSI Systems, Inc. (NASDAQ:OSIS) Q3 2024 Results Conference Call April 25, 2024 12:00 PM ET

Company Participants

Alan Edrick - Executive Vice President and Chief Financial Officer
Deepak Chopra - President and Chief Executive Officer

Conference Call Participants

Josh Nichols - B. Riley
Larry Solow - CJS Securities
Jeff Martin - Roth MKM
Christopher Glynn - Oppenheimer and Co

Operator

Good day, and thank you for standing by. Welcome to the OSI Systems, Inc. Third Quarter 2024 Conference Call. At this time, all participants are in listen-only mode. After the speaker's presentation, there will be a question-and-answer session. [Operator Instructions] Please be advised today's conference is being recorded.

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

Alan Edrick

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 third quarter conference call. We are pleased that you can join us as we review our financial and operational results.

Earlier today, we issued a press release announcing our 2024 fiscal year third quarter financial results. Before we discuss the results, however, I would 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 third quarter of fiscal ‘24, and then turn the call over to Deepak for a discussion of our business and our operational performance. We will then finish with more detail regarding our financial results and a discussion of our updated outlook for fiscal year ’24.

Following record revenues and non-GAAP EPS in Q2, our third quarter financial results were very strong led by the Security division, which delivered extraordinary revenue growth and a significant increase in year over year operating income and adjusted EPS. We are encouraged by the momentum in our overall business as evidenced by another quarter of strong bookings.