OSI Systems , Inc. (NASDAQ : NASDAQ:OSIS), a company specialized in semiconductors and related devices, announced the appointment of Cary Okawa as its new Chief Accounting Officer and principal accounting officer, effective August 21, 2024. The announcement was made in a recent filing with the Securities and Exchange Commission.
With over three decades of experience in financial management and public accounting, Okawa brings a wealth of knowledge to OSI Systems. Prior to this appointment, he served as the company's Vice President and Corporate Controller since August 2023. Okawa has a history of leadership roles in finance, including his time as Chief Accounting Officer at Binance.
US, Acorns Grow, Incorporated, and Natural Products Group. His professional background also includes an 11-year tenure at PricewaterhouseCoopers LLP, culminating in the role of Senior Audit Manager.
Cary Okawa, 58, holds a Bachelor of Business Administration in Accounting from the University of Hawaii – College of Business Administration and is a Certified Public Accountant. According to the filing, there are no familial relationships between Okawa and any of OSI Systems' board members or executive officers, nor does he have any direct or indirect material interest in transactions requiring disclosure.
In other recent news, OSI Systems reported record revenue for the fourth quarter of fiscal year 2024, with a 17% increase from the previous year, totaling $481 million.
The Security division played a significant role in this growth, posting a 27% rise in quarterly revenue. The company also achieved record non-GAAP adjusted earnings per share of $2.84 for the quarter and $8.13 for the full year.
Despite facing a challenging environment, OSI Systems anticipates positive developments in fiscal year 2025, with a backlog of approximately $1.7 billion. However, it is important to note that the company experienced a decline in gross margin and an increase in operating expenses.
For fiscal year 2025, OSI Systems provided a sales guidance of $1.62 billion to $1.65 billion and non-GAAP adjusted diluted EPS guidance of $8.80 to $9.15.
InvestingPro Insights
The recent executive appointment at OSI Systems, Inc. coincides with notable financial metrics that highlight the company's current market position. According to real-time data from InvestingPro, OSI Systems boasts a market capitalization of $2.55 billion, underscoring its significant presence in the semiconductor and related devices industry. The company's commitment to strong financial oversight is reflected in its P/E Ratio, which stands at a competitive 20.17, suggesting that investors are confident about OSI Systems' earnings potential relative to its share price.
InvestingPro Tips indicate that OSI Systems is trading at a low P/E ratio relative to its near-term earnings growth, hinting at potential undervaluation. Additionally, the company is trading near its 52-week high, which could signal investor optimism about its future performance. With analysts predicting profitability for the year and a solid track record of profitability over the last twelve months, the financial outlook for OSI Systems appears promising. However, it's important to note that the company does not pay a dividend, which could influence investment decisions for income-focused shareholders.
For those interested in a deeper analysis, InvestingPro offers additional tips and metrics on OSI Systems, which can be found at https://www.investing.com/pro/OSIS. This service provides a comprehensive suite of tools and insights for investors looking to make informed decisions in the dynamic semiconductor sector.
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