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A vertically integrated maker of specialized electronic systems for security, healthcare, and defense, OSI Systems runs three divisions: Rapiscan and S2 screening gear used at airports and borders, Spacelabs Healthcare patient monitors, and optoelectronic components for original equipment manufacturers. Founded in 1987 as Opto Sensors, Inc., the company's "OSI" name comes from those original initials. A fun quirk: its Rapiscan brand is a portmanteau of "rapid" and "scanner."
OSI Systems reports record FY2026 revenue of $1.79B and introduces FY2027 guidance.
Fiscal 2026 fourth quarter revenue was $484.1 million, down 4% year-over-year, with GAAP diluted EPS of $3.27 and record non-GAAP diluted EPS of $3.78.
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Full-year fiscal 2026 revenue was $1.79 billion, up 4% year-over-year, with GAAP diluted EPS of $8.95 and record non-GAAP diluted EPS of $10.35.
Record operating cash flow of $182 million in Q4 and $276 million for the full year; backlog reached approximately $1.9 billion.
Board approved an additional 1 million shares for repurchase, increasing total remaining authorization to 1,078,731 shares.
Company introduced fiscal 2027 guidance: revenues of $1.875-$1.930 billion and non-GAAP diluted EPS of $11.13-$11.49.
2.02 Results of Operations and Financial Condition · 8.01 Other Events · 9.01 Financial Statements and Exhibits
OSI Systems issues $500M 0.50% convertible senior notes due 2031
The notes mature on February 1, 2031, with semi-annual interest payments beginning August 1, 2026.
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OSI Systems, Inc. issued $500,000,000 aggregate principal amount of 0.50% Convertible Senior Notes due 2031 on November 20, 2025.
Initial conversion rate is 2.8263 shares per $1,000 principal, equivalent to an initial conversion price of approximately $353.82 per share.
Initial purchasers have an option to buy up to an additional $75,000,000 principal amount of notes within 13 days of issuance.
The notes were sold in a private placement under Section 4(a)(2) of the Securities Act and resold to qualified institutional buyers under Rule 144A.
1.01 Entry into a Material Definitive Agreement · 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement · 3.02 Unregistered Sales of Equity Securities · 9.01 Financial Statements and Exhibits
OSI Systems prices upsized $500M 0.50% convertible senior notes due 2031
The notes will mature on February 1, 2031, with interest payable semi-annually on February 1 and August 1, beginning August 1, 2026.
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OSI Systems priced a private offering of $500 million aggregate principal amount of 0.50% convertible senior notes due 2031, up from the previously announced $400 million.
The initial conversion rate is 2.8263 shares per $1,000 principal, representing an initial conversion price of approximately $353.82 per share, a 32.5% premium over the November 17, 2025 closing price of $267.03.
OSI granted initial purchasers an option to buy up to an additional $75 million principal amount of notes within 13 days of issuance.
Net proceeds are estimated at approximately $489.4 million (or $562.9 million if the option is fully exercised), with about $146.1 million used to repurchase 546,945 shares and the remainder to repay revolving credit facility debt and for general corporate purposes.
The offering is scheduled to settle on November 20, 2025, and the notes are unsecured, redeemable by OSI on or after February 6, 2029 under certain conditions, and subject to repurchase by noteholders upon a fundamental change.
Financing8-K
OSI Systems announces proposed $400M convertible senior notes offering due 2031
OSI Systems, Inc. announced on November 17, 2025, its intention to offer $400 million aggregate principal amount of convertible senior notes due 2031 in a private offering to qualified institutional buyers under Rule 144A.
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The company expects to grant initial purchasers an option to buy up to an additional $60.0 million principal amount of notes within 13 days of issuance.
The notes will be senior, unsecured obligations, accrue interest semi-annually, mature on February 1, 2031, and be convertible into cash and, if applicable, shares of common stock.
OSI expects to use up to approximately $175 million of net proceeds to repurchase shares of its common stock in privately negotiated transactions, with the remainder to repay revolving credit facility debt and for general corporate purposes.
The offering is subject to market conditions, and final terms (interest rate, conversion rate) will be determined at pricing.
8.01 Other Events · 9.01 Financial Statements and Exhibits