HAWTHORNE, CA – OSI Systems' Optoelectronics and Manufacturing division reported revenue of $387.4 million for its 2023 fiscal year, an increase of 5.6% from fiscal year 2022.

For the fourth quarter, the company's EMS revenue totaled $100.9 million, an 11.2% increase from the previous year's fourth quarter.

As a whole, the company reported fourth-quarter revenues of $411.9 million, a 22% year-on-year increase, and for the full fiscal year, the company's revenues increased 8% to $1.3 billion.

"Our fourth quarter performance was stellar as revenues grew by 22% and non-GAAP adjusted earnings per share increased 36% year over year," said OSI Chairman and CEO Deepak Chopra. "Fourth quarter bookings were outstanding, leading to record backlog as we concluded a noteworthy fiscal year. We enter fiscal 2024 with great visibility and momentum, and we are enthusiastic about our prospects for this fiscal year."

For fiscal year 2024, the company anticipates revenue growth of more than 18% over revenues of FY2023.

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