실적분석 2026년 8월 20일

OSI Systems ($OSIS) FY2026 Q4 Earnings Analysis — Revenue Miss, Sharp After-Hours Sell-Off

Earnings Scorecard

Revenue: $484 million (-4% YoY; estimate $530M) ❌ Miss

EPS: Adjusted $3.78 (estimate $3.77) ✅ Beat

Guidance: Newly issued — FY2027 revenue $1.875B–$1.930B, adjusted EPS $11.13–$11.49

Stock reaction: After-hours -13.02% ($189.69) — as of 08-21 06:00 KST

The Positives

Adjusted EPS: Quarterly $3.78, a record high, +17% YoY

Operating cash flow: Quarterly $182M and full-year $276M, both record highs

Backlog: $1.9 billion, a record, with delayed shipments retained in the backlog

Full-year revenue: FY2026 revenue of $1.786 billion, up 4% YoY, a record

Optoelectronics & Manufacturing and Medical segments posted revenue growth of roughly 5% YoY each. The Medical segment's adjusted operating margin recovered sharply to 10% from about 1% a year earlier, and share buybacks continued.

The Shortcomings

Revenue: $484 million, a sizable miss versus the $530M estimate; -4% YoY

Middle East shipment delays: Security-segment delivery schedules slipped, pulling revenue lower

Management attributed the slippage of certain planned deliveries to the Middle East conflict. It emphasized that no orders were canceled, but a short-term gap in revenue and market expectations has emerged.

What Management Said

President & CEO Ajay Mehra said that, while Middle East-related conflicts pushed out certain deliveries, bookings and execution remained solid across all three segments. For FY2027, the message was a commitment to invest in business opportunities and cash generation to grow long-term value.

Market Reaction and Key Items to Watch

The market's first read centered on the sizable revenue miss over earnings defensibility. The key question is how quickly the Middle East-related shipment gap is filled in the near term.

Actual delivery timing and revenue-recognition pace for the deferred security-segment units

Quarterly pace versus FY2027 guidance

Whether margin strength is sustained in the Medical and Optoelectronics segments