Culper Research published a short seller report on OSI Systems, Inc. on March 13, 2025, titled "OSI Systems (OSIS): SEDENA Unwinds, DoJ Subpoenas Fly, Execs Wave Goodbye." The report alleges that OSI Systems' reported Mexican revenues, which grew from $23 million to $423 million, are largely an illusion.
The report also accuses OSI Systems of making deliberately vague and misleading disclosures regarding U.S. Department of Justice (DOJ) investigations into the company. These allegations raise concerns about the transparency and accuracy of the company's financial reporting and legal compliance.
The short report specifically mentions that total revenues in fiscal 2024 (June year-end) were $1.54 billion, providing context to the scale of the alleged illusionary Mexican revenues. The claims suggest potential material adverse effects on the company's financial standing and reputation.
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