OSI Systems Inc. reported double-digit growth in both profit and sales in its fourth quarter Wednesday, but its shares lost 17 percent after it warned investors to expect a first quarter loss.

OSI reported fourth-quarter net income of $4.3 million (24 cents per share), a leap from $700,000 (4 cents) for the same period a year earlier.

Revenues for the Hawthorne-based medical and security systems maker also rose 22 percent to $153 million.

However, the company also said it is expecting a first-quarter loss, which it attributed seasonal factors hurting its security and healthcare divisions. The company did not give a forecast for first-quarter net income but did say it expects sales of $125 million to $130 million, below analysts’ consensus view of $136 million, according to Reuters.

The company also said it was exploring possible options such as a strategic partnership, a spin-off or even absorbing or moving certain operations to California from Florida.

“We are determined to get this behind us before calendar 2007 ends,” Chief Executive Deepak Chopra said.

Shares in OSI lost $4.51, or 18 percent, to $21.02 in afternoon trading Wednesday on the Nasdaq.