OSI Systems Awarded $29 Million Contract for Security Inspection Systems, Service and Support

Rhea-AI Summary

OSI Systems has announced a significant contract win worth approximately $29 million from an international customer. This contract will enable the company’s Security division to provide essential cargo and vehicle inspection systems along with baggage and parcel inspection systems. The agreement includes training and maintenance services as well. OSI Systems' CEO, Deepak Chopra, expressed optimism regarding the deployment of their inspection systems, highlighting the importance of this contract for their operational objectives.

Positive

• Awarded a contract worth approximately $29 million.
• Contract involves providing critical cargo and vehicle inspection systems.
• Includes training and maintenance services.

Negative

• None.

HAWTHORNE, Calif.--(BUSINESS WIRE)-- OSI Systems, Inc. (the “Company” or “OSI Systems”) (NASDAQ: OSIS) today announced that its Security division was awarded a contract valued at approximately $29 million by an international customer to provide cargo and vehicle inspection systems, baggage and parcel inspection systems, related training and maintenance services.

OSI Systems’ Chairman and CEO, Deepak Chopra, stated, “We are pleased to receive this award and look forward to supporting this customer’s deployment of our inspection systems for its critical mission.”

About OSI Systems

OSI Systems is a vertically integrated designer and manufacturer of specialized electronic systems and components for critical applications in the homeland security, healthcare, defense, and aerospace industries. The Company combines more than 40 years of electronics engineering and manufacturing experience with offices and production facilities in more than a dozen countries to implement a strategy of expansion into selective end product markets. For more information on OSI Systems or any of its subsidiary companies, visit www.osi-systems.com. News Filter: OSIS-G

Forward-Looking Statements

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995, Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements relate to OSI Systems’ current expectations, beliefs, and projections concerning matters that are not historical facts. Forward-looking statements are not guarantees of future performance and involve uncertainties, risks, assumptions, and contingencies, many of which are outside OSI Systems’ control and which may cause actual results to differ materially from those described in or implied by any forward-looking statements. Undue reliance should not be placed on forward-looking statements, which are based on currently available information and speak only as of the date on which they are made. OSI Systems assumes no obligation to update any forward-looking statement made in this press release that becomes untrue because of subsequent events, new information, or otherwise, except to the extent it is required to do so in connection with its ongoing requirements under Federal securities laws. For a further discussion of factors that could cause OSI Systems’ future results to differ materially from any forward-looking statements, see the section entitled "Risk Factors" in OSI Systems’ most recently filed Annual Report on Form 10-K and other risks described therein and in documents subsequently filed by OSI Systems from time to time with the Securities and Exchange Commission.

View source version on businesswire.com: https://www.businesswire.com/news/home/20211209005294/en/

OSI Systems, Inc.

Ajay Vashishat

Vice President, Business Development

310-349-2237

avashishat@osi-systems.com

Source: OSI Systems, Inc.

FAQ

What contract did OSI Systems announce recently?

OSI Systems announced a contract worth approximately $29 million for cargo and vehicle inspection systems.

Who is the CEO of OSI Systems?

The CEO of OSI Systems is Deepak Chopra.

What is the value of the contract awarded to OSI Systems?

The contract awarded to OSI Systems is valued at approximately $29 million.

What services are included in OSI Systems' recent contract?

The recent contract includes cargo and vehicle inspection systems, baggage and parcel inspection systems, as well as training and maintenance services.

What stock symbol is associated with OSI Systems?

The stock symbol for OSI Systems is OSIS.