OSI Systems Receives $12 Million Contract for Border Security Inspection Systems

Rhea-AI Summary

OSI Systems (NASDAQ: OSIS) announced a $12 million contract from an international customer for its Security division. The contract includes delivery of the Eagle® P60 ZBx drive-through cargo inspection system, optical under vehicle inspection system (UVIS), and additional security solutions. The company aims to enhance border security through this deployment.

CEO Deepak Chopra expressed optimism regarding the order, emphasizing the role of both new systems and solutions from a recent acquisition in supporting this initiative.

Positive

• Awarded a contract valued at $12 million for security systems.
• Deployment of advanced security solutions aimed at improving border security.
• Incorporation of recent acquisition's technology into the contract.

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 $12 million by an international customer to provide multiple units of the Eagle® P60 ZBx drive-through cargo and vehicle inspection system, optical under vehicle inspection system (UVIS), license plate and face capture system, and follow-on service and support.

OSI Systems’ Chairman and CEO, Deepak Chopra, stated, “We are pleased to receive this order and look forward to deploying our solutions to improve border security. In addition to the Eagle P60 ZBx, vehicle and passenger identification solutions from our recent acquisition were also purchased by the customer to support this security initiative.”

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.

SOURCE: OSI Systems, Inc.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220511005442/en/

OSI Systems, Inc.

Ajay Vashishat

Vice President, Business Development

310-349-2237

avashishat@osi-systems.com

Source: OSI Systems, Inc.

FAQ

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

The contract awarded to OSI Systems was valued at approximately $12 million.

What systems will OSI Systems provide under the new contract?

OSI Systems will provide the Eagle® P60 ZBx drive-through cargo inspection system, optical under vehicle inspection system (UVIS), and additional security solutions.

Who is the CEO of OSI Systems?

The CEO of OSI Systems is Deepak Chopra.

What is the purpose of the new contract for OSI Systems?

The purpose of the new contract is to enhance border security through advanced inspection systems.

Which division of OSI Systems was awarded the contract?

The contract was awarded to OSI Systems' Security division.