OSI Systems Receives $15 Million Order for Airport Screening Systems

Rhea-AI Summary

OSI Systems (OSIS) Receives $15 Million International Order for Checkpoint Screening Solutions, Including Orion® 920CT and Itemiser® 5X Explosive Trace Detection System

Positive

• OSI Systems received a significant international order for its security division, totaling approximately $15 million. The order includes multiple units of various checkpoint screening solutions, such as the Orion® 920CT and Itemiser® 5X explosive trace detection system. The company will also provide ongoing maintenance, service, and support for these products. This order reflects a vote of confidence in OSI Systems' advanced technologies for threat detection and air passenger safety.

Negative

• None.

HAWTHORNE, Calif.--(BUSINESS WIRE)-- OSI Systems, Inc. (the “Company” or “OSI Systems”) (NASDAQ: OSIS) today announced that its Security division received an international order for approximately $15 million to provide multiple units of its various checkpoint screening solutions. Among the systems to be provided include the Orion® 920CT checkpoint screening system, Orion® 920DX dual view checkpoint screening system, and Itemiser® 5X explosive trace detection system. The Company will also provide ongoing maintenance, service, and support for these products.

OSI Systems’ Chairman and CEO, Deepak Chopra, commented, "We are pleased with this award and look forward to providing our airport inspection systems with advanced technologies to enhance threat detection, baggage handling efficiency, and air passenger safety."

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/20231109074128/en/

OSI Systems, Inc.

Ajay Vashishat

Vice President, Business Development

310-349-2237

avashishat@osi-systems.com

Source: OSI Systems, Inc.

FAQ

What is the international order received by OSI Systems?

OSI Systems received an international order for approximately $15 million to provide multiple units of its various checkpoint screening solutions.

Which products are included in the order?

The order includes the Orion® 920CT checkpoint screening system, Orion® 920DX dual view checkpoint screening system, and Itemiser® 5X explosive trace detection system.

What additional services will OSI Systems provide?

The company will also provide ongoing maintenance, service, and support for the products included in the order.

Who commented on the award?

OSI Systems’ Chairman and CEO, Deepak Chopra, expressed pleasure with the award and highlighted the company's commitment to providing advanced technologies for threat detection and air passenger safety.