OSI Systems Receives $20 Million Order for RTT® Hold Baggage Screening Systems

Rhea-AI Summary

OSI Systems, Inc. (NASDAQ: OSIS) announced a $20 million order from ANA Aeroportos de Portugal for multiple units of its RTT® 110 explosive detection system. These units will be deployed across various Portuguese airports to screen checked baggage, enhancing airport security. The company will also provide ongoing maintenance and support for these installations. The RTT® 110 offers high-resolution 3-D imaging and complies with European threat detection standards. CEO Deepak Chopra emphasized the company’s commitment to innovate in the aviation industry, responding to infrastructure upgrades and evolving screening needs.

Positive

• Received a $20 million order for RTT® 110 explosive detection systems, indicating strong demand.
• Deployment at various airports enhances security and compliance with European standards.
• Ongoing maintenance and support services potentially provide stable recurring revenue.

Negative

• None.

HAWTHORNE, Calif.--(BUSINESS WIRE)-- OSI Systems, Inc. (the “Company” or “OSI Systems”) (NASDAQ: OSIS) today announced that its Security division received an order for approximately $20 million from ANA Aeroportos de Portugal to provide multiple units of its RTT^® 110 (Real Time Tomography) explosive detection system. The units are expected to be installed at various airports throughout Portugal to screen passengers’ hold (checked) baggage, and the Company has been engaged to provide ongoing maintenance, service, and support for these installations.

OSI Systems’ Chairman and CEO, Deepak Chopra, commented, "We are excited to support this customer with our leading CT checked baggage screening solution that is widely deployed at major international airports. As airports continue to upgrade and expand their infrastructure to meet the latest screening standards, improve baggage throughput and air passenger safety, we continue to invest in innovative solutions and technology to meet the evolving needs of the aviation industry."

The RTT^® employs a proprietary stationary gantry approach to provide high resolution 3-D imaging, and its unique design allows the efficient inspection of hold baggage and air cargo while maintaining the capability to meet recent threat detection standards. RTT^® 110 has met the European Civil Aviation Conference's (ECAC) HBS EDS Standard 3 threat detection requirements and has been deployed by numerous airports and air logistics providers.

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/20230322005336/en/

OSI Systems, Inc.

Ajay Vashishat

Vice President, Business Development

310-349-2237

avashishat@osi-systems.com

Source: OSI Systems, Inc.