OSI Systems Receives $200 Million+ International Order for Cargo and Vehicle Inspection Systems

Rhea-AI Summary

OSI Systems, Inc. (NASDAQ: OSIS) has secured a contract exceeding $200 million from an international customer for security infrastructure, which includes its portfolio of cargo and vehicle inspection systems. The award encompasses both mobile and fixed platforms, along with management of civil works, operator training, and ongoing maintenance. CEO Deepak Chopra expressed satisfaction over this expansion in a key region, highlighting the company's extensive experience in global security programs.

Positive

• Awarded contract valued over $200 million.
• Involvement in security infrastructure projects enhances market presence.
• Comprehensive service offerings including management of civil works and training.

Negative

• None.

HAWTHORNE, Calif.--(BUSINESS WIRE)-- OSI Systems, Inc. (the “Company” or “OSI Systems”) (NASDAQ: OSIS) today announced that its Security division has received an award with a value exceeding $200 million from an international customer to provide security infrastructure utilizing the Company’s broad portfolio of cargo and vehicle inspection systems, which include mobile and fixed platforms. In addition to providing these systems, the Company expects to manage the civil works to support the deployments, and provide operator training and follow-on maintenance.

OSI Systems’ Chairman and CEO, Deepak Chopra, stated, “We are delighted to utilize our proven solutions for this major security initiative, which further expands our presence in a key region. We have extensive experience on major security programs worldwide and now look forward to supporting this customer’s efforts to improve security.”

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/20230117005463/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 significance of OSI Systems' recent $200 million contract?

The contract represents a major expansion for OSI Systems in the security infrastructure sector, enhancing its market presence and revenue potential.

When was the contract awarded to OSI Systems?

The contract was announced in a press release dated January 17, 2023.

What does the contract entail for OSI Systems?

The contract includes providing cargo and vehicle inspection systems, managing civil works, operator training, and follow-on maintenance.

How does this contract impact OSI Systems' future growth?

The contract is expected to bolster OSI Systems' growth by expanding its operations in a key market and increasing revenue.

What products will OSI Systems provide under the new contract?

OSI Systems will provide mobile and fixed cargo and vehicle inspection systems as part of the contract.