OSI Systems Receives $22 Million Order to Provide Services for Border Security Inspection Systems

Rhea-AI Summary

OSI Systems has announced a significant order valued at approximately $22 million from its Security division for service, maintenance, and spare parts for Rapiscan® cargo and vehicle inspection systems deployed globally. Chairman and CEO Deepak Chopra expressed satisfaction in supporting cargo inspection systems, emphasizing the commitment to border security.

OSI Systems specializes in designing and manufacturing electronic systems for critical applications in various sectors, including homeland security and healthcare.

Positive

• Received a $22 million order for service and maintenance, indicating robust demand for security solutions.

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 order valued at approximately $22 million to provide comprehensive service, maintenance, and spare parts support for various Rapiscan^® cargo and vehicle inspection (CVI) systems deployed internationally.

“We are pleased to provide service and support on our existing cargo inspection systems in the field and look forward to supporting this customer’s continuing mission to secure borders,” said Deepak Chopra, OSI Systems’ Chairman and CEO.

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 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/20220830005371/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 value of the recent order received by OSI Systems?

OSI Systems received an order valued at approximately $22 million.

What products are included in the OSI Systems order?

The order includes service, maintenance, and spare parts for Rapiscan® cargo and vehicle inspection systems.

When was the order announced by OSI Systems?

The order was announced in a press release on August 30, 2022.

Who is the CEO of OSI Systems?

The CEO of OSI Systems is Deepak Chopra.

What sectors does OSI Systems operate in?

OSI Systems operates in sectors such as homeland security, healthcare, defense, and aerospace.