OSI Systems Receives $24 Million in Orders for Cargo and Vehicle Inspection Systems and Services

Rhea-AI Summary

OSI Systems receives $24 million in orders from U.S. government customer

Positive

• OSI Systems receives orders valued at approximately $24 million
• Rapiscan will provide latest cargo and vehicle inspection systems
• Company will provide ongoing maintenance service and support
• Chairman and CEO expresses gratitude for the awards

Negative

• None.

HAWTHORNE, Calif.--(BUSINESS WIRE)-- OSI Systems, Inc. (the “Company” or “OSI Systems”) (NASDAQ: OSIS) today announced that its Security division has received orders valued at approximately $24 million in aggregate from a U.S. government customer. As part of these awards, Rapiscan will provide our latest cargo and vehicle inspection systems, including installation, training, and support. Additionally, the Company will provide ongoing maintenance service and support on our existing non-intrusive inspection (NII) solutions in the field.

OSI Systems’ Chairman and CEO, Deepak Chopra, stated, “We are grateful for these awards, which underscore the faith our customers place in our advanced technology solutions for port and border protection. We remain relentless in our focus to deliver top-tier imaging technology to efficiently detect prohibited cargo and the vital maintenance and services required to maximize the efficient usage of the deployed systems.”

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/20231017827503/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 orders received by OSI Systems?

The orders received by OSI Systems are valued at approximately $24 million.

What will Rapiscan provide as part of the awards?

Rapiscan will provide the latest cargo and vehicle inspection systems, including installation, training, and support.

Will OSI Systems provide ongoing maintenance service and support?

Yes, OSI Systems will provide ongoing maintenance service and support on their existing non-intrusive inspection solutions in the field.

What did the Chairman and CEO of OSI Systems say about the awards?

The Chairman and CEO expressed gratitude for the awards and emphasized their commitment to delivering top-tier imaging technology.