OSI Systems Receives $29 Million Order for Cargo Inspection Systems

Rhea-AI Summary

OSI Systems, Inc. (NASDAQ: OSIS) announced a $29 million order for cargo and vehicle inspection systems from an international customer. This award will support the customer’s screening requirements at ports and borders, as stated by Chairman and CEO Deepak Chopra. OSI Systems specializes in electronic systems for critical applications in various sectors, including homeland security and healthcare. With over 40 years of experience, the company aims for expansion into selective markets.

Positive

• Award of $29 million for cargo and vehicle inspection systems highlights strong demand for OSI's products.
• Strengthens OSI's presence in the security sector, enhancing revenue potential.

Negative

• Dependence on a single large order may pose risks if the customer environment changes.
• Forward-looking statements indicate uncertainties that could affect future performance.

HAWTHORNE, Calif.--(BUSINESS WIRE)-- OSI Systems, Inc. (the “Company” or “OSI Systems”) (NASDAQ: OSIS) today announced that its Security division was awarded an order for approximately $29 million by an international customer to provide several cargo and vehicle inspection system platforms in various mobile and fixed configurations.

OSI Systems’ Chairman and CEO, Deepak Chopra, commented, “We are pleased to receive this award and look forward to supporting this customer with our versatile cargo and vehicle inspection solutions to manage screening requirements at its ports and borders.”

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/20220622005391/en/

OSI Systems, Inc.

Ajay Vashishat

Vice President, Business Development

310-349-2237

avashishat@osi-systems.com

Source: OSI Systems, Inc.

FAQ

What recent order did OSI Systems receive?

OSI Systems announced a $29 million order for cargo and vehicle inspection systems.

Who is the CEO of OSI Systems?

The CEO of OSI Systems is Deepak Chopra.

What is the significance of the recent $29 million order for OSI Systems?

The order strengthens OSI Systems' position in the security market and enhances its revenue potential.

What does OSI Systems specialize in?

OSI Systems specializes in electronic systems for critical applications across various industries, including security and healthcare.

What are the potential risks mentioned in OSI Systems' press release?

The press release highlighted uncertainties associated with forward-looking statements that could impact future performance.