OSI Systems Receives $6 Million Award for Patient Monitoring Solutions

Rhea-AI Summary

OSI Systems (NASDAQ: OSIS) announced that its Healthcare division, Spacelabs Healthcare, has secured a $6 million order from a U.S. based hospital system for patient monitoring solutions. The company will provide various monitoring tools including Xhibit Central Stations, Xprezzon bedside monitors, Qube portable patient monitors, and the ICS G2 clinical information system with SafeNSound alarm management features.

Positive

• Secured new $6 million contract for healthcare monitoring solutions
• Expanding business with U.S. hospital system through system upgrades

Negative

• None.

Insights

Medical Technology Analyst

This $6 million contract represents a modest but strategic win for OSI Systems' Healthcare division. The deal's value is relatively small compared to the company's market cap of $2.2 billion, accounting for roughly 0.27% of its valuation. The order showcases Spacelabs' comprehensive patient monitoring ecosystem, particularly their advanced Xhibit and Xprezzon systems. While not a game-changing contract, it demonstrates continued market penetration in U.S. healthcare facilities and validates their integrated monitoring solutions strategy. The ICS G2 system with SafeNSound features addresses the critical healthcare priority of alarm fatigue management, potentially positioning them for future contracts with similar institutions.

HAWTHORNE, Calif.--(BUSINESS WIRE)-- OSI Systems, Inc. (the “Company” or “OSI Systems”) (NASDAQ: OSIS) today announced that its Healthcare division, Spacelabs Healthcare^®, has received an order valued at approximately $6 million to provide patient monitoring solutions and related supplies and accessories to a U.S. based hospital system. The Company expects to provide a range of patient monitoring tools, including Xhibit^® Central Stations, Xprezzon bedside monitors, Qube^® portable patient monitors, and the ICS G2 clinical information system, including SafeNSound^TM alarm management features.

Deepak Chopra, OSI Systems CEO, commented, “We're pleased to collaborate with this healthcare provider and upgrade their existing patient monitoring systems and integrate our latest clinical information and process workflow technology into their operations.”

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/20241030244974/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 OSI Systems' (OSIS) recent patient monitoring contract?

OSI Systems (OSIS) received a $6 million order to provide patient monitoring solutions to a U.S. based hospital system.

What products will OSI Systems (OSIS) provide in their recent healthcare contract?

OSI Systems will provide Xhibit Central Stations, Xprezzon bedside monitors, Qube portable patient monitors, and the ICS G2 clinical information system with SafeNSound alarm management features.

Which division of OSI Systems (OSIS) received the hospital system order?

Spacelabs Healthcare, the Healthcare division of OSI Systems, received the hospital system order.