OSI Systems Receives $8 Million Order for Electronic Sub-Assemblies

Rhea-AI Summary

OSI Systems announced an order valued at approximately $8 million from a prominent GPS tracking solutions provider for the automotive sector. This contract falls under OSI's Optoelectronics and Manufacturing division, indicating strong demand in the automotive industry. CEO Deepak Chopra expressed enthusiasm in continuing to serve their customer’s needs. OSI Systems specializes in manufacturing electronic systems for critical applications across various sectors, including homeland security and healthcare.

Positive

• Secured an $8 million order, indicating strong demand in the automotive sector.
• Continues partnership with a leading GPS tracking provider, showcasing reliability and customer trust.

Negative

• None.

OSI Systems, Inc. (the “Company” or “OSI Systems”) (NASDAQ: OSIS) today announced that its Optoelectronics and Manufacturing division has received an order for approximately $8 million to manufacture electronic sub-assemblies for a leading provider of GPS tracking solutions to the automotive industry.

OSI Systems’ Chairman and Chief Executive Officer, Deepak Chopra, stated, "We are excited to receive this order and look forward to continuing to serve this customer’s needs as they strive to meet automotive industry demand.”

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/20210323005424/en/

FAQ

What is the significance of OSI Systems' recent $8 million order?

The $8 million order highlights OSI Systems' strong position in the automotive GPS tracking sector, demonstrating demand and potential revenue growth.

Who is the customer for OSI Systems' latest order?

The customer is a leading provider of GPS tracking solutions for the automotive industry, although their name is not specified in the press release.

What division of OSI Systems secured the order?

The order was secured by OSI Systems’ Optoelectronics and Manufacturing division.

How does this order impact OSI Systems' business status?

This order is a positive indicator of OSI Systems' growth prospects and ability to meet the demands of the automotive market.

What does OSI Systems specialize in?

OSI Systems specializes in designing and manufacturing electronic systems and components for critical applications in sectors like homeland security, healthcare, and aerospace.