OSI Systems Receives Order for $9 Million to Provide Cargo and Vehicle Inspection Systems

Rhea-AI Summary

OSI Systems, Inc. announced a $9 million order for cargo and vehicle inspection systems from an international customer. The order is part of a multi-year agreement and signifies future opportunities for the company. Chairman and CEO, Deepak Chopra, expressed pride in the award and the company's dedication to improving border security.

Positive

• The $9 million order indicates strong demand for OSI Systems' products and services, highlighting the company's competitiveness in the security industry.

Negative

• None.

HAWTHORNE, Calif.--(BUSINESS WIRE)-- OSI Systems, Inc. (the “Company” or “OSI Systems”) (NASDAQ: OSIS) today announced that its Security division received an order from an international customer for approximately $9 million to provide the Company’s Eagle^® M60 high energy mobile cargo and vehicle inspection systems including related service and support. This order represents the initial fulfillment under a multi-year framework agreement between the Company and the customer, setting the stage for future supply of additional solutions.

OSI Systems’ Chairman and CEO, Deepak Chopra, commented, "We are proud to receive this award to deploy one of our leading cargo and vehicle inspection systems. We are committed to helping our customers in their efforts to enhance border checkpoint safety and security."

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/20240513164226/en/

OSI Systems, Inc.

Ajay Vashishat

Vice President, Business Development

310-349-2237

avashishat@osi-systems.com

Source: OSI Systems, Inc.

FAQ

What was the amount of the order received by OSI Systems?

OSI Systems received a $9 million order for cargo and vehicle inspection systems.

Who is the Chairman and CEO of OSI Systems?

Deepak Chopra is the Chairman and CEO of OSI Systems.

What division of OSI Systems received the order?

The Security division of OSI Systems received the order.

What products are included in the order?

The order includes Eagle® M60 high energy mobile cargo and vehicle inspection systems.

What was the purpose of the order?

The order aims to enhance border checkpoint safety and security for the customer.

What type of agreement is the order part of?

The order is part of a multi-year framework agreement between OSI Systems and the customer.