OSI Systems Secures $14 Million Contract for Advanced Security Inspection Technology and Services

Rhea-AI Summary

OSI Systems, Inc. has been awarded a $14 million contract from a South America based customer. The contract is for the provision of multiple units of its security products, including the Eagle P60 drive-through cargo and vehicle inspection system, VM250 radiation portal monitor, and MINI Z handheld backscatters devices. The company will also provide integration support, installation assistance, operator training, and multi-year service and maintenance.

HAWTHORNE, Calif.--(BUSINESS WIRE)-- OSI Systems, Inc. (NASDAQ: OSIS) today announced that its Security division received a contract award valued at approximately $14 million from a South America based customer to provide multiple units of its Eagle® P60 high-energy, drive-through cargo and vehicle inspection system, VM250 radiation portal monitor, and MINI Z® handheld backscatters devices, among others. The Company plans to fully support the integration with Certscan®, offer installation assistance, provide local operator training, and deliver multi-year service and maintenance.

OSI Systems’ Chairman and CEO, Deepak Chopra, commented, “We are proud to receive this award and look forward to supporting this customer in its security initiatives. Leveraging our broad portfolio, we can optimize our solution offering to meet the vital security requirements for cargo and vehicle checkpoints in an efficient manner.”

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.

SOURCE: OSI Systems, Inc.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230817262867/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 contract value of the award received by OSI Systems, Inc.?

The contract is valued at approximately $14 million.

What products will OSI Systems, Inc. provide under the contract?

OSI Systems, Inc. will provide multiple units of the Eagle P60 high-energy, drive-through cargo and vehicle inspection system, VM250 radiation portal monitor, and MINI Z handheld backscatters devices, among others.

What additional services will OSI Systems, Inc. offer?

OSI Systems, Inc. will offer integration support, installation assistance, local operator training, and multi-year service and maintenance.

Who is the Chairman and CEO of OSI Systems, Inc.?

The Chairman and CEO of OSI Systems, Inc. is Deepak Chopra.