OSI Systems secures $11 million contract for border security tech

HAWTHORNE, Calif. - OSI Systems, Inc. (NASDAQ: OSIS), a $3.75 billion market cap company that has delivered a remarkable 34% return year-to-date, has been awarded an approximately $11 million contract to provide radiation monitoring portals for European border security applications, the company announced Wednesday.

The contract, awarded by an international customer, includes delivery of customized radiation monitoring technology along with follow-on services and support.

"We are honored to continue this partnership with our valued customer and to enhance its security infrastructure with our advanced radiation monitoring technology," said Ajay Mehra, President and Chief Executive Officer of OSI Systems, according to the press release.

OSI Systems describes itself as a vertically integrated designer and manufacturer of specialized electronic systems for critical applications in homeland security, healthcare, defense, and aerospace industries. The company has production facilities in more than a dozen countries and has demonstrated strong growth with revenue increasing approximately 15% over the last twelve months. InvestingPro analysis reveals 8 additional key insights about OSI Systems’ performance and potential.

The announcement did not specify which European borders would be equipped with the radiation monitoring technology or provide a timeline for implementation of the contract.

This article is based on information from an OSI Systems press release.

In other recent news, OSI Systems has announced several significant contracts and developments. The company secured a $47 million contract from a domestic customer for the maintenance of Rapiscan inspection systems, crucial for screening baggage, cargo, and vehicles. Additionally, OSI Systems has been awarded a $56 million contract to supply security inspection equipment, including the Eagle® M60 ZBx and ZBV® Z Backscatter® systems, to an undisclosed international customer. Furthermore, the company obtained a $36 million contract for deploying and maintaining airport security screening solutions at a major international airport in the Middle East. In the healthcare sector, OSI Systems received a $7 million order to supply components to a major healthcare technology company, highlighting its expanding presence in this market. Oppenheimer recently raised its price target for OSI Systems to $260, maintaining an Outperform rating, citing the company’s strong backlog and diverse project pipeline. The firm noted OSI’s recent $76 million contract for an international airport project as its largest win in the airport sector. Oppenheimer also pointed out potential budgetary increases in U.S. border security spending as a positive factor for OSI Systems. These developments underscore OSI Systems’ active role in securing new projects across various sectors.

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