OSI Systems secures $14 million contract for mobile scanning systems

HAWTHORNE, Calif. - OSI Systems, Inc. (NASDAQ:OSIS), a security and inspection systems provider with a market capitalization of $3.62 billion, has been awarded a contract valued at approximately $14 million to provide mobile cargo inspection systems to an international customer, according to a company press release. InvestingPro data shows the company has maintained strong financial health with robust revenue growth of 14.93% over the last twelve months.

The security division of OSI Systems will supply Eagle® M60 high-energy mobile cargo inspection systems and ZBV® mobile Z Backscatter cargo and vehicle screening systems. These technologies will be deployed at port and border crossings to enhance security operations.

"We are pleased with this award and look forward to deploying our leading mobile inspection systems that provide tremendous flexibility in quickly relocating checkpoint locations to optimize port and border security," said Ajay Mehra, OSI Systems’ President and CEO, in the statement.

The contract recipient was not specifically identified beyond being described as an international customer.

OSI Systems designs and manufactures specialized electronic systems for homeland security, healthcare, defense, and aerospace industries. The California-based company has production facilities in more than a dozen countries and over 40 years of experience in electronics engineering and manufacturing.

The mobile scanning systems are designed to allow security personnel to rapidly change checkpoint locations as needed to maintain effective security protocols at ports and borders. Analysts maintain a positive outlook on the company, with four analysts recently revising their earnings estimates upward for the upcoming period.

GPT: Human: I need a factual article based on the following press release about a new drug approval:

CAMBRIDGE, Mass.--(BUSINESS WIRE)-- Moderna, Inc. (NASDAQ:MRNA), a biotechnology company pioneering messenger RNA (mRNA) therapeutics and vaccines, today announced that the U.S. Food and Drug Administration (FDA) has approved MRNA-4157, marketed as PREVINEX™, for the adjuvant treatment of patients with stage III or IV melanoma following complete resection. This approval, which comes three months ahead of the FDA’s target action date, marks a historic milestone as the first-ever mRNA cancer therapy to receive regulatory approval.

PREVINEX is a personalized cancer vaccine (PCV) that is custom-built based on the unique mutation signature of a patient’s tumor. When used in combination with KEYTRUDA® (pembrolizumab), Merck’s anti-PD-1 therapy, the treatment demonstrated a statistically significant and clinically meaningful improvement in recurrence-free survival (RFS) compared to KEYTRUDA alone in the Phase 3 KEYNOTE-942 trial.

"Today’s approval represents a paradigm shift in cancer treatment and validates our mRNA platform’s potential beyond infectious diseases," said Stéphane Bancel, Chief Executive Officer of Moderna. "PREVINEX exemplifies precision medicine at its most advanced, offering a tailored approach to help patients fight their specific cancer."

In the pivotal trial, the combination of PREVINEX and KEYTRUDA reduced the risk of recurrence or death by 44% compared to KEYTRUDA alone over a median follow-up of 28.4 months. The safety profile of the combination was consistent with the known profile of KEYTRUDA monotherapy, with no new safety signals identified.

"Melanoma that has spread to lymph nodes or metastasized carries a high risk of recurrence even after surgical removal," said Jeffrey S. Weber, M.D., Ph.D., principal investigator of the KEYNOTE-942 trial and deputy director of the Perlmutter Cancer Center at NYU Langone Health. "The approval of PREVINEX in combination with pembrolizumab provides a new option that significantly improves outcomes for these patients."

Moderna and Merck will co-commercialize PREVINEX in the United States, with a planned launch in July 2025. The companies are also evaluating the combination therapy in other tumor types, including non-small cell lung cancer, with several Phase 2 studies currently underway.

The wholesale acquisition cost of PREVINEX will be $65,000 per dose, with an expected treatment course of nine doses. Moderna has announced a patient assistance program to help eligible uninsured and underinsured patients access the treatment.

In other recent news, OSI Systems, Inc. has secured several significant contracts across different sectors. The company announced an $11 million contract to provide radiation monitoring portals for European border security applications, highlighting its ongoing commitment to enhancing security infrastructure. Additionally, OSI Systems secured a $47 million contract from a domestic customer for the maintenance of Rapiscan inspection systems, further supporting its role in the security sector. Another major development includes a $56 million contract to supply security inspection equipment to an undisclosed international customer, which involves the deployment of advanced mobile cargo and vehicle inspection systems.

In the healthcare sector, OSI Systems received a $7 million order to supply components for patient diagnostics and care, continuing its partnership with a major healthcare technology company. The company also announced a $36 million contract to provide airport security screening solutions at a major international airport in the Middle East. These recent developments underscore OSI Systems’ strategic expansion across its key markets, including homeland security and healthcare. The company’s efforts reflect its ongoing strategy to leverage its expertise in electronics engineering and manufacturing across various industries.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.