OSI Systems secures $17 million international order for inspection systems

HAWTHORNE, Calif. - OSI Systems, Inc. (NASDAQ:OSIS), a $3.9 billion market cap security technology company trading near its 52-week high, announced Monday it has received an order valued at approximately $17 million from an international customer for cargo and vehicle inspection systems.

The security technology provider will supply its Eagle P60 high-energy, drive-through inspection system and Eagle T60 high-energy trailer-mounted vehicle scanning solution. The contract also includes installation, training, and multi-year maintenance and support services. According to InvestingPro data, OSI Systems has demonstrated strong financial health with nearly 15% revenue growth over the last twelve months.

"We’re pleased to collaborate with our international customers to strengthen their security capabilities," said Ajay Mehra, OSI Systems President and CEO, in a press release statement.

The systems are designed to address port and border security requirements, according to the company.

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 over 40 years of electronics engineering and manufacturing experience.

The company did not disclose the name of the international customer or when the systems would be delivered.

In other recent news, OSI Systems has expanded its credit facility to $825 million, enhancing its financial flexibility. The new arrangement includes a $725 million revolving credit facility and a $100 million term loan, with maturity extended to July 2030. This expansion is supported by Wells Fargo Securities, BofA Securities, JPMorgan Chase Bank, and PNC Capital Markets. Additionally, OSI Systems secured a $47 million contract for the maintenance of Rapiscan inspection systems, essential for screening baggage and cargo in security operations. The company also received a $14 million contract to provide mobile cargo inspection systems to an international client, emphasizing its role in border security. Furthermore, OSI Systems was awarded an $11 million contract to deliver radiation monitoring portals for European border security. In another development, the company secured a $10 million order for its Eagle M60 ZBx mobile inspection system to be used at seaports and border crossings. These contracts underline OSI Systems’ continued growth and focus on enhancing security infrastructure globally.

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