OSI Systems Announces Sale of its Automated External Defibrillator (AED) Product Line
HAWTHORNE, Calif.--(BUSINESS WIRE)--
OSI Systems, Inc. (NASDAQ: OSIS) today announced the sale of its German
Healthcare subsidiary, Metrax GmbH, commonly referred to as Primedic,
for approximately €11.7 million in cash. Primedic was acquired in 2014
for approximately €7.5 million in cash and focused on the sale of
automated external defibrillators outside the United States. Its results
were reported as part of OSI Systems' Healthcare division.
"Given that our strategic direction is focused on the expansion of our
hospital and clinical solutions, the AED product line was deemed to be a
non-core asset. This demonstrates our commitment to prioritizing areas
that provide the best opportunities for profitable growth," commented
Deepak Chopra, OSI Systems' Chairman and CEO.
Sales and operating income of this business for the twelve months ended
December 31, 2016 were approximately $18.2 million and $1.2 million,
respectively. The transaction was completed on February 17, 2017.
About OSI Systems, Inc.
OSI Systems, Inc. is a vertically integrated designer and manufacturer
of specialized electronic system and components for critical
applications in the homeland security, healthcare, defense and aerospace
industries. We combine 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, Inc.
or any of its subsidiary companies, visit www.osi-systems.com.
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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, projections and
similar expressions concerning matters that are not historical facts and
are not guarantees of future performance. Forward-looking statements
involve uncertainties, risks, assumptions and contingencies, many of
which are outside OSI Systems' control that may cause actual results to
differ materially from those described in or implied by any
forward-looking statements. All forward-looking statements 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' Annual Report on Form 10-K for the year
ended June 30, 2016 and other risks described in documents filed by OSI
Systems from time to time with the Securities and Exchange Commission.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170222006652/en/
OSI Systems, Inc.
Ajay Vashishat, 310-349-2237
President, Business Development
Source: OSI Systems, Inc.
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