Jul 21, 2004

OSI Systems Announces Departure of Spacelabs Medical President

OSI Systems Announces Departure of Spacelabs Medical PresidentOSI Systems, Inc. (Nasdaq:OSIS) today announced the departure of Richard Atkin, who had been President of OSI Systems' wholly owned subsidiary Spacelabs Medical since its acquisition on March 19, 2004. Spacelabs Medical Chief Operating Officer David Tilley will take on the additional responsibilities of Interim President until a new president is appointed.

"We wish Richard the best with his future pursuits," stated Deepak Chopra, Chairman and Chief Executive Officer of OSI Systems, Inc. "We remain excited about Spacelabs' potential to recapture market share and grow under its strong management team. Spacelabs continues to be on track to meet our expectations."

Dave Tilley added, "Spacelabs' management team is committed to our growth strategy with the support of OSI Systems. We have already started experiencing the benefits of synergies with OSI Systems and are moving forward together."

About OSI Systems Inc.

OSI Systems Inc. is a Hawthorne, California-based diversified global developer, manufacturer and seller of security and inspection systems, medical monitoring products, and optoelectronic-based components, as well as a provider of engineering and manufacturing services. The company has more than 30 years of experience in electronics engineering and manufacturing and maintains offices and production facilities located in more than a dozen countries. OSI Systems implements a strategy of expansion by leveraging its electronics and contract manufacturing capabilities into selective end product markets through organic growth and acquisitions. For more information on OSI Systems Inc. or any of its subsidiary companies, visit www.osi-systems.com.

"This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such statements include, without limitation, information regarding our expectations regarding the potential of Spacelabs to recapture market share and capitalize on synergies with OSI Systems. The actual results may differ materially from those described in or implied by any forward-looking statement. Other important factors are set forth in our Securities and Exchange Commission filings. All forward-looking statements speak only as of the date made, and we undertake no obligation to update these forward-looking statements."