OSI Systems, Inc.

The grade, in three tenses

Headline 5.6 out of ten, 9 of 9 metrics filed: past 6.0 out of ten, present 6.1 out of ten, future 4.6 out of ten. The past asks what it actually did, the present what it is doing right now, the future what it is set up to do next.

The nine metrics

• Surviving crises (past): 3.5 out of ten. 2 warning events since 2017; the latest 2023-01-30. 35th percentile among 99 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Track record (past): 6.9 out of ten. +7.1% a year over 10 filed years; profitable in 9 of 10. 69th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Shareholder treatment (past): 7.8 out of ten. Share count grew 0.2% a year. 100% of cash flow returned. Insiders: 6 sales, 0 purchases. 78th percentile among 67 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Financial health (present): 5.4 out of ten. ROE 19%: 19¢ of profit per shareholder dollar. Leverage 67%: owes 67¢ per asset dollar. 54th percentile among 95 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Industry position (present): 6.9 out of ten. top 31% of 97 in its family; net margin 8.7%. 69th percentile among 97 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Leadership (present): 6.3 out of ten. top 37% of 66 in its family for leadership; chief executive since 2025. 63rd percentile among 66 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-09).
• Room to expand (future): 3.1 out of ten. bottom 31% of 94 in its family for room to expand. 31st percentile among 94 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Growth drivers (future): 6.7 out of ten. top 33% of 93 in its family for growth drivers. 67th percentile among 93 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).
• Expectations vs reality (future): 4.5 out of ten. bottom 45% of 88 in its family for expectations against reality. 45th percentile among 88 sector filers. A production reading, recomputed from the filings on every data build (read from EDGAR 2026-10-12).

The filing record

Newest annual report: Form 10-K filed 2026-08-21 for the period ended 2026-06-30 (on EDGAR). Newest quarterly report: Form 10-Q filed 2026-05-04 for the period ended 2026-03-31 (on EDGAR). Newest results release: Form 8-K filed 2026-08-20 (on EDGAR). Newest filing: Form 4, 2026-08-26. Filings on record since 1997. Read from EDGAR 2026-10-12.

How the company works

Read from its Form 10-K filed 2026-08-21.

The people

Deepak Chopra founded OSI Systems in May 1987 and ran it as president and chief executive until December 31, 2024. He then served as executive chairman and, from January 1, 2026, as chairman of the board, the title he signed the annual report under. Before founding it he held senior posts at ILC, a lighting maker, including running its United Detector Technology division, whose assets the company bought in 1990; he had also worked at Intel, TRW Semiconductors and RCA Semiconductors. His successor as president and chief executive, from January 1, 2025, is his first cousin Ajay Mehra, who joined as controller in 1989, was chief financial officer from November 1992 to November 2002, and later ran the Security division. [1, 2, 3, 4, 5, 6, 7]

Alan Edrick has been chief financial officer since September 2006, after holding the same post at BioSource International, a biotechnology company, until its sale to Invitrogen; Victor Sze joined in March 2002 and has been general counsel since November 2002. All three divisions have new heads. Wilson Constantine, who had run Nihon Kohden America and Smiths Medical's business in the Americas, has led Spacelabs Healthcare since February 2025. Michael Tropeano, who came from American Science and Engineering in 2016 and ran Rapiscan's cargo and vehicle inspection group, has led Rapiscan since July 2025. The same month Paul Morben, who first joined in 1983 and spent 15 years in Asia setting up the company's plants in Singapore, Indonesia and Malaysia, took over Optoelectronics and Manufacturing from Manoocher Mansouri, who retired from that post and stays on as the division's chief technology officer. [8, 9, 10, 11, 12, 13, 14, 15, 16, 17]

The proxy statement filed in October 2025 put six directors up for election, and the board counts all of them but Chopra and Mehra as independent under Nasdaq's standards. On the record this site holds, William F. Ballhaus Jr. has filed as a director since 2010, James B. Hawkins since 2015, Gerald Chizever since 2016 and Kelli Bernard since 2019; Meyer Luskin, a director on the record since 2006, told the board he was retiring at the end of his term. Family ties run through the business: Chopra's brother Mohinder Chopra is senior vice president and general manager for India, and Chopra and Mehra personally own 10.5% and 4.5% of ECIL-Rapiscan Security Products, a joint venture formed in India in 1994 with Electronics Corporation of India Limited, in which the company holds 36%. [18, 19, 20, 21, 22, 23]

On June 30, 2026 the company employed 7,806 people: 4,708 in manufacturing, 1,423 in service, 703 in administration, 625 in engineering or research and development and 347 in sales and marketing. More than half, 4,061, worked in Asia, 2,538 in the Americas and 1,207 in Europe; 42.2% of the global workforce was female. [24, 25]

How it operates

OSI Systems designs and makes specialized electronic systems and components, organized in three divisions. Security sells, mainly under the Rapiscan name, scanners for baggage, parcels, cargo, vehicles and people, radiation monitors, explosive and narcotics trace detectors and optical inspection systems, plus high-power radio frequency systems; under the S2 name it also staffs and operates screening checkpoints, including full-service checkpoints at several US airports under the Transportation Security Administration's Screening Partnership Program. Optoelectronics and Manufacturing makes optoelectronic devices, the parts that turn light into electrical signals or electricity into light, and does contract electronics manufacturing for other companies, under the OSI Optoelectronics, OSI Electronics, Altaflex and PFC Flexible Circuits names. Healthcare, as Spacelabs Healthcare, sells patient monitors, Holter recorders, ambulatory blood pressure monitors and electrocardiograph (ECG) systems to hospitals and clinics. [26, 27, 28, 29, 30, 31, 32, 33, 34]

Its buyers are mostly governments, hospitals and other manufacturers. Security sells to end users, among them the US Departments of Homeland Security, War, State, Commerce and Justice and the border, transport and infrastructure agencies of many other governments; its direct sales to the US Government were about 207.3 million dollars in fiscal 2026, under contracts the government can generally end at its convenience. No customer took more than 10% of fiscal 2026 revenue, though one Security customer had taken 11% the year before. Spacelabs sells to hospitals directly and through purchasing groups such as the NHS Supplies Organization in Britain, UGAP in France and NUPCO in Saudi Arabia, while the optoelectronics side sells mainly to original equipment manufacturers, the companies that build the finished product. [35, 36, 37, 38, 39]

It makes most of what it sells in its own plants. Security systems are built in California, Massachusetts, Germany, Malaysia and the United Kingdom, radio frequency products in Texas and patient monitors in Washington state; optoelectronic devices and contract manufacturing come from plants in California, New Jersey, Canada, Mexico, India, Indonesia, Malaysia and the United Kingdom, with the high-volume, labor-intensive work in Mexico, India, Indonesia and Malaysia. A large portion of the optoelectronic parts and circuit card assemblies in its scanners are made in house, but it buys most of the X-ray generators, linear accelerators, computers and conveyors for its cargo scanners from outside suppliers, buys high-power radio frequency vacuum tubes at home and abroad, and takes some parts from single vendors. [40, 41, 42, 43, 44]

The filing assigns revenue to the country of the company unit that makes the sale, not to where the customer sits. On that basis, in fiscal 2025, the United States brought in 563.0 million dollars, 32.9% of revenue; the United Kingdom 21.8%; Asia Pacific 17.3%; Mexico 16.1%, down from 423.2 million the year before; other countries in the Americas 9.1%; and the rest of Europe, the Middle East and Africa 2.9%. In fiscal 2026 the units in the United States booked 583,217 thousand dollars, those in the United Kingdom 503,463 thousand and those in Mexico just 99,126 thousand. [45, 46, 47]

The specifics

Most of its scanners use dual-energy X-ray imaging, which lets some materials be told apart, together with software and detection algorithms; some add multiple views or computed tomography. They range from handheld and tabletop units to whole buildings that trucks, shipping containers and pallets pass through, and several models are approved by the US Transportation Security Administration and regulators abroad. It also sells software platforms that customs and tax authorities in the United States, Europe, the Middle East, Oceania and Latin America use to screen containers and vehicles. Its patents expire between 2026 and 2044, and the filing says only the loss of the Rapiscan or Spacelabs trademarks could by itself hurt the business materially. [48, 49, 50, 51, 52, 53, 54]

Rules and procurement shape both main businesses. Security work is won mostly in competitive bids, which cost time and money, can be split among rivals and can be protested after the award, and government contracts at home and abroad can often be ended at the buyer's convenience. In healthcare, every patient monitoring and cardiology system it sells in the United States has needed only the FDA's 510(k) clearance, its lighter premarket route; the FDA's new Quality Management System Regulation took effect on February 2, 2026, and the European Union's Medical Devices Regulation has replaced the older directives with stricter rules. [55, 56, 36, 57, 58, 59, 60]

The annual report names no rival in its competition section. It says its custom optoelectronic parts face very few significant competitors in the United States, Europe or Asia, that in patient monitoring it faces many large international players, and that in cardiology its competitors are more regional. The peer group it names as publicly traded companies it has generally competed with is Conmed, Leidos and Evolv Technologies; it dropped Smiths Group from that list because Smiths is selling its Smiths Detection business. [61, 62, 63, 64]

Acquisitions add to the Security division most years, none of them significant by the company's own measure. In September 2024 it bought a privately held provider of military, space and surveillance solutions for about 76.0 million dollars plus up to 24.0 million more depending on results, and in June 2026 a privately held provider of airport screening services for about 27.0 million plus up to 14.0 million. It has funded itself partly with convertible notes: 350.0 million dollars due 2029, issued in July 2024, and 575.0 million due 2031, issued in November 2025. [65, 66, 67, 68, 69]

What drives growth, line by line

Revenue rose 4.2% in fiscal 2026 to 1,786.0 million dollars, after 11.3% growth the year before; Security and Optoelectronics grew and Healthcare shrank. Gross profit rose just 5.9 million dollars because the mix turned against it: revenue from Security customers in Mexico, which earned margins above the division's average, fell 148.8 million dollars while lower-margin businesses grew, and aviation and checkpoint systems earned less; better results in radio frequency systems made up part of it. [70, 71, 72, 73, 74]

Security Division. The largest line: 1,248.0 million dollars, 69.9% of fiscal 2026 revenue, up 4.3% after 14.7% the year before. The 51.8 million dollar rise came mainly from service revenue, as the installed base of its cargo and vehicle inspection and aviation and checkpoint systems grew; product revenue was flat, with more radio frequency systems and other security products offset by lower product sales to customers in Mexico. Three large international contracts won in fiscal 2023 and 2024, together worth more than 800 million dollars, brought in about 404 million dollars of revenue in fiscal 2024, 231 million in fiscal 2025 and 79 million in fiscal 2026. [75, 76, 77]

Optoelectronics and Manufacturing Division. 375.3 million dollars from outside customers, 21.0% of revenue, up 7.7% after 7.5% the year before. Of the 26.7 million dollar rise, contract manufacturing brought 18.5 million and optoelectronics 8.2 million. Beyond those figures, the division sold about a sixth of its total output to the company's own Security and Healthcare divisions, sales the consolidated accounts eliminate. [78, 79, 80]

Healthcare Division. The smallest line: 162.7 million dollars, 9.1% of revenue, down 3.4% after a 1.8% fall the year before. Patient monitoring sales dropped 9.6 million dollars, service 1.9 million and supplies and accessories 1.8 million, partly offset by 7.7 million more in cardiology sales. It is the least profitable division, with segment income of 6,911 thousand dollars on 162,729 thousand of revenue, and fiscal 2026 carried 4.2 million dollars of non-recurring charges there. The filing notes hospitals under financial pressure and judges it likely that their spending on capital equipment suffers while conditions stay hard. [81, 82, 80, 83, 84]

What comes next, in the company's own words: it expects further revenue from the three large international contracts in fiscal 2027 and beyond, but at relatively lower amounts, since most of the equipment has been delivered. Backlog, the signed orders and contracts it expects to turn into revenue within five years, stood at about 1.9 billion dollars at June 30, 2026, against 1.8 billion a year earlier. The filing adds that conflicts in the Middle East delayed shipments, customer acceptances, project schedules and new orders in the fourth quarter of fiscal 2026. [85, 86, 87, 88]

What the desk infers (inferred, not filed)

• The single Security customer that took 11% of fiscal 2025 revenue, and 42% of what customers owed the company at mid-2025, was most likely a Mexican government customer buying cargo and vehicle inspection systems. Because: One Security customer took 11% of fiscal 2025 revenue; in fiscal 2026 no customer reached 10%. [37] One Security customer held 42% of net receivables at June 30, 2025 and 25% a year later. [89] The filing says it is fulfilling agreements to provide cargo and vehicle inspection systems and related services to government customers in Mexico. [90] Revenue booked in Mexico was 276.3 million dollars in fiscal 2025, 16.1% of the total, enough to hold an 11% customer. [46, 37] In fiscal 2026, the year no customer reached a tenth of revenue, Security revenue from customers in Mexico fell 148.8 million dollars. [72] Confidence 65 of 100. Wrong if: A filing or disclosure that names the customer behind 11% of fiscal 2025 revenue as a buyer outside Mexico.
• Its big government inspection projects tie up cash for long stretches: it delivers and installs well before it is paid, so operating cash flow follows the collection schedule of a few large Security contracts more than it follows profit. Because: Operating cash flow was negative 87.5 million dollars in fiscal 2024, a year of 128.2 million in net income, and 275.9 million in fiscal 2026. [91] The filing credits the fiscal 2026 cash with improved working capital, including collections on large Security projects, and lower accounts receivable. [92, 93] At June 30, 2025 a single Security customer accounted for 42% of net receivables. [89] Among the risks of its Mexican government work it lists receiving payments in a timely manner and penalties for late delivery. [94] Confidence 70 of 100. Wrong if: A cash flow statement showing the fiscal 2024 shortfall came mainly from inventory or other items outside Security receivables and contract balances.
• Rapiscan is leaning from selling scanners toward servicing and running them: in fiscal 2026 its growth came from service on machines already installed rather than new equipment, and it is adding screening operations of its own. Because: Security revenue rose 51.8 million dollars mainly on service revenue from a larger installed base, while product revenue was flat. [76] Under the S2 name it staffs and operates checkpoints, and it now manages full-service checkpoints at several US airports under the TSA's Screening Partnership Program. [29] In June 2026 it bought a privately held provider of airport screening services. [66] Customers often hire it to maintain its security systems after the warranty ends. [95] Confidence 60 of 100. Wrong if: A later annual report in which Security product revenue drives the division's growth while its service revenue flattens or falls.

Sources

1. OSI Systems, Inc., Form DEF 14A filed 2025-10-22: “Mr. Chopra is our founder and currently serves as Executive Chairman of the Board. Prior to that, Mr. Chopra served as President and Chief Executive Officer since our inception in May 1987 until December 31, 2024.”
2. OSI Systems, Inc., Form DEF 14A filed 2025-10-22: “Beginning January 1, 2026, Mr. Chopra’s role will change from Executive Chairman of the Board to Chairman of the Board.”
3. OSI Systems, Inc., Form 10-K filed 2026-08-21: “s/ DEEPAK CHOPRA Deepak Chopra Chairman of the Board August 21, 2026”
4. OSI Systems, Inc., Form DEF 14A filed 2025-10-22: “From 1976 to 1979 and from 1980 to 1987, Mr. Chopra held various positions with ILC, a publicly held manufacturer of lighting products, including serving as Chairman of the Board of Directors, Chief Executive Officer, President and Chief Operating Officer of its United Detector Technology division. In 1990, we acquired certain assets of ILC’s United Detector Technology division.”
5. OSI Systems, Inc., Form DEF 14A filed 2025-10-22: “Mr. Chopra has also held various positions with Intel Corporation, TRW Semiconductors and RCA Semiconductors.”
6. OSI Systems, Inc., Form DEF 14A filed 2025-10-22: “Mr. Mehra is currently President and Chief Executive Officer of the Company. Prior to that, Mr. Mehra served as Executive Vice President and President of the Company’s Security division until his appointment as President and Chief Executive Officer on January 1, 2025. Mr. Mehra joined the Company as Controller in 1989 and served as Vice President and Chief Financial Officer from November 1992 until November 2002, when he was named the Company’s Executive Vice President.”
7. OSI Systems, Inc., Form DEF 14A filed 2025-10-22: “Ajay Mehra, President and Chief Executive Officer, is the first cousin of Deepak Chopra, Executive Chairman of the Board.”
8. OSI Systems, Inc., Form DEF 14A filed 2025-10-22: “Alan Edrick Executive Vice President and Chief Financial Officer since September 2006”
9. OSI Systems, Inc., Form DEF 14A filed 2025-10-22: “BIOSOURCE INTERNATIONAL, INC., a biotechnology company ▪ Executive Vice President and Chief Financial Officer (2004 to 2006, until its sale to Invitrogen Corporation)”
10. OSI Systems, Inc., Form DEF 14A filed 2025-10-22: “General Counsel and Secretary (November 2002 to present) ▪ Vice President of Corporate Affairs and General Counsel (March 2002 to November 2002)”
11. OSI Systems, Inc., Form DEF 14A filed 2025-10-22: “President of Spacelabs Healthcare (February 2025 to present) EQT AB-BACKED OTTOBOCK HEALTHCARE NA ▪ President and Chief Executive Officer (2022 to 2024) SMITHS MEDICAL ▪ President and General Manager, Americas (2020 to 2022) NIHON KOHDEN AMERICA ▪ President and Chief Executive Officer (2014 to 2019)”
12. OSI Systems, Inc., Form DEF 14A filed 2025-10-22: “President, Rapiscan (July 2025 to present) ▪ Executive Vice President and General Manager, Rapiscan Cargo and Vehicle Inspection Group (July 2018 to June 2025) ▪ Executive Vice President, International Cargo Sales (September 2016 to July 2018).”
13. OSI Systems, Inc., Form DEF 14A filed 2025-10-22: “AMERICAN SCIENCE AND ENGINEERING, INC. ▪ Senior Vice President and General Manager (June 2015 to September 2016)”
14. OSI Systems, Inc., Form DEF 14A filed 2025-10-22: “Mr. Morben has over 40 years of experience in the optoelectronics and manufacturing services industries, including 15 years in Asia where he established and led the Company’s manufacturing operations in Singapore, Indonesia, and Malaysia.”
15. OSI Systems, Inc., Form DEF 14A filed 2025-10-22: “President of Optoelectronics and Manufacturing division (July 2025 to present) ▪ President of OSI Electronics (October 2019 to June 2025) ▪ Joined the Company in 1983”
16. OSI Systems, Inc., Form DEF 14A filed 2025-10-22: “Mr. Mansouri retired as President of our Optoelectronics and Manufacturing division on June 30, 2025 and was succeeded, effective July 1, 2025, by Mr. Morben.”
17. OSI Systems, Inc., Form DEF 14A filed 2025-10-22: “Chief Technology Officer of Optoelectronics and Manufacturing division (July 2025 to present)”
18. OSI Systems, Inc., Form DEF 14A filed 2025-10-22: “You are being asked to elect six directors at the Annual Meeting.”
19. OSI Systems, Inc., Form DEF 14A filed 2025-10-22: “The Board has determined that each of the current directors, except Mr. Chopra and Mr. Mehra, is independent within the meaning of the director independence standards of The NASDAQ Stock Market”
20. The record on this page: the officers and directors who file Forms 3, 4 and 5 (the SEC's insider data sets)
21. OSI Systems, Inc., Form DEF 14A filed 2025-10-22: “Mr. Luskin has informed the Board that he is retiring at the end of his current term and is therefore not a nominee for re-election to the Board.”
22. OSI Systems, Inc., Form DEF 14A filed 2025-10-22: “Mohinder Chopra, who is the brother of Deepak Chopra, our Executive Chairman of the Board, is our Senior Vice President/General Manager India.”
23. OSI Systems, Inc., Form DEF 14A filed 2025-10-22: “In 1994, we, together with Electronics Corporation of India Limited (“ECIL”), an unaffiliated Indian company, formed ECIL-Rapiscan Security Products Limited, a joint venture under the laws of India (“ECIL Rapiscan”). We own a 36% interest in the joint venture, Mr. Mehra owns a 4.5% interest, and Mr. Chopra owns a 10.5% interest.”
24. OSI Systems, Inc., Form 10-K filed 2026-08-21: “As of June 30, 2026, we employed 7,806 people, of whom 4,708 were employed in manufacturing, 625 were employed in engineering or research and development, 703 were employed in administration, 347 were employed in sales and marketing and 1,423 were employed in service capacities. Of the total employees, 2,538 were employed in the Americas, 4,061 were employed in Asia and 1,207 were employed in Europe.”
25. OSI Systems, Inc., Form 10-K filed 2026-08-21: “As of June 30, 2026, 42.2% of our global workforce was female”
26. OSI Systems, Inc., Form 10-K filed 2026-08-21: “We have three operating divisions: (a) Security, providing security and inspection systems, turnkey security screening solutions, and high-power radio frequency systems; (b) Optoelectronics and Manufacturing, providing specialized electronic components for our Security and Healthcare divisions, as well as to third parties for applications in the defense and aerospace markets, among others; and (c) Healthcare, providing patient monitoring, cardiology and remote monitoring, and connected care systems and associated accessories.”
27. OSI Systems, Inc., Form 10-K filed 2026-08-21: “We design, manufacture and market security and inspection systems globally to end users primarily under the “Rapiscan” trade name.”
28. OSI Systems, Inc., Form 10-K filed 2026-08-21: “Our Security products fall into the following categories: baggage and parcel inspection; cargo and vehicle inspection; hold (checked) baggage screening; people screening; radiation monitoring; explosive and narcotics trace detection; and optical inspection systems.”
29. OSI Systems, Inc., Form 10-K filed 2026-08-21: “We also offer turnkey security screening services, an enterprise inspection process integration platform, operator training, and the staffing and operation of security screening checkpoints under the “S2” trade name. We have recently expanded this capability to include management of full-service checkpoint operations at several U.S. airports as part of TSA’s privatized screening initiative under the Screening Partnership Program.”
30. OSI Systems, Inc., Form 10-K filed 2026-08-21: “A collection of active components detects lights of different wavelengths and converts light into electrical signals. Meanwhile, another set of devices emits light in the form of lasers, transforming electricity into light.”
31. OSI Systems, Inc., Form 10-K filed 2026-08-21: “Our optoelectronic products and services are provided primarily under the “OSI Optoelectronics” trade name.”
32. OSI Systems, Inc., Form 10-K filed 2026-08-21: “Our electronics manufacturing services are provided primarily under the trade names “OSI Electronics,” “Altaflex,” and “PFC Flexible Circuits.””
33. OSI Systems, Inc., Form 10-K filed 2026-08-21: “Our Healthcare division designs, manufactures and markets products globally to end users primarily under the “Spacelabs Healthcare” trade name.”
34. OSI Systems, Inc., Form 10-K filed 2026-08-21: “Our cardiology and remote monitoring systems include Holter recorders and analyzers, ambulatory blood pressure monitors, resting and stress electrocardiography (ECG) devices, and ECG management software systems and related software and services.”
35. OSI Systems, Inc., Form 10-K filed 2026-08-21: “Our customers include, among many others, the U.S. Department of Homeland Security, U.S. Department of War, U.S. Department of State, U.S. Department of Commerce, and U.S. Department of Justice, as well the ministries and departments of many international governments, including transportation and border control authorities and other critical infrastructure agencies.”
36. OSI Systems, Inc., Form 10-K filed 2026-08-21: “Our contracts with the U.S. Government are generally subject to termination for convenience at the election of the U.S. Government. For the fiscal year ended June 30, 2026, our Security division’s direct sales to the U.S. Government were approximately $207.3 million. Additionally, certain of our contracts with foreign governments also contain provisions allowing the government to terminate a contract for convenience.”
37. OSI Systems, Inc., Form 10-K filed 2026-08-21: “In fiscal year 2025, one Security division customer accounted for 11% of net revenues. In fiscal year 2026, no customer accounted for greater than 10% of net revenues.”
38. OSI Systems, Inc., Form 10-K filed 2026-08-21: “We sell products directly to end customers, as well as through integrated delivery networks and group purchasing organizations in the U.S., the NHS Supplies Organization in the United Kingdom, UGAP in France, NUPCO in Saudi Arabia and to various government funded hospitals in the Middle East and several parts of Asia.”
39. OSI Systems, Inc., Form 10-K filed 2026-08-21: “We sell our security and inspection solutions and healthcare products primarily to end‑users, while we design and manufacture our optoelectronic devices and value‑added subsystems and provide electronics manufacturing services primarily for original equipment manufacturer (OEM) customers.”
40. OSI Systems, Inc., Form 10-K filed 2026-08-21: “We currently manufacture our security and inspection systems domestically in California and Massachusetts, and internationally in Germany, Malaysia and the United Kingdom. We manufacture our RF products in Texas. We currently manufacture our patient monitoring and cardiology and remote monitoring systems in Washington state.”
41. OSI Systems, Inc., Form 10-K filed 2026-08-21: “We currently manufacture our optoelectronic devices and provide electronics manufacturing services domestically in California and New Jersey, and internationally in Canada, Mexico, India, Indonesia, Malaysia, and the United Kingdom. Most of our high-volume, labor-intensive manufacturing activities are performed at our facilities in Mexico, India, Indonesia and Malaysia.”
42. OSI Systems, Inc., Form 10-K filed 2026-08-21: “A large portion of the optoelectronic devices, subsystems and circuit card assemblies used in our inspection systems are manufactured in-house. A large proportion of our X-ray generators, linear accelerators, computers and conveyance systems used in our cargo and vehicle inspection systems are purchased from unaffiliated third-party providers.”
43. OSI Systems, Inc., Form 10-K filed 2026-08-21: “We purchase high-power RF vacuum tubes from foreign and domestic sources.”
44. OSI Systems, Inc., Form 10-K filed 2026-08-21: “For cost, quality control, technological, and efficiency reasons, we purchase specific materials, parts, and components only from single vendors with whom we have ongoing relationships.”
45. OSI Systems, Inc., Form 10-K filed 2026-08-21: “Pursuant to ASC 280 Segment Reporting, external revenues are attributed to individual countries based upon the location of our selling entity.”
46. The record on this page: revenue by line and by geography, as tagged in the annual report (the SEC's financial statement data sets)
47. OSI Systems, Inc., Form 10-K filed 2026-08-21: “Fiscal 2026 External Intersegment Total Long-lived Long-lived revenues revenues Consolidated tangible assets assets Geographic region: United States $ 583,217 $ 29,110 $ 612,327 $ 142,397 $ 556,716 Mexico 99,126 — 99,126 3,390 4,218 Other Americas 205,897 12 205,909 23,302 140,349 Total Americas 888,240 29,122 917,362 169,089 701,283 United Kingdom 503,463 13,510 516,973 33,178 90,840”
48. OSI Systems, Inc., Form 10-K filed 2026-08-21: “Many of our security and inspection systems utilize dual-energy X-ray imaging technology, in combination with software enhanced imaging methods and algorithms to facilitate the detection of contraband materials and items such as explosives, weapons, and narcotics. Dual energy imaging allows some material properties to be identified.”
49. OSI Systems, Inc., Form 10-K filed 2026-08-21: “Some of our systems also use different types or combinations of X-ray imaging in addition to dual-energy, such as multi-view and computed tomography.”
50. OSI Systems, Inc., Form 10-K filed 2026-08-21: “Our inspection systems range in size from compact, handheld and table-top products to large systems comprising entire buildings in which trucks, shipping containers or pallets are inspected.”
51. OSI Systems, Inc., Form 10-K filed 2026-08-21: “Several of our screening system models have been approved by the U.S. Transportation Security Administration, as well as by various international regulatory bodies, for this purpose”
52. OSI Systems, Inc., Form 10-K filed 2026-08-21: “Our platforms are used by customs and tax authorities in the United States, Europe, Middle East, Oceania and Latin America to screen millions of containers and vehicles.”
53. OSI Systems, Inc., Form 10-K filed 2026-08-21: “Our current patents will expire at various times between 2026 and 2044.”
54. OSI Systems, Inc., Form 10-K filed 2026-08-21: “Nevertheless, with the exception of the loss of the Rapiscan® or Spacelabs® trademarks, the impact of the loss of any single trademark or patent would not likely have a material adverse effect on our business.”
55. OSI Systems, Inc., Form 10-K filed 2026-08-21: “A significant portion of our business is generally awarded through a competitive bidding process, which involves substantial costs, including cost and time to prepare bids and proposals for contracts that may not be awarded to us, may be split among competitors or that may be awarded but for which we do not receive meaningful task orders.”
56. OSI Systems, Inc., Form 10-K filed 2026-08-21: “Following contract award, we may encounter significant expense, delay, contract modifications or even contract loss as a result of our competitors protesting the award of contracts to us in competitive bidding.”
57. OSI Systems, Inc., Form 10-K filed 2026-08-21: “To date, all of the patient monitoring and cardiology and remote monitoring systems we manufacture and sell in the United States have required only 510(k) pre-market notification clearance.”
58. OSI Systems, Inc., Form 10-K filed 2026-08-21: “Therefore, these devices are typically subject to the PMA application process, which is more costly and time consuming than the 510(k) process and requires substantial clinical data.”
59. OSI Systems, Inc., Form 10-K filed 2026-08-21: “In February 2024, the U.S. Food and Drug Administration (FDA) issued a final rule revising the Quality System Regulation (QSR) to align more closely with ISO 13485:2016, now referred to as the Quality Management System Regulation (QMSR), which became effective on February 2, 2026.”
60. OSI Systems, Inc., Form 10-K filed 2026-08-21: “The EU MDR imposes stricter requirements for the marketing and sale of medical devices, including in the areas of clinical evaluation, quality systems and post-market surveillance, than the medical device directives replaced by the EU MDR.”
61. OSI Systems, Inc., Form 10-K filed 2026-08-21: “Because our custom optoelectronic components and subsystems require a high degree of engineering expertise, there are very few significant competitors in the United States, Europe, or Asia.”
62. OSI Systems, Inc., Form 10-K filed 2026-08-21: “In the patient monitoring and connected care markets we face many large international players.”
63. OSI Systems, Inc., Form 10-K filed 2026-08-21: “In cardiology and remote monitoring our competitors are more regionally based.”
64. OSI Systems, Inc., Form 10-K filed 2026-08-21: “The new peer group includes the following companies: Conmed Corp, Leidos Holdings Inc. and Evolv Technologies Holdings, Inc., but excludes Smiths Group Plc which is in the process of divesting Smiths Detection.”
65. OSI Systems, Inc., Form 10-K filed 2026-08-21: “In September 2024, we (through our Security division) acquired 100% of the shares of common stock of a privately held provider of critical military, space and surveillance solutions to expand our customer base and offer additional products and services for existing customers, for approximately $76.0 million, plus up to $24.0 million in potential contingent consideration.”
66. OSI Systems, Inc., Form 10-K filed 2026-08-21: “In June 2026, we (through our Security division) acquired a privately held provider of airport screening services for approximately $27.0 million, plus up to $14.0 million in potential contingent consideration.”
67. OSI Systems, Inc., Form 10-K filed 2026-08-21: “We acquired one business in fiscal 2026 and two businesses in fiscal 2025, as described in Note 2 to the Consolidated Financial Statements. None of these acquisitions were considered significant.”
68. OSI Systems, Inc., Form 10-K filed 2026-08-21: “In July 2024, we issued an aggregate of $350.0 million principal amount of 2.25% convertible senior notes due in August 2029”
69. OSI Systems, Inc., Form 10-K filed 2026-08-21: “In November 2025, we issued an aggregate of $575.0 million principal amount of 0.50% convertible senior notes due in February 2031”
70. OSI Systems, Inc., Form 10-K filed 2026-08-21: “Total Net Revenues $ 1,538.8 $ 1,713.2 $ 1,786.0 11.3 % 4.2”
71. OSI Systems, Inc., Form 10-K filed 2026-08-21: “Revenues increased to approximately $1.8 billion, driven by our Security and Optoelectronics divisions, partially offset by lower Healthcare division revenues.”
72. OSI Systems, Inc., Form 10-K filed 2026-08-21: “The gross margin in fiscal year 2026 was lower than the prior year due to the sales mix in the Security division arising from an unfavorable shift in revenue mix. Revenue from Security division customers in Mexico, which generated margins above the division average, declined by $148.8 million year-over-year, while revenue increased in businesses that generally carried lower margins.”
73. OSI Systems, Inc., Form 10-K filed 2026-08-21: “Gross margin was also adversely affected by lower margins in aviation and checkpoint inspection systems. These impacts were partially offset by higher revenue and improved profitability from RF systems.”
74. OSI Systems, Inc., Form 10-K filed 2026-08-21: “Gross profit increased approximately $5.9 million in fiscal 2026 as compared to the prior year on a 4.3% increase in net revenue.”
75. OSI Systems, Inc., Form 10-K filed 2026-08-21: “Security $ 1,043.1 67.8 % $ 1,196.2 69.8 % $ 1,248.0 69.9 % 14.7 % 4.3”
76. OSI Systems, Inc., Form 10-K filed 2026-08-21: “Revenues for the Security division during the fiscal year ended June 30, 2026 increased by $51.8 million on a year-over-year basis primarily due to an increase in service revenues. The increase in service revenues was due primarily to the increase in the installed base of products of cargo and vehicle inspection systems and aviation and checkpoint inspection systems. Product revenues for fiscal 2026 were comparable to fiscal 2025 as an increase in revenue from RF systems and other security products were offset by a decrease in product revenues from customers in Mexico.”
77. OSI Systems, Inc., Form 10-K filed 2026-08-21: “During fiscal years 2023 and 2024, our Security division was awarded three significant international contracts valued in aggregate greater than $800 million. During fiscal years 2024, 2025 and 2026, we recognized revenues generated from these contracts of approximately $404 million, $231 million and $79 million, respectively.”
78. OSI Systems, Inc., Form 10-K filed 2026-08-21: “Optoelectronics / Manufacturing 324.3 21.1 % 348.6 20.3 % 375.3 21.0 % 7.5 % 7.7”
79. OSI Systems, Inc., Form 10-K filed 2026-08-21: “Revenues for the Optoelectronics and Manufacturing division during the fiscal year ended June 30, 2026 increased year-over-year by $26.7 million due to increases in our optoelectronics business and our contract manufacturing business of $8.2 million and $18.5 million, respectively.”
80. OSI Systems, Inc., Form 10-K filed 2026-08-21: “Revenues: External customer revenue $ 1,247,949 $ 375,306 $ 162,729 $ 1,785,984 $ — $ — $ 1,785,984 Intersegment revenue — 75,511 — 75,511 (75,511) — — Total revenues 1,247,949 450,817 162,729 1,861,495 (75,511) — 1,785,984 Cost of goods sold 834,806 352,666 79,801 1,267,273 (74,381) — 1,192,892 Selling, general and administrative expenses 149,653 35,361 57,095 242,109 — 36,281 278,390 Research and development expenses 55,021 5,198 18,922 79,141 — — 79,141 Segment income from operations $ 208,469 $ 57,592 $ 6,911 $ 272,972 $ (1,130) $ (36,281) $ 235,561”
81. OSI Systems, Inc., Form 10-K filed 2026-08-21: “Healthcare 171.4 11.1 % 168.4 9.9 % 162.7 9.1 % (1.8) % (3.4)”
82. OSI Systems, Inc., Form 10-K filed 2026-08-21: “Revenues for the Healthcare division during the fiscal year ended June 30, 2026 decreased by $5.6 million year-over-year due primarily to a reduction in patient monitoring sales of $9.6 million, in service revenue of $1.9 million and in supplies and accessories revenue of $1.8 million, partially offset by increases in cardiology sales of $7.7 million.”
83. OSI Systems, Inc., Form 10-K filed 2026-08-21: “$1.6 million in legal charges, $2.2 million for non-recurring charges in our Security division, and $4.2 million for non-recurring charges in our Healthcare division.”
84. OSI Systems, Inc., Form 10-K filed 2026-08-21: “Certain hospitals are facing significant financial pressure as supply chain constraints and inflation drive up operating costs and higher interest rates make access to credit more expensive. To the extent macroeconomic conditions remain challenging, it is likely that hospitals’ spend on capital equipment will be adversely impacted.”
85. OSI Systems, Inc., Form 10-K filed 2026-08-21: “Further revenues are expected to be recognized in fiscal year 2027 and beyond, albeit at relatively lower amounts as we have fulfilled the majority of equipment deliveries as of the end of fiscal year 2026.”
86. OSI Systems, Inc., Form 10-K filed 2026-08-21: “We currently measure our backlog as quantifiable purchase orders or contracts that have been signed, for which revenues are expected to be recognized within the next five years.”
87. OSI Systems, Inc., Form 10-K filed 2026-08-21: “As of June 30, 2026, our consolidated backlog totaled approximately $1.9 billion, compared to $1.8 billion as of June 30, 2025.”
88. OSI Systems, Inc., Form 10-K filed 2026-08-21: “The conflicts in the Middle East had an impact on our operating results in the fourth quarter of fiscal year 2026 through delays in timing of shipments, customer acceptance procedures, project schedules, and new orders.”
89. OSI Systems, Inc., Form 10-K filed 2026-08-21: “As of June 30, 2025, one customer in the Security division accounted for 42% of accounts receivable, net. As of June 30, 2026, one customer in the Security division accounted for 25% of accounts receivable, net.”
90. OSI Systems, Inc., Form 10-K filed 2026-08-21: “We are currently in the process of fulfilling agreements to provide cargo and vehicle inspection systems and related services to government customers in Mexico.”
91. The record on this page: the filed annual figures (EDGAR's company facts)
92. OSI Systems, Inc., Form 10-K filed 2026-08-21: “Cash generated from operating activities increased significantly to approximately $275.9 million, driven largely by improved working capital, including collections on large Security projects, and higher net income.”
93. OSI Systems, Inc., Form 10-K filed 2026-08-21: “The net increase in cash flows from operating activities was due primarily to favorable changes in net working capital, largely from lower accounts receivable, an increase in deferred revenue and other liabilities, as well as higher net income compared to the same prior-year period.”
94. OSI Systems, Inc., Form 10-K filed 2026-08-21: “(iii) receipt of payments in a timely manner; (iv) significant penalties in the event of our late delivery or non-performance; (v) termination or change in scope of program at the election of the Mexican government”
95. OSI Systems, Inc., Form 10-K filed 2026-08-21: “After the expiration of our standard product warranty periods, we are often engaged by customers, either directly or through our network of authorized service providers, to provide maintenance services for our security and inspection products.”

Where the revenue comes from

Lines of business in fiscal 2026: Security Division 70%, Optoelectronics and Manufacturing Division 21%, Healthcare Division 9%. By geography: United States 33%, United Kingdom 28%, Asia Pacific 18%, Other Americas 12%, Mexico 6%, Other EMEA 4%. As tagged in its annual report (Form 10-K, filed 2026-08-21).

Who runs it

Mehra, Ajay (PRESIDENT AND CEO); Chopra, Deepak (EXECUTIVE CHAIRMAN); Tropeano, Michael (PRESIDENT, RAPISCAN SYSTEMS); Edrick, Alan I (EVP & CFO); Okawa, Cary M. (CHIEF ACCOUNTING OFFICER); Grindstaff, Glenn (CHIEF HUMAN RESOURCES OFFICER); Morben, Paul Keith (PRES., OPTOELECTRONICS DIV); Sze, Victor S (GENERAL COUNSEL); Constantine, W Paul (PRES., SPACELABS HEALTHCARE); Bernard, Kelli (director); and 4 more. 14 officers and directors have filed their own trades in the last fifteen months, names and titles as filed with the SEC, through 2026-09-30.

This file: Overview · Past · Present · Future · Filings · every company on file

Every stock is a company. We grade the company behind the stock. CrossAssetData is a company research product: no investment advice, no price targets, no price predictions; every claim carries its source, and unseen means unseen. The full file draws when the page's script runs: the essentials, the balance sheet, the estimators, the trend, and every filing of the last ten years.