OSI Systems Announces Sale of its Automated External Defibrillator (AED) Product Line
23 February 2017 - 9:00AM
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. News Filter:
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Forward-Looking Statements
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.
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version on businesswire.com: http://www.businesswire.com/news/home/20170222006652/en/
OSI Systems, Inc.Ajay Vashishat, 310-349-2237Vice
President, Business Developmentavashishat@osi-systems.com
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