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: OSIS-G
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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Contacts:
OSI Systems, Inc.
Ajay Vashishat, 310-349-2237
Vice President, Business Development
avashishat@osi-systems.com
