OSI Systems receives $1.3 million order from Thomas Memorial Hospital for its patient monitoring products

OSI Systems, Inc. (NASDAQ:OSIS), a vertically-integrated provider of specialized electronic products for critical applications in the Security and Healthcare industries, today announced that its Healthcare division, Spacelabs Healthcare, has received a contract from Thomas Memorial Hospital in Charleston, West Virginia for a broad range of patient monitoring products. The $1.3 million order received represents a new customer, converted to Spacelabs from a major competitor. Systems are to be installed throughout the hospital including the critical care, preoperative, OR and outpatient surgery areas to provide comprehensive monitoring of patients throughout the care cycle.

OSI Systems CEO Deepak Chopra, stated, “We are excited to announce this contract award and look forward to working closely with Thomas Memorial Hospital to implement their monitoring requirements. Our ability to convert customers from our competitors in these challenging market conditions underscores our business model of being a leading global technology provider of patient monitoring solutions. Overall we believe the monitoring market in North America is beginning to show signs of improvement and we maintain that as a result of the strategic initiatives undertaken over the past year with modest revenue growth we expect Spacelabs to experience significant margin expansion.”