3 unchanged sentences
We have three operating divisions:
−Removed: (a) Security, providing security and inspection systems and turnkey security screening solutions;
+Added: (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;
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These and other regulations promulgated by international organizations have resulted in an ongoing global demand for airline, cargo, port and border security and inspection technologies.
+Added: The global market for high-power radio frequency (RF) systems is expanding.
+Added: High-power over-the-horizon radar (OTHR) can provide 24/7 coverage of air, land and orbital space well outside the political borders of most countries.
+Added: has an initiative called Golden Dome, which, among other objectives, seeks to expand air defense surveillance capability.
+Added: Other countries may seek similar expanded capabilities.
+Added: Global navigation systems such as GPS are under constant attack by threat actors.
+Added: There is a global need for more secure and redundant systems to ensure continuous access to accurate position and time data.
+Added: Secure communications networks face ever more sophisticated threats and thus demand for secure digital long-range communication is increasing.
Optoelectronics and Manufacturing Division.
We believe that continued advances in technology have broadened the optoelectronics market by enabling the use of optoelectronic devices in a greater number of applications.
−Removed: In addition, we see a trend among OEMs to outsource the design and manufacture of optoelectronic devices as well as value-added subsystems to fully-integrated, independent manufacturers, like us, which may offer greater specialization, broader expertise, and more flexibility to respond to short cycle times and quicker market expectations.
+Added: In addition, we see the continued electrification and miniaturization of products to expand the markets for providing electronic manufacturing services to OEMs who increasingly see the benefit of outsourcing the design and manufacture of optoelectronic devices as well as value-added subsystems to fully-integrated, independent manufacturers, like us, which may offer greater specialization, broader expertise, and more flexibility to respond to short cycle times and quicker market expectations.
Our optoelectronic devices are utilized in a wide range of applications across various markets, including aerospace and defense, automotive, medical imaging and diagnostics, life sciences and biotechnology, pharmaceuticals, nanotechnology, telecommunications, construction, and homeland security.
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We offer full turnkey solutions as well as printed circuit board assembly, cable and harness assembly, liquid crystal displays, and box-build manufacturing services, in which we provide product design and development, supply chain management, and production manufacturing services.
−Removed: Additionally, our flexible circuit businesses offer design expertise, fabrication capabilities, and assembly of flexible and rigid circuit boards for applications in the industrial, medical, military, and consumer markets.
+Added: Additionally, our North America based flexible circuit businesses offer design expertise, fabrication capabilities, and assembly of flexible and rigid circuit boards for the growing North American manufacturing and product development markets for industrial, medical, military, and consumer applications.
Healthcare Division.
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Package and cargo screening by freight forwarders, airlines and air cargo companies represents a growing sector, as regulations in the United States and Europe have continued to require screening of air cargo shipments.
−Removed: We plan to capitalize on opportunities to replace, service and upgrade existing security installations, and to offer turnkey security screening solutions in which we may construct, staff and/or operate security screening checkpoints for our customers.
+Added: In Europe, increasing investment in border security and immigration management to combat illegal smuggling, unauthorized border crossings and other cross-border threats are creating additional growth opportunities for our cargo and vehicle inspection solutions as well as our biometric identity verification screening technologies.
+Added: We are capitalizing on opportunities to replace, service and upgrade existing security installations, and offering turnkey security screening solutions in which we are constructing, staffing and/or operating security screening checkpoints for our customers.
We expect that a market for software-as-a-service (SaaS) platforms that are capable of integrating the data that security inspection systems produce with related information derived from vehicle license plates, cargo container numbers, drivers’ licenses, government databases, and other sources will also continue to develop, mature and grow, particularly as customers shift their operating procedures to take advantage of secure, cloud-based, networking technologies.
We are a leader in the development of these platforms, including the transmission of such data to operators that may be working within secure, remote screening facilities hundreds or thousands of miles away from the security checkpoint.
−Removed: Our software has been used by customs and tax authorities in the United States, Europe and Latin America to screen millions of containers and vehicles.
+Added: 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.
We believe that government agencies and commercial customers will continue to rely on such SaaS offerings to review and adjudicate screening decisions remotely, over secure networks, as well as to communicate with and monitor the performance of their employees working on the ground at distant ports, border crossings and other checkpoints.
−Removed: Finally, we also intend to continue to develop new security and inspection products and technologies, including software, and to enhance our current product and service offerings through internal research and development and selective acquisitions.
+Added: In addition, we deliver inspection algorithms combining data and image information into SaaS integrated operations.
+Added: Finally, we also intend to continue to develop new security and inspection products and technologies, including software and algorithms, and to enhance our current product and service offerings through internal research and development and selective acquisitions.
Improving and Complementing Existing Medical Technologies.
−Removed: We develop and market patient monitoring systems, cardiology and remote monitoring products, connected care solutions, remote clinical monitoring and associated supplies and accessories.
+Added: We develop and market patient monitoring systems, cardiology and remote monitoring products, connected care solutions, remote clinical monitoring, clinical decision support, and associated supplies and accessories.
Our efforts to develop new products and improve our existing medical technologies are focused on the needs of healthcare organizations, caregivers, and their patients.
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We design, develop, manufacture and sell products ranging from security and inspection systems to patient monitoring and cardiology and remote monitoring systems to discrete optoelectronic devices and value-added subsystems.
−Removed: Security and Inspection Systems.
+Added: Security and Inspection Products and Solutions.
We design, manufacture and market security and inspection systems globally to end users primarily under the “Rapiscan” trade name.
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explosive and narcotics trace detection;
−Removed: optical inspection systems;
−Removed: and radio frequency (RF) equipment.
−Removed: We also offer turnkey security screening services, as well as related software integration platforms, operator training, and the staffing and operation of security screening checkpoints under the “S2” trade name.
+Added: and optical inspection systems.
+Added: 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.
+Added: We have recently expanded this capability to include management of full-service checkpoint operations at several U.S.
+Added: airports as part of TSA’s privatized screening initiative under the Screening Partnership Program.
In recent years, security and inspection products have increasingly been used at a wide range of facilities in addition to airports, such as border crossings, railways, seaports, cruise line terminals, sports and entertainment venues, freight forwarding operations, government and military installations and nuclear facilities.
As a result of the use of security and inspection products at additional facilities, we have diversified our portfolio of security and inspection products and our sales channels.
−Removed: 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, narcotics, and radioactive materials.
+Added: 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.
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These products are manufactured in standard and customized configurations for specific applications and are offered either as components or as subsystems.
−Removed: Our optoelectronic products and services are provided primarily under the “OSI Optoelectronics,” “OSI LaserDiode,” and “Advanced Photonix” trade names.
+Added: Our optoelectronic products and services are provided primarily under the “OSI Optoelectronics” trade name.
In addition to manufacturing standard and OEM products, we also specialize in designing and manufacturing customized, value-added subsystems for use in a wide range of products and equipment.
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We provide electronics design and manufacturing services in North America, the United Kingdom, and the Asia Pacific region.
−Removed: Our offerings include printed circuit boards, cable and harness assemblies, and complete systems.
+Added: Our offerings include printed circuit board assemblies, cable and harness assemblies, and complete systems.
Our factories are equipped with automated surface mount technology (SMT) lines and other advanced automated manufacturing equipment.
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Additionally, we design and manufacture custom LCD displays for medical, industrial, and consumer electronics applications, as well as design and fabricate flex circuits for OEM customers ranging from the prototype stage to mass production.
−Removed: Our electronics manufacturing services are provided primarily under the trade names “OSI Electronics,” “APlus Products,” “Altaflex,” and “PFC Flexible Circuits.”
−Removed: Patient Monitoring and Cardiology and Remote Monitoring.
+Added: Our electronics manufacturing services are provided primarily under the trade names “OSI Electronics,” “Altaflex,” and “PFC Flexible Circuits.”
+Added: Patient Monitoring, Cardiology and Remote Monitoring, and Clinical Decision Support.
Our Healthcare division designs, manufactures and markets products globally to end users primarily under the “Spacelabs Healthcare” trade name.
−Removed: Spacelabs products include patient monitors for use in perioperative, critical care, step down and emergency care environments with neonatal, pediatric and adult patients.
+Added: Spacelabs products include patient monitors for use in perioperative, critical care, step down telemetry, and emergency care environments with neonatal, pediatric and adult patients.
Our patient monitoring systems include bedside monitors such as the Xprezzon and Qube as well as telemetry solutions.
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These tools help address top challenges facing hospitals today.
−Removed: Spacelabs predictive analytics clinical decision support tools provide surveillance and deterioration alerting for patients in all levels of care in the hospital setting and includes FDA-cleared and regulated products featuring the Rothman Index, a proprietary patient condition score available through EMR-integrated, web-based, or mobile app interfaces.
−Removed: These tools help to drive care improvement initiatives hospitals are funding today.
+Added: Spacelabs’ predictive analytics clinical decision support solutions enable continuous patient surveillance and early identification of clinical deterioration across hospital care settings.
+Added: The suite includes FDA-cleared and regulated products featuring the Rothman Index, a proprietary patient condition score available through EMR-integrated, web-based, or mobile app interfaces.
+Added: Together, they support and accelerate care improvement initiatives that hospitals are actively prioritizing and investing in today.
Our Pathfinder SL ® and Lifescreen™ Pro analysis tools provide clinicians the ability to save Holter analysis time and to do detailed analysis when needed inside or outside the hospital.
Our Eclipse Pro Holter recorders provide up to 14 days of 3-channel recording or up to 72 hours of 12 lead with pacing.
−Removed: Our Eclipse Mini Ambulatory ECG Recorder provides up to 30 days of 3-channel ECG and when paired with Lifescreen™ Pro clinicians can analyze millions of heart beats within minutes.We are also a supplier of ambulatory blood pressure (ABP) monitors which are routinely used by physicians around the world and by contract research organizations.
+Added: Our Eclipse Mini Ambulatory ECG Recorder provides up to 30 days of 3-channel ECG and when paired with Lifescreen™ Pro clinicians can analyze millions of heart beats within minutes.
+Added: We are also a supplier of ambulatory blood pressure (ABP) monitors which are routinely used by physicians around the world and by contract research organizations.
Many physicians are using ambulatory blood pressure monitoring to detect “white coat” hypertension, a condition in which people experience elevated blood pressure in the doctor’s office but not in their daily lives.
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Consequently, certain of our security and inspection products have been and continue to be sold for use at airports.
−Removed: Our security and inspection products are also used for security and customs purposes at locations in addition to airports, such as border crossings, shipping ports, critical infrastructure facilities, international mail facilities, sports and entertainment venues, military and other government installations, freight forwarding facilities, high-profile locations such as U.K.
−Removed: House of Parliament, Buckingham Palace, and the Vatican and for high-profile events such as the Olympic Games, FIFA World Cup, and other sporting events.
+Added: Our security and inspection products are also used for security and customs purposes at locations in addition to airports, such as border crossings, shipping ports, critical infrastructure facilities, international mail facilities, sports and entertainment venues, military and other government installations, freight forwarding facilities, high-profile locations and for high-profile events such as the Olympic Games, FIFA World Cup, and other sporting events.
We also provide turnkey security screening solutions, which can include the construction, staffing and long-term operation of security screening locations for our customers.
1 unchanged sentence
Department of Homeland Security, U.S.
−Removed: Department of Defense, U.S.
+Added: Department of War, U.S.
Department of State, U.S.
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Patient Monitoring, Cardiology and Remote Monitoring, and Connected Care Solutions.
−Removed: Our patient monitoring, cardiology and remote monitoring, and connected care solutions are manufactured and distributed globally for use throughout the hospital, in areas such as critical care, emergency, perioperative and step down units.
+Added: Our patient monitoring, cardiology and remote monitoring, and connected care solutions are manufactured and distributed globally for use throughout the hospital, in areas such as critical care, emergency, perioperative and step down telemetry units.
Our solutions are also utilized in physicians’ offices, medical clinics and ambulatory surgery centers.
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Research and Development
−Removed: Our security and inspection systems and software are primarily designed at our facilities in the United States and in the United Kingdom, Australia, Germany, Singapore, and India.
−Removed: These products include mechanical, electrical, analog and digital electronics, software, as well as other components and subsystems.
−Removed: In addition to product design, we provide civil works and system integration services to install and integrate our products with other systems, networks and facilities at the customer site.
−Removed: We support cooperative and government-funded research projects with universities, government - funded laboratories, and directly with government agencies themselves.
+Added: Our security and inspection systems are designed and developed across a global network of engineering and software teams in the United States, United Kingdom, Australia, Germany, Singapore, and India.
+Added: These teams work in an integrated manner across mechanical, electrical, and software disciplines to deliver complete inspection solutions.
+Added: In addition to system design, we provide civil works and system integration services to deploy and connect our platforms within broader operational environments, including customer networks and external data systems.
+Added: Our software teams play a central role in this integration, enabling secure data exchange, remote operations, and the continuous improvement of inspection performance.
+Added: We support cooperative and government-funded research initiatives with universities, laboratories, and government agencies.
+Added: Through ongoing software development and algorithm enhancements, we are able to address increasingly complex inspection challenges and deliver measurable improvements in detection, efficiency, and operational scalability.
We design and manufacture optoelectronic devices, and we provide electronics manufacturing services primarily in our facilities in the United States and internationally in the United Kingdom, Canada, India, Indonesia, Malaysia, and Mexico.
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Manufacturing and Materials
−Removed: We currently manufacture our security and inspection systems domestically in California, Massachusetts, and Tennessee, and internationally in Germany, Malaysia and the United Kingdom.
+Added: We currently manufacture our security and inspection systems domestically in California and Massachusetts, and internationally in Germany, Malaysia and the United Kingdom.
+Added: We manufacture our RF products in Texas.
We currently manufacture our patient monitoring and cardiology and remote monitoring systems in Washington state.
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Our global manufacturing organization has expertise in optoelectronics, microelectronics, and integrated electronics for industrial and automation, medical, aerospace and defense industry applications.
−Removed: Our manufacturing includes semiconductor silicon and laser wafer processing and fabrication, optoelectronic device assembly and screening, thin and thick film microelectronic hybrid assemblies, surface mount and thru-hole printed circuit board electronic assemblies, cable and harness assemblies, LCD and TFT displays, box-build manufacturing, and flex and rigid - flex circuitry on a complete turnkey basis.
+Added: Our manufacturing includes semiconductor silicon and laser wafer processing and fabrication, optoelectronic device assembly and screening, thin and thick film microelectronic hybrid assemblies, surface mount and through-hole printed circuit board electronic assemblies, cable and harness assemblies, LCD and TFT displays, box-build manufacturing, and flex and rigid - flex circuitry on a complete turnkey basis.
To support our manufacturing operations, we outsource specific requirements, including sheet metal fabrication and molding of plastic components.
2 unchanged sentences
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.
−Removed: We currently manufacture our patient monitoring and cardiology and remote monitoring systems in Washington state.
−Removed: We outsource the manufacturing of certain supplies and accessories to third parties.
+Added: We purchase high-power RF vacuum tubes from foreign and domestic sources.
The principal raw materials and subcomponents used in producing our healthcare products consist of printed circuit boards, housings, mechanical assemblies, pneumatic devices, touch screens, medical grade displays, cables, filters, textiles, fabric, gauges, fittings, tubing and packaging materials.
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To counter these threats, we have implemented an information security management system (ISMS) focused on data confidentiality, integrity, and availability.
−Removed: Our ISMS has been certified as ISO/IEC 27001 compliant, and we engage independent third parties (auditors and security firms) to test and assess our cybersecurity controls annually.
+Added: Our ISMS has been certified as ISO/IEC 27001-2022 compliant, and we engage independent third parties (ISO auditors and security compliance firms) to test and assess our cybersecurity controls annually.
Similarly, we conduct external cyber-penetration testing annually to assess and improve our security posture and reduce cybersecurity risk.
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Our current patents will expire at various times between 2026 and 2044.
−Removed: While we continue to file new applications and pursue new patents, it remains possible that pending patent applications or other applications that may be filed may not result in issued patents.
+Added: While we continue to file new applications and pursue new patents, it remains possible that pending patent applications or
+Added: other applications that may be filed may not result in issued patents.
In addition, issued patents may not survive challenges to their validity or enforceability, or may be found to not be infringed by any third parties.
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and foreign product performance and safety standards.
−Removed: Our medical device product candidates must undergo an extensive government regulatory clearance or approval process prior to sale in the United States and other countries, including submission demonstrating clinical safety and efficacy of intended use, as well as the continuing need for compliance with applicable laws and regulations.This may require significant interaction with regulatory agencies and the expenditure of substantial resources.
+Added: Our medical device product candidates must undergo an extensive government regulatory clearance or approval process prior to sale in the United States and other countries, including submission demonstrating clinical safety and efficacy of intended use, as well as the continuing need for compliance with applicable laws and regulations.
+Added: This may require significant interaction with regulatory agencies and the expenditure of substantial resources.
United States FDA.
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Failure to comply with the applicable United States medical device regulatory requirements could result in, among other things, warning letters, untitled letters, fines, injunctions, consent decrees, civil penalties, unanticipated expenditures, repairs, replacements, refunds, recalls or seizures of products, operating restrictions, total or partial suspension of production, the FDA’s refusal to issue certificates to foreign governments needed to export products for sale in other countries, the FDA’s refusal to grant future premarket clearances or approvals, withdrawals or suspensions of current product clearances or approvals and criminal prosecution.
+Added: In February 2024, the U.S.
+Added: 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.
+Added: We have undertaken activities to assess and update our quality management system to align with QMSR requirements.
+Added: Because our quality management system was already substantially aligned with ISO 13485, we do not expect the transition to QMSR to have a material impact on our operations or compliance posture.
+Added: However, failure to fully implement or maintain compliance with QMSR could result in regulatory enforcement actions, which could adversely affect our business.
Coverage and Reimbursement.
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Environmental Regulations
−Removed: We are subject to various environmental laws, directives, and regulations pertaining to the use, storage, handling and disposal of hazardous substances used, and hazardous wastes generated, in the manufacture of our products.
+Added: We are subject to various environmental laws, directives, and regulations pertaining to the use, storage, handling and disposal of hazardous substances used, and hazardous waste generated, in the manufacture of our products.
Such laws mandate the use of controls and practices designed to mitigate the impact of our operations on the environment, and under such laws we may be held liable for the costs associated with the remediation and removal of any unintended or previously unknown releases of hazardous substances on, beneath or from our property and associated operations, including the remediation of hazardous waste disposed off-site.
2 unchanged sentences
We believe that, except to an extent that would not have a material adverse effect on our business, financial condition or results of operations, we are currently in compliance with all environmental regulations in connection with our manufacturing operations, and that we have obtained all environmental permits necessary to conduct our business.
−Removed: The amount of hazardous substances used, and hazardous wastes generated, by us may increase in the future depending on changes in our operations.
+Added: The amount and type of hazardous substances used, and hazardous waste generated, by us may increase in the future depending on changes in our operations.
To ensure compliance and practice proper due diligence, we conduct appropriate environmental audits and investigations at our manufacturing facilities in North America, Asia Pacific, and Europe, and, to the extent practicable, on all new properties.
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Competition results in price reductions and reduced margins and could result in loss of market share.
−Removed: Although our competitors offer products in competition with one or more of our products, we can supply a variety of system types and we offer among the widest array of security inspection solutions available from a single supplier.
+Added: Although our competitors offer products in competition with one or more of our products, we can supply a variety of system types and we offer among the widest arrays of security inspection solutions available from a single supplier.
This variety of technologies also permits us to offer unique combinations and hybrid systems to our customers that utilize two or more of these technologies, thereby optimizing flexibility, performance and cost to meet each customer’s unique application requirements.
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However, such shipments may be delayed for a variety of reasons, including supply chain disruptions and any special design or requirements of the customer.
−Removed: In addition, large orders of security and inspection products and orders for our most complex systems typically require greater lead-times.
+Added: In addition, large orders of security and inspection and RF transmission products and orders for our most complex systems typically require greater lead-times.
Further, we provide turnkey screening services to certain customers for which we may recognize revenue over multi-year periods.
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(vi) delays originating from other contractors on the project;
−Removed: and (vii) supply chain constraints.
+Added: and (vii) shipping, logistics, and supply chain constraints.
As of June 30, 2026, our consolidated backlog totaled approximately $1.9 billion, compared to $1.8 billion as of June 30, 2025.
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Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.