<SUBMISSION>
<ACCESSION-NUMBER>0001157523-07-010806
<TYPE>8-K
<PUBLIC-DOCUMENT-COUNT>3
<PERIOD>20071106
<ITEMS>2.02
<ITEMS>9.01
<FILING-DATE>20071106
<DATE-OF-FILING-DATE-CHANGE>20071106
<FILER>
<COMPANY-DATA>
<CONFORMED-NAME>OSI SYSTEMS INC
<CIK>0001039065
<ASSIGNED-SIC>3674
<IRS-NUMBER>330238801
<STATE-OF-INCORPORATION>CA
<FISCAL-YEAR-END>0630
</COMPANY-DATA>
<FILING-VALUES>
<FORM-TYPE>8-K
<ACT>34
<FILE-NUMBER>000-23125
<FILM-NUMBER>071216674
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>12525 CHADRON AVE
<CITY>HAWTHORNE
<STATE>CA
<ZIP>90250
<PHONE>3109780516
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>12525 CHADRON AVENUE
<CITY>HAWTHORNE
<STATE>CA
<ZIP>90250
</MAIL-ADDRESS>
</FILER>
<DOCUMENT>
<TYPE>8-K
<SEQUENCE>1
<FILENAME>a5537833.txt
<DESCRIPTION>OSI SYSTEMS, INC. 8-K
<TEXT>


                                  UNITED STATES
                       SECURITIES AND EXCHANGE COMMISSION
                             WASHINGTON, D.C. 20549

                                    --------

                                    FORM 8-K

                                    --------

                                 CURRENT REPORT

                       PURSUANT TO SECTION 13 OR 15(D) OF
                       THE SECURITIES EXCHANGE ACT OF 1934

       DATE OF REPORT (DATE OF EARLIEST EVENT REPORTED): NOVEMBER 6, 2007

                                    --------

                                OSI SYSTEMS, INC.
                 (EXACT NAME OF REGISTRANT SPECIFIED IN CHARTER)

                                    --------


     CALIFORNIA                     000-23125                    330238801
   (STATE OR OTHER           (COMMISSION FILE NUMBER)          (IRS EMPLOYER
    JURISDICTION                                            IDENTIFICATION NO.)
  OF INCORPORATION)

                              12525 CHADRON AVENUE
                               HAWTHORNE, CA 90250
               (ADDRESS OF PRINCIPAL EXECUTIVE OFFICES) (ZIP CODE)

                                 (310) 978-0516
              (REGISTRANT'S TELEPHONE NUMBER, INCLUDING AREA CODE)

Check  the  appropriate  box  below  if the  Form  8-K  filing  is  intended  to
simultaneously  satisfy the filing obligation of the registrant under any of the
following provisions:

|_|  Written  communications  pursuant to Rule 425 under the  Securities Act (17
     CFR 230.425)

|_|  Soliciting  material pursuant to Rule 14a-12 under the Exchange Act (17 CFR
     240.14a-12)

|_|  Pre-commencement   communications  pursuant  to  Rule  14d-2(b)  under  the
     Exchange Act (17 CFR 240.14d-2(b))

|_|  Pre-commencement   communications  pursuant  to  Rule  13e-4(c)  under  the
     Exchange Act (17 CFR 240.13e-4(c))



================================================================================


<PAGE>

Item 2.02. Results of Operations and Financial Condition.
      On November 6, 2007,  we issued a press release  announcing  our financial
results for the first  quarter of fiscal  2008.  A copy of the press  release is
attached hereto as Exhibit 99.1 and incorporated  herein in its entirety by this
reference.
      On November 6, 2007, Spacelabs Healthcare,  Inc., a subsidiary that serves
as a holding  company for our Healthcare  division,  also issued a press release
announcing its financial results for its first quarter ended September 30, 2007.
Spacelabs Healthcare is listed on the AIM of the London Stock Exchange, where it
has traded  since  October  2005 under the ticker  symbol  "SLAB." A copy of its
press release is furnished as Exhibit 99.2.

      We are furnishing the  information  contained in this Item 2.02 (including
Exhibit  99.1 and 99.2).  It shall not be deemed to be "filed"  for  purposes of
Section 18 of the  Securities  Exchange  Act of 1934,  as amended,  or otherwise
subject  to the  liabilities  of that  section,  nor  shall it be  deemed  to be
incorporated  by reference in any filing under the  Securities  Act of 1933,  as
amended, or the Securities Exchange Act of 1934, as amended.

Item 9.01. Financial Statements and Exhibits.
     (d) Exhibits


 Exhibit 99.1:  Press Release of OSI Systems, Inc., dated November 6, 2007
 Exhibit 99.2:  Press Release of Spacelabs Healthcare, Inc. dated
                November 6, 2007


<PAGE>

                                   SIGNATURES

Pursuant  to the  requirements  of the  Securities  Exchange  Act of  1934,  the
registrant  has duly  caused  this  report  to be  signed  on its  behalf by the
undersigned hereunto duly authorized.


                                               OSI SYSTEMS, INC.
Date: November 6, 2007

                                               By: /s/ Alan Edrick
                                                  ------------------------------
                                                   Alan Edrick
                                                   Chief Financial Officer


<PAGE>

                                  EXHIBIT INDEX


Exhibit
Number      Description
-------

99.1        Press Release of OSI Systems, Inc., dated November 6, 2007.
99.2        Press Release of Spacelabs Healthcare, Inc., dated November 6, 2007
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.1
<SEQUENCE>2
<FILENAME>a5537833ex99-1.txt
<DESCRIPTION>EXHIBIT 99.1
<TEXT>
                                                                    Exhibit 99.1

   OSI Systems Reports First Quarter Fiscal 2008 Financial Results

    --  Record Backlog of Approximately $224 million

    --  Additional $5 million of Annualized Cost Savings Identified

    HAWTHORNE, Calif.--(BUSINESS WIRE)--Nov. 6, 2007--OSI Systems,
Inc. (NASDAQ:OSIS), a vertically integrated provider of specialized
electronics products for critical applications in the Security and
Healthcare industries, today announced its financial results for its
fiscal first quarter ended September 30, 2007.

    The Company reported revenues of $131.0 million for the first
quarter of fiscal 2008, an increase of 13% from the $115.5 million
reported for the first quarter of fiscal 2007. The net loss for the
first quarter of fiscal 2007 decreased to $(2.1) million, or $(0.12)
per diluted share, compared to a net loss of $(6.0) million, or
$(0.36) per diluted share, for the first quarter of fiscal 2007.

    The Company's backlog as of September 30, 2007, was approximately
$224 million, compared to $209 million as of June 30, 2007. The
Security Division had a backlog of approximately $122 million as of
September 30, 2007, compared to $117 million as of June 30, 2007.

    Deepak Chopra, OSI Systems' Chairman and CEO, stated, "We are
pleased with the improvement in our operating performance in the first
quarter compared to the same period last year. We remain committed to
our goal of continuing our top-line momentum while simultaneously
seeking margin improvement and further cost reductions to improve
profitability."

    Mr. Chopra continued, "Strong bookings again led to a record
backlog at quarter end. Bookings of note for the quarter included a
$22 million contract for electronic sub-assemblies awarded to our
Optoelectronics & Manufacturing Division and significant contract
awards from the U.S. government to our Security Division for cargo &
vehicle inspection systems and next generation checkpoint X-Ray
systems. The Security Division awards underscore our leadership
position in the homeland security industry and have provided us with
good revenue visibility for the remainder of the fiscal year."

    Mr. Chopra concluded, "The Healthcare division continued to
demonstrate in the first quarter its improved performance as revenues
increased 17% over the first quarter of fiscal 2007 and the operating
performance increased from a loss of $(4.3) million in the first
quarter of fiscal 2007 to operating income of $1.1 million in the
first quarter of fiscal 2008."

    Following the continued review of its global operations and cost
basis the Company has identified a further approximate $5 million of
annualized cost savings that it expects to implement within the next
twelve months. This is in addition to the previously announced $2 - $3
million of annualized cost savings that it expects to implement by the
conclusion of the first half of fiscal 2008.

    Fiscal Year 2008 Outlook

    The Company reaffirms its previously published revenue guidance of
$580 - $595 million for the fiscal year. In addition, the Company
provided earnings guidance of $0.60 to $0.75 per diluted share for the
fiscal year ended June 30, 2008 excluding the impact of impairment,
restructuring and other one-time charges.

    Alan Edrick, Executive Vice President and Chief Financial Officer,
stated, "The intense focus we have placed on improving efficiencies in
operations, IT infrastructure, working capital management and
integrations during the last nine months is delivering results. Moving
forward, we will continue to strive to operate in an efficient manner,
rationalize further costs and focus on our core strengths to deliver
improved bottom line performance."

    Conference Call Information

    OSI Systems, Inc. will host a conference call and simultaneous
webcast over the Internet beginning at 7:00am PST (10:00am EST) today
to discuss its financial and business results for the first quarter of
fiscal 2008. The conference call will contain forward looking
information. To listen, please log on to www.fulldisclosure.com or
www.osi-systems.com and follow the link that will be posted on the
front page. A replay of the webcast will be available shortly after
the conclusion of the conference call until November 20, 2007. The
replay can either be accessed through the Company's website,
www.osi-systems.com, or via telephonic replay by calling
1-888-286-8010 and entering the conference call identification number
'18553637' when prompted for the replay code.

    About OSI Systems, Inc.

    OSI Systems, Inc. is a vertically integrated designer and
manufacturer of specialized electronic systems and components for
critical applications. The Company sells its products in diversified
markets, including homeland security, healthcare, defense and
aerospace. The Company has more than 30 years of experience in
electronics engineering and manufacturing and maintains offices and
production facilities located in more than a dozen countries. It
implements a strategy of expansion by leveraging its electronics and
contract manufacturing capabilities into selective end product markets
through organic growth and acquisitions. For more information on OSI
Systems Inc. or any of its subsidiary companies, visit
www.osi-systems.com.

    This press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act of 1933, as amended, and
Section 21E of the Securities Exchange Act of 1934, as amended. Such
statements include information regarding the Company's expectations,
goals or intentions about the future, including the Company's
predictions about the effects of steps being taken to improve
profitability as well as the Company's guidance regarding future
revenues and future earnings. The actual results may differ materially
from those described in or implied by any forward-looking statement.
In particular, there can be no assurance that the Company will achieve
profitability or that future revenues or earnings predictions will
ultimately prove accurate. Other important factors are set forth in
our Securities and Exchange Commission filings. All forward-looking
statements speak only as of the date made, and we undertake no
obligation to update these forward-looking statements.



                  OSI SYSTEMS, INC. AND SUBSIDIARIES
           Condensed Consolidated Statements of Operations
                (in thousands, except per share data)
                             (unaudited)

                                               Three Months Ended
                                                   September 30,
                                            --------------------------
                                                2006         2007
                                            ------------ -------------

Revenue                                        $115,529      $131,013
Cost of goods sold                               77,032        86,903
                                            ------------ -------------
  Gross profit                                   38,497        44,110
                                            ------------ -------------

Operating expenses:
  Selling, general and administrative            36,370        36,211
  Research and development                       10,819         9,729
  Impairment, restructuring, and other
   charges                                          219            85
                                            ------------ -------------
    Total operating expenses                     47,408        46,025
                                            ------------ -------------

Loss from operations                             (8,911)       (1,915)

Other income / (expense)                            (74)            -
Interest income                                     141           119
Interest expense                                 (1,014)       (1,208)
                                            ------------ -------------
Loss before benefit for income taxes and
 minority interest                               (9,858)       (3,004)

Benefit for income taxes                         (3,179)       (1,055)
Minority interest                                   638          (118)
                                            ------------ -------------

Net loss                                       $ (6,041)     $ (2,067)
                                            ============ =============


Diluted loss per share                         $  (0.36)     $  (0.12)
                                            ============ =============

Weighted average shares outstanding -
 diluted                                         16,668        17,171
                                            ============ =============


                Condensed Consolidated Balance Sheets
                            (in thousands)

                                              June 30,   September 30,
                                                2007         2007
                                            ------------ -------------
                                                          (unaudited)
                  Assets
Cash and cash equivalents                      $ 15,980      $ 14,644
Accounts receivable, net                        140,483       136,697
Inventories                                     120,174       134,590
Other current assets                             38,002        40,798
                                            ------------ -------------
    Total current assets                        314,639       326,729
Non-current assets                              138,844       141,531
                                            ------------ -------------
    Total                                      $451,483      $468,260
                                            ============ =============

   Liabilities and Stockholders' Equity
Bank lines of credit                           $ 16,775      $      -
Current portion of long-term debt                 5,744         4,615
Accounts payable and accrued expenses            81,806        87,003
Other current liabilities                        51,573        52,431
                                            ------------ -------------
    Total current liabilities                   155,898       144,049
Long-term debt                                   25,709        49,507
Other long-term liabilities                      13,849        20,806
                                            ------------ -------------
    Total liabilities                           195,456       214,362
Minority interest                                 8,815         8,685
Shareholders' equity                            247,212       245,213
                                            ------------ -------------
    Total                                      $451,483      $468,260
                                            ============ =============




                         SEGMENT INFORMATION
                            (in thousands)
                             (unaudited)

                                                   Three Months Ended
                                                      September 30,
                                                   -------------------
                                                     2006      2007
                                                   --------- ---------

Revenues - by Segment Group:
  Security Group                                   $ 41,047  $ 48,805
  Healthcare Group                                   48,231    56,598
  Optoelectronics and Manufacturing Group
   including intersegment revenues                   34,278    36,372
  Intersegment revenues elimination                  (8,027)  (10,762)
                                                   --------- ---------
    Total                                          $115,529  $131,013
                                                   ========= =========

Operating income (loss) - by Segment Group:
  Security Group                                   $ (1,788) $   (696)
  Healthcare Group                                   (4,263)    1,051
  Optoelectronics and Manufacturing Group             3,811     1,339
  Corporate                                          (6,319)   (3,479)
  Eliminations                                         (352)     (130)
                                                   --------- ---------
    Total                                          $ (8,911) $ (1,915)
                                                   ========= =========

    CONTACT: OSI Systems, Inc.
             Jeremy Norton, 310-349-2372
             Director, Investor Relations
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>EX-99.2
<SEQUENCE>3
<FILENAME>a5537833ex99-2.txt
<DESCRIPTION>EXHIBIT 99.2
<TEXT>
For Further Information

Spacelabs Healthcare, Inc
Jeremy Norton - Director, Investor Relations
12525 Chadron Ave
Hawthorne CA 90250
(310) 349 2372

                   SPACELABS HEALTHCARE FIRST QUARTER RESULTS

HAWTHORNE, Calif.--(BUSINESS WIRE)--November 6, 2007: OSI Systems, Inc. the
majority shareholder of Spacelabs  Healthcare,  Inc. (LSE: SLAB) today announced
its third quarter segment operating results for its healthcare business.

<TABLE>
<CAPTION>
<S>                                                       <C>                   <C>                     <C>

                                               Three Months Ended September 30,
                                               --------------------------------
                                                             2006                  2007          Difference
                                                             ----                  ----          ----------
Revenue                                                   $48,231               $56,598                 17%
Income (Loss) from Operations                            $(4,263)                $1,051
</TABLE>

The results for Spacelabs  Healthcare  are being reported as part of OSI Systems
healthcare  segment.  As such,  these results are segment  results as defined by
U.S. GAAP, and therefore  differ from those that would be reported for Spacelabs
Healthcare on a stand-alone  basis.  These results do not reflect  certain costs
and  expenses  relating  to  services  provided  by  OSI  Systems  to  Spacelabs
Healthcare during the quarter.

Deepak Chopra,  Spacelabs  Healthcares'  CEO,  stated,  "We are pleased with the
start to the fiscal year with revenues  increasing 17% to $56.6 million compared
to $48.2 million in the first quarter of fiscal 2007. The improvement in revenue
and operating  income is  attributable  to a pick up in North  American  patient
monitoring  sales  along  with the  cost-cutting  initiatives  that the  Company
undertook in the previous fiscal year. We will continue to implement and monitor
operational  improvements  throughout  the  business  and expect to extend  this
positive performance for the remainder of the fiscal year."

About Spacelabs Healthcare, Inc.

Spacelabs  Healthcare,  Inc.  (www.spacelabshealthcare.com)  is an international
developer,  manufacturer  and  distributor  of medical  equipment  and  services
including  patient  monitoring  solutions,  anesthesia  delivery and ventilation
systems,   pulse  oximeters  and  sensors  and  bone  densitometers  selling  to
hospitals,  clinics and physicians offices.  Additionally,  the Company provides
ECG laboratory services to pharmaceutical companies undertaking clinical trials,
whereby patient ECG data is recorded, analyzed, tabulated and interpreted.

The Company has  established  brand  names in both  medical  devices and medical
services  such as  "Spacelabs,"  "Blease"  and "Del Mar  Reynolds."  The Company
employs  approximately 1,050 personnel in its 14 offices in UK, Canada,  France,
Germany, Finland, India, Singapore and the United States.

This press release  contains  forward-looking  statements  within the meaning of
Section 27A of the  Securities  Act of 1933, as amended,  and Section 21E of the
Securities Exchange Act of 1934, as amended. Such statements include information
regarding the Company's expectations,  goals or intentions about the future. The
actual results may differ  materially  from those described in or implied by any
forward-looking  statement.  Other  important  factors  are  set  forth  in  the
Securities   and  Exchange   Commission   filings  of  OSI  Systems,   Inc.  All
forward-looking  statements  speak  only as of the date  made,  and the  Company
undertakes no obligation to update these forward-looking statements.
</TEXT>
</DOCUMENT>
</SUBMISSION>
