Omnicell Announces First Quarter 2013 Results

May 02, 2013

MOUNTAIN VIEW, Calif.

Omnicell, Inc. (NASDAQ: OMCL), a leading provider of medication and supply management solutions to healthcare systems, today announced results for its quarter ended March 31, 2013.

GAAP results: Revenue for the first quarter of 2013 was $87.1 million, up $23.0 million or 35.8% from the first quarter of 2012 and down $3.1 million or 3.4% from the fourth quarter of 2012.

First quarter 2013 net income as reported in accordance with U.S. generally accepted accounting principles (GAAP) was $3.4 million, or $0.10 per diluted share. This compares to net income of $2.4 million, or $0.07 per diluted share in the first quarter of 2012 and net income of $5.5 million, or $0.16 per diluted share in the fourth quarter of 2012.

Non-GAAP results: Non-GAAP net income was $7.4 million for the first quarter of 2013, or $0.21 per diluted share. Non-GAAP net income for the first quarter excludes $2.9 million of stock-based compensation expense, $0.7 million ($0.4 million net of the $0.3 million tax effect) of reorganization costs related to the continued integration of MTS Medication Technologies, Inc. (“MTS”), and $1.1 million ($0.6 million net of the $0.5 million tax effect) of amortization expense for all intangible assets acquired in connection with the acquisition of MTS in May 2012 and earlier acquisitions by Omnicell. This compares to non-GAAP net income of $4.6 million, or $0.13 per diluted share for the first quarter of 2012, excluding $2.2 million of stock-based compensation expense. First quarter 2013 results compare to non-GAAP net income of $8.6 million, or $0.25 per diluted share for the fourth quarter of 2012. Non-GAAP net income for the fourth quarter excluded $2.4 million of stock-based compensation expense and $1.1 million ($0.6 million net of the $0.5 million tax effect) of amortization expense for all intangible assets acquired in connection with the acquisition of MTS and earlier acquisitions by Omnicell.

“Our overall results exceeded expectations for the first quarter of 2013,” said Randall Lipps, Omnicell president, chairman and CEO. “Organizationally, we’ve taken important steps toward optimizing the growth opportunities in medication management across the spectrum of healthcare settings from hospitals to long term care to home care. We believe these actions and our solid performance this quarter positions the company for a strong fiscal 2013.”

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