Omnicell Announces First Quarter 2014 Results

May 01, 2014

MOUNTAIN VIEW, Calif.

Omnicell, Inc. (NASDAQ: OMCL), a leading provider of medication and supply management solutions to healthcare systems, today announced results for its first quarter ended March 31, 2014.

GAAP results: Revenue for the first quarter of 2014 was $101.8 million, up $14.7 million or 16.8% from the first quarter of 2013, and down $4.0 million or 3.8% from the fourth quarter of 2013. 

First quarter 2014 net income as reported in accordance with U.S. generally accepted accounting principles (GAAP) was $6.2 million, or $0.17 per diluted share. This compares to net income of $3.4 million, or $0.10 per diluted share, in the first quarter of 2013 and net income of $6.8 million, or $0.19 per diluted share, in the fourth quarter of 2013.

Non-GAAP results: Non-GAAP net income was $9.6 million for the first quarter of 2014, or $0.26 per diluted share. Non-GAAP net income for the first quarter excludes $2.7 million of stock-based compensation expense and $1.0 million ($0.6 million net of the $0.4 million tax effect) of amortization expense for all intangible assets associated with past acquisitions made by Omnicell. This compares to non-GAAP net income of $7.4 million, or $0.21 per diluted share, for the first quarter of 2013. Non-GAAP net income for the first quarter of 2013 excludes $2.9 million of stock-based compensation expense, $0.7 million ($0.4 million net of $0.3 million tax effect) of reorganization costs related to the continued integration of MTS Medication Technologies, Inc. (“MTS”), and $1.1 million ($0.7 million net of $0.4 million tax effect) of amortization expense for all intangible assets acquired in connection with the acquisition of MTS in May 2012 and earlier acquisitions. 

First quarter 2014 results compare to non-GAAP net income of $10.5 million for the fourth quarter of 2013 or $0.29 per diluted share. Non-GAAP net income for the fourth quarter excludes $2.7 million of stock-based compensation expense, $1.0 million ($0.6 million net of the $0.4 million tax effect) of amortization expense for all intangible assets associated with past acquisitions made by Omnicell, and $0.6 million ($0.4 million net of $0.2 million tax effect) of non-recurring charges incurred in connection with the previously announced agreement to acquire Surgichem Limited, a wholly-owned subsidiary of Bupa Care Homes Plc.

“Omnicell’s momentum from our record-setting 2013 has continued through the first quarter of 2014,” said Randall Lipps, President, CEO and Chairman. “Our revenue is ahead of expectations, earnings are ahead of our first quarter guidance, and our business has grown 17% over the first quarter of 2013.”

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