Omnicell Announces Fourth Quarter and Full Year 2011 Results

January 26, 2012

MOUNTAIN VIEW, Calif.

Omnicell, Inc. (NASDAQ: OMCL), a leading provider of system solutions to healthcare facilities, today announced results for its fourth quarter and year ended December 31, 2011.

GAAP results: Revenue for the fourth quarter of 2011 was $62.9 million, up $5.7 million or 9.9% from the fourth quarter of 2010 and down $1.5 million or 2.3% from the third quarter of 2011. Revenue for the year ended December 31, 2011 was $245.5 million, up $23.1 million or 10.4% from the year ended December 31, 2010.

Fourth quarter 2011 net income as reported in accordance with U.S. generally accepted accounting principles (GAAP) was $4.1 million, or $0.12 per diluted share. This compares to net income of $0.7 million, or $0.02 per diluted share in the fourth quarter of 2010 and net income of $3.0 million, or $0.09 per diluted share in the third quarter of 2011. For the year ended December 31, 2011, net income was $10.4 million, or $0.30 per diluted share. This compares to net income of $4.9 million, or $0.15 per diluted share for the year ended December 31, 2010.

Non-GAAP results: Non-GAAP net income was $6.4 million for the fourth quarter of 2011, or $0.19 per diluted share. Non-GAAP net income for the fourth quarter excludes $2.2 million of stock-based compensation expense. This compares to non-GAAP net income of $3.6 million, or $0.11 per diluted share for the fourth quarter of 2010, excluding $2.6 million of stock-based compensation expense and $0.4 million of income tax expense on the repatriation of profits from India associated with the facilities consolidation announced in the third quarter of 2010. Fourth quarter 2011 results compare to non-GAAP net income of $5.4 million, or $0.16 per diluted share for the third quarter of 2011, excluding $2.4 million of stock-based compensation expense.  Non-GAAP net income was $20.5 million for the year ended December 31, 2011, or $0.60 per diluted share, excluding $9.5 million of stock-based compensation expense and $1.0 million of pre-tax litigation claims settlement expense, net of a $0.4 million tax effect. Non-GAAP net income was $14.5 million for the year ended December 31, 2010, or $0.43 per diluted share, excluding $9.0 million of stock-based compensation expense, a $2.4 million gain ($1.4 million, net of tax) related to the settlement of litigation claims, and $2.7 million of charges ($2.0 million, net of tax) related to restructuring, reduction-in-force and repatriation of profits from India associated with the facilities consolidation.

Product backlog as of December 31, 2011 totaled $134 million, up $7 million or 6% from December 31, 2010.

“Overall, 2011 was a very good year for Omnicell,” said Randall Lipps, Omnicell’s President, CEO, and Chairman of the Board. “Revenue was up 10%, non-GAAP net income was up 42%, and although year ending backlog was lower than expectations, backlog grew 6% from 2010. I’m very happy with our introduction of new products, our growth of the customer base, and our entry into new markets during the year.”

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