Omnicell Announces Second Quarter 2011 Results

July 28, 2011

MOUNTAIN VIEW, Calif

Omnicell, Inc. (NASDAQ: OMCL), a leading provider of system solutions to healthcare facilities, today announced results for its quarter ended June 30, 2011.

GAAP results: Revenue for the second quarter of 2011 was $61.0 million, up $3.8 million or 6.6% from the first quarter of 2011, and up $6.3 million or 11.5% from the second quarter of 2010. Revenue for the six months ended June 30, 2011 was $118.2 million, up $9.3 million or 8.6% from the six months ended June 30, 2010.

Second quarter 2011 net income as reported in accordance with U.S. generally accepted accounting principles (GAAP) was $2.6 million, or $0.08 per diluted share. This compares to net income of $0.7 million, or $0.02 per diluted share in the first quarter of 2011 and net income of $2.0 million, or $0.06 per diluted share in the second quarter of 2010. For the six months ended June 30, 2011, net income was $3.3 million, or $0.10 per diluted share. This compares to net income of $2.9 million, or $0.09 per diluted share for the six months ended June 30, 2010.

Non-GAAP results: Non-GAAP net income was $5.0 million for the second quarter of 2011, or $0.15 per diluted share. Non-GAAP net income for the second quarter excludes $2.5 million in stock-based compensation expense. This compares to non-GAAP net income of $3.7 million, or $0.11 per diluted share for the first quarter of 2011, which excluded $2.4 million in stock-based compensation expense and $1.0 million pre-tax settlement expense for litigation claims, net of a $0.4 million tax effect. Second quarter 2011 results compare to non-GAAP net income of $4.1 million, or $0.12 per diluted share for the second quarter of 2010, which excluded $2.1 million of stock-based compensation expense.

For the six months ended June 30, 2011, non-GAAP net income was $8.7 million, or $0.26 per diluted share. This excluded $4.8 million in stock-based compensation expense and $1.0 million pre-tax settlement expense for litigation claims, net of a $0.4 million tax effect. For the six months ended June 30, 2010, non-GAAP net income was $7.2 million, or $0.22 per diluted share, excluding $4.3 million in stock-based compensation expense.

"I am pleased with our second quarter performance, in which we exceeded consensus on earnings," said Randall Lipps, Omnicell president, chairman and CEO. "Omnicell's innovative G4 platform for advanced medication and supply automation, introduced in May and well received in the marketplace, positions us to meet our growth objectives for 2011. Omnicell continues to set the industry pace for customer satisfaction, as evidenced by the recent top ranking, for the sixth consecutive year, of our automated medication dispensing system by the leading research firm KLAS." To continue reading this article and to view the financial tables, please click here.