Omnicell Announces Second Quarter 2012 Results

August 01, 2012

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 June 30, 2012, which includes the results of Omnicell’s acquisition of MTS Medication Technologies, Inc. (“MTS”) in May 2012.

GAAP results: Revenue for the second quarter of 2012 was $75.4 million, up $11.2 million or 17.5% from the first quarter of 2012, and up $14.4 million or 23.6% from the second quarter of 2011. Revenue for the six months ended June 30, 2012 was $139.5 million, up $21.4 million or 18.1% from the six months ended June 30, 2011.

Second quarter 2012 net income as reported in accordance with U.S. generally accepted accounting principles (GAAP) was $1.4 million, or $0.04 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 $2.6 million, or $0.08 per diluted share, in the second quarter of 2011. For the six months ended June 30, 2012, net income was $3.7 million, or $0.11 per diluted share. This compares to net income of $3.3 million, or $0.10 per diluted share, for the six months ended June 30, 2011.

Non-GAAP results: Non-GAAP net income was $6.7 million for the second quarter of 2012, or $0.20 per diluted share. Non-GAAP net income for the second quarter excludes $2.2 million in stock-based compensation expense. It also excludes the $3.2 million after-tax effect of MTS acquisition costs and the amortization expense for all intangible assets acquired in connection with the acquisition. This compares to non-GAAP net income of $4.6 million, or $0.13 per diluted share, for the first quarter of 2012, which excluded $2.2 million in stock-based compensation expense. Second quarter 2012 results compare to non-GAAP net income of $5.0 million, or $0.15 per diluted share, for the second quarter of 2011, which excluded $2.5 million of stock-based compensation expense.

For the six months ended June 30, 2012, non-GAAP net income was $11.3 million, or $0.33 per diluted share. This excluded $4.4 million in stock-based compensation expense. It also excludes the $3.2 million after-tax effect of MTS acquisition costs and the amortization expense for all intangible assets acquired in connection with the acquisition. For the six months ended June 30, 2011, non-GAAP net income was $8.7 million, or $0.26 per diluted share, excluding $4.8 million in stock-based compensation expense and a $1.0 million pre-tax settlement expense for litigation claims.

"I'm happy to report that in this milestone period, which included the closing of the MTS acquisition and achieving our seventh consecutive annual top KLAS ranking for our automated medication dispensing system, Omnicell second quarter financial results exceeded our expectations," said Randall Lipps, Omnicell president, chairman and CEO. "The MTS contributions to our business are ahead of projections, the integration is right on track, and our customers have reacted positively as they recognize Omnicell is uniquely positioned to provide the tools to manage medications for their patients wherever they are being treated."

To continue reading this article and to review the financial tables, please click here.