Omnicell Announces Second Quarter Results

July 31, 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 second quarter ended June 30, 2014.

GAAP results: Revenue for the second quarter of 2014 was $105.1 million, up $3.3 million or 3.2% from the first quarter of 2014, and up $11.4 million or 12.1% from the second quarter of 2013. Revenue for the six months ended June 30, 2014 was $206.8 million, up $26.0 million or 14.4% from the six months ended June 30, 2013.  

GAAP net income for the second quarter of 2014 was $7.8 million, or $0.21 per diluted share. This compares to GAAP net income of $6.2 million, or $0.17 per diluted share, for the first quarter of 2014, and GAAP net income of $6.0 million, or $0.17 per diluted share, for the second quarter of 2013.  

GAAP net income for the six months ended June 30, 2014 was $14.0 million, or $0.38 per diluted share. This compares to GAAP net income of $9.4 million, or $0.27 per diluted share, for the six months ended June 30, 2013.

Non-GAAP results: Non-GAAP net income for the second quarter of 2014 was $11.2 million, or $0.30 per diluted share, excluding $2.7 million of stock-based compensation expense and $1.0 million ($0.6 million net of $0.4 million tax effect) of amortization expense for all intangible assets associated with past acquisitions. This compares to non-GAAP net income of $9.4 million, or $0.27 per diluted share, for the second quarter of 2013. Non-GAAP net income for the second quarter of 2013 excluded $2.7 million of stock-based compensation expense and $1.1 million ($0.7 million net of $0.4 million tax effect) of amortization expense for all intangible assets associated with past acquisitions. Second quarter 2014 results compare to non-GAAP net income of $9.6 million, or $0.26 per diluted share, for the first quarter of 2014. Non-GAAP net income for the first quarter of 2014 excludes $2.7 million of stock-based compensation expense and $1.0 million ($0.6 million net of $0.4 million tax effect) of amortization expense for all intangible assets associated with past acquisitions.  

Non-GAAP net income for the six months ended June 30, 2014 was $20.8 million, or $0.57 per diluted share, excluding $5.4 million of stock-based compensation expense and $2.1 million ($1.3 million net of $0.8 million tax effect) of amortization expense for all intangible assets associated with past acquisitions. This compares to non-GAAP net income of $16.8 million, or $0.48 per diluted share, for the six months ended June 30, 2013. Non-GAAP net income for the six months ended June 30, 2013 excludes $5.6 million of stock-based compensation expense $2.1 million ($1.3 million net of $0.8 million tax effect) of amortization expense for all intangible assets associated with past acquisitions, and $0.7 million ($0.4 million net of the $0.3 million tax effect) of non-recurring reorganization costs related to our Medication Adherence segment.
 
“Omnicell delivered an outstanding second quarter, with revenue and earnings results ahead of expectations,” said Randall Lipps, Omnicell President, Chairman and CEO. “We are experiencing continued healthy customer demand, with 47% of Automation and Analytics bookings from new customers and competitive conversions such as the 12-hospital, 2500-bed Allina Health System, which selected Omnicell as their system-wide medication automation vendor.”
 
“Further affirming our strong performance against competition, KLAS, a leading independent healthcare research firm, this week named Omnicell the 2014 number one overall pharmacy automation vendor - the second consecutive year we received this distinction,” he added. “In addition Omnicell achieved top honors in five major KLAS categories, including “Best in KLAS” for our automated medication dispensing system, the ninth consecutive year we have led this category.”

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