Omnicell Announces Third Quarter 2014 Results

October 30, 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 third quarter ended September 30, 2014.

GAAP results: Revenue for the third quarter of 2014 was $112.5 million, up $7.5 million or 7.1% from the second quarter of 2014, and up $18.5 million or 19.7% from the third quarter of 2013. Revenue for the nine months ended September 30, 2014 was $319.4 million, up $44.5 million or 16.2% from the nine months ended September 30, 2013.  

GAAP net income for the third quarter of 2014 was $7.3 million, or $0.20 per diluted share. This compares to GAAP net income of $7.8 million, or $0.21 per diluted share, for the second quarter of 2014, and GAAP net income of $7.8 million, or $0.21 per diluted share, for the third quarter of 2013. 

GAAP net income for the nine months ended September 30, 2014 was $21.3 million, or $0.58 per diluted share. This compares to GAAP net income of $17.2 million, or $0.48 per diluted share, for the nine months ended September 30, 2013.

Non-GAAP results: Non-GAAP net income for the third quarter of 2014 was $11.1 million, or $0.30 per diluted share, excluding $3.2 million of stock-based compensation expense and $1.1 million ($0.6 million net of $0.5 million tax effect) of amortization expense for all intangible assets associated with our business acquisitions. This compares to non-GAAP net income of $11.3 million, or $0.31 per diluted share, for the third quarter of 2013. Non-GAAP net income for the third quarter of 2013 excluded $2.8 million of stock-based compensation expense and $1.1 million ($0.8 million net of $0.3 million tax effect) of amortization expense for all intangible assets associated with our business acquisitions. Third quarter 2014 results compare to non-GAAP net income of $11.2 million, or $0.30 per diluted share, for the second quarter of 2014. Non-GAAP net income for the second 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 our business acquisitions.  

Non-GAAP net income for the nine months ended September 30, 2014 was $31.9 million, or $0.87 per diluted share, excluding $8.6 million of stock-based compensation expense and $3.2 million ($2.0 million net of $1.2 million tax effect) of amortization expense for all intangible assets associated with our business acquisitions. This compares to non-GAAP net income of $28.1 million, or $0.79 per diluted share, for the nine months ended September 30, 2013. Non-GAAP net income for the nine months ended September 30, 2013 excluded $8.4 million of stock-based compensation expense, $3.2 million ($2.1 million net of $1.1 million tax effect) of amortization expense for all intangible assets associated with our business 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 completed another strong quarter marked by record revenues, completion of our acquisition of UK medication adherence packaging leader Surgichem, and continued momentum in winning new customers, such as the 1100-bed, three-hospital Wake Forest Baptist Medical Center,” said Randall Lipps, Omnicell President, Chairman and CEO.

“Along with quarterly revenues up 20% over last year, I am pleased to report that we remain on track for our 2014 profit and growth projections,” Mr. Lipps added.

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