Omnicell Achieves Record Revenue in the Second Quarter 2017

July 27, 2017

MOUNTAIN VIEW, Calif.

GAAP revenue of $180.9 million and GAAP net income per diluted share of $0.02
Non-GAAP revenue of $181.2 million and non-GAAP net income per diluted share of $0.31

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, 2017. 

GAAP results: Revenue for the second quarter of 2017 was $180.9 million, up $30.3 million, or 20.1% from the first quarter of 2017, and up $8.0 million, or 4.6% from the second quarter of 2016. Revenue for the six months ended June 30, 2017 was $331.4 million, down $12.5 million, or 3.63% from the six months ended June 30, 2016.

Second quarter 2017 net income as reported in accordance with U.S. generally accepted accounting principles (GAAP) was $0.8 million, or $0.02 per diluted share. This compares to GAAP net loss of $10.8 million, or $0.29 per diluted share, for the first quarter of 2017, and GAAP net loss of $1.2 million, or $0.03 per diluted share, for the second quarter of 2016. 
GAAP net loss for the six months ended June 30, 2017 was $9.9 million, or $0.27 per diluted share. GAAP net loss was $1.5 million, or $0.04 per diluted share, for the six months ended June 30, 2016.

Non-GAAP results: Non-GAAP revenue for the second quarter of 2017 was $181.2 million, up $30.3 million, or 20.1% from the first quarter of 2017, and up $5.6 million, or 3.2% from the second quarter of 2016. Non-GAAP revenue for the six months ended June 30, 2017 was $332.1 million, down $17.2 million, or 4.9% from the six months ended June 30, 2016.

Non-GAAP net income for the second quarter of 2017 was $11.7 million, or $0.31 per diluted share. This compares to non-GAAP net income of $2.1 million, or $0.06 per diluted share, first quarter of 2017 and $13.9 million, or $0.38 per diluted share, for the second quarter of 2016. 

Non-GAAP net income for the six months ended June 30, 2017 was $13.8 million, or $0.36 per diluted share. This compares to non-GAAP net income of $26.7 million, or $0.73 per diluted share for the six months ended June 30, 2016. 

Non-GAAP net income for each period presented excludes, when applicable, the effect of stock-based compensation expense, amortization expense of acquired intangible assets, acquisition related expenses, fair value adjustments related to business acquisitions, severance and integration-related expenses, and amortization of debt issuance cost.

“Omnicell completed a strong second quarter marked by record revenues and earnings results ahead of expectations,” said Randall Lipps, Omnicell president, CEO and chairman. “We are proud of the company’s financial performance and our strategic execution aimed at supporting health systems in achieving their patient safety, operational and financial goals."

“I am particularly pleased by the momentum and broad adoption of our recent innovations, including the XT series,” he added. “I believe we are positioned well for continued success in the future."

2017 Guidance:
For the third quarter of 2017, the Company expects both GAAP and non-GAAP revenue to be between $188 million and $194 million, and non-GAAP earnings to be between $0.38 and $0.45 per share.

For the year 2017, the Company expects product bookings to be between $570 million and $590 million. The Company expects both GAAP and non-GAAP revenue to be between $720 million and $740 million, and non-GAAP earnings to be between $1.22 and $1.34 per share.

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