May 02, 2011
MOUNTAIN VIEW, Calif.
Omnicell, Inc. (NASDAQ: OMCL), a leading global provider of system solutions to acute healthcare facilities, today announced results for its first quarter ended March 31, 2011.
GAAP results: Revenue for the first quarter of 2011 was $57.2 million as compared with $57.3 million for the fourth quarter of 2010, and up $3.0 million or 5.5% from the first quarter 2010 revenue of $54.2 million.
Net income as reported in accordance with U.S. generally accepted accounting principles (GAAP) was $0.7 million or $0.02 per diluted share for the first quarter of 2011, which is unchanged from the fourth quarter of 2010. First quarter 2011 results compare to net income of $1.0 million, or $0.03 per diluted share in the first quarter of 2010.
Non-GAAP results: Non-GAAP net income was $3.7 million for the first quarter of 2011, or $0.11 per diluted share, which excludes $2.4 million in stock compensation expense and $1.0 million pre-tax settlement expense for litigation claims, net of a $0.4 million tax effect. This compares to non-GAAP net income of $3.6 million, or $0.11 per diluted share for the fourth quarter of 2010, which excludes both $2.6 million in stock compensation expense and $0.4 million in non-recurring tax adjustments. First quarter 2011 results compare to non-GAAP net income of $3.1 million, or $0.09 per diluted share for the first quarter of 2010, which excludes $2.2 million in stock compensation expense.
"The first quarter of 2011 met our expectations, and I am pleased with our performance,” said Randall Lipps, Omnicell President, Chairman and CEO. "As announced earlier today, we are excited to bring to the market our innovative fourth-generation platform, highlighted by a single unified database for medications maintained in automated dispensing cabinets, as well as the first cabinet console to leverage Microsoft® Windows 7® to boost reliability, security and performance."
To continue reading this article and to view the financial tables, please click here.