October 27, 2010
MOUNTAIN VIEW, Calif.
Omnicell, Inc. (NASDAQ: OMCL), a leading global provider of system solutions to acute healthcare facilities, today announced results for its third quarter ended September 30, 2010.
GAAP results: Revenue for the third quarter of 2010 was $56.3 million, up $1.6 million or 3% from the second quarter of 2010, and up $2.3 million or 4% from the third quarter of 2009.
Third quarter 2010 net income as reported in accordance with U.S. generally accepted accounting principles (GAAP) was $1.3 million, or $0.04 per diluted share. This compares to net income of $2.0 million, or $0.06 per diluted share in the second quarter of 2010, and net income of $0.9 million, or $0.03 per diluted share in the third quarter of 2009.
Non-GAAP results: Non-GAAP net income was $3.6 million for the third quarter of 2010, or $0.11 per diluted share. Non-GAAP net income excludes a charge of $1.7 million related to restructuring, reduction-in-force and other related charges primarily associated with the consolidation of our development facilities announced in July 2010. Also excluded is $0.6M of non-recurring tax adjustments from the repatriation of profits from India associated with the facilities consolidation. Total after tax charges excluded from GAAP income related to restructuring, reduction in force, and other related charges are $1.6 million. Non-GAAP net income also excludes a $2.4 million gain related to the settlement of litigation claims, and the tax on this gain of $1.0 million. The total after tax gain excluded from GAAP net income related to the settlement of litigation is $1.4 million. Also excluded from GAAP income is $2.2 million in stock compensation expense for the third quarter 2010. This compares to non-GAAP net income of $4.1 million, or $0.12 per diluted share for the second quarter of 2010, which excludes $2.1 million in stock compensation expense. Third quarter 2010 results compare to non-GAAP net income of $3.3 million, or $0.10 per diluted share for the third quarter of 2009, which excludes $2.4 million in stock compensation expense.
The consolidated results include the September 29, 2010 acquisition of Pandora Data Systems, a leading provider of analytical software for medication diversion detection and regulatory compliance.
"Omnicell enjoyed success in the marketplace during the third quarter with strong orders across our entire customer base," said Randall Lipps, Omnicell President, CEO and Chairman. "Our continued wins with large healthcare institutions, as well as the acquisition of a leading provider of data analytics for medication control systems, underscore the value Omnicell is delivering to organizations that are on the forefront of the sweeping changes in healthcare."
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