Expanded Portfolio Offers Industry-Leading Medication Adherence Solutions to Retail Pharmacies
December 14, 2016
MOUNTAIN VIEW, Calif.
Omnicell, Inc. (NASDAQ: OMCL), a leading provider of medication and supply management solutions and adherence tools to healthcare systems and pharmacies, today announced the completed acquisition of Ateb, Inc., together with its Canadian affiliate, Ateb Canada Ltd. This acquisition reinforces the commitment by Omnicell to improve patient care and outcomes by simplifying management of chronic conditions through increased access to medication adherence solutions.
Ateb is the industry’s leading provider of pharmacy-based patient care solutions and medication synchronization to independent and chain pharmacies. Ateb’s Time My Meds® is an integrated medication synchronization program that improves pharmacy performance by providing the foundation for the appointment-based model of medication refill pickup and consultation. Medication synchronization is the first step in developing an adherence pharmacy, and acts as a natural precursor to implementing additional adherence tools such as multi-medication blister packaging.
Combining Omnicell’s SureMed® medication adherence packaging and related automation with Ateb’s innovative patient engagement platform into one product portfolio uniquely positions the Company to support pharmacists as they implement and scale their adherence programs. This acquisition enables pharmacists to improve patient outcomes in retail settings, addressing the problem of medication non-adherence – which carries an estimated avoidable cost of more than $105 billion in the U.S. alone.[i]
“By understanding the clinical and fiscal challenges these providers face, Omnicell now offers a portfolio of products and services that address the need for improved adherence across the continuum of care,” said Troy Hilsenroth, RPh, vice president and general manager of Medication Adherence at Omnicell. “We are excited about the strong potential of the combined entity, and to continue our mission of improving adherence and patient outcomes.”
The final purchase price paid by Omnicell was approximately $41 million, which included cash-on-hand of the acquired companies at the closing. To finance the acquisition, Omnicell used available cash-on-hand and revolving loans under its existing senior secured credit facility.
Ateb recorded approximately $27 million of revenue during the 12-month period ended September 30, 2016. Omnicell expects the transaction to be accretive immediately on a Non- GAAP basis and will provide further financial guidance during its 2016 fourth quarter earnings conference call.
[i] IMS Institute for Healthcare Informatics. Avoidable costs in U.S. healthcare: the $200 billion opportunity from using medicines more responsibly. June 2013 Available at: http://www.imshealth.com/deployedfiles/imshealth/ Global/Content/Corporate/IMS%20Institute/RUOM-2013/IHII_Responsible_ Use_Medicines_2013.pdf. Accessed May 7, 2014.