February 06, 2020

Omnicell Reports Fiscal Year and Fourth Quarter 2019 Results

Record annual GAAP and non-GAAP revenues of $897.0 million

Record 2019 GAAP net income per diluted share of $1.43

Record 2019 non-GAAP net income per diluted share of $2.81

Record ending product backlog of $588 million

Omnicell, Inc. (NASDAQ:OMCL), a leading provider of medication management solutions and adherence tools for healthcare systems and pharmacies, today announced results for its fiscal year and fourth quarter ended December 31, 2019.

GAAP Results

GAAP revenues for the fourth quarter of 2019 were $248.3 million, up $36.5 million, or 17% from the fourth quarter of 2018. GAAP revenues for the year ended December 31, 2019 were $897.0 million, up $109.7 million, or 14% from the year ended December 31, 2018.

Fourth quarter 2019 GAAP net income was $22.1 million, or $0.51 per diluted share. This compares to GAAP net income of $14.8 million, or $0.36 per diluted share, for the fourth quarter of 2018.

GAAP net income for the year ended December 31, 2019 was $61.3 million, or $1.43 per diluted share. This compares to GAAP net income of $37.7 million, or $0.93 per diluted share, for the year ended December 31, 2018.

Non-GAAP Results

Non-GAAP revenues for the fourth quarter of 2019 were $248.3 million, up $36.5 million, or 17% from the fourth quarter of 2018. Non-GAAP revenues for the year ended December 31, 2019 were $897.0 million, up $109.7 million, or 14% from the year ended December 31, 2018.

Non-GAAP net income for the fourth quarter of 2019 was $33.5 million, or $0.77 per diluted share. This compares to non-GAAP net income of $29.1 million, or $0.70 per diluted share, for the fourth quarter of 2018.

Non-GAAP net income for the year ended December 31, 2019 was $120.7 million, or $2.81 per diluted share. This compares to non-GAAP net income of $84.6 million, or $2.09 per diluted share for the year ended December 31, 2018.

Non-GAAP net income for each period excludes, when applicable, the effect of share-based compensation expense, amortization expense of acquired intangible assets, acquisition-related expenses, fair value adjustments related to business acquisitions, restructuring and severance-related expenses, tax reform and restructuring income tax benefits and expenses, certain contingent gains, and amortization of debt issuance cost.

Total product bookings for the year ended December 31, 2019 were $813 million compared to $716 million for the year ended December 31, 2018. Total product backlog for the year ended December 31, 2019 was $588 million compared to $478 million for the year ended December 31, 2018, or an increase of 23% year over year.

“We believe the strong growth in our business over the past year is a testament that the vision of the autonomous pharmacy is resonating with our customers,” said Randall Lipps, chairman, president, chief executive officer, and founder of Omnicell. “I am excited to see the strides we are making to advance this vision and the way we are helping to improve medication management by driving toward a zero-error, fully automated and digitized infrastructure across the continuum of care.”

2020 Guidance

For the first quarter of 2020, the Company expects non-GAAP total revenues to be between $221 million and $227 million. The Company expects non-GAAP product revenues to be between $163 million and $168 million, and non-GAAP service revenues to be between $58 million and $59 million. The Company expects first quarter 2020 non-GAAP earnings to be between $0.52 and $0.57 per share.

For the full year 2020, the Company expects product bookings to be between $865 million and $900 million. The Company expects non-GAAP total revenues to be between $1 billion and $1.02 billion. The Company expects non-GAAP product revenues to be between $752 million and $768 million, and non-GAAP service revenues to be between $248 million and $252 million. The Company expects 2020 non-GAAP earnings to be between $2.96 and $3.16 per share.

The table below summarizes Omnicell's 2020 guidance outlined above.

 

Q1'20

2020

Product Bookings

Not provided

$865 million - $900 million

Non-GAAP Total Revenues

$221 million - $227 million

$1 billion - $1.02 billion

Non-GAAP Product Revenues

$163 million - $168 million

$752 million - $768 million

Non-GAAP Service Revenues

$58 million - $59 million

$248 million - $252 million

Non-GAAP EPS

$0.52 - $0.57

$2.96 - $3.16

Omnicell Conference Call Information

Omnicell will hold a conference call today, Thursday, February 6, 2020 at 1:30 p.m. PT to discuss fourth quarter financial results. The conference call can be monitored by dialing 1-800-696-5518 within the U.S. or 1-706-758-4883 for all other locations. The Conference ID # is 5679705. Internet users can access the conference call at http://ir.omnicell.com/communications/events-presentations. A replay of the call will be available today at approximately 4:30 p.m. PT and will be available until 11:59 p.m. PT on March 19, 2020. The replay access numbers are 1-855-859-2056 within the U.S. and 1-404-537-3406 for all other locations, Conference ID # is 5679705.

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