Omnicell Reports Results for Second Quarter 2019

Record GAAP and non-GAAP revenues of $217.4 million, up 15.2% year-over-year

GAAP net income per diluted share of $0.37, up 131.3% year-over-year

Non-GAAP net income per diluted share of $0.67, up 45.7% year-over-year

Jul 25, 2019

Mountain View, California

Omnicell, Inc. (NASDAQ: OMCL), a leading provider of medication management solutions and adherence tools for healthcare systems and pharmacies, today announced results for its second quarter ended June 30, 2019.

GAAP Results

GAAP revenues for the second quarter of 2019 were $217.4 million, up $28.7 million, or 15.2% from the second quarter of 2018. GAAP revenues for the six months ended June 30, 2019 were $419.9 million, up $48.6 million, or 13.1%, from the six months ended June 30, 2018.

Second quarter 2019 GAAP net income as reported was $16.0 million, or $0.37 per diluted share. This compares to GAAP net income of $6.6 million, or $0.16 per diluted share, for the second quarter of 2018.

GAAP net income for the six months ended June 30, 2019 was $19.3 million, or $0.45 per diluted share. This compares to GAAP net income of $9.3 million, or $0.23 per diluted share, for the six months ended June 30, 2018.

Non-GAAP Results

Non-GAAP revenues for the second quarter of 2019 were $217.4 million, up $28.7 million, or 15.2%, from the second quarter of 2018. Non-GAAP revenues for the six months ended June 30, 2019 were $419.9 million, up $48.6 million, or 13.1%, from the six months ended June 30, 2018.

Non-GAAP net income for the second quarter of 2019 was $28.7 million, or $0.67 per diluted share. This compares to non-GAAP net income of $18.4 million, or $0.46 per diluted share, for the second quarter of 2018.

Non-GAAP net income for the six months ended June 30, 2019 was $54.5 million, or $1.28 per diluted share. This compares to non-GAAP net income of $29.8 million, or $0.75 per diluted share, for the six months ended June 30, 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, contingent gains, and amortization of debt issuance cost.

“As we enter the second half of 2019, I’m thrilled to see our Autonomous Pharmacy vision coming to life,” said Randall Lipps, chairman, president, chief executive officer, and founder of Omnicell. “Together with our health system and retail pharmacy partners, we are accelerating the value creation for the industry by transforming the pharmacy care delivery model, revolutionizing the way medications are delivered, reducing costs, and ultimately improving the lives of patients, clinicians, and pharmacists.”

2019 Guidance

For the third quarter of 2019, the Company expects non-GAAP total revenues to be between $227 million and $233 million. The Company expects non-GAAP product revenues to be between $168 million and $173 million, and non-GAAP service revenues to be between $59 million and $60 million. The Company expects third quarter 2019 non-GAAP earnings to be between $0.67 and $0.72 per share.

For the year 2019, the Company expects product bookings to be between $765 million and $790 million. The Company expects non-GAAP total revenues to be between $886 million and $900 million. The Company expects non-GAAP product revenues to be between $653 million and $663 million, and non-GAAP service revenues to be between $233 million and $237 million. The Company expects 2019 non-GAAP earnings to be between $2.65 and $2.82 per share.

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