April 29, 2021

Omnicell Announces Financial Results for First Quarter 2021

Record revenues of $252 million, an increase of 10% from the prior year period

GAAP net income per diluted share of $0.30, Non-GAAP net income per diluted share of $0.83

Added new long-term, sole-source partnership agreements with Top 300 U.S. Health Systems

Omnicell, Inc. (NASDAQ:OMCL), a leading provider of medication management solutions and adherence tools for healthcare systems and pharmacies, today announced results for its first quarter ended March 31, 2021.

GAAP Results

Total revenues for the first quarter of 2021 were $251.8 million, up $22.2 million, or 9.6%, from the first quarter of 2020.

First quarter 2021 GAAP net income was $14.1 million, or $0.30 per diluted share. This compares to GAAP net income of $11.3 million, or $0.26 per diluted share, for the first quarter of 2020.

Non-GAAP Results

Non-GAAP net income for the first quarter of 2021 was $37.5 million, or $0.83 per diluted share. This compares to non-GAAP net income of $28.9 million, or $0.66 per diluted share, for the first quarter of 2020.

Non-GAAP net income for each period excludes, when applicable, the effect of share-based compensation expense, amortization expense of acquired intangible assets, restructuring and severance-related expenses, amortization of debt issuance costs, amortization of discount on convertible senior notes, and certain litigation costs.

“We delivered an exceptionally strong first quarter, exceeding our first quarter guidance and achieving record revenue for the quarter,” said Randall Lipps, Chairman, President, Chief Executive Officer, and founder of Omnicell. “We continue to make tremendous progress advancing the vision of the autonomous pharmacy, and we continue to see robust and growing demand for our solutions as providers work to optimize and automate pharmacy workflows in response to the evolving healthcare landscape. Underscoring our momentum, we were pleased to increase the number of long-term, sole-source agreements with top 300 U.S. health systems. We are also very pleased with the strong reception of our Advanced Services portfolio during the quarter. We remain focused on supporting our healthcare systems partners on their journey to the Autonomous Pharmacy, driving growth and creating value for our shareholders, partners, and the communities we serve.”

2021 Guidance

For the second quarter of 2021, the Company expects total revenues to be between $265 million and $270 million. The Company expects product revenues to be between $192 million and $195 million, and service revenues to be between $73 million and $75 million. The Company expects second quarter 2021 non-GAAP EBITDA to be between $53 million and $56 million. The Company expects second quarter 2021 non-GAAP earnings to be between $0.80 and $0.85 per share.

For the full year 2021, the Company expects product bookings to be between $1.090 billion and $1.150 billion. The Company expects total revenues to be between $1.085 billion and $1.105 billion. The Company expects product revenues to be between $770 million and $785 million, and service revenues to be between $315 million and $320 million. The Company expects 2021 non-GAAP EBITDA to be between $231 million and $243 million. The Company expects 2021 non-GAAP earnings to be between $3.50 and $3.70 per share.

The table below summarizes Omnicell’s 2021 guidance outlined above.

 

Q2'21

2021

Product Bookings

Not provided

$1.090 billion - $1.150 billion

Total Revenues

$265 million - $270 million

$1.085 billion - $1.105 billion

Product Revenues

$192 million - $195 million

$770 million - $785 million

Service Revenues

$73 million - $75 million

$315 million - $320 million

Non-GAAP EBITDA

$53 million - $56 million

$231 million - $243 million

Non-GAAP EPS

$0.80 - $0.85

$3.50 - $3.70

The Company does not provide guidance for GAAP net income or GAAP earnings per share nor a reconciliation of forward-looking non-GAAP financial measures to the most directly comparable GAAP financial measures on a forward-looking basis because it is unable to predict certain items contained in the GAAP measures without unreasonable efforts. These non-GAAP financial measures do not include certain items, which may be significant, including, but not limited to, unusual gains and losses, costs associated with future restructurings, acquisition-related expenses, and certain tax and litigation outcomes.

Omnicell Conference Call Information

Omnicell will hold a conference call today, Thursday, April 29, 2021 at 1:30 p.m. PT to discuss first quarter 2021 financial results. The conference call can be monitored by dialing 1-855-451-1210 within the U.S. or 1-236-714-3867 for all other locations. The Conference ID # is 9828247. A link to the live and archived webcast will also be available on the Investor Relations section of Omnicell's website at http://ir.omnicell.com/events-and-presentations/. 

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