July 29, 2021

Omnicell Announces Financial Results for Second Quarter 2021

Record revenues of $273 million

GAAP net income per diluted share of $0.43

Record non-GAAP net income per diluted share of $0.97

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, 2021.

GAAP Results

Total revenues for the second quarter of 2021 were $272.7 million, up $73.1 million, or 36.6%, from the second quarter of 2020. The increase in revenues reflects momentum in our commercial business and strong customer implementations as well as recovery from the impact of COVID-19 relative to the second quarter of 2020. Total revenues for the six months ended June 30, 2021 were $524.6 million, up $95.3 million, or 22.2%, from the six months ended June 30, 2020.

Second quarter 2021 GAAP net income was $20.4 million, or $0.43 per diluted share. This compares to GAAP net loss of $4.3 million, or $0.10 per diluted share, for the second quarter of 2020.

GAAP net income for the six months ended June 30, 2021 was $34.6 million, or $0.74 per diluted share. This compares to GAAP net income of $7.0 million, or $0.16 per diluted share, for the six months ended June 30, 2020.

Non-GAAP Results

Non-GAAP net income for the second quarter of 2021 was $44.1 million, or $0.97 per diluted share. This compares to non-GAAP net income of $15.9 million, or $0.37 per diluted share, for the second quarter of 2020.

Non-GAAP net income for the six months ended June 30, 2021 was $81.6 million, or $1.81 per diluted share. This compares to non-GAAP net income of $44.8 million, or $1.03 per diluted share, for the six months ended June 30, 2020.

Non-GAAP EBITDA for the second quarter of 2021 was $61.0 million. This compares to non-GAAP EBITDA of $26.2 million for the second quarter of 2020.

Non-GAAP EBITDA for the six months ended June 30, 2021 was $111.7 million. This compares to non-GAAP EBITDA of $66.6 million for the six months ended June 30, 2020.

“We achieved record revenue, record non-GAAP net income per diluted share, and record non-GAAP EBITDA in the second quarter, as we continue to focus on improving patient health outcomes and support our healthcare systems partners on their journey to the Autonomous Pharmacy,” said Randall Lipps, Chairman, President, Chief Executive Officer, and founder of Omnicell. “Our strong performance in the quarter and year-to-date reflects ongoing robust demand for our solutions and services as hospitals, healthcare systems, and retail pharmacies advance their efforts to optimize and automate medication management and adherence systems. In addition, our Advanced Services portfolio continues to gain momentum in the market. Earlier this week, we announced our intent to acquire FDS Amplicare, a leading provider of pharmacy SaaS solutions that we believe will further strengthen our Advanced Services portfolio, enhancing our ability to deliver best-in-class solutions, and expanding our EnlivenHealth platform. We are excited about the opportunities ahead and believe we are well-positioned to continue to deliver value for our stakeholders.”

2021 Guidance

For the third quarter of 2021, the Company expects total revenues to be between $281 million and $286 million. The Company expects product revenues to be between $202 million and $205 million, and service revenues to be between $79 million and $81 million. The Company expects third quarter 2021 non-GAAP EBITDA to be between $57 million and $60 million. The Company expects third quarter 2021 non-GAAP earnings to be between $0.89 and $0.94 per share.

For the full year 2021, the Company expects product bookings to be between $1.110 billion and $1.150 billion. The Company expects total revenues to be between $1.100 billion and $1.115 billion. The Company expects product revenues to be between $785 million and $795 million, and service revenues to be between $315 million and $320 million. The Company expects full year 2021 non-GAAP EBITDA to be between $231 million and $237 million. The Company expects full year 2021 non-GAAP earnings to be between $3.65 and $3.75 per share. Our guidance reflects anticipated effects of the current inflationary environment.

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

 

Q3'21

2021

Product Bookings

Not provided

$1.110 billion - $1.150 billion

Total Revenues

$281 million - $286 million

$1.100 billion - $1.115 billion

Product Revenues

$202 million - $205 million

$785 million - $795 million

Service Revenues

$79 million - $81 million

$315 million - $320 million

Non-GAAP EBITDA

$57 million - $60 million

$231 million - $237 million

Non-GAAP EPS

$0.89 - $0.94

$3.65 - $3.75

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 forward-looking 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, July 29, 2021 at 5:30 a.m. PT to discuss second quarter 2021 financial results. The conference call can be accessed by dialing 1-855-451-1210 within the U.S. or 1-236-714-3867 for all other locations. The Conference ID # is 6356636. 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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