Omnicell Announces First Quarter 2018 Results
GAAP revenue of $183 million, up 23% year-over-year
GAAP net income per diluted share of $0.07, up $0.35 year-over-year
Non-GAAP revenue of $183 million, up 23% year-over-year
Non-GAAP net income per diluted share of $0.29, up $0.22 year-over-year
Omnicell, Inc. (NASDAQ: OMCL), a leading provider of medication and supply management solutions to healthcare systems, today announced results for its first quarter ended March 31, 2018.
GAAP results: GAAP revenue for the first quarter of 2018 was $182.6 million, up $34.1 million, or 23% from the first quarter of 2017.
First quarter 2018 GAAP net income as reported was $2.7 million, or $0.07 per diluted share. This compares to GAAP net loss of $10.3 million, or $0.28 per diluted share, for the first quarter of 2017.
Non-GAAP results: Non-GAAP revenue for the first quarter of 2018 was $182.6 million, up $33.8 million, or 23% from the first quarter of 2017.
Non-GAAP net income for the first quarter of 2018 was $11.5 million, or $0.29 per diluted share. This compares to non-GAAP net income of $2.5 million, or $0.07 per diluted share, for the first quarter of 2017.
Non-GAAP net income for each period excludes, when applicable, the effect of stock-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 benefits, and amortization of debt issuance cost.
Effective January 1, 2018, the Company adopted the new revenue recognition accounting standard, ASC 606, “Revenue from Contracts with Customers”, utilizing the full retrospective transition method. All 2017 financial results have been adjusted to reflect the change.
“We are pleased to report this very strong start of 2018, which demonstrates that the market continues to see value in our industry-leading medication management platform,” said Randall Lipps, chairman, president, chief executive officer, and founder of Omnicell. “As the complexities of healthcare evolve, we believe we are uniquely positioned to help lead the digital healthcare transformation with solutions that meet customer needs and grow market share for our business.”
For the second quarter of 2018, the Company expects non-GAAP revenue to be between $185 million and $190 million. The Company expects second quarter 2018 non-GAAP earnings to be between $0.36 and $0.42 per share.
For the year 2018, the Company expects product bookings to be between $625 million and $660 million. The Company expects non-GAAP revenue to be between $780 million and $800 million, and non-GAAP earnings to be between $1.85 and $2.05 per share.