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Automated Dispensing Cabinets
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Mountain View, California
GAAP revenue of $150.6 million and net loss per diluted share of $0.29
Non-GAAP revenue of $150.9 million and net income per diluted shares of $0.06
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, 2017.
GAAP results: Revenue for the first quarter of 2017 was $150.6 million, down $21.4 million, or 12.5% from the fourth quarter of 2016, and down $20.5 million or 12.0% from the first quarter of 2016.
First quarter 2017 net loss as reported in accordance with U.S. generally accepted accounting principles (GAAP) was $10.8 million, or $0.29 per diluted share. This compares to GAAP net income of $0.2 million, or $0.00 per diluted share, for the fourth quarter of 2016, and GAAP net loss of $0.4 million, or $0.01 per diluted share, for the first quarter of 2016.
Non-GAAP results: Non-GAAP revenue for the first quarter of 2017 was $150.9 million, down $23.8 million, or 13.6% from the fourth quarter of 2016, and down $22.8 million or 13.1% from the first quarter of 2016.
Non-GAAP net income for the first quarter of 2017 was $2.1 million, or $0.06 per diluted share. This compares to non-GAAP net income of $13.8 million, or $0.37 per diluted share, for the fourth quarter of 2016 and $12.9 million, or $0.35 per diluted share, for the first quarter of 2016.
Non-GAAP net income for each period presented 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, severance and integration related expenses, and amortization of debt issuance cost.
“During the first quarter of 2017, Omnicell won in the marketplace through its differentiated platform and innovative products including the XT Series. I am pleased with our new conversion wins and customers’ strong interest and acceptance of our new XT Series," said Randall Lipps, Omnicell president, CEO and chairman. “An expected sequential decline in revenue due to the XT Series product launch and customer implementations timing affected our first quarter revenue and results, but our order intake and pipeline of new sales opportunities demonstrate our strong market momentum,” Mr. Lipps added.
Following the market launch of the XT Series and ramp up of manufacturing for the XT Series in the first quarter of 2017 we expect the revenue and profitability to scale and improve every quarter during 2017.
For the second quarter of 2017, the Company expects non-GAAP revenue to be between $172 million and $178 million. The Company expects second quarter of 2017 non-GAAP earnings to be between $0.21 and $0.27 per share.
For the combined third and fourth quarters of 2017, the Company expects non-GAAP revenue to be between $395 million and $415 million, and non-GAAP earnings to be between $0.95 and $1.05 per share.
For the year 2017, the Company expects product bookings to be between $570 million and $590 million. The Company expects non-GAAP revenue to be between $720 million and $740 million, and non-GAAP earnings to be between $1.22 and $1.34 per share.
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