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OMCL up 14% today - >>> Omnicell Announces First Quarter 2023 Results


Business Wire

May 2, 2023


https://finance.yahoo.com/news/omnicell-announces-first-quarter-2023-200100526.html


Total GAAP revenues of $291 million

GAAP net loss per diluted share of $0.33

Non-GAAP net income per diluted share of $0.39


FORT WORTH, Texas, May 02, 2023--(BUSINESS WIRE)--Omnicell, Inc. (NASDAQ:OMCL) ("Omnicell," "we," "our," "us," "management," or the "Company"), a leader in transforming the pharmacy care delivery model, today announced results for its first quarter ended March 31, 2023.

"We are pleased with the financial performance this quarter," said Randall Lipps, chairman, president, chief executive officer, and founder of Omnicell. "As our customers continue to navigate post-pandemic challenges, we believe delivering solutions that are designed to support optimized clinical and business outcomes are more important than ever. We remain confident that we are well-positioned to continue executing on our strategy and to drive long-term value for our stockholders and our healthcare partners and their patients."

Financial Results

Total GAAP revenues for the first quarter of 2023 were $291 million, down $28 million, or 9%, from the first quarter of 2022. The year-over-year decrease in total GAAP revenues reflects lower point-of-care revenues as a result of ongoing health systems capital budget constraints.

Total GAAP net loss for the first quarter of 2023 was $15 million, or $0.33 per diluted share. This compares to GAAP net income of $8 million, or $0.17 per diluted share, for the first quarter of 2022.

Total non-GAAP net income for the first quarter of 2023 was $17 million, or $0.39 per diluted share. This compares to non-GAAP net income of $38 million, or $0.83 per diluted share, for the first quarter of 2022.

Total non-GAAP EBITDA for the first quarter of 2023 was $27 million. This compares to non-GAAP EBITDA of $50 million for the first quarter of 2022.

Balance Sheet

As of March 31, 2023, Omnicell’s balance sheet reflected cash and cash equivalents of $340 million, total debt (net of unamortized debt issuance costs) of $567 million, and total assets of $2.25 billion. Cash flows provided by operating activities in the first quarter of 2023 totaled $13 million. This compares to cash flows used in operating activities totaling $16 million in the first quarter of 2022.

As of March 31, 2023, the Company had $500 million of availability under its revolving credit facility, which availability is subject to reduction in order to maintain compliance with certain financial covenants under the revolving credit facility.

Business Highlights

Strategic Alliance with Long Island University (LIU): Omnicell has co-launched the Center for Innovative Medication Management (CIMM) with LIU, an immersive pharmacy technology and analytics laboratory designed to provide LIU pharmacy students hands-on experience with innovative technology designed to support various functions within medication management. The CIMM will also be used by Omnicell to train Advanced Services operational teams, who will go on to support the Company’s technology at customer sites.

Publication of Omnicell’s 2022 ESG Report: In April 2023, Omnicell published its third annual ESG Report. The report highlights our continued commitment in the areas of Environmental, Social, Governance, and Innovation (ESG&I) by detailing our ESG&I initiatives and progress throughout 2022 toward our public goals and targets. As we strive to build a healthier world, we remain dedicated to furthering our ESG journey through purposeful action.

2023 Guidance

The Company’s full year 2023 guidance is unchanged. For the full year 2023, the Company expects bookings to be between $1.000 billion and $1.100 billion. The Company expects full year 2023 total revenues to be between $1.150 billion and $1.190 billion. The Company expects full year 2023 product revenues to be between $740 million and $760 million, and full year 2023 service revenues to be between $410 million and $430 million. The Company expects full year 2023 technical services revenues to be between $210 million and $220 million, and full year 2023 Advanced Services revenues to be between $200 million and $210 million. The Company expects full year 2023 non-GAAP EBITDA to be between $120 million and $135 million. The Company expects full year 2023 non-GAAP earnings per share to be between $1.55 and $1.80 per share.

For the second quarter of 2023, the Company expects total revenues to be between $278 million and $288 million. The Company expects second quarter 2023 product revenues to be between $181 million and $186 million, and second quarter 2023 service revenues to be between $97 million and $102 million. The Company expects second quarter 2023 non-GAAP EBITDA to be between $22 million and $28 million. The Company expects second quarter 2023 non-GAAP earnings per share to be between $0.25 and $0.35 per share.

The Company does not provide guidance for GAAP net income or GAAP earnings per share, nor a reconciliation of these 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, Tuesday, May 2, 2023 at 4:30 p.m. ET to discuss first quarter 2023 financial results. The conference call can be monitored by dialing 1-888-550-5424 within the U.S. or 1-646-960-0819 for all other locations. 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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About Omnicell

Since 1992, Omnicell has been committed to transforming the pharmacy care delivery model in an effort to optimize financial and clinical outcomes across all settings of care. Through a comprehensive portfolio of automation and advanced services, Omnicell is uniquely positioned to address evolving healthcare challenges, connect settings of care, and streamline the medication management process. Healthcare facilities worldwide partner with Omnicell to help increase operational efficiency, reduce medication errors, improve patient safety, and enhance patient engagement and adherence, helping to reduce costly hospital readmissions. To learn more, visit omnicell.com.

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