PALO ALTO, Calif. — Oct. 16, 2003 — Omnicell, Inc. (NASDAQ: OMCL), a leading provider of patient safety solutions preferred by nurses, today announced record third quarter 2003 results for the quarter ended September 30, 2003. Change Change (1) Derived from the December 31, 2002 audited consolidated balance sheet.
Financial highlights were as follows:
Other highlights of the quarter included:
Omnicell Chairman, President and CEO Randall A. Lipps, commenting on the current quarter's strong business results, said, "The third quarter was a record for our company, as we posted record revenues, bookings and earnings. I am also very pleased with the continued progress we have made in expanding our product portfolio, completing a complementary acquisition, winning competitive accounts, and closing a three-year, multi-source agreement with HealthTrust Purchasing Group (HPG), an organization with 700 hospital and 300 non-acute care members. I believe we are well-positioned for continued growth moving forward and in reshaping Omnicell as a major industry force."
Dennis P. Wolf, executive vice president of operations, finance, administration and CFO, observed, "The efforts that we have undertaken in the last few quarters to implement an efficient business model have now become institutionalized and strong revenue growth and more robust profitability are direct outgrowths of this initiative. We have now increased our focus on Omnicell's infrastructure and processes in order to position us for continued growth."
Conference Call Details
Management will report financial results for the third quarter of 2003 on Thursday, October 16, at 2:00 p.m. PT via conference call. Investors and analysts may listen to this conference call by logging on to www.omnicell.com or by dialing 800-366-3964 (domestic) or 303-262-2127 (international) approximately 10 minutes prior to the scheduled start. A replay of the call will be available from 4:00 p.m. PT on October 16 through 11:59 p.m. PT on October 23. Dialing 800-405-2236 (domestic) or 303-590-3000 (international) and entering the passcode 555643# for both numbers will access the call replay. On the conference call, management will be discussing certain additional financial and statistical information. That information can be located on the Investor Relations page of Omnicell's Web site at www.omnicell.com.
Established in 1992, Omnicell (NASDAQ: OMCL) is a leading provider of patient safety solutions preferred by nurses. Addressing the medication-use process and the medical-surgical supply chain, Omnicell's broad range of solutions are used throughout the healthcare facility--in the pharmacy, nursing units, operating room, cardiac cath lab, and all the way to the patient's bedside. Improving patient care by enhancing operational efficiency, Omnicell's solutions include systems for physician order management, automated pharmacy retrieval, medication and supply dispensing, nursing workflow automation at the bedside, and Web-based procurement. More than 1,400 healthcare facilities use Omnicell's solutions to reduce medication errors, operate more efficiently, and decrease costs--ultimately contributing to improved clinical and financial outcomes. For more information, visit www.omnicell.com.
To the extent any statements contained in this release deal with information that is not historical, these statements are necessarily forward-looking. As such, they are subject to the occurrence of many events outside Omnicell's control and are subject to various risk factors that could cause actual results to differ materially from those expressed or implied in any forward-looking statement. The risk factors are described in the Company's Securities and Exchange Commission filings and include, without limitation, the continued growth and acceptance of our products and services and the continued growth of the clinical automation and workflow automation market generally, the potential of increasing competition, the ability of the company to achieve profitability in the next few quarters, grow product backlog, retain key personnel, cut expenses, develop new products and integrate acquired products or intellectual property in a timely and cost-effective manner, and improve sales productivity. Prospective investors are cautioned not to place undue reliance on forward-looking statements.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(in thousands, except per share amounts)
Three months ended
Nine months ended
Service and other revenues
Costs of revenues:
Cost of product revenues
Cost of service and other revenues
Total cost of revenues
Research and development
Selling general and administrative
Restructuring and severance charges
Total operating expenses
Income (loss) from operations
Interest and other income
Interest and other expense
Income (loss) before provision (benefit)
for income taxes
Provision (benefit) for income taxes
Net income (loss)
Net income (loss) per share - basic
Net income (loss) per share - diluted
Weighted average shares outstanding
Weighted average shares outstanding
CONDENSED CONSOLIDATED BALANCE SHEETS
Change (%) (Unaudited)
Cash, cash equivalents and
44% Accounts receivable net
-32% Other current assets
18% Total current assets
14% Property and equipment net
-12% Other assets
-3% &nbp; Total assets
9% LIABILITIES AND STOCKHOLDERS' EQUITY
-32% Accrued liabilities
9% Deferred service revenue
11% Deferred gross profit
-36% Current portion of note payable
-49% Total current liabilities
-14% Note payable
Other long-term liabilities
77% Total liabilities and stockholders' equity
(1) Derived from the December 31, 2002 audited consolidated balance sheet.