PALO ALTO, Calif. -- July 17, 2003 -- Omnicell, Inc. (NASDAQ: OMCL), a leading provider of patient safety solutions for healthcare, today announced financial results for the quarter ended June 30, 2003, summarized as follows:
OMNICELL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (in thousands) December 31,
Omnicell Chairman, President and CEO Randall A. Lipps, commenting on the current quarter's improved business results, said, "I am very pleased with the turnaround and transformation of our business within a relatively short period, and also with the continued progress we made during this past quarter on a number of fronts--revenue and backlog growth, expense control, new product and new business expansion, as well as strengthening our board of directors. We believe that the transformation that we have made in the company is timely because we are in the midst of a significant growth phase in our business. Our position is unique in the industry because we have a very strong customer base, a new management team and a much broadened product suite that addresses the most critical needs of hospitals today--cost reductions through automation and absolute adherence to patient safety. These competencies give us confidence that fiscal 2003 will be a record year and that 2004 growth will be very significant."
Dennis P. Wolf, executive vice president of operations, finance, administration and CFO, observed, "The efforts that we have undertaken in the last six months to implement an efficient business model have now become institutionalized. We grew our revenue 14% sequentially while expanding our backlog. Our expense structure is well under control. I am especially pleased to see that we are now well on our way to reaching our goal of 10% operating margin by year-end."
Conference Call Details
Management will report financial results for the second quarter of 2003 on Thursday, July 17, at 5:00 p.m. ET 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 7:00 p.m. ET on July 17 through 2:59 a.m. ET on July 25. Dialing 800-405-2236 (domestic) or 303-590-3000 (international) and entering the passcode 544936# 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 Omnicells 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 Companys 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.
ended June 30,
Year ended June 30,
Revenues: Product revenues
Service and other revenues
Costs of revenues: Cost of product revenues
Cost of service and other revenues
Total cost of revenues
Gross profit margin
Operating expenses: Research and development
Selling general and administrative
Restructuring and other non-recurring charges
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Net income per share - basic
Net income per share - diluted
$ 0.15 Weighted average shares outstanding - basic
Weighted average shares outstanding - diluted
Cash and cash equivalents
Accounts receivable net
Other current assets
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Property and equipment net
LIABILITIES AND STOCKHOLDERS' EQUITY
Deferred service revenue
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Current portion of note payable
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(1) Derived from the December 31, 2002 audited consolidated balance sheet.
CONDENSED CONSOLIDATED BALANCE SHEETS