Omnicell, Inc.
Apr 28, 2016

Omnicell Achieves Record Revenue in the First Quarter 2016

Record GAAP revenue of $171.0 million representing 47% year over year growth
Non-GAAP diluted EPS of $0.35 representing 21% year over year growth
Completion of the Aesynt Acquisition

MOUNTAIN VIEW, Calif., April 28, 2016 /PRNewswire/ -- 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, 2016

Omnicell, Inc. logo.

GAAP results: Revenue for the first quarter of 2016 was $171.0 million, up $40.7 million or 31.2% from the fourth quarter of 2015, and up $54.8 million or 47.1% from the first quarter of 2015.

First quarter 2016 net loss as reported in accordance with U.S. generally accepted accounting principles (GAAP) was $(0.4) million, or $(0.01) per diluted share. This compares to GAAP net income of $7.7 million, or $0.21 per diluted share, for the fourth quarter of 2015, and GAAP net income of $6.3 million, or $0.17 per diluted share, for the first quarter of 2015.  Omnicell completed its acquisition of Aesynt Holding Coöperatief U.A. ("Aesynt') on January 5, 2016 and its results of operations are included in Omnicell's Condensed Consolidated Statement of Operations as of that date.

Non-GAAP results: Non-GAAP revenue for the first quarter of 2016 was $173.7 million, up $43.4 million or 33.3% from the fourth quarter of 2015, and up $57.4 million or 49.4% from the first quarter of 2015.

Non-GAAP net income for the first quarter of 2016 was $12.9 million, or $0.35 per diluted share, excluding $3.9 million of stock-based compensation expense, $5.7 million, net of tax effect of $3.5 million, of intangible assets amortization expense, $1.4 million, net of tax effect of $0.9 million of acquisition related expenses for Aesynt acquisition, and $0.6 million, net of tax effect of $0.3 million of inventory fair value adjustments.  Non-GAAP net income includes the effect of a deferred revenue fair value adjustment of $1.7 million, net of tax effect of $1.0 million. This compares to fourth quarter 2015 non-GAAP net income of $14.4 million, or $0.40 per diluted share, which excluded $3.7 million of stock-based compensation expense, $1.2 million, net of tax effect of $0.7 million, of intangible assets amortization expense, and $2.0 million, net of tax effect of $0.9 million, for acquisition related expenses for the Aesynt acquisition. Non-GAAP net income for the first quarter of 2015 was $10.8 million, or $0.29 per diluted share, which excluded $3.7 million of stock-based compensation expense and $0.8 million, net of tax effect of $0.4 million, of amortization expense for all intangible assets associated with past acquisitions.

"Omnicell's first quarter of 2016 was marked by record revenues and the completion of our acquisition of Aesynt," said Randall Lipps, President, CEO and Chairman. "I am pleased to report continued momentum with a strong contribution from new customer orders as we begin to realize the strength that our expanded portfolio can deliver. The company is well positioned to take advantage of the great opportunities ahead."

Second quarter 2016 Guidance

For the second quarter of 2016, the company expects Non-GAAP revenue to be between $168 million and $175 million and Non-GAAP EPS to be between $0.30 and $0.34 per share.

The above guidance is inclusive of the Aesynt acquisition.

Reporting Segments

Omnicell evaluates its reportable segments in accordance with the authoritative guidance on segment reporting. The company's Chief Executive Officer is the company's Chief Operating Decision Maker ("CODM") pursuant to the guidance. The CODM allocates resources to the segments based on their business prospects, competitive factors, revenue and operating results.  Omnicell has the following reportable segments: Automation & Analytics, and Medication Adherence. The financial results of the Aesynt acquisition acquired in Q1 2016 are included in the Automation & Analytics reportable segment.

Certain corporate-level costs which include expenses related to executive management, finance and accounting, human resources, legal, training and development, and certain administrative expenses are excluded from the reportable segment financial results.

Omnicell Conference Call Information

Omnicell will hold a conference call today, Thursday, April 28, 2016 at 1:30 p.m. PT to discuss first quarter financial results. The conference call can be monitored by dialing 1-800-696-5518 within the U.S. or 1-706-758-4883 for all other locations. The Conference ID # is 96241728. Internet users can access the conference call at http://ir.omnicell.com/events.cfm. A replay of the call will be available today at approximately 4:30 p.m. PT and will be available until 11:59 p.m. PT on May 28, 2016. The replay access numbers are 1-855-859-2056 within the U.S. and 1-404-537-3406 for all other locations, Conference ID # is 96241728.

About Omnicell

Since 1992, Omnicell (NASDAQ: OMCL) has been creating new efficiencies to improve patient care, anywhere it is delivered. Omnicell is a leading supplier of comprehensive automation and business analytics software for patient-centric medication and supply management across the entire health care continuum--from the acute care hospital setting, to post-acute skilled nursing and long-term care facilities, to the patient's home.

Over 4,000 customers worldwide have utilized Omnicell automation and analytics solutions to increase operational efficiency, reduce medication errors, deliver actionable intelligence and improve patient safety. The recent acquisition of Aesynt adds distinct capabilities, particularly in central pharmacy and IV robotics, creating the broadest medication management product portfolio in the industry.

The Omnicell SureMed solution provides innovative medication adherence packaging to help reduce costly hospital readmissions. In addition, these solutions enable approximately 7,000 institutional and retail pharmacies worldwide to maintain high accuracy and quality standards in medication dispensing and administration while optimizing productivity and controlling costs.

For more information about Omnicell, please visit www.omnicell.com.

Forward-Looking Statements

To the extent any statements contained in this release deal with information that is not historical, these statements are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. 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. Such statements include, but are not limited to Omnicell's momentum, pipeline and new sales opportunities, profit and revenue growth, and the success of Omnicell's strategy for growth, including differentiated products, expansion into new markets and targeted acquisitions. Risks that contribute to the uncertain nature of the forward-looking statements include our ability to take advantage of the growth opportunities in medication management across the spectrum of healthcare settings from long term care to home care, unfavorable general economic and market conditions, risks to growth and acceptance of our products and services, including competitive conversions, and to growth of the clinical automation and workflow automation market generally, the potential of increasing competition, potential regulatory changes, the ability of the company to improve sales productivity to grow product bookings, to develop new products and to acquire and successfully integrate companies, such as Aesynt. These and other risks and uncertainties are described more fully in Omnicell's most recent filings with the Securities and Exchange Commission. Prospective investors are cautioned not to place undue reliance on forward-looking statements. All forward-looking statements contained in this press release speak only as of the date on which they were made. Omnicell undertakes no obligation to update such statements to reflect events that occur or circumstances that exist after the date on which they were made.

Use of Non-GAAP Financial Information

This press release contains financial measures that are not calculated in accordance with U.S. generally accepted accounting principles (GAAP). Our management evaluates and makes operating decisions using various performance measures. In addition to Omnicell's GAAP results, we also consider non-GAAP revenue, non-GAAP gross profit, non-GAAP operating expenses, non-GAAP net income, and non-GAAP net income per diluted share. Additionally, we calculate Adjusted EBITDA (another non-GAAP measure) by means of adjustments to GAAP Net Income. These non-GAAP results should not be considered as an alternative to gross profit, operating expenses, net income, net income per diluted share, or any other performance measure derived in accordance with GAAP. We present these non-GAAP results because we consider them to be important supplemental measures of Omnicell's performance.

Our non-GAAP gross profit, non-GAAP operating expenses, non-GAAP net income and non-GAAP net income per diluted share are exclusive of certain items to facilitate management's review of the comparability of Omnicell's core operating results on a period to period basis because such items are not related to Omnicell's ongoing core operating results as viewed by management. We define our "core operating results" as those revenues recorded in a particular period and the expenses incurred within that period that directly drive operating income in that period. Management uses these non-GAAP financial measures in making operating decisions because, in addition to meaningful supplemental information regarding operating performance, the measures give us a better understanding of how we should invest in research and development, fund infrastructure growth and evaluate the effectiveness of marketing strategies. In calculating the above non-GAAP results, management specifically adjusted for the following excluded items:

a) Stock-based compensation expense impact of Accounting Standards Codification (ASC) 718. We excluded from our non-GAAP results the expense related to equity-based compensation plans as they represent expenses that do not require cash settlement from Omnicell.

b) Intangible assets amortization from business acquisitions. We excluded from our non-GAAP results the intangible assets amortization expense resulting from our past acquisitions. These non-cash charges are not considered by management to reflect the core cash-generating performance of the business and therefore are excluded from our non-GAAP results.

c) Amortization of debt issuance cost. Debt issuance cost represents costs associated with the issuance of new Term Loan and Revolving Line of Credit facilities. The cost includes underwriting fees, original issue discount, ticking fee, and legal fees. This non-cash expense is not considered by management to reflect the core cash-generating performance of the business and therefore is excluded from our non-GAAP results.

d) Acquisition accounting impact related to deferred revenue. In connection with our acquisition of Aesynt, business combination rules require us to account for the fair values of arrangements for which acceptance has not been obtained, and post installation support has not been provided in our purchase accounting. The non-GAAP adjustment to our revenues is intended to include the full amounts of such revenues. We believe the adjustment to these revenues is useful as a measure of the ongoing performance of our business.

e) Inventory fair value adjustments. In connection with our acquisition of Aesynt, business combination rules require us to account for the fair values of inventory acquired in our purchase accounting. The non-GAAP adjustment to our Cost of Revenues is intended to include the impact of such adjustment. We believe the adjustment is useful as a measure of the ongoing performance of our business.

f) Acquisitions related expenses. We excluded from our non-GAAP results the expenses which are related to the recent acquisitions. These expenses are unrelated to our ongoing operations and we do not expect them to occur in the ordinary course of business. We believe that excluding these acquisition related expenses provides more meaningful comparisons of the financial results to our historical operations and forward looking guidance and the financial results of less acquisitive peer companies. Further, these expenses are not considered by management to reflect the core performance of the business and therefore are excluded from our non-GAAP results.

Management adjusts for the above items because management believes that, in general, these items possess one or more of the following characteristics: their magnitude and timing is largely outside of Omnicell's control; they are unrelated to the ongoing operation of the business in the ordinary course; they are unusual and we do not expect them to occur in the ordinary course of business; or they are non-operational, or non-cash expenses involving stock compensation plans.

We believe that the presentation of these non-GAAP financial measures is warranted for several reasons:

1) Such non-GAAP financial measures provide an additional analytical tool for understanding Omnicell's financial performance by excluding the impact of items which may obscure trends in the core operating results of the business;

2) Since we have historically reported non-GAAP results to the investment community, we believe the inclusion of non-GAAP numbers provides consistency and enhances investors' ability to compare our performance across financial reporting periods;

3) These non-GAAP financial measures are employed by Omnicell's management in its own evaluation of performance and are utilized in financial and operational decision making processes, such as budget planning and forecasting; and

4) These non-GAAP financial measures facilitate comparisons to the operating results of other companies in our industry, which use similar financial measures to supplement their GAAP results, thus enhancing the perspective of investors who wish to utilize such comparisons in their analysis of our performance.

Set forth below are additional reasons why share-based compensation expense related to ASC 718 is excluded from our non-GAAP financial measures:

i)  While share-based compensation calculated in accordance with ASC 718 constitutes an ongoing and recurring expense of Omnicell, it is not an expense that requires cash settlement by Omnicell. We therefore exclude these charges for purposes of evaluating core operating results. Thus, our non-GAAP measurements are presented exclusive of stock-based compensation expense to assist management and investors in evaluating our core operating results.

ii)  We present ASC 718 share-based payment compensation expense in our reconciliation of non-GAAP financial measures on a pre-tax basis because the exact tax differences related to the timing and deductibility of share-based compensation, under ASC 718 are dependent upon the trading price of Omnicell's common stock and the timing and exercise by employees of their stock options. As a result of these timing and market uncertainties the tax effect related to share-based compensation expense would be inconsistent in amount and frequency and is therefore excluded from our non-GAAP results.

Our Adjusted EBITDA calculation is defined as earnings before interest income and expense, taxes, depreciation and amortization, and non-cash expenses, including ASC 718 stock compensation expense, as well as excluding certain non-GAAP adjustments.

As stated above, we present non-GAAP financial measures because we consider them to be important supplemental measures of performance. However, non-GAAP financial measures have limitations as an analytical tool and should not be considered in isolation or as a substitute for Omnicell's GAAP results. In the future, we expect to incur expenses similar to certain of the non-GAAP adjustments described above and expect to continue reporting non-GAAP financial measures excluding such items. Some of the limitations in relying on non-GAAP financial measures are:

  • Omnicell's stock option and stock purchase plans are important components of incentive compensation arrangements and will be reflected as expenses in Omnicell's GAAP results for the foreseeable future under ASC 718.
  • Other companies, including companies in Omnicell's industry, may calculate non-GAAP financial measures differently than Omnicell, limiting their usefulness as a comparative measure.

Pursuant to the requirements of SEC Regulation G, a detailed reconciliation between Omnicell's non-GAAP and GAAP financial results is set forth in the financial tables at the end of this press release. Investors are advised to carefully review and consider this information strictly as a supplement to the GAAP results that are contained in this press release and in Omnicell's SEC filings.

Omnicell, Inc.

Condensed Consolidated Statements of Operations

(Unaudited, in thousands, except per share data)



Three Months Ended


March 31,
2016


December 31,
2015


March 31,
2015

Revenues:






Product

$

127,895



$

104,193



$

94,109


Services and other revenues

43,109



26,123



22,112


  Total revenues

171,004



130,316



116,221


Cost of revenues:






Cost of product revenues

71,918



55,099



45,416


Cost of services and other revenues

19,141



10,137



9,120


  Total cost of revenues

91,059



65,236



54,536


Gross profit

79,945



65,080



61,685


Operating expenses:






Research and development

13,838



9,219



8,019


Selling, general and administrative

64,255



43,891



43,287


  Total operating expenses

78,093



53,110



51,306


Income from operations

1,852



11,970



10,379


Interest and other income (expense), net

(2,171)



(753)



(517)


Income before provision for income taxes

(319)



11,217



9,862


Provision for income taxes

59



3,562



3,544


Net (loss) income

$

(378)



$

7,655



$

6,318


Net (loss) income per share:






Basic

$

(0.01)



$

0.22



$

0.18


Diluted

$

(0.01)



$

0.21



$

0.17


Weighted average shares outstanding:






Basic

35,740



35,482



36,024


Diluted

35,740



36,172



36,914


 

Omnicell, Inc.

Condensed Consolidated Balance Sheets

(Unaudited, in thousands)



March 31, 2016


December 31, 2015





ASSETS

Current assets:




Cash and cash equivalents

$

53,487



$

82,217


Accounts receivable, net

153,199



107,957


Inventories

71,914



46,594


Prepaid expenses

21,855



19,586


Other current assets

9,853



7,774


Total current assets

310,308



264,128


Property and equipment, net

42,208



32,309


Long-term investment in sales-type leases, net

21,037



14,484


Goodwill

312,511



147,906


Intangible assets, net

206,261



89,665


Long-term deferred tax assets

2,638



2,361


Other long-term assets

28,809



27,894


Total assets

$

923,772



$

578,747






LIABILITIES AND STOCKHOLDERS' EQUITY

Current liabilities:




Accounts payable

$

32,142



$

22,646


Accrued compensation

31,918



18,195


Accrued liabilities

34,903



30,133


Long-term debt, current portion, net

8,410




Deferred revenue, net

92,273



53,656


Total current liabilities

199,646



124,630


Long-term deferred revenue

17,820



17,975


Long-term deferred tax liabilities

64,984



21,822


Other long-term liabilities

11,771



11,932


Long-term debt, net

219,046




Total liabilities

513,267



176,359


Total stockholders' equity

410,505



402,388


Total liabilities and stockholders' equity

$

923,772



$

578,747


 

Omnicell, Inc.

Condensed Consolidated Statements of Cash Flows

(Unaudited, in thousands)



Three months ended March 31,


2016


2015

Operating Activities




Net (loss) income

$

(378)



$

6,318


Adjustments to reconcile net (loss) income to net cash provided by operating activities:




Depreciation and amortization

14,473



5,711


Loss on disposal of fixed assets

13



4


Provision for receivable allowance

92



281


Share-based compensation expense

3,891



3,665


Income tax benefits from employee stock plans

164



822


Excess tax benefits from employee stock plans

(220)



(1,151)


Provision for excess and obsolete inventories

248



270


Deferred income taxes

(1,042)



361


Amortization of debt financing fees

397




Changes in operating assets and liabilities:




  Accounts receivable, net

(1,162)



(5,631)


  Inventories

(5,361)



(1,906)


  Prepaid expenses

1,983



6,707


  Other current assets

324



1,124


  Investment in sales-type leases, net

(8,928)



285


  Other long-term assets

1,232



(85)


  Accounts payable

1,568



2,200


  Accrued compensation

4,114



(2,810)


  Accrued liabilities

417



2,718


  Deferred revenue

12,663



(6,557)


  Other long-term liabilities

(2,701)



(1,012)


  Net cash provided by operating activities

21,787



11,314


Investing Activities




Purchases of intangible assets, intellectual property and patents

(1,074)



(103)


Software development for external use

(3,070)



(2,957)


Purchases of property and equipment

(4,261)



(1,048)


Business acquisition, net of cash acquired

(271,458)




  Net cash used in investing activities

(279,863)



(4,108)


Financing Activities




Proceeds from debt, net

247,059




Repayment of debt under revolving credit facility

(20,000)




Payment for contingent consideration

(3,000)




Proceeds from issuances under stock-based compensation plans

5,149



6,224


Employees' taxes paid related to restricted stock units

(382)



(800)


Excess tax benefits from employee stock plans

220



1,151


  Net cash provided by financing activities

229,046



6,575


Effect of exchange rate changes on cash and cash equivalents

300



(116)


Net (decrease) increase in cash and cash equivalents

(28,730)



13,665


Cash and cash equivalents at beginning of period

82,217



125,888


Cash and cash equivalents at end of period

$

53,487



$

139,553


 

Omnicell, Inc.

Reconciliation of GAAP to Non-GAAP

(Unaudited, in thousands, except per share data)








Three Months Ended







March 31,
 2016


December 31,
 2015


March 31,
 2015












Reconciliation of GAAP net (loss) income to non-GAAP net income:



GAAP net (loss) income

$

(378)



$

7,655



$

6,318


Adjustments:







Share-based compensation expense

3,891



3,654



3,665



Amortization of acquired intangibles

9,159



1,901



1,231



Acquisition accounting impact related to deferred revenue

2,663







Inventory fair value adjustments

921







Acquisitions related expenses

2,349



2,898





Tax effect of the adjustments above(a)

(5,735)



(1,665)



(443)


Non-GAAP net income

$

12,870



$

14,443



$

10,771













Reconciliation of GAAP revenue to non-GAAP revenue:



Revenues


$

171,004



$

130,316



$

116,221



     Acquisition accounting impact related to deferred revenue

2,663






Non-GAAP revenue

$

173,667



$

130,316



$

116,221













Reconciliation of GAAP gross profit to non-GAAP gross profit:



GAAP gross profit

$

79,945



$

65,080



$

61,685


GAAP gross margin

46.8%



49.9%



53.1%



     Share-based compensation expense

549



481



517



     Amortization of acquired intangibles

5,211



547



368



     Acquisition accounting impact related to deferred revenue

2,663



$



$



     Inventory fair value adjustments

921



$



$


Non-GAAP gross profit

$

89,289



$

66,108



$

62,570


Non-GAAP gross margin

51.4%



50.7%



53.8%













Reconciliation of GAAP operating expenses to non-GAAP operating expenses:

GAAP operating expenses

$

78,093



$

53,110



$

51,306



GAAP operating expenses % to total revenue

45.7%



40.8%



44.1%



Share-based compensation expense

(3,342)



(3,173)



(3,148)



Amortization of acquired intangibles

(3,948)



(1,354)



(863)



Acquisitions related expenses

(2,349)



(2,898)




Non-GAAP operating expenses

$

68,454



$

45,685



$

47,295


Non-GAAP operating expenses % to total revenue

40.0%



35.1%



40.7%









































Three Months Ended







March 31,
2016


December 31,
2015


March 31,
2015

Reconciliation of GAAP income from operations to non-GAAP income from operations:

GAAP income from operations

$

1,852



$

11,970



$

10,379



GAAP operating income % to total revenue

1.1%



9.2%



8.9%



Share-based compensation expense

3,891



3,654



3,665



Amortization of acquired intangibles

9,159



1,901



1,231



Acquisition accounting impact related to deferred revenue

2,663







Inventory fair value adjustments

921







Acquisitions related expenses

2,349



2,898




Non-GAAP income from operations

$

20,835



$

20,423



$

15,275


Non-GAAP operating income % to total Non-GAAP revenue

12.0%



15.7%



13.1%













Reconciliation of GAAP net (loss) income per share - diluted to non-GAAP net income per share - diluted:

Shares - diluted GAAP

35,740



36,172



36,914













Shares - diluted Non-GAAP

36,307



36,172



36,914













GAAP net (loss) income per share - diluted

$

(0.01)



$

0.21



$

0.17


Adjustments:







Share-based compensation expense

0.11



0.11



0.10



Amortization of acquired intangibles

0.25



0.05



0.03



Acquisition accounting impact related to deferred revenue

0.07







Inventory fair value adjustments

0.03







Acquisitions related expenses

0.06



0.08





Tax effect of the adjustments above(a)

(0.16)



(0.05)



(0.01)


Non-GAAP net income per share - diluted

$

0.35



$

0.40



$

0.29













Reconciliation of GAAP net income to non-GAAP Adjusted EBITDA:



GAAP net (loss) income

$

(378)



$

7,655



$

6,318


Add back:







Share-based compensation expense

3,891



3,654



3,665



Interest (income) and expense, net

1,747



89



99



Depreciation and amortization expense

14,473



7,182



5,711



Acquisition accounting impact related to deferred revenue

2,663







Inventory fair value adjustments

921







Acquisitions related expenses

2,349



2,898





Income tax expense

59



3,562



3,544


Non-GAAP Adjusted EBITDA (b)

$

25,725



$

25,040



$

19,337













____________________________________________

(a)

Tax effects calculated for all adjustments except share based compensation expense, using estimated annual effective tax rate of 38% for fiscal year 2016.

(b)

Defined as earnings before interest income and expense, taxes, depreciation and amortization, share-based compensation expense, as well as excluding certain non-GAAP adjustments.

 

Omnicell, Inc.

Segmented Information

(Unaudited, in thousands, except for percentages)



Three Months Ended March 31, 2016


Three Months Ended March 31, 2015


Automation
and
Analytics


Medication
Adherence


Total


Automation
and
Analytics


Medication
Adherence


Total





Revenues

$

148,945



$

22,059



$

171,004



$

92,779



$

23,442



$

116,221


Cost of revenues

77,207



13,852



91,059



38,852



15,684



54,536


Gross profit

71,738



8,207



79,945



53,927



7,758



61,685


Gross margin %

48.2%



37.2%



46.8%



58.1%



33.1%



53.1%














Operating expenses

52,205



5,611



57,816



28,589



6,341



34,930


Income from segment operations

$

19,533



$

2,596



22,129



$

25,338



$

1,417



26,755


Operating margin %

13.1%



11.8%



12.9%



27.3%



6.0%



23.0%














Corporate costs





20,277







16,376


Income from operations





$

1,852







$

10,379














 

Omnicell, Inc.

Segment Information - Non-GAAP Gross Margin and Non-GAAP Operating Margin

(Unaudited, in thousands, except for percentages)



Three Months Ended March 31, 2016


Automation and
Analytics


Medication
Adherence


Total













Revenues

$

148,945





$

22,059





$

171,004




Acquisition accounting impact related to deferred revenue

2,663



1.8%




—%


2,663



1.6%

Non-GAAP Revenues

$

151,608





22,059





$

173,667
















GAAP Gross profit

$

71,738



48.2%


$

8,207



37.2%


$

79,945



46.8%

Stock-based compensation expense

460



0.3%


89



0.4%


549



0.3%

Amortization expense of acquired intangible assets

4,879



3.3%


332



1.5%


5,211



3.0%

Acquisition accounting impact related to deferred revenue

2,663



1.8%




—%


2,663



1.6%

Inventory fair value adjustments

921



0.6%




—%


921



0.5%

Non-GAAP Gross profit

$

80,661



54.2%


$

8,628



39.1%


$

89,289



52.2%













GAAP Operating income

$

19,533



13.1%


$

2,596



11.8%


$

22,129



12.9%

Stock-based compensation expense

1,623



1.1%


201



0.9%


1,824



1.1%

Amortization expense of acquired intangible assets

7,829



5.3%


1,330



6.0%


9,159



5.4%

Acquisition accounting impact related to deferred revenue

2,663



1.8%




—%


2,663



1.6%

Inventory fair value adjustments

921



0.6%




—%


921



0.5%

Acquisitions related expenses

1,757



1.2%




—%


1,757



1.0%

Non-GAAP Operating income

$

34,326



23.0%


$

4,127



18.7%


$

38,453



22.5%













GAAP Corporate costs









$

20,277



11.9%

Stock-based compensation expense









2,067



1.2%

Acquisition-related expenses









592



0.3%

Non-GAAP Corporate costs









$

17,618



10.3%













Non-GAAP Income from operations









$

20,835



12.2%

 


Three Months Ended March 31, 2015


Automation and
Analytics


Medication
Adherence


Total













Revenues

$

92,779





$

23,442





$

116,221
















GAAP Gross profit

$

53,927



58.1%


$

7,758



33.1%


$

61,685



53.1%

Stock-based compensation expense

351



0.4%


166



0.7%


517



0.4%

Amortization expense of acquired intangible

assets

35



0.0%


333



1.4%


368



0.3%

Non-GAAP Gross profit

$

54,313



58.5%


$

8,257



35.2%


$

62,570



53.8%













GAAP Operating income

$

25,338



27.3%


$

1,417



6.0%


$

26,755



23.0%

Stock-based compensation expense

1,443



1.6%


256



1.1%


1,699



1.5%

Amortization expense of acquired intangible

assets

147



0.2%


1,084



4.6%


1,231



1.1%













Non-GAAP Operating income

$

26,928



29.0%


$

2,757



11.8%


$

29,685



25.5%













GAAP Corporate costs









$

16,376



14.1%

Stock-based compensation expense









1,966



1.7%

Non-GAAP Corporate costs









$

14,410



12.4%













Non-GAAP Income from operations









$

15,275



13.1%

 

OMCL-E

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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/omnicell-achieves-record-revenue-in-the-first-quarter-2016-300259708.html

SOURCE Omnicell, Inc.

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