Omnicell, Inc.
Sep 4, 2001

Omnicell Announces Second Quarter 2001 Financial Results

Initial Public Offering Completed in August

PALO ALTO, Calif. — Sept. 4, 2001 — Omnicell, Inc. (NASDAQ: OMCL), a provider of clinical infrastructure and workflow automation solutions for the healthcare industry, today announced financial results for the quarter ended June 30, 2001.

Revenues increased 27% to $20.8 million in the three months ended June 30, 2001 from $16.4 million for the comparable period in 2000. In the first six months of 2001, total revenues increased 29% to $39.8 million from $30.9 million for the six months ended June 30, 2000.

Operating expenses decreased to $13.1 million (excluding stock-based charges of $0.4 million) in the second quarter of 2001 from $14.4 million in the second quarter of 2000. For the six months ended June 30, 2001, total operating expenses decreased to $25.7 million (excluding stock-based charges of $0.8 million) from $29.2 million in the same period last year. Net loss for the quarter was $1.2 million or $0.43 per share compared to a net loss of $4.5 million or $2.43 per share in the same quarter a year ago. On a pro forma basis, excluding stock-based compensation charges, net loss for the quarter was $0.8 million or $0.05 per share.

Our strong revenue growth in the quarter is gratifying to us, as it validates our ability to continue to provide solutions that are attractive to our customers," said Omnicell Chief Executive Officer Shelly Asher. "We are particularly enthusiastic about our new marketing partnership with AmerisourceBergen, and we are pleased by the confidence Ascension Health has shown in us by choosing OmniBuyer for all of their facilities."

Omnicell also announced the following recent highlights:

Investors may listen to Asher and Omnicell Chief Financial Officer Bob Newell discuss this announcement today by logging on to www.omnicell.com/events or calling 800-218-0204 (United States) or 303-205—0033 (International). The call will begin at 5 p.m. EDT. A replay will be available on the Web site or by calling 800-405-2236 (United States) or 303-590-3000 (International) until Tuesday, September 11. The passcode for the telephone replay is 388215.

About Omnicell
Established in 1992, Omnicell (NASDAQ: OMCL) provides an integrated suite of clinical infrastructure and workflow automation solutions for healthcare. Omnicell’s solutions include pharmacy and supply systems, an Internet-based procurement application, and decision support capabilities designed to enable healthcare facilities to decrease costs, enhance operating efficiency, reduce medication errors, and improve patient care. 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, continued growth and acceptance of our products and services and continued growth of the clinical automation and workflow automation market generally, increasing competition, and development of relationships with suppliers of healthcare products and services, automation systems and GPOs. Prospective investors are cautioned not to place undue reliance on forward-looking statements.

OMNICELL, INC.
SELECTED FINANCIAL INFORMATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited) 

 

 

 

Three Months Ended June 30,

Six Months Ended June 30,

 

2001

 

2000

 

2001

2000

 
Revenues

      $    20,840

$    16,373

$    39,827

$    30,859

 
           
Costs and expenses:          

      Cost of revenues

8,241

6,273

15,400

12,954

 

      Gross margin

12,599

10,100

24,427

17,905

 
Operating expenses

 

 

 

 

 

      Research and development

2,903

2,502

5,436

5,958

 

      Selling, general and administrative

10,202

11,856

20,303

23,256

 

      Stock-based compensation

429

  

857

 

 
Total operating expenses

13,534

14,358

26,596

29,214

 
 

 

 

 

 

 
Operating loss

(935)

(4,258)

(2,169)

(11,309)

 
 

 

 

 

 

 
Interest expense, net

(251)

(221)

(838)

(542)

 
 

 

 

 

 

 
Loss before provision for income taxes

(1,186)

(4,479)

(3,007)

(11,851)

 
 

 

 

 

 

 
Provision for income taxes

(  25)

(  25)

(  50)

(  50)

 
 

 

 

 

 

 
Net loss

$    (1,211)

$    (4,504)

$    (3,057)

$    (11,901)

 
 

 

 

 

 

 
Net loss per share – basic and diluted

$    (  0.43)

$    (  2.43)

$    (  1.11)

$    (    5.74)

 
 

 

 

 

 

 
Shares used in computing net loss per share – basic and diluted

2,825

1,852

2,749

2,074

 
 

 

 

 

 

 
Pro forma weighted average shares used in computing pro forma net loss per share
 

14,321

11,811

14,234

11,990

 
Pro forma basic and diluted net loss per share (unaudited) (excluding stock-based compensation)

$    (  0.05)

$    (  0.38)

$    (  0.15)

$    (  0.99)

 
           

BALANCE SHEET

   

June 30, 2001 (Unaudited)

December 31, 2000 (Note 1)

Cash, cash equivalents and short-term marketable securities

   

$    4,732

$    11,967

 
Trade receivables, net    

14,902

11,036

 
Other current assets    

16,594

13,142

 
Property and equipment, net    

5,238

4,913

 
Other assets    

5,988

2,847

 
Total assets    

$    47,454

$    43,905

 
     

 

 

 
Current liabilities    

$    31,268

$    23,751

 
Deferred gross profit    

25,776

25,847

 
Long-term obligations    

7,108

9,218

 
Redeemable convertible preferred stock

10,113

10,113

 
Stockholders' equity (net capital deficiency)

(26,811)

(25,024)

 
Total liabilities and stockholders' equity (net capital deficiency)

$    47,454

$    43,905

 

(Note 1 - Derived from the audited financial statements at that date.)