Omnicell, Inc.
OMNICELL INC /CA/ (Form: 8-K, Received: 04/18/2003 17:17:43)

 

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D. C.  20549

FORM 8-K

CURRENT REPORT

PURSUANT TO SECTION 13 OR 15(d) OF THE

SECURITIES EXCHANGE ACT OF 1934

 

 

 

Date of Report (Date of earliest event reported):  April 18, 2003

OMNICELL, INC.

(Exact name of registrant as specified in its charter)

 

Delaware

 

000-33043

 

94-3166458

(State or other jurisdiction of incorporation or organization)

 

(Commission File Number)

 

(IRS Employer Identification Number)

 

 

1101 East Meadow Drive

Palo Alto, CA  94303

(Address of principal executive offices, including zip code)

 

 

(650) 251-6000

(Registrant’s telephone number, including area code)

 

 

 


 

 

 



 

Item 7.  Financial Statements and Exhibits.

(c)           Exhibits.

Exhibit
Number

 

Description

99.1

 

Press Release of Omnicell, Inc. dated April 21, 2003.

 

Item 9.  Regulation FD Disclosure.

In accordance with Release 33-8216, the information contained herein and in the accompanying exhibit is being furnished under both Item 9 and Item 12.  This information shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or incorporated by reference in any filing under the Securities Act of 1933, as amended (the “Securities Act”), or the Exchange Act, except as shall be expressly set forth by specific reference in such a filing.

 

On April 21, 2003, Omnicell, Inc. (“Omnicell”) will issue a press release announcing the financial results for the quarter ended March 31, 2003.  A copy of the press release is attached hereto as Exhibit 99.1 to this Current Report and is incorporated herein by reference.

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SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the Registrant has duly caused this report to be signed on its behalf by the undersigned, hereunto duly authorized.

 

 

 

Omnicell, Inc.

 

 

 

 

 

 

 

 

 

 

Dated:  April 18, 2003

 

 

By:

/s/ Dennis P. Wolf

 

 

 

 

Dennis P. Wolf

 

 

 

 

Executive Vice President

Operations, Finance and Administration

and Chief Financial Officer

 

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INDEX TO EXHIBITS

 

 

Exhibit
Number

 

Description

99.1

 

Press Release of Omnicell, Inc. dated April 21, 2003.

 

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Exhibit 99.1

 

 

Contact:

Dennis P. Wolf

EVP of Operations, Finance,

Administration & CFO

800-850-6664, ext. 6482

dennisw@omnicell.com

 

 

For Immediate Release

 

Omnicell announces first quarter 2003 financial results

 

Company returns to profitability

 

PALO ALTO, Calif. (April 21, 2003) — Omnicell, Inc. (NASDAQ: OMCL), a leading provider of patient safety solutions for healthcare , today announced financial results for the quarter ended March 31, 2003, summarized as follows:

 

                    For the first quarter of 2003, total revenue was $22.1 million, compared to $24.4 million for the same period in 2002 and $20.5 million for the fourth quarter of 2002.

 

                    Gross margin was 57.2% for the first quarter of 2003, compared to 61.6% for the same period in 2002 and 56.9% for the fourth quarter of 2002.

 

                    Total operating expenses decreased to $12.2 million for the first quarter of 2003 from $13.7 million for the same period of 2002 and $17.0 million for the fourth quarter of 2002.  The fourth quarter of 2002 included $2.4 million for restructuring and purchased in-process research and development.

 

                    Net income for the quarter was $444,000 or $0.02 per diluted share compared to $1.7 million or $0.07 per diluted share for the same period of 2002 and a net loss of $5 million or $(0.23) per share on a diluted basis for the fourth quarter of 2002.

 

                    Total cash balances as of March 31, 2003 were $23.1 million, compared to $21.5 million as of December 31, 2002. The increase in cash balances was primarily due to net cash generated by operating activities.

 

                    Total backlog as of March 31, 2003 was $30.5 million, compared to $28.3 million for the quarter ended December 31, 2002, an increase of $2.2 million.

 

                    As of March 31, 2003, 25,472 pharmacy and supply automation systems had been installed or released for customer installation in 1,384 healthcare facilities.

 

Omnicell Chairman, President and CEO Randall A. Lipps, commenting on the current quarter’s improved business results, said, “I am very pleased with the progress we made during this past quarter on a number of fronts—revenue growth, expense management, new product and new business expansion, as well as completing our senior management changes. Of course, most gratifying is that we have returned to being profitable. We believe that we are well-positioned with the solutions and people that will continue to meet the healthcare market’s needs for increased patient safety and operational efficiency.”

 

Dennis P. Wolf, executive vice president of operations, finance, administration and CFO, observed, “Our expense run rate has dropped significantly, and we now have a much more efficient business model. With revenue now growing, we have returned to profitability faster than we thought. We will continue to look for ways to improve our operational processes and make more targeted investments to support our market needs-driven strategy.”

 

 

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Conference Call Details

 

Management will report financial results for the first quarter of 2003 on Monday, April 21, at 9:00 a.m. ET via conference call. Investors and analysts may listen to this conference call by logging on to www.omnicell.com or by dialing 800-257-7087 (domestic) or 303-262-2175 (international) approximately 10 minutes prior to the scheduled start. A replay of the call will be available from 11:00 a.m. ET on April 21 through 11:59 p.m. ET on April 28. Dialing 800-405-2236 (domestic) or 303-590-3000 (international) and entering the passcode 534737 for both numbers will access the call replay.

 

 

About Omnicell

 

Established in 1992, Omnicell (NASDAQ: OMCL) is a leading provider of patient safety solutions for healthcare. 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. These solutions enable healthcare facilities 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 ("SEC") 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 maintain or increase profitability in the future, 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. For a more detailed description of the factors that may impact these forward-looking statements, please refer to the information under the heading "Factors That May Affect Our Future Operating Results" in Omnicell's annual report on Form 10-K filed with the SEC on March 28, 2003, as well as the other information contained in that Form 10-K and in our other SEC filings. Prospective investors are cautioned not to place undue reliance on forward-looking statements.

 

 

 

 

(see detailed financial results on next page)

 

 

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OMNICELL, INC.

CONDENSED CONSOLIDATED STATEMENT OF OPERATIONS

(in thousands, except per share amounts)

(unaudited)

 

 

 

 

Three Months Ended
March 31,

 

 

 

2003

 

2002

 

Revenues:

 

 

 

 

 

Product revenues

 

$

17,557

 

$

21,030

 

Service and other revenues

 

4,517

 

3,389

 

Total revenues

 

22,074

 

24,419

 

Costs of revenues:

 

 

 

 

 

Cost of product revenues

 

7,706

 

7,985

 

Cost of service and other revenues

 

1,747

 

1,382

 

Total cost of revenues

 

9,453

 

9,367

 

Gross profit

 

12,621

 

15,052

 

Operating expenses:

 

 

 

 

 

Research and development

 

2,368

 

2,678

 

Selling, general and administrative

 

9,871

 

11,004

 

Total operating expenses

 

12,239

 

13,682

 

Income from operations

 

382

 

1,370

 

 

 

 

 

 

 

Interest and other income

 

124

 

677

 

 

 

 

 

 

 

Interest and other expense

 

(46

)

(457

)

Income before provision for income taxes

 

460

 

1,590

 

 

 

 

 

 

 

Provision (benefit) for income taxes

 

16

 

(60

)

Net income

 

$

444

 

$

1,650

 

Net income per common share — basic

 

$

0.02

 

$

0.08

 

Net income per common share — diluted

 

$

0.02

 

$

0.07

 

Weighted average common shares outstanding — basic

 

22,104

 

21,514

 

Weighted average common shares outstanding — diluted

 

22,783

 

22,964

 

 

 

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OMNICELL, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(in thousands)

 

 

 

 

March 31,
2002

 

December 31,
2002

 

 

 

(Unaudited)

 

(Note 1)

 

ASSETS

 

 

 

 

 

 

 

 

 

 

 

Current assets:

 

 

 

 

 

Cash, cash equivalents and short-term investments

 

$

23,147

 

$

21,485

 

Accounts receivable, net

 

9,879

 

10,644

 

Inventories

 

10,345

 

12,741

 

Other current assets

 

3,156

 

3,575

 

Total current assets

 

46,527

 

48,445

 

Property and equipment, net

 

4,703

 

5,026

 

Other assets

 

10,188

 

12,071

 

Total assets

 

$

61,418

 

$

65,542

 

 

 

 

 

 

 

LIABILITIES AND STOCKHOLDERS’ EQUITY

 

 

 

 

 

 

 

 

 

 

 

Current liabilities:

 

 

 

 

 

Accounts payable

 

$

2,614

 

$

5,975

 

Accrued liabilities

 

10,773

 

11,695

 

Deferred service revenue

 

12,574

 

11,598

 

Deferred gross profit

 

16,620

 

18,008

 

Current portion of note payable

 

1,204

 

1,197

 

Total current liabilities

 

43,785

 

48,473

 

Note payable

 

 

305

 

Other long-term liabilities

 

458

 

458

 

Stockholders’ equity

 

17,175

 

16,306

 

Total liabilities and stockholders’ equity

 

$

61,418

 

$

65,542

 

 

(Note 1 — December 31, 2002 amounts derived from the audited financial statements)

 

 

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