PALO ALTO, Calif. — April 25, 2002 — 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 March 31, 2002. OMNICELL, INC.
Total revenues increased 29% to $24.4 million in the three months ended March 31, 2002, from $18.9 million for the comparable period in 2001.
Total operating expenses increased to $13.7 million in the first quarter of 2002 from $13.1 million in the first quarter of 2001. Operating income for the quarter was $1.4 million, compared to a loss of $1.2 million in the first quarter of 2001.
Net income for the quarter was $1.6 million or $0.07 per diluted share compared to a net loss of $1.8 million or $(0.67) per share on a diluted basis in the same quarter a year ago. "We continued a trend of strong revenue growth for the quarter," said Omnicell President and CEO Shelly Asher. "We are watching expenses closely and that, combined with a strong product offering, helped us post our third straight profitable quarter."
Omnicell Founder and Chairman Randy Lipps said the company is introducing new software and hardware that will contribute to future financial results.
"This spring we are introducing several new products and features," said Lipps. "Included in our spring product releases are new hardware solutions for hospital operating rooms and many added software features. Shortly we will have one of the broadest lines of equipment and software for the hospital operating room, and are rapidly moving to address the needs of medication management throughout the hospital." Omnicell also announced the following recent highlights:
Investors and analysts may listen to Asher, Lipps and CFO Bob Newell discuss this announcement today by logging on to www.omnicell.com or by dialing 800-366-3908 (domestic) or 303-262-2140 (international) approximately 10 minutes prior to the scheduled start of 5:00 p.m. ET. A replay of the call will be available from 7 p.m. ET on April 25 through 11:59 p.m. ET on May 2. Dialing 800-405-2236 (domestic) or 303-590-3000 (international) and entering the passcode 461940# will access the call replay. The Webcast will be available on Omnicell’s Web site until May 2.
Established in 1992, Omnicell (NASDAQ: OMCL) provides solutions that improve patient care by enhancing the operational\efficiency of healthcare organizations. Addressing the medication management and supply chain areas, Omnicell's medication and supply dispensing systems and decision support tools enable healthcare facilities to decrease costs, operate more efficiently, and reduce medication errors. 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, the ability of the company to achieve break-even by the end of the first half of 2003, grow product backlog, retain key personnel, cut expenses, develop and integrate products in a timely and cost-effective manner, and improve sales productivity. Prospective investors are cautioned not to place undue reliance on forward-looking statements.
SELECTED FINANCIAL INFORMATION
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
Three Months Ended
Service and other revenues
Costs and expenses:
Cost of product revenues
5,421 Cost of service and other revenues
1,739 Total cost of revenues
7,160 Gross margin
11,827 Operating expenses:
Research and development
2,605 Selling, general and administrative
10,456 Total operating expenses
13,061 Operating income (loss)
(1,234) Other income and expense, net
(586) Income (loss) before provision for income taxes
(1,820) Provision for income taxes
(25) Net income (loss)
($1,845) Net income (loss) per share - basic
$(0.67) Net income (loss) per share - diluted
$(0.67) Shares used in computing net income (loss) per share - basic
2,740 Shares used in computing net income (loss) per share - diluted
2,740 SUMMARY BALANCE SHEET
December 31, 2002
2001 (Note 1) Cash, cash equivalents and short-term marketable securities
$23,839 Trade receivables, net
18,167 Inventory, net
12,702 Other current assets
5,253 Property and equipment, net
5,384 Other assets
6,769 Total assets
$72,114 Deferred service revenue
$8,009 Deferred gross profit
24,790 Other current liabilities
19,351 Long-term obligations
363 Stockholders' equity
19,601 Total liabilities and stockholders' equity
(Note 1 - December 31, 2001 amounts derived from the audited financial statements at that date.)