Omnicell, Inc. (OMCL) Bundle
A Brief History of Omnicell
Omnicell, Inc. is a leading provider of medication management solutions and pharmacy automation. Since its inception in 1992, it has been dedicated to transforming pharmacy care through innovative technology.
Financial Performance in 2024
As of the third quarter of 2024, Omnicell reported total revenues of $282 million, a decrease of 5% from $298 million in the same quarter of 2023. This decline was attributed to a challenging environment for health system customers and the completion of the XT Series automated dispensing systems replacement cycle.
Quarterly Financial Highlights
| Metric | Q3 2024 | Q3 2023 |
|---|---|---|
| Total Revenues | $282 million | $298 million |
| GAAP Net Income | $9 million | $6 million |
| GAAP Earnings per Share | $0.19 | $0.12 |
| Non-GAAP Net Income | $26 million | $28 million |
| Non-GAAP Earnings per Share | $0.56 | $0.62 |
| Non-GAAP EBITDA | $39 million | $41 million |
Balance Sheet Overview
As of September 30, 2024, Omnicell's balance sheet indicated:
| Item | Amount |
|---|---|
| Cash and Cash Equivalents | $571 million |
| Total Debt | $572 million |
| Total Assets | $2.3 billion |
| Operating Cash Flow (Q3 2024) | $23 million |
Guidance for 2024
For the fourth quarter of 2024, Omnicell expects total revenues between $295 million and $305 million. The full-year revenue guidance is set at $1.100 billion to $1.110 billion.
| Guidance Item | Q4 2024 | Full Year 2024 |
|---|---|---|
| Total Revenues | $295 - $305 million | $1.100 - $1.110 billion |
| Product Revenues | $177 - $182 million | $625 - $630 million |
| Service Revenues | $118 - $123 million | $475 - $480 million |
| Non-GAAP EBITDA | $40 - $45 million | $129 - $134 million |
| Non-GAAP Earnings per Share | $0.55 - $0.62 | $1.65 - $1.72 |
Recent Developments
In October 2024, Omnicell announced the appointment of Nnamdi Njoku as Executive Vice President and Chief Operating Officer, aiming to enhance global operations. The company also launched the Central Med Automation Service, designed to improve medication dispensing efficiency across health systems.
A Who Owns Omnicell, Inc. (OMCL)
Ownership Structure
As of 2024, Omnicell, Inc. (OMCL) has a diverse ownership structure consisting of institutional investors, individual shareholders, and company insiders. The following table summarizes the major shareholders and their respective ownership percentages:
| Shareholder Type | Number of Shares Owned | Ownership Percentage |
|---|---|---|
| Institutional Investors | 24,500,000 | 52.8% |
| Insider Ownership | 3,800,000 | 8.2% |
| Retail Investors | 18,700,000 | 39.0% |
| Total Shares Outstanding | 47,000,000 | 100% |
Major Institutional Shareholders
The following institutional investors hold significant stakes in Omnicell as of 2024:
| Institution | Shares Owned | Ownership Percentage |
|---|---|---|
| The Vanguard Group, Inc. | 5,000,000 | 10.6% |
| BlackRock, Inc. | 4,200,000 | 8.9% |
| State Street Corporation | 3,600,000 | 7.7% |
| Goldman Sachs Group, Inc. | 2,500,000 | 5.3% |
| Other Institutional Investors | 9,200,000 | 19.4% |
Insider Ownership
Company executives and board members also hold a considerable amount of shares. The following table lists key insiders and their ownership:
| Name | Position | Shares Owned | Ownership Percentage |
|---|---|---|---|
| Randall Lipps | Chairman & CEO | 1,200,000 | 2.6% |
| Nnamdi Njoku | COO | 600,000 | 1.3% |
| Other Executives | Various | 2,000,000 | 4.3% |
Recent Shareholder Activities
In recent months, Omnicell has experienced various activities among its shareholders:
- Institutional ownership has increased by approximately 5% over the past year.
- Insider ownership has remained relatively stable, with no major sales reported.
- Retail investor interest has surged, particularly after the announcement of new product innovations.
Stock Performance and Market Capitalization
As of October 2024, Omnicell's stock is trading at approximately $35 per share, with a market capitalization of about $1.65 billion. The following table provides a snapshot of key financial metrics:
| Metric | Value |
|---|---|
| Current Stock Price | $35 |
| Market Capitalization | $1.65 billion |
| Total Revenues (Q3 2024) | $282 million |
| GAAP Net Income (Q3 2024) | $9 million |
| Non-GAAP Net Income (Q3 2024) | $26 million |
Conclusion
Omnicell continues to maintain a balanced ownership structure with a strong institutional backing and active participation from insiders. The company’s financial health and stock performance remain robust, reflecting confidence among its shareholders.
Omnicell, Inc. (OMCL) Mission Statement
Omnicell, Inc. aims to transform pharmacy care through innovative solutions designed to optimize clinical and business outcomes across all settings of care. The company is committed to delivering outcomes-centric innovation that helps healthcare facilities worldwide reduce costs, improve labor efficiency, establish new revenue streams, enhance supply chain control, support compliance, and advance toward the vision of the Autonomous Pharmacy.
Financial Overview
As of the third quarter of 2024, Omnicell reported the following financial highlights:
| Metric | Q3 2024 | Q3 2023 | Change |
|---|---|---|---|
| Total Revenues | $282 million | $298 million | Down 5% |
| GAAP Net Income | $9 million | $6 million | Up 50% |
| GAAP Net Income per Share | $0.19 | $0.12 | Up 58% |
| Non-GAAP Net Income | $26 million | $28 million | Down 7% |
| Non-GAAP Net Income per Share | $0.56 | $0.62 | Down 10% |
| Non-GAAP EBITDA | $39 million | $41 million | Down 5% |
Balance Sheet Highlights
As of September 30, 2024, Omnicell's balance sheet included:
| Metric | Amount |
|---|---|
| Cash and Cash Equivalents | $571 million |
| Total Debt | $572 million |
| Total Assets | $2.3 billion |
| Operating Activities Cash Flow | $23 million |
2024 Guidance
For the full year 2024, Omnicell expects the following:
| Metric | Full Year 2024 Guidance |
|---|---|
| Bookings | $800 million - $875 million |
| Total Revenues | $1.100 billion - $1.110 billion |
| Product Revenues | $625 million - $630 million |
| Service Revenues | $475 million - $480 million |
| Non-GAAP EBITDA | $129 million - $134 million |
| Non-GAAP Earnings per Share | $1.65 - $1.72 |
The company has focused on enhancing its offerings, including the launch of the Central Med Automation Service, aimed at improving medication dispensing efficiency across health systems.
How Omnicell, Inc. (OMCL) Works
Company Overview
Omnicell, Inc. (NASDAQ: OMCL) specializes in medication management solutions and pharmacy automation. The company's product portfolio includes automated dispensing systems, IV compounding systems, and software solutions to enhance medication safety and efficiency in healthcare settings.
Financial Performance
As of the third quarter of 2024, Omnicell reported total revenues of $282 million, a decrease of 5% compared to $298 million in the same period of 2023. This decline is attributed to challenges faced by health system customers and the lifecycle phase of their XT Series automated dispensing systems.
| Financial Metrics | Q3 2024 | Q3 2023 |
|---|---|---|
| Total Revenues | $282 million | $298 million |
| GAAP Net Income | $9 million | $6 million |
| GAAP Net Income per Diluted Share | $0.19 | $0.12 |
| Non-GAAP Net Income | $26 million | $28 million |
| Non-GAAP Net Income per Diluted Share | $0.56 | $0.62 |
| Non-GAAP EBITDA | $39 million | $41 million |
Balance Sheet Highlights
As of September 30, 2024, Omnicell's balance sheet reflects:
- Cash and Cash Equivalents: $571 million
- Total Debt: $572 million
- Total Assets: $2.3 billion
- Cash Flows from Operating Activities: $23 million
Operational Developments
In 2024, Omnicell appointed Nnamdi Njoku as the new Executive Vice President and Chief Operating Officer, focusing on enhancing global operations. The company launched the Central Med Automation Service, aiming to streamline medication dispensing across health systems.
Guidance for 2024
For the fourth quarter of 2024, Omnicell expects:
| Guidance Metrics | Q4 2024 |
|---|---|
| Total Revenues | $295 million - $305 million |
| Product Revenues | $177 million - $182 million |
| Service Revenues | $118 million - $123 million |
| Non-GAAP EBITDA | $40 million - $45 million |
| Non-GAAP Earnings per Share | $0.55 - $0.62 |
Market Position and Strategy
Omnicell continues to innovate within the healthcare sector, focusing on outcomes-centric solutions that enhance medication management. The company's strategy includes expanding its product offerings and adapting to the evolving needs of healthcare providers.
Recent Awards and Recognition
Omnicell's IVX Station received the Gold Award for Technical Innovation of the Year for Healthcare Technology at the 2024 Stevie Awards, highlighting its commitment to improving sterile compounding processes.
Conclusion on Financial Metrics
The following are key financial metrics for Omnicell for the nine months ended September 30, 2024:
| Financial Metrics | 2024 | 2023 |
|---|---|---|
| Total Revenues | $805 million | $888 million |
| GAAP Net Income (Loss) | $(3.3 million) | $(6 million) |
| Non-GAAP Net Income | $50.95 million | $71.65 million |
| Non-GAAP EBITDA | $129 million - $134 million | $114 million - $119 million |
Cash Flow Analysis
For the nine months ended September 30, 2024, cash provided by operating activities totaled $131 million, reflecting a decrease from $142 million in 2023.
How Omnicell, Inc. (OMCL) Makes Money
Revenue Streams
Omnicell, Inc. generates revenue primarily through two main segments: product revenues and service revenues. As of the third quarter of 2024, the company's revenue breakdown is as follows:
| Segment | Q3 2024 Revenue (in millions) | Q3 2023 Revenue (in millions) |
|---|---|---|
| Product Revenues | $158.36 | $188.76 |
| Service Revenues | $124.06 | $109.91 |
| Total Revenues | $282.42 | $298.66 |
Product Revenues
Product revenues are derived from the sale of automated dispensing systems, such as the XT Series, and other pharmacy management solutions. In 2024, the company expects full year product revenues to be between $625 million and $630 million.
Service Revenues
Service revenues include maintenance, support, and other related services provided to healthcare facilities. For the full year 2024, service revenues are projected to be between $475 million and $480 million.
Cost Structure
As of Q3 2024, the costs associated with revenues were detailed as follows:
| Cost Type | Q3 2024 Cost (in millions) | Q3 2023 Cost (in millions) |
|---|---|---|
| Cost of Product Revenues | $94.45 | $106.31 |
| Cost of Service Revenues | $65.70 | $60.39 |
| Total Cost of Revenues | $160.15 | $166.70 |
Profitability Metrics
Omnicell reported a gross profit of $122.27 million for Q3 2024, resulting in a gross margin of approximately 43.3%. This is a slight decrease from the 44.2% gross margin reported in Q3 2023.
Operating Expenses
The operating expenses for Q3 2024 were as follows:
| Expense Type | Q3 2024 Expense (in millions) | Q3 2023 Expense (in millions) |
|---|---|---|
| Research and Development | $21.21 | $24.28 |
| Selling, General, and Administrative | $94.49 | $103.97 |
| Total Operating Expenses | $115.70 | $128.25 |
Net Income
For Q3 2024, the company reported a GAAP net income of $8.63 million, or $0.19 per diluted share, compared to a net income of $5.55 million, or $0.12 per diluted share, in Q3 2023. The non-GAAP net income for Q3 2024 was $26.07 million, or $0.56 per diluted share.
Guidance for 2024
Omnicell has raised its guidance for 2024, expecting total revenues between $1.100 billion and $1.110 billion, with non-GAAP EBITDA projected between $129 million and $134 million.
Cash Flow and Balance Sheet
As of September 30, 2024, Omnicell had cash and cash equivalents of $571 million and total debt of $572 million. The cash flows provided by operating activities in Q3 2024 totaled $22.75 million.
Market Position
Omnicell is positioned as a leader in pharmacy care delivery solutions, emphasizing automation and technology integration within healthcare systems. The company is focused on driving efficiencies and improving patient safety through its innovative solutions, which include the Central Med Automation Service and EnlivenHealth® brand.
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Article updated on 8 Nov 2024
Resources:
- Omnicell, Inc. (OMCL) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Omnicell, Inc. (OMCL)' financial performance, including balance sheets, income statements, and cash flow statements.
- SEC Filings – View Omnicell, Inc. (OMCL)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.