OMNICELL, INC. MOUNTAIN VIEW, Calif., July 30, 2015 /PRNewswire/ -- Omnicell, Inc. (NASDAQ: OMCL), a leading provider of medication and supply management solutions to healthcare systems, today announced results for its second quarter ended June 30, 2015.
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GAAP results: Revenue for the second quarter of 2015 was $112.8 million, down $3.4 million or 3.0% from the first quarter of 2015, and up $7.7 million or 7.4% from the second quarter of 2014. Revenue for the six months ended June 30, 2015 was $229.0 million, up $22.2 million or 10.7% from the six months ended June 30, 2014.
Second quarter 2015 net income as reported in accordance with U.S. generally accepted accounting principles (GAAP) was $8.8 million, or $0.24 per diluted share. This compares to GAAP net income of $6.3 million, or $0.17 per diluted share, for the first quarter of 2015, and GAAP net income of $7.8 million, or $0.21 per diluted share, for the second quarter of 2014.
GAAP net income for the six months ended June 30, 2015 was $15.1 million, or $0.41 per diluted share, which included a $3.4 million gain on business combination of an equity investment. GAAP net income was $14.0 million, or $0.38 per diluted share, for the six months ended June 30, 2014.
Non-GAAP results: Non-GAAP net income for the second quarter of 2015 was $10.3 million, or $0.28 per diluted share, excluding $3.6 million of stock-based compensation expense and $1.3 million ($1.8 million net of $0.5 million tax effect) of amortization expense for all intangible assets associated with past acquisitions. Non-GAAP net income for the second quarter also excludes $3.4 million gain on the Company's 2012 minority equity investment in Avantec Healthcare Ltd., which was recorded as part of Omnicell's acquisition of the remainder of Avantec Healthcare Ltd. in April. This compares to non-GAAP net income of $11.2 million, or $0.30 per diluted share, for the second quarter of 2014. Non-GAAP net income for the second quarter of 2014 excluded $2.7 million of stock-based compensation expense and $0.6 million ($1.0 million net of $0.4 million tax effect) of amortization expense for all intangible assets associated with past acquisitions. Second quarter 2015 results compare to non-GAAP net income of $10.8 million, or $0.29 per diluted share, for the first quarter of 2015. Non-GAAP net income for the first quarter of 2015 excludes $3.7 million of stock-based compensation expense and $0.8 million ($1.2 million net of $0.4 million tax effect) of amortization expense for all intangible assets associated with past acquisitions.
Non-GAAP net income for the six months ended June 30, 2015 was $21.0 million, or $0.57 per diluted share. Non-GAAP net income for the six months ended June 30, 2015, excludes $7.3 million of stock-based compensation expense and $2.1 million ($3.0 million net of the $0.9 million tax effect) of amortization expense for all intangible assets associated with past acquisitions. Non-GAAP net income for the six months ended June 30, 2015 also excludes $3.4 million gain on business combination of an equity investment in Avantec Healthcare Ltd. This compares to non-GAAP net income of $20.8 million, or $0.57 per diluted share for the six months ended June 30, 2014, excluding $5.4 million of stock-based compensation expense and $1.3 million ($2.1 million net of $0.8 million tax effect) of amortization expense for all intangible assets associated with past acquisitions.
"Omnicell's business has grown well from 2014 with a strong contribution from new customer orders. A small sequential decline in revenue due to timing of customer implementations affected our results for the second quarter, but our order intake and the pipeline of new sales opportunities demonstrate that we have not lost market momentum." said Randall Lipps, Omnicell president, chairman and CEO. "Driven by our three-leg growth strategy of differentiated products, expansion into new markets and targeted acquisitions, the company has all the ingredients for continued success."
Reporting Segments
As reported last quarter, beginning the first quarter of 2015, Omnicell enhanced the management of its business, operating structure and segment reporting structure by excluding certain corporate-level costs from our reporting segments based on how the Chief Operating Decision Maker ("CODM") reviews the business. Corporate-level costs may include expenses related to executive management, finance and accounting, human resources, legal, training and development, and certain administrative expenses. Omnicell's CODM allocates resources and evaluates the performance of our segments using information about its revenues, gross profit and income from operations, excluding certain costs which are managed separately at the corporate level.
Omnicell Conference Call Information
Omnicell will hold a conference call today, Thursday, July 30, 2015 at 1:30 p.m. PT to discuss second 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 86450368. 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 August 13, 2015. 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 86450368.
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 home.
More than 3,000 customers worldwide have utilized Omnicell Automation and Analytics solutions to increase operational efficiency, reduce errors, deliver actionable intelligence and improve patient safety. Omnicell Medication Adherence solutions, including its MTS Medication Technologies brand, provide innovative medication adherence packaging solutions to help reduce costly hospital readmissions. In addition, these solutions enable approximately 6,000 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. 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 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 recognize equity plan-related compensation expenses, which represent the fair value of all share-based payments to employees, including grants of employee stock options, as required under ASC 718, Compensation - Stock Compensation (ASC 718) as non-GAAP adjustments in each period.
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) Gain on business combination of an equity investment. We excluded from our non-GAAP results the gain on a minority equity investment in a private company, Avantec Healthcare Ltd., which was recognized in relation to the acquisition by Omnicell of the remainder of the company. This non-cash gain is not considered by management to reflect the core cash-generating performance of the business and therefore is 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 option grants.
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 Six Months Ended
------------------ ----------------
June 30, March 31, June 30, June 30, June 30,
2015 2015 2014 2015 2014
---- ---- ---- ---- ----
Revenues:
Product $89,154 $94,109 $85,244 $183,263 $167,824
Services and other
revenues 23,634 22,112 19,808 45,746 38,992
------ ------ ------ ------ ------
Total revenues 112,788 116,221 105,052 229,009 206,816
------- ------- ------- ------- -------
Cost of revenues:
Cost of product revenues 46,203 45,416 41,003 91,619 79,903
Cost of services and other
revenues 9,123 9,120 8,009 18,243 16,378
----- ----- ----- ------ ------
Total cost of revenues 55,326 54,536 49,012 109,862 96,281
------ ------ ------ ------- ------
Gross profit 57,462 61,685 56,040 119,147 110,535
Operating expenses:
Research and development 8,746 8,019 6,471 16,765 12,592
Selling, general and
administrative 39,735 43,287 37,011 83,022 75,431
Gain on business
combination (3,443) - - (3,443) -
------ --- --- ------ ---
Total operating expenses 45,038 51,306 43,482 96,344 88,023
------ ------ ------ ------ ------
Income from operations 12,424 10,379 12,558 22,803 22,512
Interest and other income
(expense), net (472) (517) (40) (989) (296)
---- ---- --- ---- ----
Income before provision
for income taxes 11,952 9,862 12,518 21,814 22,216
Provision for income taxes 3,201 3,544 4,729 6,745 8,233
Net income $8,751 $6,318 $7,789 $15,069 $13,983
====== ====== ====== ======= =======
Net income per share:
Basic $0.24 $0.18 $0.22 $0.42 $0.39
Diluted $0.24 $0.17 $0.21 $0.41 $0.38
Weighted average shares outstanding:
Basic 36,120 36,024 35,661 36,072 35,451
Diluted 37,030 36,914 36,618 36,987 36,478
Omnicell, Inc.
Condensed Consolidated Balance Sheets
(Unaudited, in thousands)
June 30, 2015 December 31,
2014
------------- -------------
ASSETS
Current assets:
Cash and cash equivalents $88,028 $125,888
Accounts receivable, net 117,307 82,763
Inventories 46,027 31,554
Prepaid expenses 15,401 23,518
Deferred tax assets 12,490 12,446
Other current assets 6,071 7,215
----- -----
Total current assets 285,324 283,384
Property and equipment, net 34,772 36,178
Long-term net investment in sales-type
leases 10,208 10,848
Goodwill 149,654 122,720
Intangible assets, net 94,285 82,667
Long-term deferred tax assets 1,397 1,144
Other long-term assets 25,382 23,273
Total assets $601,022 $560,214
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $26,085 $19,432
Accrued compensation 18,573 19,874
Accrued liabilities 33,419 19,299
Deferred service revenue 23,527 25,167
Deferred gross profit 36,671 28,558
------ ------
Total current liabilities 138,275 112,330
Non-current deferred service revenue 19,056 20,308
Non-current deferred tax liabilities 32,723 30,454
Other long-term liabilities 11,620 7,024
------ -----
Total liabilities 201,674 170,116
Stockholders' equity:
Total stockholders' equity 399,348 390,098
Total liabilities and stockholders' equity $601,022 $560,214
======== ========
Omnicell, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited, in thousands)
Six months ended June 30,
-------------------------
2015 2014
---- ----
Operating Activities
Net income $15,069 $13,983
Adjustments to reconcile net
income to net cash provided by
operating activities:
Depreciation
and
amortization 11,977 9,391
Gain (loss) on
disposal of
fixed assets (5) 202
Gain on
business
combination (3,443) -
Provision for
receivable
allowance 480 436
Share-based
compensation
expense 7,301 5,449
Income tax
benefits from
employee
stock plans 3,087 3,058
Excess tax
benefits from
employee
stock plans (3,159) (3,326)
Provision for
excess and
obsolete
inventories 168 250
Deferred
income taxes (1,717) 860
Changes in operating assets and
liabilities:
Accounts
receivable,
net (27,676) (24,408)
Inventories (9,633) (335)
Prepaid
expenses 8,234 2,144
Other current
assets 1,507 1,602
Net investment
in sales-
type leases 353 622
Other long-
term assets 64 228
Accounts
payable 1,364 2,494
Accrued
compensation (1,654) (3,910)
Accrued
liabilities 5,752 2,424
Deferred
service
revenue (2,892) 2,640
Deferred gross
profit 6,008 10,788
Other long-
term
liabilities (995) 829
---- ---
Net cash
provided by
operating
activities 10,190 25,421
------ ------
Investing Activities
Acquisition of
intangible
assets,
intellectual
property and
patents (225) (191)
Software
development
for external
use (6,127) (5,507)
Purchases of
property and
equipment (3,764) (7,335)
Business
acquisition,
net of cash
acquired (23,625) -
------- ---
Net cash used
in investing
activities (33,741) (13,033)
------- -------
Financing Activities
Proceeds from
issuances
under stock-
based
compensation
plans 9,432 11,813
Employees'
taxes paid
related to
restricted
stock units (2,046) (1,729)
Common stock
repurchases (25,021) (4,069)
Excess tax
benefits from
employee
stock plans 3,159 3,326
Net cash
(used)
provided by
financing
activities (14,476) 9,341
------- -----
Effect of
exchange rate
changes on
cash and cash
equivalents 167 119
Net (decrease)
increase in
cash and cash
equivalents (37,860) 21,848
Cash and cash
equivalents
at beginning
of period 125,888 104,531
Cash and cash
equivalents
at end of
period $88,028 $126,379
======= ========
Omnicell, Inc.
Reconciliation of GAAP to Non-GAAP
(Unaudited, in thousands, except per share data)
Three Months Ended Six Months Ended
------------------ ----------------
June 30, March 31, June 30, June 30, June 30,
2015 2015 2014 2015 2014
---- ---- ---- ---- ----
Reconciliation of GAAP net income to non-GAAP net income:
GAAP net income $8,751 $6,318 $7,789 $15,069 $13,983
Adjustments:
Share-based
compensation expense:
Cost of revenues 532 517 264 1,049 532
Operating expenses 3,104 3,148 2,456 6,252 4,917
----- ----- ----- ----- -----
Total share-based
compensation
expense (a) 3,636 3,665 2,720 7,301 5,449
Amortization of
acquired intangibles:
Cost of revenues 531 368 368 899 736
Operating expenses 1,279 863 680 2,142 1,360
----- --- --- ----- -----
Total Amortization
of acquired
intangibles: 1,810 1,231 1,048 3,041 2,096
Income tax effect of
non-GAAP adjustments
(b) (485) (443) (395) (928) (774)
-----
Total Amortization
of acquired
intangibles, net: 1,325 788 653 2,113 1,322
----- --- --- ----- -----
Gain on business
combination (3,443) - - (3,443) -
Non-GAAP net income $10,269 $10,771 $11,162 $21,040 $20,754
======= ======= ======= ======= =======
Reconciliation of GAAP gross profit to non-GAAP gross profit:
Revenues $112,788 $116,221 $105,052 $229,009 $206,816
GAAP gross profit 57,462 61,685 56,040 119,147 110,535
GAAP gross margin 50.9% 53.1% 53.3% 52.0% 53.4%
Share-based
compensation
expense 532 517 264 1,049 532
Amortization of
acquired
intangibles 531 368 368 899 736
Non-GAAP gross profit $58,525 $62,570 $56,672 $121,095 $111,803
===
Non-GAAP gross margin 51.9% 53.8% 53.9% 52.9% 54.1%
Reconciliation of GAAP operating expenses to non-GAAP operating expenses:
GAAP operating expenses $45,038 $51,306 $43,482 $96,344 $88,023
GAAP operating
expenses % to total
revenue 39.9% 44.1% 41.4% 42.1% 42.6%
Share-based
compensation expense (3,104) (3,148) (2,456) (6,252) (4,917)
Amortization of
acquired intangibles (1,279) (863) (680) (2,142) (1,360)
Gain on business
combination $3,443 $ - $ - $3,443 $ -
============ === === ===
Non-GAAP operating expenses $44,098 $47,295 $40,346 $91,393 $81,746
======= ======= ======= ======= =======
Non-GAAP operating
expenses % to total
revenue 39.1% 40.7% 38.4% 39.9% 39.5%
Reconciliation of GAAP income from operations to non-GAAP income from operations:
GAAP income (loss) from operations $12,424 $10,379 $12,558 $22,803 $22,512
GAAP operating income
% to total revenue 11.0% 8.9% 12.0% 10.0% 10.9%
Share-based
compensation expense 3,636 3,665 2,720 7,301 5,449
Amortization of
acquired intangibles 1,810 1,231 1,048 3,041 2,096
Gain on business
combination (3,443) - - (3,443) -
Non-GAAP income from operations $14,427 $15,275 $16,326 $29,702 $30,057
======= ======= ======= ======= =======
Non-GAAP operating
income % to total
revenue 12.8% 13.1% 15.5% 13.0% 14.5%
Three Months Ended Six Months Ended
------------------ ----------------
June 30, March 31, June 30, June 30, June 30,
2015 2015 2014 2015 2014
---- ---- ---- ---- ----
GAAP shares - diluted 37,030 36,914 36,618 36,987 36,478
GAAP net income per share - diluted $0.24 $0.17 $0.21 $0.41 $0.38
Adjustments:
Share-based
compensation expense 0.10 0.10 0.07 0.20 0.15
Amortization of
acquired intangibles 0.04 0.02 0.02 0.06 0.04
Gain on business
combination (0.10) - - (0.10) -
Non-GAAP net income per share - diluted $0.28 $0.29 $0.30 $0.57 $0.57
===== ===== ===== ===== =====
Reconciliation of GAAP EBITDA to non-GAAP EBITDA:
GAAP net income $8,751 $6,318 $7,789 $15,069 $13,983
Add back:
Share-based
compensation expense 3,636 3,665 2,720 7,301 5,449
Interest (income) and
expense, net 84 99 (32) 183 (35)
Depreciation and
amortization expense 6,264 5,711 4,779 11,975 9,391
Income tax expense 3,201 3,544 4,729 6,745 8,233
Gain on business
combination $(3,443) $ - $ - $(3,443) $ -
Non-GAAP adjusted EBITDA (c) $18,493 $19,337 $19,985 $37,830 $37,021
======= ======= ======= ======= =======
(a) This adjustment reflects the
accounting impact of non-cash
stock-based compensation expense
for the periods presented
(b) Tax effects are calculated using
the effective tax rates for the
respective periods presented
(c) Defined as earnings before
interest income and expense,
taxes, depreciation and
amortization, and non-cash
expenses, including stock
compensation expense, per ASC
718, as well as excluding certain
non-GAAP adjustments
Omnicell, Inc.
Segmented Information
(Unaudited, in thousands, except for percentages)
Three Months Ended June 30, 2015 Three Months Ended June 30, 2014
-------------------------------- --------------------------------
Automation and Medication Total Automation and Medication Total
Analytics Adherence
Analytics Adherence
---
Revenues $88,701 $24,087 $112,788 $84,702 $20,350 $105,052
Cost of revenues 39,403 15,923 55,326 35,992 13,020 49,012
Gross profit 49,298 8,164 57,462 48,710 7,330 56,040
------ ----- ------ ------ ----- ------
Gross margin % 55.6% 33.9% 50.9% 57.5% 36.0% 53.3%
Operating
expenses 25,978 5,910 31,888 26,044 4,800 30,844
Income from
segment
operations $23,320 $2,254 25,574 $22,666 $2,530 25,196
======= ====== ====== ======= ====== ======
Operating margin
% 26.3% 9.4% 22.7% 26.8% 12.4% 24.0%
Corporate costs 13,150 12,638
------ ------
Income from operations $12,424 $12,558
======= =======
Omnicell, Inc.
Segmented Information
(Unaudited, in thousands, except for percentages)
Six Months Ended June 30, 2015 Six Months Ended June 30, 2014
------------------------------ ------------------------------
Automation and Medication Total Automation and Medication Total
Analytics Adherence
Analytics Adherence
---
Revenues $181,480 $47,529 $229,009 $166,201 $40,615 $206,816
Cost of revenues 78,255 31,607 109,862 70,932 25,349 96,281
Gross profit 103,225 15,922 119,147 95,269 15,266 110,535
======= ====== ======= ====== ====== =======
Gross margin % 56.9% 33.5% 52.0% 57.3% 37.6% 53.4%
Operating
expenses 54,567 12,251 66,818 51,146 9,451 60,597
Income from
segment
operations $48,658 $3,671 52,329 $44,123 $5,815 49,938
======= ====== ====== ======= ====== ======
Operating margin
% 26.8% 7.7% 22.9% 26.5% 14.3% 24.1%
Corporate costs 29,526 27,426
------ ------
Income from operations $22,803 $22,512
======= =======
Omnicell, Inc.
Segment Information - Non-GAAP Gross Margin and Non-GAAP Operating Margin
(Unaudited, in thousands, except for percentages)
Three Months Ended June 30, 2015
--------------------------------
Automation and Medication Total
Analytics Adherence
--------- ---------
Revenues $88,701 $24,087 $112,788
======= ======= ========
GAAP Gross profit $49,298 55.6% $8,164 33.9% $57,462 50.9%
Plus:
a) Stock-based compensation
expense 370 0.4% $162 0.7% 532 0.5%
b) Amortization expense of
acquired intangible 199 0.2% $332 1.4% 531 0.5%
assets and other acquisition-related expenses
Non-GAAP Gross profit $49,867 56.2% $8,658 35.9% $58,525 51.9%
======= ====== =======
GAAP Operating income $23,320 26.3% $2,254 9.4% $25,574 22.7%
Plus:
a) Stock-based compensation
expense 1,207 1.4% 377 1.6% 1,584 1.4%
b) Amortization expense of
acquired intangible assets and
other acquisition-related
expenses 724 0.8% 1,086 4.5% 1,810 1.6%
c) Gain on business combination (3,443) (3.9)% $0 -% (3,443) (3.1)%
------
Non-GAAP Operating income $21,808 24.6% $3,717 15.4% $25,525 22.6%
======= ====== =======
GAAP Corporate costs $13,150 11.7%
Less: Stock-based compensation expense 2,052 1.8%
-----
Non-GAAP Corporate costs $11,098 9.8%
-------
Non-GAAP Income from operations $14,427 12.8%
=======
Three Months Ended June 30, 2014
--------------------------------
Automation and Medication Total
Analytics Adherence
--------- ---------
Revenues $84,702 $20,350 $105,052
======= ======= ========
GAAP Gross profit $48,710 57.5% $7,330 36.0% $56,040 53.3%
Plus:
a) Stock-based compensation
expense 226 0.3% $38 0.2% 264 0.3%
b) Amortization expense of
acquired intangible assets and
other acquisition-related
expenses 35 0.0% $333 1.6% 368 0.4%
--- ----
Non-GAAP Gross profit $48,971 57.8% $7,701 37.8% $56,672 53.9%
======= ====== =======
GAAP Operating income $22,666 26.8% $2,530 12.4% $25,196 24.0%
Plus:
a) Stock-based compensation
expense 1,020 1.2% 168 0.8% 1,188 1.1%
b) Amortization expense of
acquired intangible assets and
other acquisition-related
expenses 147 0.2% 901 4.4% 1,048 1.0%
Non-GAAP Operating income $23,833 28.1% $3,599 17.7% $27,432 26.1%
======= ====== =======
GAAP Corporate costs $12,638 12.0%
Less: Stock-based compensation
expense 1,532 1.5%
-----
Non-GAAP Corporate costs $11,106 10.6%
-------
Non-GAAP Income from operations $16,326 15.5%
=======
OMCL-E
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To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/omnicell-announces-second-quarter-2015-results-300121530.html
SOURCE Omnicell, Inc.
