OMNICELL, INC. MOUNTAIN VIEW, Calif., April 28, 2016 /PRNewswire/ -- Omnicell, Inc. (NASDAQ: OMCL), a leading provider of medication and supply management solutions to healthcare systems, today announced results for its first quarter ended March 31, 2016.
http://photos.prnewswire.com/prnvar/20120731/SF48971LOGO-a
GAAP results: Revenue for the first quarter of 2016 was $171.0 million, up $40.7 million or 31.2% from the fourth quarter of 2015, and up $54.8 million or 47.1% from the first quarter of 2015.
First quarter 2016 net loss as reported in accordance with U.S. generally accepted accounting principles (GAAP) was $(0.4) million, or $(0.01) per diluted share. This compares to GAAP net income of $7.7 million, or $0.21 per diluted share, for the fourth quarter of 2015, and GAAP net income of $6.3 million, or $0.17 per diluted share, for the first quarter of 2015. Omnicell completed its acquisition of Aesynt Holding Coöperatief U.A. ("Aesynt') on January 5, 2016 and its results of operations are included in Omnicell's Condensed Consolidated Statement of Operations as of that date.
Non-GAAP results: Non-GAAP revenue for the first quarter of 2016 was $173.7 million, up $43.4 million or 33.3% from the fourth quarter of 2015, and up $57.4 million or 49.4% from the first quarter of 2015.
Non-GAAP net income for the first quarter of 2016 was $12.9 million, or $0.35 per diluted share, excluding $3.9 million of stock-based compensation expense, $5.7 million, net of tax effect of $3.5 million, of intangible assets amortization expense, $1.4 million, net of tax effect of $0.9 million of acquisition related expenses for Aesynt acquisition, and $0.6 million, net of tax effect of $0.3 million of inventory fair value adjustments. Non-GAAP net income includes the effect of a deferred revenue fair value adjustment of $1.7 million, net of tax effect of $1.0 million. This compares to fourth quarter 2015 non-GAAP net income of $14.4 million, or $0.40 per diluted share, which excluded $3.7 million of stock-based compensation expense, $1.2 million, net of tax effect of $0.7 million, of intangible assets amortization expense, and $2.0 million, net of tax effect of $0.9 million, for acquisition related expenses for the Aesynt acquisition. Non-GAAP net income for the first quarter of 2015 was $10.8 million, or $0.29 per diluted share, which excluded $3.7 million of stock-based compensation expense and $0.8 million, net of tax effect of $0.4 million, of amortization expense for all intangible assets associated with past acquisitions.
"Omnicell's first quarter of 2016 was marked by record revenues and the completion of our acquisition of Aesynt," said Randall Lipps, President, CEO and Chairman. "I am pleased to report continued momentum with a strong contribution from new customer orders as we begin to realize the strength that our expanded portfolio can deliver. The company is well positioned to take advantage of the great opportunities ahead."
Second quarter 2016 Guidance
For the second quarter of 2016, the company expects Non-GAAP revenue to be between $168 million and $175 million and Non-GAAP EPS to be between $0.30 and $0.34 per share.
The above guidance is inclusive of the Aesynt acquisition.
Reporting Segments
Omnicell evaluates its reportable segments in accordance with the authoritative guidance on segment reporting. The company's Chief Executive Officer is the company's Chief Operating Decision Maker ("CODM") pursuant to the guidance. The CODM allocates resources to the segments based on their business prospects, competitive factors, revenue and operating results. Omnicell has the following reportable segments: Automation & Analytics, and Medication Adherence. The financial results of the Aesynt acquisition acquired in Q1 2016 are included in the Automation & Analytics reportable segment.
Certain corporate-level costs which include expenses related to executive management, finance and accounting, human resources, legal, training and development, and certain administrative expenses are excluded from the reportable segment financial results.
Omnicell Conference Call Information
Omnicell will hold a conference call today, Thursday, April 28, 2016 at 1:30 p.m. PT to discuss first 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 96241728. 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 May 28, 2016. 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 96241728.
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 patient's home.
Over 4,000 customers worldwide have utilized Omnicell automation and analytics solutions to increase operational efficiency, reduce medication errors, deliver actionable intelligence and improve patient safety. The recent acquisition of Aesynt adds distinct capabilities, particularly in central pharmacy and IV robotics, creating the broadest medication management product portfolio in the industry.
The Omnicell SureMed solution provides innovative medication adherence packaging to help reduce costly hospital readmissions. In addition, these solutions enable approximately 7,000 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, such as Aesynt. 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 revenue, 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 excluded from our non-GAAP results the expense related to equity-based compensation plans as they represent expenses that do not require cash settlement from Omnicell.
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) Amortization of debt issuance cost. Debt issuance cost represents costs associated with the issuance of new Term Loan and Revolving Line of Credit facilities. The cost includes underwriting fees, original issue discount, ticking fee, and legal fees. This non-cash expense is not considered by management to reflect the core cash-generating performance of the business and therefore is excluded from our non-GAAP results.
d) Acquisition accounting impact related to deferred revenue. In connection with our acquisition of Aesynt, business combination rules require us to account for the fair values of arrangements for which acceptance has not been obtained, and post installation support has not been provided in our purchase accounting. The non-GAAP adjustment to our revenues is intended to include the full amounts of such revenues. We believe the adjustment to these revenues is useful as a measure of the ongoing performance of our business.
e) Inventory fair value adjustments. In connection with our acquisition of Aesynt, business combination rules require us to account for the fair values of inventory acquired in our purchase accounting. The non-GAAP adjustment to our Cost of Revenues is intended to include the impact of such adjustment. We believe the adjustment is useful as a measure of the ongoing performance of our business.
f) Acquisitions related expenses. We excluded from our non-GAAP results the expenses which are related to the recent acquisitions. These expenses are unrelated to our ongoing operations and we do not expect them to occur in the ordinary course of business. We believe that excluding these acquisition related expenses provides more meaningful comparisons of the financial results to our historical operations and forward looking guidance and the financial results of less acquisitive peer companies. Further, these expenses are not considered by management to reflect the core performance of the business and therefore are 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 compensation plans.
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
------------------
March 31, December 31, March 31,
2016 2015 2015
---- ---- ----
Revenues:
Product $127,895 $104,193 $94,109
Services and other
revenues 43,109 26,123 22,112
------ ------ ------
Total revenues 171,004 130,316 116,221
------- ------- -------
Cost of revenues:
Cost of product revenues 71,918 55,099 45,416
Cost of services and other
revenues 19,141 10,137 9,120
------ ------ -----
Total cost of revenues 91,059 65,236 54,536
------ ------ ------
Gross profit 79,945 65,080 61,685
Operating expenses:
Research and development 13,838 9,219 8,019
Selling, general and
administrative 64,255 43,891 43,287
Total operating expenses 78,093 53,110 51,306
------ ------ ------
Income from operations 1,852 11,970 10,379
Interest and other income
(expense), net (2,171) (753) (517)
------ ---- ----
Income before provision
for income taxes (319) 11,217 9,862
Provision for income taxes 59 3,562 3,544
Net (loss) income $(378) $7,655 $6,318
===== ====== ======
Net (loss) income per share:
Basic $(0.01) $0.22 $0.18
Diluted $(0.01) $0.21 $0.17
Weighted average shares outstanding:
Basic 35,740 35,482 36,024
Diluted 35,740 36,172 36,914
Omnicell, Inc.
Condensed Consolidated Balance Sheets
(Unaudited, in thousands)
March 31, 2016 December 31, 2015
-------------- -----------------
ASSETS
Current assets:
Cash and cash equivalents $53,487 $82,217
Accounts receivable, net 153,199 107,957
Inventories 71,914 46,594
Prepaid expenses 21,855 19,586
Other current assets 9,853 7,774
----- -----
Total current assets 310,308 264,128
Property and equipment, net 42,208 32,309
Long-term investment in sales-type
leases, net 21,037 14,484
Goodwill 312,511 147,906
Intangible assets, net 206,261 89,665
Long-term deferred tax assets 2,638 2,361
Other long-term assets 28,809 27,894
Total assets $923,772 $578,747
======== ========
LIABILITIES AND STOCKHOLDERS' EQUITY
Current liabilities:
Accounts payable $32,142 $22,646
Accrued compensation 31,918 18,195
Accrued liabilities 34,903 30,133
Long-term debt, current portion, net 8,410 -
Deferred revenue, net 92,273 53,656
------ ------
Total current liabilities 199,646 124,630
Long-term deferred revenue 17,820 17,975
Long-term deferred tax liabilities 64,984 21,822
Other long-term liabilities 11,771 11,932
Long-term debt, net 219,046 -
------- ---
Total liabilities 513,267 176,359
Total stockholders' equity 410,505 402,388
Total liabilities and stockholders'
equity $923,772 $578,747
======== ========
Omnicell, Inc.
Condensed Consolidated Statements of Cash Flows
(Unaudited, in thousands)
Three months ended March 31,
2016 2015
---- ----
Operating Activities
Net
(loss)
income $(378) $6,318
Adjustments to reconcile
net (loss) income to net
cash provided by
operating activities:
Depreciation
and
amortization 14,473 5,711
Loss on
disposal
of fixed
assets 13 4
Provision
for
receivable
allowance 92 281
Share-
based
compensation
expense 3,891 3,665
Income
tax
benefits
from
employee
stock
plans 164 822
Excess
tax
benefits
from
employee
stock
plans (220) (1,151)
Provision
for
excess
and
obsolete
inventories 248 270
Deferred
income
taxes (1,042) 361
Amortization
of debt
financing
fees 397 -
Changes in operating
assets and liabilities:
Accounts
receivable,
net (1,162) (5,631)
Inventories (5,361) (1,906)
Prepaid
expenses 1,983 6,707
Other
current
assets 324 1,124
Investment
in
sales-
type
leases,
net (8,928) 285
Other
long-
term
assets 1,232 (85)
Accounts
payable 1,568 2,200
Accrued
compensation 4,114 (2,810)
Accrued
liabilities 417 2,718
Deferred
revenue 12,663 (6,557)
Other
long-
term
liabilities (2,701) (1,012)
Net cash
provided
by
operating
activities 21,787 11,314
------ ------
Investing Activities
Purchases
of
intangible
assets,
intellectual
property
and
patents (1,074) (103)
Software
development
for
external
use (3,070) (2,957)
Purchases
of
property
and
equipment (4,261) (1,048)
Business
acquisition,
net of
cash
acquired (271,458) -
-------- ---
Net cash
used in
investing
activities (279,863) (4,108)
-------- ------
Financing Activities
Proceeds
from
debt,
net 247,059 -
Repayment
of debt
under
revolving
credit
facility (20,000) -
Payment
for
contingent
consideration (3,000) -
Proceeds
from
issuances
under
stock-
based
compensation
plans 5,149 6,224
Employees'
taxes
paid
related
to
restricted
stock
units (382) (800)
Excess
tax
benefits
from
employee
stock
plans 220 1,151
Net cash
provided
by
financing
activities 229,046 6,575
Effect of
exchange
rate
changes
on cash
and cash
equivalents 300 (116)
--- ----
Net
(decrease)
increase
in cash
and cash
equivalents (28,730) 13,665
Cash and
cash
equivalents
at
beginning
of
period 82,217 125,888
Cash and
cash
equivalents
at end
of
period $53,487 $139,553
======= ========
Omnicell, Inc.
Reconciliation of GAAP to Non-GAAP
(Unaudited, in thousands, except per share data)
Three Months Ended
------------------
March 31, December 31, March 31,
2016 2015 2015
---- ---- ----
Reconciliation of GAAP net (loss) income to non-GAAP net income:
GAAP net (loss) income $(378) $7,655 $6,318
Adjustments:
Share-based
compensation expense 3,891 3,654 3,665
Amortization of
acquired intangibles 9,159 1,901 1,231
Acquisition accounting
impact related to
deferred revenue 2,663 - -
Inventory fair value
adjustments 921 - -
Acquisitions related
expenses 2,349 2,898 -
Tax effect of the
adjustments above(a) (5,735) (1,665) (443)
Non-GAAP net income $12,870 $14,443 $10,771
======= ======= =======
Reconciliation of GAAP revenue to non-GAAP revenue:
Revenues $171,004 $130,316 $116,221
2,663 - -
Acquisition accounting
impact related to
deferred revenue
Non-GAAP revenue $173,667 $130,316 $116,221
======== ======== ========
Reconciliation of GAAP gross profit to non-GAAP gross profit:
GAAP gross profit $79,945 $65,080 $61,685
GAAP gross margin 46.8% 49.9% 53.1%
549 481 517
Share-based
compensation expense
5,211 547 368
Amortization of
acquired intangibles
2,663 $ - $ -
Acquisition accounting
impact related to
deferred revenue
921 $ - $ -
Inventory fair value
adjustments
----------------
Non-GAAP gross profit $89,289 $66,108 $62,570
======= ======= =======
Non-GAAP gross margin 51.4% 50.7% 53.8%
Reconciliation of GAAP operating expenses to non-GAAP operating expenses:
GAAP operating expenses $78,093 $53,110 $51,306
GAAP operating expenses
% to total revenue 45.7% 40.8% 44.1%
Share-based
compensation expense (3,342) (3,173) (3,148)
Amortization of
acquired intangibles (3,948) (1,354) (863)
Acquisitions related
expenses (2,349) (2,898) -
================
Non-GAAP operating expenses $68,454 $45,685 $47,295
======= ======= =======
Non-GAAP operating expenses % to total revenue 40.0% 35.1% 40.7%
Three Months Ended
------------------
March 31, December 31, March 31,
2016 2015 2015
---- ---- ----
Reconciliation of GAAP income from operations to non-GAAP income from operations:
GAAP income from operations $1,852 $11,970 $10,379
GAAP operating income %
to total revenue 1.1% 9.2% 8.9%
Share-based
compensation expense 3,891 3,654 3,665
Amortization of
acquired intangibles 9,159 1,901 1,231
Acquisition accounting
impact related to
deferred revenue 2,663 - -
Inventory fair value
adjustments 921 - -
Acquisitions related
expenses 2,349 2,898 -
Non-GAAP income from operations $20,835 $20,423 $15,275
======= ======= =======
Non-GAAP operating income % to total Non-GAAP revenue 12.0% 15.7% 13.1%
Reconciliation of GAAP net (loss) income per share - diluted to non-GAAP net income per share - diluted:
Shares - diluted GAAP 35,740 36,172 36,914
------ ------ ------
Shares - diluted Non-GAAP 36,307 36,172 36,914
------ ------ ------
GAAP net (loss) income per share - diluted $(0.01) $0.21 $0.17
Adjustments:
Share-based
compensation expense 0.11 0.11 0.10
Amortization of
acquired intangibles 0.25 0.05 0.03
Acquisition accounting
impact related to
deferred revenue 0.07 - -
Inventory fair value
adjustments 0.03 - -
Acquisitions related
expenses 0.06 0.08 -
Tax effect of the
adjustments above(a) (0.16) (0.05) (0.01)
----------------
Non-GAAP net income per share - diluted $0.35 $0.40 $0.29
===== ===== =====
Reconciliation of GAAP net income to non-GAAP Adjusted EBITDA:
GAAP net (loss) income $(378) $7,655 $6,318
Add back:
Share-based
compensation expense 3,891 3,654 3,665
Interest (income) and
expense, net 1,747 89 99
Depreciation and
amortization expense 14,473 7,182 5,711
Acquisition accounting
impact related to
deferred revenue 2,663 - -
Inventory fair value
adjustments 921 - -
Acquisitions related
expenses 2,349 2,898 -
Income tax expense 59 3,562 3,544
Non-GAAP Adjusted EBITDA (b) $25,725 $25,040 $19,337
======= ======= =======
____________________________________________
(a) Tax effects calculated for all
adjustments except share based
compensation expense, using
estimated annual effective tax rate
of 38% for fiscal year 2016.
(b) Defined as earnings before interest
income and expense, taxes,
depreciation and amortization,
share-based compensation expense,
as well as excluding certain non-
GAAP adjustments.
Omnicell, Inc.
Segmented Information
(Unaudited, in thousands, except for percentages)
Three Months Ended March 31, 2016 Three Months Ended March 31, 2015
--------------------------------- ---------------------------------
Automation Medication Total Automation Medication Total
and Adherence and Adherence
Analytics Analytics
--------- ---------
Revenues $148,945 $22,059 $171,004 $92,779 $23,442 $116,221
Cost of revenues 77,207 13,852 91,059 38,852 15,684 54,536
------ ------
Gross profit 71,738 8,207 79,945 53,927 7,758 61,685
------ ----- ------ ------ ----- ------
Gross margin % 48.2% 37.2% 46.8% 58.1% 33.1% 53.1%
Operating expenses 52,205 5,611 57,816 28,589 6,341 34,930
Income from segment
operations $19,533 $2,596 22,129 $25,338 $1,417 26,755
======= ====== ------ ======= ====== ------
Operating margin % 13.1% 11.8% 12.9% 27.3% 6.0% 23.0%
Corporate costs 20,277 16,376
------ ------
Income from operations $1,852 $10,379
====== =======
Omnicell, Inc.
Segment Information - Non-GAAP Gross Margin and Non-GAAP Operating Margin
(Unaudited, in thousands, except for percentages)
Three Months Ended March 31, 2016
---------------------------------
Automation and Medication Total
Analytics Adherence
--------- ---------
Revenues $148,945 $22,059 $171,004
======== ======= ========
Acquisition accounting impact
related to deferred revenue 2,663 1.8% - -% 2,663 1.6%
Non-GAAP Revenues $151,608 22,059 $173,667
======== ====== ========
GAAP Gross profit $71,738 48.2% $8,207 37.2% $79,945 46.8%
Stock-based compensation expense 460 0.3% 89 0.4% 549 0.3%
Amortization expense of acquired
intangible assets 4,879 3.3% 332 1.5% 5,211 3.0%
Acquisition accounting impact
related to deferred revenue 2,663 1.8% - -% 2,663 1.6%
Inventory fair value adjustments 921 0.6% - -% 921 0.5%
Non-GAAP Gross profit $80,661 54.2% $8,628 39.1% $89,289 52.2%
======= ====== =======
GAAP Operating income $19,533 13.1% $2,596 11.8% $22,129 12.9%
Stock-based compensation expense 1,623 1.1% 201 0.9% 1,824 1.1%
Amortization expense of acquired
intangible assets 7,829 5.3% 1,330 6.0% 9,159 5.4%
Acquisition accounting impact
related to deferred revenue 2,663 1.8% - -% 2,663 1.6%
Inventory fair value adjustments 921 0.6% - -% 921 0.5%
Acquisitions related expenses 1,757 1.2% - -% 1,757 1.0%
-----
Non-GAAP Operating income $34,326 23.0% $4,127 18.7% $38,453 22.5%
======= ====== =======
GAAP Corporate costs $20,277 11.9%
Stock-based compensation expense 2,067 1.2%
Acquisition-related expenses 592 0.3%
---
Non-GAAP Corporate costs $17,618 10.3%
-------
Non-GAAP Income from operations $20,835 12.2%
=======
Three Months Ended March 31, 2015
---------------------------------
Automation and Medication Total
Analytics Adherence
--------- ---------
Revenues $92,779 $23,442 $116,221
======= ======= ========
GAAP Gross profit $53,927 58.1% $7,758 33.1% $61,685 53.1%
Stock-based compensation expense 351 0.4% 166 0.7% 517 0.4%
Amortization expense of acquired
intangible 35 0.0% 333 1.4% 368 0.3%
assets
Non-GAAP Gross profit $54,313 58.5% $8,257 35.2% $62,570 53.8%
======= ====== =======
GAAP Operating income $25,338 27.3% $1,417 6.0% $26,755 23.0%
Stock-based compensation expense 1,443 1.6% 256 1.1% 1,699 1.5%
Amortization expense of acquired
intangible 147 0.2% 1,084 4.6% 1,231 1.1%
assets
Non-GAAP Operating income $26,928 29.0% $2,757 11.8% $29,685 25.5%
======= ====== =======
GAAP Corporate costs $16,376 14.1%
Stock-based compensation expense 1,966 1.7%
-----
Non-GAAP Corporate costs $14,410 12.4%
-------
Non-GAAP Income from operations $15,275 13.1%
=======
OMCL-E
Logo - http://photos.prnewswire.com/prnh/20120731/SF48971LOGO-a
To view the original version on PR Newswire, visit:http://www.prnewswire.com/news-releases/omnicell-achieves-record-revenue-in-the-first-quarter-2016-300259708.html
SOURCE Omnicell, Inc.
