MOUNTAIN VIEW, Calif.,
Feb. 15, 2017 /PRNewswire/ --
Omnicell, Inc. (NASDAQ: OMCL), a leading provider of
medication and supply management solutions to healthcare systems,
today announced results for its fiscal year and fourth quarter
ended December 31, 2016.
GAAP results: Revenue for the fourth quarter of 2016 was
$172.0 million, down $4.8 million or 2.7% from the third quarter of
2016, and up $41.7 million or 32.0%
from the fourth quarter of 2015. Revenue for the year ended
December 31, 2016 was $692.6
million, up $208.1 million or
42.9% from the year ended December 31, 2015.
Fourth quarter 2016 net income as reported in accordance with
U.S. generally accepted accounting principles (GAAP) was
$0.2 million, or $0.00 per diluted share. This compares to GAAP
net income of $2.0 million, or
$0.05 per diluted share, for the
third quarter of 2016, and GAAP net income of $7.7 million, or $0.21 per diluted share, for the fourth quarter
of 2015.
GAAP net income for the year ended December 31, 2016 was
$0.6 million, or $0.02 per diluted share. GAAP net income was
$30.8 million, or $0.84 per diluted share, for the year ended
December 31, 2015, which includes a $3.4 million gain on business combination of an
equity investment.
Non-GAAP results: Non-GAAP revenue for
the fourth quarter of 2016 was $174.6
million, down $4.8 million,
or 2.7% from the third quarter of 2016, and
up $44.3 million or 34.0% from
the fourth quarter of 2015. Non-GAAP revenue
for the twelve months ended December 31,
2016 was $703.3 million, up $218.7 million, or
45.1% from December 31, 2015.
Non-GAAP net income for the fourth quarter of 2016 was
$13.8 million, or $0.37 per diluted share. This compares to
non-GAAP net income of $14.9 million,
or $0.40 per diluted share, for the
third quarter of 2016 and $14.4
million, or $0.40 per diluted
share, for the fourth quarter of 2015.
Non-GAAP net income for the year ended December 31, 2016
was $55.7 million, or $1.51 per diluted share. This compares to
non-GAAP net income of $48.7 million, or $1.33 per diluted share for the year ended
December 31, 2015. Non-GAAP net income for each period
presented excludes, when applicable, the effect of stock-based
compensation expense, amortization expense for all intangible
assets associated with past acquisitions, acquisition expenses,
fair value adjustments related to business acquisition,
amortization of debt issuance cost, and gain on business
combination of an equity investment in Avantec.
Total bookings for the year ended December 31, 2016 were
$541 million compared to total
bookings for the year ended December 31, 2015 of $392 million.
"2016 was a successful year for Omnicell with record bookings,
revenues and earnings," said Randall
Lipps, Omnicell president, CEO and chairman. "We are proud
of the company's financial performance and our strategic execution
aimed at supporting health systems in achieving their patient
safety, operational and financial goals.''
"Our customers tell us medication management is central to their
patient safety and operational strategies. Our recent wins
showcase the strength of our comprehensive and innovative solutions
that enable us to be a vital partner. The company is well
positioned to take advantage of the great opportunities ahead in
2017,'' Mr. Lipps added.
2017 Guidance:
The fiscal year 2017 financial results are expected to be
characterized by two distinct phases, as revenue and profitability
are expected to be impacted by the Company's XT Series product
introduction transition and manufacturing ramp up:
A. The first phase encompasses the introduction and ramp
up of manufacturing for the XT Series in the first quarter of 2017,
with anticipated dynamics including:
- Conversion of G4 product bookings and backlog, and sales quotes
to XT Series bookings;
- XT Series manufacturing volume ramp up;
- Installation of the XT Series product at launch customers;
- XT Series manufacturing ramp up cost;
- Reduction of workforce by approximately 100 positions, and the
closure of the Company's Tennessee
office; and
- General hiring delays
For the first quarter of 2017, the Company expects non-GAAP
revenue to be between $150 million and $155
million. Omnicell expects first quarter of 2017 non-GAAP
earnings to be between $0.00 and
$0.04 per share.
B. The second phase encompasses the acceleration of
installations and conversion of product backlog into revenue during
the second through the fourth quarters of 2017, with anticipated
dynamics including:
- Launch of Acudose-Rx® on XT Series;
- Improvement of XT Series production cost;
- Above 20% growth rate for product bookings;
- Return to 8%-12% revenue organic growth range rate;
- XT Series cost of sales reductions as revenue ramps up;
- Continuation of cost reduction initiatives; and
- Implement development and manufacturing Centers of Excellence
(''COEs")
As part of the next phase of the integration of the acquisition
of Aesynt the Company is creating the following Centers of
Excellence ("COEs") for product development, engineering, and
manufacturing:
- the Point of Use COE in California;
- the Robotics and Central Pharmacy COE in Pittsburgh, Pennsylvania; and
- the Medication Adherence Consumables COE in St. Petersburg, Florida
The Company today announced a reduction of its workforce by
approximately 100 full-time employees, or about 4% of its total
headcount, anticipated to be completed in the first quarter of
2017. This reduction in force includes the closure of the Company's
Nashville, Tennessee office,
anticipated in the first quarter of 2017, and the closure of the
Company's manufacturing facility in Slovenia, anticipated in the third quarter of
2017. The Company expects to incur approximately $4 million of restructuring expenses in
connection with the reduction in force for one-time termination
benefits, comprised principally of severance. The Company
expects to incur approximately an additional $4 million of restructuring expenses in
connection with facility leases, dilapidation, and other one-time
facilities-related expenses.
For the second through the fourth quarters of 2017, the Company
expects non-GAAP revenue to be between $590
million and $605 million, representing 8%-12% growth both on
a reported and organic basis. For the second through fourth
quarters of 2017, the Company expects non-GAAP earnings to be
between $1.32 and $1.38 per share,
representing above 15% growth, both on a reported and organic
basis.
For the year 2017, Omnicell expects product bookings to be
between $570 million and $590
million. The Company expects non-GAAP revenue to be between
$740 million and $760 million, and
non-GAAP earnings to be between $1.32 and
$1.42 per share.
The table below summarizes Omnicell's 2017 guidance for the two
distinct phases outlined above:
|
Q1'17
|
Q2'17 through
Q4'17
|
Total Year
2017
|
Product
Bookings
|
<0% year over year
growth
|
>20% year over
year growth
|
$570 million - $590
million
|
Non-GAAP
Revenue
|
$150 million - $155
million
|
$590 million - $605
million
|
$740 million - $760
million
|
Non-GAAP
EPS
|
$0.00 -
$0.04
|
$1.32 -
$1.38
|
$1.32 -
$1.42
|
Reporting Segments
The Company's Chief Operating Decision Maker (''CODM") is its
Chief Executive Officer. The CODM allocates resources and evaluates
the performance of the Company's segments using information about
its revenues, gross profit, and income from operations. Such
evaluation excludes general corporate-level costs that are not
specific to either of the reportable segments and are managed
separately at the corporate level. Corporate-level costs include
expenses related to executive management, finance and accounting,
human resources, legal, training and development, and certain
administrative expenses. The operating results of the acquired
Aesynt business acquired in the first quarter of 2016 are included
in the Company's Automation and Analytics reportable segment. The
operating results of the Ateb business acquired in the fourth
quarter of 2016 are included in the Company's Medication Adherence
reportable segment.
Omnicell Conference Call Information
Omnicell will hold a conference call today, Wednesday, February 15, 2017 at 1:30 p.m. PT to discuss fourth 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 36561632. 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 March 29, 2017. 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 36561632.
About Omnicell
Since 1992, Omnicell (NASDAQ: OMCL) has been inspired to create
safer and more efficient ways to manage medications and supplies
across all care settings. As a leader in medication and supply
dispensing automation, central pharmacy automation, IV robotics,
analytics software, and medication adherence and packaging systems,
Omnicell is focused on improving care across the entire healthcare
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 use Omnicell® automation and
analytics solutions to increase operational efficiency, reduce
medication errors, deliver actionable intelligence and improve
patient safety.
Omnicell's innovative medication adherence solutions, used by
over 32,000 institutional and retail pharmacies in North America and the United Kingdom, are designed to improve
patient adherence to prescriptions, helping to reduce costly
hospital readmissions.
Recent Omnicell acquisitions, including Ateb, add distinct
capabilities, particularly in central pharmacy, IV robotics, and
pharmacy software, creating the broadest medication management
product portfolio in the industry.
For more information about Omnicell, Inc. 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, bookings, 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,
our ability to successfully convert product backlog and sales
quotes to our XT Series, our ability to execute the manufacturing
ramp up of XT Series, impact of the reduction in our workforce and
closure of our Nashville and
Slovenia facilities, our ability
to continue cost reduction efforts, and our ability to implement
development and manufacturing Centers of Excellence, 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 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 revenue, 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. 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 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 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 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 the 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) Acquisition related expenses. We excluded
from the 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.
g) 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, 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 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 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 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
|
|
Years
Ended
|
|
December 31,
2016
|
|
September 30,
2016
|
|
December 31,
2015
|
|
December 31,
2016
|
|
December 31,
2015
|
Revenues:
|
|
|
|
|
|
|
|
|
|
Product
|
$
|
125,753
|
|
|
$
|
133,621
|
|
|
$
|
104,193
|
|
|
$
|
517,944
|
|
|
$
|
388,397
|
|
Services and other
revenues
|
46,221
|
|
|
43,116
|
|
|
26,123
|
|
|
174,679
|
|
|
96,162
|
|
Total
revenues
|
171,974
|
|
|
176,737
|
|
|
130,316
|
|
|
692,623
|
|
|
484,559
|
|
Cost of
revenues:
|
|
|
|
|
|
|
|
|
|
Cost of product
revenues
|
78,024
|
|
|
76,188
|
|
|
55,099
|
|
|
302,437
|
|
|
198,418
|
|
Cost of services and
other revenues
|
19,621
|
|
|
19,041
|
|
|
10,137
|
|
|
76,386
|
|
|
38,211
|
|
Total cost of
revenues
|
97,645
|
|
|
95,229
|
|
|
65,236
|
|
|
378,823
|
|
|
236,629
|
|
Gross
profit
|
74,329
|
|
|
81,508
|
|
|
65,080
|
|
|
313,800
|
|
|
247,930
|
|
Operating
expenses:
|
|
|
|
|
|
|
|
|
|
Research and
development
|
14,902
|
|
|
15,264
|
|
|
9,219
|
|
|
57,799
|
|
|
35,160
|
|
Selling, general and
administrative
|
59,608
|
|
|
61,316
|
|
|
43,891
|
|
|
249,520
|
|
|
167,581
|
|
Gain on business
combination
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,443)
|
|
Total
operating expenses
|
74,510
|
|
|
76,580
|
|
|
53,110
|
|
|
307,319
|
|
|
199,298
|
|
Income (loss) from
operations
|
(181)
|
|
|
4,928
|
|
|
11,970
|
|
|
6,481
|
|
|
48,632
|
|
Interest and other
income (expense), net
|
(1,656)
|
|
|
(2,721)
|
|
|
(753)
|
|
|
(8,429)
|
|
|
(2,388)
|
|
Income (loss) before
provision for income taxes
|
(1,837)
|
|
|
2,207
|
|
|
11,217
|
|
|
(1,948)
|
|
|
46,244
|
|
Provision (benefit)
for income taxes
|
(1,994)
|
|
|
224
|
|
|
3,562
|
|
|
(2,551)
|
|
|
15,484
|
|
Net
income
|
$
|
157
|
|
|
$
|
1,983
|
|
|
$
|
7,655
|
|
|
$
|
603
|
|
|
$
|
30,760
|
|
Net income per
share:
|
|
|
|
|
|
|
|
|
|
Basic
|
$
|
—
|
|
|
$
|
0.05
|
|
|
$
|
0.22
|
|
|
$
|
0.02
|
|
|
$
|
0.86
|
|
Diluted
|
$
|
—
|
|
|
$
|
0.05
|
|
|
$
|
0.21
|
|
|
$
|
0.02
|
|
|
$
|
0.84
|
|
Weighted average
shares outstanding:
|
|
|
|
|
|
|
|
|
|
Basic
|
36,553
|
|
|
36,332
|
|
|
35,482
|
|
|
36,156
|
|
|
35,857
|
|
Diluted
|
37,256
|
|
|
37,079
|
|
|
36,172
|
|
|
36,864
|
|
|
36,718
|
|
Omnicell, Inc.
Condensed
Consolidated Balance Sheets
(Unaudited, in
thousands)
|
|
|
December 31,
2016
|
|
December 31,
2015
|
|
|
|
|
ASSETS
|
Current
assets:
|
|
|
|
Cash and cash
equivalents
|
$
|
54,488
|
|
|
$
|
82,217
|
|
Accounts receivable,
net
|
150,303
|
|
|
107,957
|
|
Inventories
|
69,297
|
|
|
46,594
|
|
Prepaid
expenses
|
28,646
|
|
|
19,586
|
|
Other current
assets
|
12,674
|
|
|
7,774
|
|
Total current
assets
|
315,408
|
|
|
264,128
|
|
Property and
equipment, net
|
42,011
|
|
|
32,309
|
|
Long-term investment
in sales-type leases, net
|
20,585
|
|
|
14,484
|
|
Goodwill
|
327,724
|
|
|
147,906
|
|
Intangible assets,
net
|
190,283
|
|
|
89,665
|
|
Long-term deferred
tax assets
|
4,041
|
|
|
2,361
|
|
Other long-term
assets
|
35,051
|
|
|
27,894
|
|
Total
assets
|
$
|
935,103
|
|
|
$
|
578,747
|
|
|
|
|
|
LIABILITIES AND
STOCKHOLDERS' EQUITY
|
Current
liabilities:
|
|
|
|
Accounts
payable
|
$
|
27,069
|
|
|
$
|
22,646
|
|
Accrued
compensation
|
26,722
|
|
|
18,195
|
|
Accrued
liabilities
|
31,195
|
|
|
30,133
|
|
Long-term debt,
current portion, net
|
8,410
|
|
|
—
|
|
Deferred revenue,
net
|
87,516
|
|
|
53,656
|
|
Total current
liabilities
|
180,912
|
|
|
124,630
|
|
Long-term, deferred
revenue
|
17,051
|
|
|
17,975
|
|
Long-term deferred
tax liabilities
|
51,592
|
|
|
21,822
|
|
Other long-term
liabilities
|
8,210
|
|
|
11,932
|
|
Long-term debt,
net
|
245,731
|
|
|
—
|
|
Total
liabilities
|
503,496
|
|
|
176,359
|
|
Stockholders'
equity:
|
|
|
|
Total stockholders'
equity
|
431,607
|
|
|
402,388
|
|
Total liabilities
and stockholders' equity
|
$
|
935,103
|
|
|
$
|
578,747
|
|
Omnicell, Inc.
Condensed
Consolidated Statements of Cash Flows
(Unaudited, in
thousands)
|
|
|
Years
Ended
|
|
2016
|
|
2015
|
Operating
Activities
|
|
|
|
Net income
|
$
|
603
|
|
|
$
|
30,760
|
|
Adjustments to
reconcile net income to net cash provided by operating
activities:
|
|
|
|
Depreciation and
amortization
|
58,362
|
|
|
25,639
|
|
Loss on disposal of
fixed assets
|
35
|
|
|
238
|
|
Gain on business
combination
|
—
|
|
|
(3,443)
|
|
Gain related to
contingent liability
|
(600)
|
|
|
—
|
|
Share-based
compensation expense
|
19,500
|
|
|
14,921
|
|
Income tax benefits
from employee stock plans
|
1,702
|
|
|
4,535
|
|
Excess tax benefits
from employee stock plans
|
(1,963)
|
|
|
(4,724)
|
|
Deferred income
taxes
|
(10,882)
|
|
|
(1,092)
|
|
Amortization of debt
financing fees
|
1,590
|
|
|
—
|
|
Changes in operating
assets and liabilities:
|
|
|
|
Accounts
receivable
|
8,047
|
|
|
(17,941)
|
|
Inventories
|
(3,362)
|
|
|
(10,032)
|
|
Prepaid
expenses
|
(4,321)
|
|
|
4,049
|
|
Other current
assets
|
(1,093)
|
|
|
638
|
|
Investment in
sales-type leases
|
(9,639)
|
|
|
(4,661)
|
|
Other long-term
assets
|
2,043
|
|
|
496
|
|
Accounts
payable
|
(4,963)
|
|
|
(2,841)
|
|
Accrued
compensation
|
(2,052)
|
|
|
(2,032)
|
|
Accrued
liabilities
|
(3,287)
|
|
|
5,456
|
|
Deferred
revenue
|
4,480
|
|
|
(5,521)
|
|
Other long-term
liabilities
|
(6,263)
|
|
|
(683)
|
|
Net cash provided by
operating activities
|
47,937
|
|
|
33,762
|
|
Investing
Activities
|
|
|
|
Purchase of
intangible assets, intellectual property and patents
|
(1,372)
|
|
|
(415)
|
|
Software development
for external use
|
(14,348)
|
|
|
(12,132)
|
|
Purchases of property
and equipment
|
(13,445)
|
|
|
(7,542)
|
|
Business
acquisitions, net of cash acquired
|
(312,158)
|
|
|
(25,507)
|
|
Net cash used in
investing activities
|
(341,323)
|
|
|
(45,596)
|
|
Financing
Activities
|
|
|
|
Proceeds from debt,
net
|
287,051
|
|
|
—
|
|
Repayment of debt and
revolving credit facility
|
(34,500)
|
|
|
—
|
|
Payment for
contingent consideration
|
(3,000)
|
|
|
—
|
|
Proceeds from
issuances under stock-based compensation plans
|
17,691
|
|
|
17,091
|
|
Employees' taxes paid
related to restricted stock units
|
(3,490)
|
|
|
(3,627)
|
|
Excess tax benefits
from employee stock plans
|
1,963
|
|
|
4,724
|
|
Common stock
repurchases
|
—
|
|
|
(50,021)
|
|
Net cash provided by
(used in) financing activities
|
265,715
|
|
|
(31,833)
|
|
Effect of exchange
rate changes on cash and cash equivalents
|
(58)
|
|
|
(4)
|
|
Net decrease in cash
and cash equivalents
|
(27,729)
|
|
|
(43,671)
|
|
Cash and cash
equivalents at beginning of period
|
82,217
|
|
|
125,888
|
|
Cash and cash
equivalents at end of period
|
$
|
54,488
|
|
|
$
|
82,217
|
|
Omnicell, Inc.
Reconciliation of
GAAP to Non-GAAP
(Unaudited, in
thousands, except per share data and percentages)
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
December 31,
2016
|
|
September 30,
2016
|
|
December 31,
2015
|
|
December 31,
2016
|
|
December 31,
2015
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP revenue to non-GAAP revenue:
|
|
|
GAAP
revenue
|
$
|
171,974
|
|
|
$
|
176,737
|
|
|
$
|
130,316
|
|
|
$
|
692,623
|
|
|
$
|
484,559
|
|
|
Acquisition
accounting impact related to deferred revenue
|
2,663
|
|
|
2,663
|
|
|
—
|
|
|
10,652
|
|
|
—
|
|
Non-GAAP
revenue
|
$
|
174,637
|
|
|
$
|
179,400
|
|
|
$
|
130,316
|
|
|
$
|
703,275
|
|
|
$
|
484,559
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP gross profit to non-GAAP gross profit:
|
|
|
GAAP gross
profit
|
$
|
74,329
|
|
|
$
|
81,508
|
|
|
$
|
65,080
|
|
|
$
|
313,800
|
|
|
$
|
247,930
|
|
GAAP gross
margin
|
43.2%
|
|
|
46.1%
|
|
|
49.9%
|
|
|
45.3%
|
|
|
51.2%
|
|
|
Share-based
compensation expense
|
776
|
|
|
628
|
|
|
481
|
|
|
2,596
|
|
|
2,111
|
|
|
Amortization of
acquired intangibles
|
5,266
|
|
|
5,199
|
|
|
547
|
|
|
20,890
|
|
|
2,016
|
|
|
Acquisition
accounting impact related to deferred revenue
|
2,663
|
|
|
2,663
|
|
|
—
|
|
|
10,652
|
|
|
—
|
|
|
Inventory fair value
adjustments
|
921
|
|
|
920
|
|
|
—
|
|
|
3,682
|
|
|
—
|
|
|
Acquisition related
expenses
|
5
|
|
|
44
|
|
|
—
|
|
|
277
|
|
|
—
|
|
Non-GAAP gross
profit
|
$
|
83,960
|
|
|
$
|
90,962
|
|
|
$
|
66,108
|
|
|
$
|
351,897
|
|
|
$
|
252,057
|
|
Non-GAAP gross
margin
|
48.1%
|
|
|
50.7%
|
|
|
50.7%
|
|
|
50.0%
|
|
|
52.0%
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP operating expenses to non-GAAP operating
expenses:
|
GAAP operating
expenses
|
$
|
74,510
|
|
|
$
|
76,580
|
|
|
$
|
53,110
|
|
|
$
|
307,319
|
|
|
$
|
199,298
|
|
GAAP operating
expenses % to total revenue
|
43.3%
|
|
|
43.3%
|
|
|
40.8%
|
|
|
44.4%
|
|
|
41.1%
|
|
|
Share-based
compensation expense
|
(4,663)
|
|
|
(4,049)
|
|
|
(3,173)
|
|
|
(16,904)
|
|
|
(12,810)
|
|
|
Amortization of
acquired intangibles
|
(3,752)
|
|
|
(3,714)
|
|
|
(1,354)
|
|
|
(15,251)
|
|
|
(4,904)
|
|
|
Acquisition related
expenses
|
(829)
|
|
|
(342)
|
|
|
(2,898)
|
|
|
(5,753)
|
|
|
(2,898)
|
|
|
Gain on business
combination
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
3,443
|
|
Non-GAAP operating
expenses
|
$
|
65,266
|
|
|
$
|
68,475
|
|
|
$
|
45,685
|
|
|
$
|
269,411
|
|
|
$
|
182,129
|
|
Non-GAAP operating
expenses % to total revenue
|
37.4%
|
|
|
38.2%
|
|
|
35.1%
|
|
|
38.3%
|
|
|
37.6%
|
|
|
|
|
|
|
|
|
|
|
Three Months
Ended
|
|
Twelve Months
Ended
|
|
December 31,
2016
|
|
September 30,
2016
|
|
December 31,
2015
|
|
December
31,
2016
|
|
December 31,
2015
|
Reconciliation of
GAAP income (loss) from operations to non-GAAP income from
operations:
|
GAAP income (loss)
from operations
|
$
|
(181)
|
|
|
$
|
4,928
|
|
|
$
|
11,970
|
|
|
$
|
6,481
|
|
|
$
|
48,632
|
|
GAAP operating income
% to total revenue
|
(0.1)%
|
|
|
2.8%
|
|
|
9.2%
|
|
|
0.9%
|
|
|
10.0%
|
|
|
Share-based
compensation expense
|
5,438
|
|
|
4,677
|
|
|
3,654
|
|
|
19,500
|
|
|
14,921
|
|
|
Amortization of
acquired intangibles
|
9,017
|
|
|
8,913
|
|
|
1,901
|
|
|
36,141
|
|
|
6,920
|
|
|
Acquisition
accounting impact related to deferred revenue
|
2,663
|
|
|
2,663
|
|
|
—
|
|
|
10,652
|
|
|
—
|
|
|
Inventory fair value
adjustments
|
921
|
|
|
920
|
|
|
—
|
|
|
3,682
|
|
|
—
|
|
|
Acquisition related
expenses
|
834
|
|
|
386
|
|
|
2,898
|
|
|
6,029
|
|
|
2,898
|
|
|
Gain on business
combination
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,443)
|
|
Non-GAAP income from
operations
|
$
|
18,692
|
|
|
$
|
22,487
|
|
|
$
|
20,423
|
|
|
$
|
82,485
|
|
|
$
|
69,928
|
|
Non-GAAP operating
income % to total Non-GAAP revenue
|
10.7%
|
|
|
12.5%
|
|
|
15.7%
|
|
|
11.7%
|
|
|
14.4%
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP net income to non-GAAP net income:
|
|
GAAP net
income
|
$
|
157
|
|
|
$
|
1,983
|
|
|
$
|
7,655
|
|
|
$
|
603
|
|
|
$
|
30,760
|
|
|
Share-based
compensation expense
|
5,438
|
|
|
4,677
|
|
|
3,654
|
|
|
19,500
|
|
|
14,921
|
|
|
Amortization of
acquired intangibles
|
9,017
|
|
|
8,913
|
|
|
1,901
|
|
|
36,141
|
|
|
6,920
|
|
|
Acquisition
accounting impact related to deferred revenue
|
2,663
|
|
|
2,663
|
|
|
—
|
|
|
10,652
|
|
|
—
|
|
|
Inventory fair value
adjustments
|
921
|
|
|
920
|
|
|
—
|
|
|
3,682
|
|
|
—
|
|
|
Acquisition related
expenses
|
632
|
|
|
783
|
|
|
2,898
|
|
|
7,019
|
|
|
2,898
|
|
|
Gain on business
combination
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,443)
|
|
|
Tax effect of the
adjustments above(a)
|
(5,031)
|
|
|
(5,047)
|
|
|
(1,665)
|
|
|
(21,850)
|
|
|
(3,368)
|
|
Non-GAAP net
income
|
$
|
13,797
|
|
|
$
|
14,892
|
|
|
$
|
14,443
|
|
|
$
|
55,747
|
|
|
$
|
48,688
|
|
|
Reconciliation of
GAAP net income per share - diluted to non-GAAP net income per
share - diluted:
|
|
|
|
Shares - diluted
GAAP
|
37,256
|
|
|
37,079
|
|
|
36,172
|
|
|
36,864
|
|
|
36,718
|
|
|
|
|
|
|
|
|
|
|
|
|
Shares - diluted
Non-GAAP
|
37,256
|
|
|
37,079
|
|
|
36,172
|
|
|
36,864
|
|
|
36,718
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP net income per
share - diluted
|
$
|
—
|
|
|
$
|
0.05
|
|
|
$
|
0.21
|
|
|
$
|
0.02
|
|
|
$
|
0.84
|
|
|
Share-based
compensation expense
|
0.15
|
|
|
0.13
|
|
|
0.10
|
|
|
0.53
|
|
|
0.41
|
|
|
Amortization of
acquired intangibles
|
0.24
|
|
|
0.24
|
|
|
0.05
|
|
|
0.98
|
|
|
0.18
|
|
|
Acquisition
accounting impact related to deferred revenue
|
0.07
|
|
|
0.07
|
|
|
—
|
|
|
0.29
|
|
|
—
|
|
|
Inventory fair value
adjustments
|
0.02
|
|
|
0.02
|
|
|
—
|
|
|
0.10
|
|
|
—
|
|
|
Acquisition related
expenses
|
0.02
|
|
|
0.02
|
|
|
0.08
|
|
|
0.19
|
|
|
0.08
|
|
|
Gain on business
combination
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(0.09)
|
|
|
Tax effect of the
adjustments above(a)
|
(0.13)
|
|
|
(0.13)
|
|
|
(0.04)
|
|
|
(0.60)
|
|
|
(0.09)
|
|
Non-GAAP net income
per share - diluted
|
$
|
0.37
|
|
|
$
|
0.40
|
|
|
$
|
0.40
|
|
|
$
|
1.51
|
|
|
$
|
1.33
|
|
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of
GAAP net income to non-GAAP Adjusted EBITDA:
|
|
GAAP net
income
|
$
|
157
|
|
|
$
|
1,983
|
|
|
$
|
7,655
|
|
|
$
|
603
|
|
|
$
|
30,760
|
|
|
Share-based
compensation expense
|
5,438
|
|
|
4,677
|
|
|
3,654
|
|
|
19,500
|
|
|
14,921
|
|
|
Interest (income) and
expense, net
|
998
|
|
|
1,523
|
|
|
89
|
|
|
5,616
|
|
|
410
|
|
|
Depreciation and
amortization expense
|
14,457
|
|
|
14,702
|
|
|
7,182
|
|
|
58,362
|
|
|
25,639
|
|
|
Acquisition
accounting impact related to deferred revenue
|
2,663
|
|
|
2,663
|
|
|
—
|
|
|
10,652
|
|
|
—
|
|
|
Inventory fair value
adjustments
|
921
|
|
|
920
|
|
|
—
|
|
|
3,682
|
|
|
—
|
|
|
Acquisition related
expenses
|
632
|
|
|
783
|
|
|
2,898
|
|
|
7,019
|
|
|
2,898
|
|
|
Gain on business
combination
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
(3,443)
|
|
|
Income tax expense
(benefit)
|
(1,994)
|
|
|
224
|
|
|
3,562
|
|
|
(2,551)
|
|
|
15,484
|
|
Non-GAAP Adjusted
EBITDA (b)
|
$
|
23,272
|
|
|
$
|
27,475
|
|
|
$
|
25,040
|
|
|
$
|
102,883
|
|
|
$
|
86,669
|
|
|
|
|
|
|
|
|
|
|
(a) Tax effects calculated for
all adjustments except share-based compensation expense, using the
tax rate of 38%.
|
(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
December 31, 2016
|
|
Three Months Ended
December 31, 2015
|
|
Automation
and
Analytics
|
|
Medication
Adherence
|
|
Total
|
|
Automation
and
Analytics
|
|
Medication
Adherence
|
|
Total
|
|
|
|
|
Revenues
|
$
|
143,583
|
|
|
$
|
28,391
|
|
|
$
|
171,974
|
|
|
$
|
105,874
|
|
|
$
|
24,442
|
|
|
$
|
130,316
|
|
Cost of
revenues
|
77,566
|
|
|
20,079
|
|
|
97,645
|
|
|
48,020
|
|
|
17,216
|
|
|
65,236
|
|
Gross
profit
|
66,017
|
|
|
8,312
|
|
|
74,329
|
|
|
57,854
|
|
|
7,226
|
|
|
65,080
|
|
Gross margin
%
|
46.0%
|
|
|
29.3%
|
|
|
43.2%
|
|
|
54.6%
|
|
|
29.6%
|
|
|
49.9%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
47,402
|
|
|
7,325
|
|
|
54,727
|
|
|
28,889
|
|
|
5,937
|
|
|
34,826
|
|
Income from segment
operations
|
$
|
18,615
|
|
|
$
|
987
|
|
|
$
|
19,602
|
|
|
$
|
28,965
|
|
|
$
|
1,289
|
|
|
$
|
30,254
|
|
Operating margin
%
|
13.0%
|
|
|
3.5%
|
|
|
11.4%
|
|
|
27.4%
|
|
|
5.3%
|
|
|
23.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate
costs
|
|
|
|
|
19,783
|
|
|
|
|
|
|
18,284
|
|
Income
(loss) from operations
|
|
|
|
|
$
|
(181)
|
|
|
|
|
|
|
$
|
11,970
|
|
|
|
Omnicell, Inc.
Segmented
Information
(Unaudited, in
thousands, except for percentages)
|
|
|
Year Ended
December 31, 2016
|
|
Year Ended
December 31, 2015
|
|
Automation
and
Analytics
|
|
Medication
Adherence
|
|
Total
|
|
Automation
and
Analytics
|
|
Medication
Adherence
|
|
Total
|
|
|
|
|
Revenues
|
$
|
593,626
|
|
|
$
|
98,997
|
|
|
$
|
692,623
|
|
|
$
|
390,321
|
|
|
$
|
94,238
|
|
|
$
|
484,559
|
|
Cost of
revenues
|
310,967
|
|
|
67,856
|
|
|
378,823
|
|
|
171,943
|
|
|
64,686
|
|
|
236,629
|
|
Gross
profit
|
282,659
|
|
|
31,141
|
|
|
313,800
|
|
|
218,378
|
|
|
29,552
|
|
|
247,930
|
|
Gross margin
%
|
47.6%
|
|
|
31.5%
|
|
|
45.3%
|
|
|
55.9%
|
|
|
31.4%
|
|
|
51.2%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating
expenses
|
198,511
|
|
|
24,843
|
|
|
223,354
|
|
|
114,084
|
|
|
24,258
|
|
|
138,342
|
|
Income from segment
operations
|
$
|
84,148
|
|
|
$
|
6,298
|
|
|
$
|
90,446
|
|
|
$
|
104,294
|
|
|
$
|
5,294
|
|
|
$
|
109,588
|
|
Operating margin
%
|
14.2%
|
|
|
6.4%
|
|
|
13.1%
|
|
|
26.7%
|
|
|
5.6%
|
|
|
22.6%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Corporate
costs
|
|
|
|
|
83,965
|
|
|
|
|
|
|
60,956
|
|
Income
from operations
|
|
|
|
|
$
|
6,481
|
|
|
|
|
|
|
$
|
48,632
|
|
Omnicell, Inc.
Segment
Information Non-GAAP Gross Margin and Non-GAAP Operating
Margin
(Unaudited, in
thousands, except for percentages)
|
|
|
Three Months Ended
December 31, 2016
|
|
Automation and
Analytics
|
|
Medication
Adherence
|
|
Total
|
|
Amount
|
|
% of
GAAP
Revenue
|
|
% of
Non-
GAAP Revenue
|
|
Amount
|
|
% of
GAAP
Revenue
|
|
% of
Non-
GAAP Revenue
|
|
Amount
|
|
% of
GAAP
Revenue
|
|
% of
Non-
GAAP
Revenue
|
Revenues
|
$
|
143,583
|
|
|
|
|
|
|
$
|
28,391
|
|
|
|
|
|
|
$
|
171,974
|
|
|
|
|
|
Acquisition
accounting impact related to deferred revenue
|
2,663
|
|
|
1.9
|
%
|
|
1.8
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
%
|
|
2,663
|
|
|
1.5
|
%
|
|
1.5
|
%
|
Non-GAAP
Revenues
|
$
|
146,246
|
|
|
|
|
|
|
$
|
28,391
|
|
|
|
|
|
|
$
|
174,637
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Gross
profit
|
$
|
66,017
|
|
|
46.0
|
%
|
|
45.1
|
%
|
|
$
|
8,312
|
|
|
29.3
|
%
|
|
29.3
|
%
|
|
$
|
74,329
|
|
|
43.2
|
%
|
|
42.6
|
%
|
Stock-based
compensation expense
|
668
|
|
|
0.5
|
%
|
|
0.5
|
%
|
|
108
|
|
|
0.4
|
%
|
|
0.4
|
%
|
|
776
|
|
|
0.5
|
%
|
|
0.4
|
%
|
Amortization expense
of acquired intangible assets
|
4,820
|
|
|
3.4
|
%
|
|
3.3
|
%
|
|
446
|
|
|
1.6
|
%
|
|
1.6
|
%
|
|
5,266
|
|
|
3.1
|
%
|
|
3.0
|
%
|
Acquisition
accounting impact related to deferred revenue
|
2,663
|
|
|
1.9
|
%
|
|
1.8
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
%
|
|
2,663
|
|
|
1.5
|
%
|
|
1.5
|
%
|
Inventory fair value
adjustments
|
921
|
|
|
0.6
|
%
|
|
0.6
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
%
|
|
921
|
|
|
0.5
|
%
|
|
0.5
|
%
|
Acquisitions related
expenses
|
5
|
|
|
—
|
%
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
%
|
|
5
|
|
|
—
|
%
|
|
—
|
%
|
Non-GAAP Gross
profit
|
$
|
75,094
|
|
|
52.3
|
%
|
|
51.3
|
%
|
|
$
|
8,866
|
|
|
31.2
|
%
|
|
31.2
|
%
|
|
$
|
83,960
|
|
|
48.8
|
%
|
|
48.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating
income
|
$
|
18,615
|
|
|
13.0
|
%
|
|
12.7
|
%
|
|
$
|
988
|
|
|
3.5
|
%
|
|
3.5
|
%
|
|
$
|
19,603
|
|
|
11.4
|
%
|
|
11.2
|
%
|
Stock-based
compensation expense
|
2,672
|
|
|
1.9
|
%
|
|
1.8
|
%
|
|
270
|
|
|
0.95
|
%
|
|
1.0
|
%
|
|
2,942
|
|
|
1.7
|
%
|
|
1.7
|
%
|
Amortization expense
of acquired intangible assets
|
7,494
|
|
|
5.2
|
%
|
|
5.1
|
%
|
|
1,523
|
|
|
5.4
|
%
|
|
5.4
|
%
|
|
9,017
|
|
|
5.2
|
%
|
|
5.2
|
%
|
Acquisition
accounting impact related to deferred revenue
|
2,663
|
|
|
1.9
|
%
|
|
1.8
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
%
|
|
2,663
|
|
|
1.5
|
%
|
|
1.5
|
%
|
Inventory fair value
adjustments
|
921
|
|
|
0.6
|
%
|
|
0.6
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
%
|
|
921
|
|
|
0.5
|
%
|
|
0.5
|
%
|
Acquisitions related
expenses
|
23
|
|
|
—
|
%
|
|
—
|
%
|
|
—
|
|
|
—
|
%
|
|
—
|
%
|
|
23
|
|
|
—
|
%
|
|
—
|
%
|
Non-GAAP Operating
income
|
$
|
32,388
|
|
|
22.6
|
%
|
|
22.1
|
%
|
|
$
|
2,781
|
|
|
9.8
|
%
|
|
9.8
|
%
|
|
$
|
35,169
|
|
|
20.5
|
%
|
|
20.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Corporate
costs
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
19,784
|
|
|
11.5
|
%
|
|
11.3
|
%
|
Less: Stock-based
compensation expense
|
|
|
|
|
|
|
|
|
|
|
|
|
2,496
|
|
|
1.5
|
%
|
|
1.4
|
%
|
Less:
Acquisition-related expenses
|
|
|
|
|
|
|
|
|
|
|
|
|
811
|
|
|
0.5
|
%
|
|
0.5
|
%
|
Non-GAAP Corporate
costs
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
16,477
|
|
|
9.6
|
%
|
|
9.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Income
from operations
|
|
|
|
|
|
|
|
|
|
|
|
|
$
|
18,692
|
|
|
10.9
|
%
|
|
10.7
|
%
|
|
Three Months Ended
December 31, 2015
|
|
Automation and
Analytics
|
|
Medication
Adherence
|
|
Total
|
|
Amount
|
|
% of
GAAP
Revenue*
|
|
Amount
|
|
% of
GAAP
Revenue*
|
|
Amount
|
|
% of
GAAP
Revenue*
|
Revenues
|
$
|
105,874
|
|
|
|
|
$
|
24,442
|
|
|
|
|
$
|
130,316
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Gross
profit
|
57,854
|
|
|
54.6
|
%
|
|
7,226
|
|
|
29.6
|
%
|
|
65,080
|
|
|
49.9
|
%
|
Stock-based
compensation expense
|
411
|
|
|
0.4
|
%
|
|
70
|
|
|
0.3
|
%
|
|
481
|
|
|
0.4
|
%
|
Amortization expense
of acquired intangible assets
|
214
|
|
|
0.2
|
%
|
|
333
|
|
|
1.4
|
%
|
|
547
|
|
|
0.4
|
%
|
Non-GAAP Gross
profit
|
$
|
58,479
|
|
|
55.2
|
%
|
|
$
|
7,629
|
|
|
31.2
|
%
|
|
$
|
66,108
|
|
|
50.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Operating
income
|
$
|
28,965
|
|
|
27.4
|
%
|
|
$
|
1,289
|
|
|
5.3
|
%
|
|
$
|
30,254
|
|
|
23.2
|
%
|
Stock-based
compensation expense
|
1,472
|
|
|
1.3
|
%
|
|
196
|
|
|
0.8
|
%
|
|
1,668
|
|
|
1.3
|
%
|
Amortization expense
of acquired intangible assets
|
828
|
|
|
0.8
|
%
|
|
1,072
|
|
|
4.4
|
%
|
|
1,900
|
|
|
1.5
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Operating
income
|
$
|
31,265
|
|
|
29.5
|
%
|
|
$
|
2,557
|
|
|
10.5
|
%
|
|
$
|
33,822
|
|
|
26.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
GAAP Corporate
costs
|
|
|
|
|
|
|
|
|
$
|
18,284
|
|
|
14.0
|
%
|
Less: Stock-based compensation
expense
|
|
|
|
|
|
|
|
|
1,986
|
|
|
1.5
|
%
|
Less: Acquisition
related expenses
|
|
|
|
|
|
|
|
|
2,898
|
|
|
2.2
|
%
|
Non-GAAP Corporate
costs
|
|
|
|
|
|
|
|
|
$
|
13,400
|
|
|
10.3
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
Non-GAAP Income
from operations
|
|
|
|
|
|
|
|
|
$
|
20,422
|
|
|
15.7
|
%
|
|
* For the three
months ended December 31, 2015, there were no differences between
GAAP and non-GAAP revenues.
|
OMCL-E
To view the original version on PR Newswire,
visit:http://www.prnewswire.com/news-releases/omnicell-reports-results-for-fiscal-year-and-fourth-quarter-2016-300408221.html
SOURCE Omnicell, Inc.