Business
Omnicell Announces First Quarter 2024 Results
Results exceed prior first quarter guidance across all metrics Total GAAP revenues of $246 million FORT WORTH, Texas--(BUSINESS WIRE)-- Omnicell, Inc.
About this update from Omnicell, Inc.
[{"type":"text","content":"\nResults exceed prior first quarter guidance across all metrics\n\n\nTotal GAAP revenues of $246 million\n\n\n FORT WORTH, Texas--(BUSINESS WIRE)--\nOmnicell, Inc. (NASDAQ:OMCL) (“Omnicell,” “we,” “our,” “us,” “management,” or the “Company”), a leader in transforming the pharmacy care delivery model, today announced results for its first quarter ended March 31, 2024.\n\n\nRandall Lipps, chairman, president, chief executive officer, and founder of Omnicell, said, “We are pleased with the first quarter results that we announced today, which exceeded our previously issued guidance across all key metrics, including revenue, non-GAAP EBITDA and non-GAAP earnings per share.”\n\n\n“As we have navigated through a challenging customer environment, we have continued to place a priority on innovation. Reflecting this, we recently hosted our customer event, Illuminate 2024, during which we announced new and exciting outcomes-based solutions for our XT automated dispensing systems platform. Key among these is XTExtend, among other recently introduced enhancements for our XT automated dispensing systems that are part of our comprehensive XTAmplify offering, which appears to be resonating very well with our customers,” Mr. Lipps continued.\n\n\n“Finally, last quarter, we announced that we initiated a holistic review of our business in an effort to identify areas for financial or operational improvement intended to enhance stockholder value. That work is underway, and we are optimistic that when completed, the results of this review will positively impact our performance. We remain confident in Omnicell’s long-term opportunities as we work to transform the pharmacy care delivery model across the continuum of care,” Mr. Lipps concluded.\n\n\nFinancial Results\n\n\nTotal GAAP revenues for the first quarter of 2024 were $246 million, down $44 million, or 15%, from the first quarter of 2023. The year-over-year decrease in total GAAP revenues reflects the impact of a continued challenging environment for some of our health system customers and the timing of our XT Series systems lifecycle, as we are largely through the replacement cycle and seeing demand moderate.\n\n\nTotal GAAP net loss for the first quarter of 2024 was $16 million, or $0.34 per diluted share. This compares to GAAP net loss of $15 million, or $0.33 per diluted share, for the firs...