Business
Omnicell Announces Second Quarter 2023 Results
Total GAAP revenues of $299 million GAAP net income per diluted share of $0.08 Non-GAAP net income per diluted share of $0.57 FORT WORTH, Texas--(BUSINESS
About this update from Omnicell, Inc.
[{"type":"text","content":"\nTotal GAAP revenues of $299 million\n\n\nGAAP net income per diluted share of $0.08\n\n\nNon-GAAP net income per diluted share of $0.57\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 second quarter ended June 30, 2023.\n\n\n“Our second quarter results reflect sequential revenue and profit growth, as we exceeded our previously disclosed guidance ranges for total product and service revenues, non-GAAP EBITDA, and non-GAAP earnings per share,” said Randall Lipps, chairman, president, chief executive officer, and founder of Omnicell. “We continue to make progress integrating our most recent acquisitions and executing go-to-market strategies for each. In addition, we believe our recent customer wins demonstrate the important role Omnicell plays in automating and modernizing global medication management infrastructure. We are maintaining what we believe is a prudent approach to managing the business and believe Omnicell will play a key role in addressing the labor constraints that so many of our customers continue to navigate. We remain focused on delivering mission-critical medication management solutions and long-term growth.”\n\n\nFinancial Results\n\n\nTotal GAAP revenues for the second quarter of 2023 were $299 million, down $32 million, or 10%, from the second quarter of 2022. The year-over-year decrease in total GAAP revenues reflects lower point-of-care revenues primarily as a result of ongoing health systems capital budget and labor constraints.\n\n\nTotal GAAP net income for the second quarter of 2023 was $3 million, or $0.08 per diluted share. This compares to GAAP net income of $9 million, or $0.20 per diluted share, for the second quarter of 2022.\n\n\nTotal non-GAAP net income for the second quarter of 2023 was $26 million, or $0.57 per diluted share. This compares to non-GAAP net income of $38 million, or $0.84 per diluted share, for the second quarter of 2022.\n\n\nTotal non-GAAP EBITDA for the second quarter of 2023 was $47 million. This compares to non-GAAP EBITDA of $56 million for the second quarter of 2022.\n\n\nBalance Sheet\n\n\nAs of June 30, 2023, Omnicell’s balance sheet reflected cash and cash equivalents of $399 million, total...