Omnicell Inc. (NSDQ:OMCL) posted fourth-quarter sales of $42.9 million for the three months ended Dec. 31, 2009, down 16.3 percent compared with $51.3 million during the same period in 2008. Net income plunged 83.2 percent to $557,000, compared with $3.3 million during Q4 2008:
Press Release
Omnicell Announces Fourth Quarter and Full-Year 2009 Results
MOUNTAIN VIEW, Calif., Jan. 28 /PRNewswire-FirstCall/ — Omnicell, Inc. (Nasdaq: OMCL), a leading provider of system solutions to acute healthcare facilities, today announced results for its fourth quarter and year ended December 31, 2009.
GAAP results: Revenue for the fourth quarter of 2009 was $54.7 million, up $0.7 million or 1.3% from the third quarter of 2009, and down $7.4 million or 11.9% from the fourth quarter of 2008. Revenue for the year ended December 31, 2009 was $213.5 million, down $38.4 million or 15.2% from the year ended December 31, 2008.
Fourth quarter 2009 net income as reported in accordance with U.S. generally accepted accounting principles (GAAP) was $0.6 million, or $0.02 per diluted share. This compares to net income of $0.9 million, or $0.03 per diluted share in the third quarter of 2009 and net income of $3.3 million, or $0.10 per diluted share in the fourth quarter of 2008. For the year ended December 31, 2009, net income was $0.4 million, or $0.01 per diluted share. This compares to net income of $12.7 million, or $0.38 per diluted share for the year ended December 31, 2008.
Non-GAAP results: Excluding the impact on our results of recording $2.5 million in stock-based compensation expense related to ASC 718, “Stock Compensation” (formerly referred to as SFAS No. 123R) and $0.4 million in income tax expense related to prior year research and development tax credits, non-GAAP net income was $3.4 million for the fourth quarter of 2009, or $0.11 per diluted share. This compares to non-GAAP net income of $3.3 million, or $0.10 per diluted share for the third quarter of 2009, which excluded $2.4 million in stock-based compensation expense, and non-GAAP net income of $5.5 million, or $0.17 per diluted share for the fourth quarter of 2008, which excluded $2.4 million of stock-based compensation expense and $0.2 million of income tax benefits related to prior year research and development tax credits. Excluding $9.7 million in stock-based compensation expense, $2.5 million non-recurring costs ($1.5 million, net of tax) from our first quarter of 2009 restructuring activities and $0.4 million in income tax expense related to prior years research and development tax credits, non-GAAP net income was $12.1 million for the year ended December 31, 2009, or $0.38 per diluted share. Excluding $11.2 million in stock-based compensation expense and $0.2 million in income tax benefits related to prior years research and development tax credits, non-GAAP net income was $23.6 million for the year ended December 31, 2008, or $0.71 per diluted share.
Product backlog as of December 31, 2009 totaled $114 million, up $4 million or 4% from December 31, 2008.
“The 2009 fourth quarter saw Omnicell secure first orders from some of the most prestigious hospital networks in the United States including Carolinas Health System, CoxHealth and NewYork-Presbyterian,” said Randall Lipps, president and CEO of Omnicell. “We remain confident that customers are recognizing our solution’s unique benefits and are committed to improving the efficiencies and safety in their facilities. It has been a rewarding quarter, and we expect continued growth in 2010.”
