|Kathleen Nemeth||Omnicell, Inc.|
|Vice President, Investor Relations||590 East Middlefield Road|
|650-435-3318||Mountain View, CA 94043|
Omnicell Reports Fiscal Year and Fourth Quarter 2020 Results
Record 2020 Total Product Bookings of $1+ billion
Full Year 2020 Revenues of $892.2 million
Ended Year with 145 Long-Term, Sole-Source Agreements with the Top 300 U.S. Health Systems
Entered 2021 with Record Product Backlog of $924 million
MOUNTAIN VIEW, Calif. -- February 1, 2021 -- Omnicell, Inc. (NASDAQ:OMCL), a leading provider of medication management solutions and adherence tools for healthcare systems and pharmacies, today announced results for its fiscal year and fourth quarter ended December 31, 2020.
Total revenues for the fourth quarter of 2020 were $249.2 million, up $0.9 million from the fourth quarter of 2019. Total revenues for the year ended December 31, 2020 were $892.2 million, down $4.8 million from the year ended December 31, 2019.
Fourth quarter 2020 GAAP net income was $16.4 million, or $0.37 per diluted share. This compares to GAAP net income of $22.1 million, or $0.51 per diluted share, for the fourth quarter of 2019.
GAAP net income for the year ended December 31, 2020 was $32.2 million, or $0.74 per diluted share. This compares to GAAP net income of $61.3 million, or $1.43 per diluted share, for the year ended December 31, 2019.
Non-GAAP net income for the fourth quarter of 2020 was $40.2 million, or $0.91 per diluted share. This compares to non-GAAP net income of $33.5 million, or $0.77 per diluted share, for the fourth quarter of 2019.
Non-GAAP net income for the year ended December 31, 2020 was $111.3 million, or $2.54 per diluted share. This compares to non-GAAP net income of $120.7 million, or $2.81 per diluted share, for the year ended December 31, 2019.
Non-GAAP net income for each period excludes, when applicable, the effect of share-based compensation expense, amortization expense of acquired intangible assets, acquisition-related expenses, restructuring and severance-related expenses, tax restructuring benefits and expenses, amortization of debt issuance costs, amortization of discount on convertible senior notes, and certain litigation costs.
Total product bookings for the year ended December 31, 2020 were $1.002 billion compared to $813 million for the year ended December 31, 2019, or an increase of 23% year-over-year. Total product backlog for the year ended December 31, 2020 was $924 million compared to $588 million for the year ended December 31, 2019, or an increase of 57% year-over-year.
“We had a strong fourth quarter and full year 2020, consistent with the preliminary results we announced last month. We are pleased to have exceeded our pre-pandemic bookings guidance and October 2020 guidance across all key metrics, including total revenues, total product bookings, and non-GAAP earnings per share, and ended the year with record product bookings of more than $1 billion,” stated Randall Lipps, Chairman, President, Chief Executive Officer, and founder of Omnicell. “We made tremendous progress advancing the autonomous pharmacy as we continued expanding our portfolio and investing in developing a single, cloud-based platform that can connect nearly all of our devices. The pandemic highlighted the need for increased digitization and virtualization of processes throughout the healthcare system, underscoring the strategic relevance of Omnicell’s solutions. Pharmacy
The following information was filed by Omnicell, Inc (OMCL) on Monday, February 1, 2021 as an 8K 2.02 statement, which is an earnings press release pertaining to results of operations and financial condition. It may be helpful to assess the quality of management by comparing the information in the press release to the information in the accompanying 10-K Annual Report statement of earnings and operation as management may choose to highlight particular information in the press release.