Omnicell, Inc. (NASDAQ: OMCL), a leading provider of medication and supply management solutions to healthcare systems, today announced results for its fourth quarter and year ended December 31, 2012, which includes results of MTS Medication Technologies, Inc. (“MTS”), acquired by Omnicell in May 2012.
GAAP results: Revenue for the fourth quarter of 2012 was $90.2 million, up $27.2 million or 43.3% from the fourth quarter of 2011 and up $5.8 million or 6.9% from the third quarter of 2012. Revenue for the year ended December 31, 2012 was $314.0 million, up $68.5 million or 27.9% from the year ended December 31, 2011.
Fourth quarter 2012 net income as reported in accordance with U.S. generally accepted accounting principles (GAAP) was $5.5 million, or $0.16 per diluted share. This compares to net income of $4.1 million, or $0.12 per diluted share in the fourth quarter of 2011 and net income of $6.9 million, or $0.20 per diluted share in the third quarter of 2012. For the year ended December 31, 2012, net income was $16.2 million, or $0.47 per diluted share. This compares to net income of $10.4 million, or $0.30 per diluted share for the year ended December 31, 2011.
Non-GAAP results: Non-GAAP net income was $8.6 million for the fourth quarter of 2012, or $0.25 per diluted share. Non-GAAP net income for the fourth quarter excludes $2.4 million of stock-based compensation expense and the $0.6 million after-tax effect of amortization expense for all intangible assets acquired in connection with the acquisition of MTS in May 2012, and earlier Omnicell acquisitions. This compares to non-GAAP net income of $6.4 million, or $0.19 per diluted share for the fourth quarter of 2011, excluding $2.2 million of stock-based compensation expense. Fourth quarter 2012 results compare to non-GAAP net income of $9.9 million, or $0.29 per diluted share for the third quarter of 2011. Non-GAAP net income for the third quarter excludes $2.4 million of stock-based compensation expense and the $0.7 million after-tax effect of amortization expense for all intangible assets acquired in connection with the acquisition of MTS and earlier Omnicell acquisitions. Non-GAAP net income was $29.8 million for the year ended December 31, 2012, or $0.87 per diluted share, which excluded $9.2 million of stock-based compensation expense and the $4.4 million after-tax effect of acquisition costs and amortization expense. Non-GAAP net income was $20.5 million for the year ended December 31, 2011, or $0.60 per diluted share, excluding $9.5 million of stock-based compensation expense and $1.0 million of pre-tax litigation claims settlement expense, net of a $0.4 million tax effect.
Product backlog as of December 31, 2012 totaled $155 million, up $21 million or 16% from December 31, 2011.
“We are very pleased with the company’s performance in the fourth quarter and fiscal 2012. For a year in which we celebrated Omnicell’s twentieth anniversary as a company, it is extremely rewarding to report record bookings and revenue for our Acute Care segment,” said Randall Lipps, Omnicell president, chairman and CEO.
“We close 2012 having achieved annual revenue exceeding $300 million, a major milestone in the progress of Omnicell. One of the highlights of the year was the acquisition of MTS Medication Technologies,” added Mr. Lipps, “which significantly broadens our automated medication management offerings across the patient care delivery continuum to include both Acute and Non-Acute Care settings.”
“These record-setting results, combined with our inspired people and customer-centric innovation strategy, provide us great momentum to carry into 2013,” he said.
