Omnicell's revenue increases 8.0% to $121.5 million in fourth quarter 2014

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, 2014.

GAAP results: Revenue for the fourth quarter of 2014 was $121.5 million, up $9.0 million or 8.0% from the third quarter of 2014, and up $15.8 million or 14.9% from the fourth quarter of 2013. Revenue for the year ended December 31, 2014 was $440.9 million, up $60.3 million or 15.8% from the year ended December 31, 2013.

Fourth quarter 2014 net income as reported in accordance with U.S. generally accepted accounting principles (GAAP) was $9.2 million, or $0.25 per diluted share. This compares to net income of $7.3 million, or $0.20 per diluted share, in the third quarter of 2014 and net income of $6.8 million, or $0.19 per diluted share, in the fourth quarter of 2013. For the year ended December 31, 2014, net income was $30.5 million, or $0.83 per diluted share. This compares to net income of $24.0 million, or $0.67 per diluted share, for the year ended December 31, 2013.

Non-GAAP results: Non-GAAP net income was $14.3 million for the fourth quarter of 2014, or $0.39 per diluted share. Non-GAAP net income for the fourth quarter excludes $4.2 million of stock-based compensation expense and $1.2 million ($0.8 million net of the $0.4 million tax effect) of amortization expense for intangible assets associated with our business acquisitions. This compares to non-GAAP net income of $10.5 million, or $0.29 per diluted share, for the fourth quarter of 2013. Non-GAAP net income for the fourth quarter of 2013 excluded $2.7 million of stock-based compensation expense, $1.0 million ($0.6 million net of the $0.4 million tax effect) of amortization expense for intangible assets associated with our business acquisitions and $0.6 million ($0.4 million net of the $0.2 million tax effect) of non-recurring charges relating to pre-acquisition expenses in the acquisition of Surgichem Limited (Surgichem). Fourth quarter results compare to non-GAAP net income of $11.1 million, or $0.30 per diluted share, for the third quarter of 2014. Non-GAAP net income for the third quarter excluded $3.2 million of stock-based compensation expense and $1.1 million ($0.6 million net of $0.5 million tax effect) of amortization expense for intangible assets associated with our business acquisitions.

For the year ended December 31, 2014, non-GAAP net income was $46.1 million, or $1.26 per diluted share. Non-GAAP net income for the year ended December 31, 2014 excludes $12.8 million of stock-based compensation expense and $4.5 million ($2.8 million net of the $1.7 million tax effect) of amortization expense for intangible assets associated with our business acquisitions. For the year ended December 31, 2013, non-GAAP net income was $38.6 million, or $1.08 per diluted share. Non-GAAP net income for the year ended December 31, 2013 excluded $11.2 million of stock-based compensation expense, $0.7 million ($0.4 million net of $0.3 million tax effect) of reorganization costs incurred in the first quarter of 2013 related to the integration of MTS Medication Technologies (MTS), $0.6 million ($0.4 million net of the $0.2 million tax effect) of non-recurring charges incurred in connection with our acquisition of Surgichem and $4.2 million ($2.7 million net of the $1.5 million tax effect) of amortization expense for intangible assets associated with our business acquisitions.

"Omnicell has completed another record year for both revenues and earnings," said Randall Lipps, Omnicell president, CEO and chairman. "Fueled by a strong fourth quarter marked by record orders, 2014 performance surpassed the high end of our guidance."

"Our continued successful execution on three strategies for growth, compellingly differentiated products, expansion into new markets, and targeted acquisition, has over the past five years doubled Omnicell's revenues and tripled our profit," he added. "I believe we are positioned well for continued success in the future."