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Sep 30, 2020
Omnicell Q3 2020 Earnings Report
Reported third quarter earnings, with GAAP net income per diluted share of $0.20 and non-GAAP net income per diluted share of $0.60.
Key Takeaways
Omnicell reported solid financial performance in Q3 2020, exceeding the high end of guidance ranges. The company saw increased new customer wins and bookings, particularly with the top 300 U.S. health systems.
GAAP revenues for the third quarter of 2020 were $213.7 million, down 6.6% from the third quarter of 2019.
GAAP net income for the third quarter of 2020 was $8.8 million, or $0.20 per diluted share, compared to $20.0 million, or $0.46 per diluted share, for the third quarter of 2019.
Non-GAAP revenues for the third quarter of 2020 were $213.7 million, down 6.6% from the third quarter of 2019.
Non-GAAP net income for the third quarter of 2020 was $26.2 million, or $0.60 per diluted share, compared to $32.7 million, or $0.76 per diluted share, for the third quarter of 2019.
Revenue by Segment
Forward Guidance
For the fourth quarter of 2020, the Company expects non-GAAP total revenues to be between $238 million and $244 million and non-GAAP earnings to be between $0.72 and $0.77 per share.
Positive Outlook
- Non-GAAP total revenues to be between $238 million and $244 million.
- Non-GAAP product revenues to be between $165 million and $170 million.
- Non-GAAP service revenues to be between $73 million and $74 million.
- Non-GAAP earnings to be between $0.72 and $0.77 per share.
- 2021 preliminary non-GAAP total revenues to range between $1.015 billion and $1.045 billion.
Challenges Ahead
- Bookings and revenue in future periods could be impacted if hospitals need to materially change their operations in order to address a continued increase in COVID-19 cases.
- Health systems have faced increased costs, decreased revenues and cash flow challenges due to cancelled or postponed elective procedures and other reduced demand.
- Customers to delay or defer purchasing decisions and/or implementation of our solutions during the first half of 2020, which resulted in delayed implementations and lower product bookings compared to management’s expectations prior to the COVID-19 outbreak.
Historical Earnings Impact
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Avg. Return Before/After Earnings
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