Omnicell Unveils Innovative IVX Station Robotic Compounding Technology in Winter 2022 Release

Rhea-AI Summary

Omnicell, Inc. (NASDAQ: OMCL) has launched the IVX Station, an advanced IV compounding robot designed to improve efficiency and patient safety in pharmacy care. This technology enhances throughput speed threefold compared to existing solutions, addressing past reliability issues. Alongside this, the Winter 2022 Release introduces various improvements, including Omnicell One scorecards, a new refrigerated carousel for drug management, and upgraded XT Anesthesia Workstation features. These innovations aim to streamline pharmacy operations amidst regulatory complexities and rising healthcare costs.

Positive

• Launch of IVX Station enhances throughput speed threefold, improving efficiency.
• New Omnicell One scorecard capabilities improve operational efficiency and resource planning.
• Introduction of refrigerated carousel for better inventory management of medications.
• Upgraded XT Anesthesia Workstation strengthens patient safety through improved tracking.

Negative

• None.

New Technology and Enhancements to Intelligent Infrastructure Designed to Support Safer, Smarter Pharmacy Care

MOUNTAIN VIEW, Calif.--(BUSINESS WIRE)-- Omnicell, Inc. (Nasdaq: OMCL), a leading provider of medication management and adherence tools for health systems and pharmacies, today announced the launch of IVX Station. This innovative solution is designed to scale the benefits of leveraging IV robotic technology, making it accessible to the mainstream market.

Omnicell’s Winter 2022 Release introduces new technology and enhancements to existing solutions that are expected to add value for customers. The new solutions and capabilities are intended to automate workflows, optimize operations and, most importantly, help improve patient care in an increasingly complex regulatory environment.

IVX Station: Reimagining Technology for Maximum Throughput and Reliability

According to the Institute for Safe Medication Practices (ISMP),¹ not only are manual sterile compounding practices labor intensive, but they also can create patient safety risks. IV robotics have demonstrated proven benefits for safe, efficient sterile compounding for over 15 years, yet adoption of the technology has been limited due to throughput and reliability concerns.^2,3

Omnicell’s completely reimagined, fully automated IV compounding robot is designed to deliver the patient safety, accuracy, cost savings, supply chain control, and compliance benefits of its predecessors while addressing industry issues with throughput and reliability. IVX Station supports three times the throughput speed of current IV robotic technology,⁴ features a design focused on high reliability with a precision-machined super structure to eliminate the number one cause of downtime – re-calibration, and maintains the approximate footprint of a four-foot hood.

IVX Station is available through Omnicell’s IV Compounding Service, which combines the technology with expertly trained pharmacy technicians and services in an effort to ensure value realization. This “as-a-Service” approach should help to reduce reliance on outsourced sterile compounding, while allowing health systems to reduce drug waste in the operating room.

“Nearly a decade ago, University of Rochester Medical Center began a journey toward a fully autonomous approach to medication management as an early adopter of IV robotics technology,” said David Webster, RPh, MSBA, director of acute care pharmacy operations at University of Rochester Medical Center. “Improving quality and safety in compounding operations is a long-term strategic investment we made to enhance patient care and elevate the role of the pharmacy. We believe Omnicell’s IVX Station will be a catalyst for driving operational and patient safety priorities, ultimately helping us advance technology-driven pharmacy operations.”

Strengthening the Intelligent Infrastructure for Medication Management

With the Winter 2022 Release, Omnicell has strengthened its portfolio of intelligent infrastructure solutions for medication management with the following enhancements:

• Omnicell One™ scorecard and benchmarking capabilities: New capabilities within the cloud-based, technology-enabled service consolidate pharmacy supply chain data from across a provider’s ecosystem. Medication location, quantity, and usage information can now be tracked to reduce the likelihood of stockouts that can negatively impact patient care. Scorecards designed to track Spend, Savings, and Pharmacy Performance should enable pharmacy leaders to streamline resource planning, enhancing operational efficiency and value.
  
  Additional functionality in Omnicell One allows health systems to benchmark their organization with ISMP best practices for overrides as compared to similar health systems. This feature helps identify factors leading to over-reliance on overrides.
  
  
• New Refrigerated Carousel: Refrigerated medications comprise 20 percent of overall hospital drug spend,⁵ making it crucial to have supply visibility and control. The Refrigerated Carousel provides cold storage and temperature monitoring for medications and is designed to deliver safety, tracking and inventory management.
  
  
• Expanded form factors for XR2: Health system pharmacies can now manage more medications through the XR2 Automated Central Pharmacy System, offered through Omnicell’s Central Pharmacy Dispensing Service. Expanded form factor compatibility will further drive safety and visibility for a larger portion of medication inventory.
  
  
• Workflow enhancements for XT Anesthesia Workstation: Upgrades to the XT Anesthesia Workstation™ include the addition of a new barcode for syringe labels. Providers can scan medications directly into EHR systems, which should strengthen patient safety measures, helping to deliver the right dose to the right patient. This also enables hospitals to track eligible medications for 340B program compliance.
  
  
• New workflow functionality for XT Automated Dispensing Cabinets: New features simplify error resolution for controlled substances, expand partial waste tracking, and enhance telemetry capabilities to maximize system availability.

The Winter 2022 Release supports Omnicell’s commitment to delivering the intelligent infrastructure that supports the journey to the industry-defined vision of the Autonomous Pharmacy.

“Over the last two years, the healthcare industry has faced staffing and supply chain shortages, as well as rising costs, that are fundamentally changing pharmacy care,” said Scott Seidelmann, executive vice president and chief commercial officer at Omnicell. “Omnicell is committed to continually innovating and delivering new technologies like IVX Station that are designed to help overcome these challenges, making pharmacy care smarter and safer for all.”

Learn more about Omnicell’s Winter 2022 Release at https://www.omnicell.com/solutions/winter-2022-release.

About Omnicell

Since 1992, Omnicell has been committed to transforming the pharmacy care delivery model to dramatically improve outcomes and lower costs. Through the vision of the autonomous pharmacy, a combination of automation, intelligence, and technology-enabled services, powered by a cloud data platform, Omnicell supports more efficient ways to manage medications across all care settings. Healthcare facilities worldwide use Omnicell automation and analytics solutions to help increase operational efficiency, reduce medication errors, deliver actionable intelligence, and improve patient safety. Institutional and retail pharmacies across North America and the United Kingdom leverage Omnicell's innovative medication adherence and population health solutions to improve patient engagement and adherence to prescriptions, helping to reduce costly hospital readmissions. To learn more, visit www.omnicell.com.

OMNICELL and the Omnicell logo are registered trademarks and Omnicell One is a trademark of Omnicell, Inc. or one of its subsidiaries.

Forward-Looking Statements

To the extent any statements contained in this press release deal with information that is not historical, these statements are “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. Without limiting the foregoing, statements including the words “expect,” “intend,” “may,” “will,” “should,” “would,” “could,” “plan,” “potential,” “anticipate,” “believe,” “forecast,” “guidance,” “outlook,” “goals,” “target,” “estimate,” “seek,” “predict,” “project,” and similar expressions are intended to identify forward-looking statements. Forward-looking statements are subject to the occurrence of many events outside Omnicell’s control. Such statements include, but are not limited to planned new products and services and the related expected benefits (and any implied financial impact), and statements about Omnicell’s strategy, plans, objectives, goals, and vision. Actual results and other events may differ significantly from those contemplated by forward-looking statements due to numerous factors that involve substantial known and unknown risks and uncertainties. These risks and uncertainties include, among other things, (i) risks related to the ongoing COVID-19 pandemic (including new variants of the virus), (ii) Omnicell’s ability to take advantage of growth opportunities and develop and commercialize new solutions and enhance existing solutions, (iii) continued and increased competition from current and future competitors in the medication management automation solutions market and the medication adherence solutions market, (iv) unfavorable general economic and market conditions or reduction in demand for our solutions, (v) risks related to Omnicell’s investments in new business strategies or initiatives, including its transition to selling more products and services on a subscription basis, (vi) any disruption in Omnicell’s information technology systems and breaches of data security or cyber-attacks on its systems or solutions, (vii) Omnicell’s ability to protect its intellectual property, (viii) Omnicell’s ability to meet the demands of, or maintain relationships with, its institutional, retail, and specialty pharmacy customers, (ix) risks related to the availability and sources of raw materials and components or price fluctuations, shortages, or interruptions of supply, (x) Omnicell’s dependence on a limited number of suppliers for certain components, equipment, and raw materials, as well as technologies provided by third-party vendors, and (xi) other risks and uncertainties further described in the “Risk Factors” section of Omnicell’s most recent Annual Report on Form 10-K and subsequent quarterly reports on Form 10-Q, as well as in Omnicell’s other reports filed with or furnished to the United States Securities and Exchange Commission (“SEC”), available at www.sec.gov. Forward-looking statements should be considered in light of these risks and uncertainties. Investors and others are cautioned not to place undue reliance on forward-looking statements. All forward-looking statements contained in this press release speak only as of the date of this press release. Omnicell assumes no obligation to update any such statements publicly, or to update the reasons actual results could differ materially from those expressed or implied in any forward-looking statements, whether as a result of changed circumstances, new information, future events, or otherwise, except as required by law.

OMCL-G

¹https://www.ismp.org/resources/csp-accuracy-and-error-prevention-should-be-both-leadership-and-regulatory-mandate

²https://www.pppmag.com/digitalmag/Main.php?MagNo=297&PageNo=1

³Omnicell internal analysis. Data on file.

⁴Omnicell internal analysis. Data on file. Throughput varies depending on protocol.

⁵Omnicell internal analysis. Data on file.

View source version on businesswire.com: https://www.businesswire.com/news/home/20220329005288/en/

Carol Kimura

Omnicell

carol.kimura@omnicell.com

(650) 251-6363

Source: Omnicell, Inc.

FAQ

What is the significance of the IVX Station launched by Omnicell (OMCL)?

The IVX Station significantly enhances pharmacy operations by improving throughput speed threefold compared to existing IV robotic technology, focusing on patient safety and operational efficiency.

What improvements are included in Omnicell's Winter 2022 Release?

The Winter 2022 Release includes new features like Omnicell One scorecards for tracking pharmacy performance, a refrigerated carousel for drug management, and enhancements to the XT Anesthesia Workstation.

How does Omnicell (OMCL) address challenges in pharmacy care with its new technologies?

Omnicell's new technologies, including the IVX Station, aim to mitigate staffing and supply chain shortages while optimizing medication management and improving patient care.

When was the IVX Station announced by Omnicell (OMCL)?

The IVX Station was announced on March 29, 2022, as part of Omnicell's Winter 2022 Release.