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Omnicell Inc. (OMCL) is a pioneering company that has been enhancing efficiencies in healthcare since 1992. As a leading supplier of comprehensive automation and business analytics software, Omnicell focuses on patient-centric medication and supply management across the entire healthcare continuum. This includes acute care hospital settings, post-acute skilled nursing and long-term care facilities, as well as home care settings.
Omnicell's automated hardware/software systems for medication dispensing provide seamless solutions from the point of hospital entry to the central pharmacy, nursing units, operating rooms, and patient bedsides. Their supply management systems are designed to promote cost control, ensure charge capture for payer reimbursement, and facilitate efficient inventory management and reordering.
Omnicell's range of products includes high-security, closed-cabinet systems, open-shelf systems, and combination systems that are used in nursing units, cath labs, and operating rooms. These solutions empower pharmacists and nurses to concentrate on patient care rather than administrative tasks, driving improved clinical, operational, and financial outcomes across diverse care settings. With over 3,200 customers worldwide, Omnicell continues to be a trusted partner in the healthcare sector.
In recent years, Omnicell has made significant strides in advancing their technology and expanding their service offerings. Their commitment to innovation is evident in the development of new products and partnerships that aim to further streamline medication management processes. Financially, the company generates the majority of its revenue in the United States, reflecting a strong market presence and consistent performance.
Omnicell (Nasdaq:OMCL) announced its participation in upcoming investor conferences. Randall Lipps, Chairman and CEO, and Peter Kuipers, CFO, will present at the J.P. Morgan 39th Annual Healthcare Conference on January 13, 2021, at 2:00 PM ET. Live and archived webcasts of the presentation will be accessible on the Omnicell website. Since its inception in 1992, Omnicell has focused on transforming pharmacy care delivery, with over 7,000 facilities worldwide utilizing its solutions to enhance efficiency and patient safety.
Omnicell, Inc. (NASDAQ: OMCL) has announced new innovations to enhance its medication management solutions, aiming to improve visibility and efficiency in hospital supply chains. The Winter 2020 release, available in December, focuses on achieving a zero-error, fully automated medication management system. Key features include enhanced Point of Care solutions for operating rooms, advanced analytics to optimize medication inventory, and technology-enabled services to boost efficiency. These improvements are crucial as healthcare systems navigate challenges posed by COVID-19.
Omnicell, Inc. (NASDAQ: OMCL) has partnered with Allegheny Health Network (AHN) to enhance medication management across 13 hospital locations in Pennsylvania. This collaboration involves converting AHN's existing systems to Omnicell’s advanced platform, improving central pharmacy IV compounding and dispensing capabilities. The partnership aims to reduce medication waste, which costs hospitals approximately $800 million annually, and to advance toward an Autonomous Pharmacy model to enhance patient safety and operational efficiency.
Omnicell, a prominent provider of medication management solutions, has announced its participation in several upcoming investor conferences. Executive Vice President and CFO Peter Kuipers will present at the 29th Annual Credit Suisse Virtual Healthcare Conference on November 10, 2020, and at the Stephens Annual Investment Conference on November 19, 2020. In addition, a fireside chat featuring Chair and CEO Randall Lipps alongside Kuipers will occur during the Piper Sandler 32nd Annual Healthcare Conference from November 30 to December 3, 2020. Webcasts of these presentations will be available on the Omnicell website.
Omnicell, a leader in medication management, reported its Q3 2020 financial results with GAAP revenues of $213.7 million, a decline of 6.6% year-over-year. Net income for the quarter was $8.8 million, down from $20.0 million in Q3 2019. Non-GAAP revenues mirrored this decline, matching GAAP results. The company expects Q4 non-GAAP revenues between $238 million and $244 million, while 2021 guidance projects non-GAAP revenues of $1.015 billion to $1.045 billion. Omnicell continues to adapt to COVID-19 challenges while promoting automation solutions.
Omnicell, Inc. (NASDAQ: OMCL) has announced a significant seven-year sole source agreement with Lehigh Valley Health Network (LVHN), focusing on enhancing medication management efficiency and safety through Omnicell's advanced solutions. This partnership marks Omnicell's 142nd relationship with a top US health system. LVHN will utilize automated dispensing systems to streamline pharmacy operations and improve patient care. The aim is to create a fully-autonomous pharmacy, enhancing workflow and clinical outcomes.
Omnicell (NASDAQ: OMCL) announced that Memorial Hospital at Gulfport has selected its Central Pharmacy Dispensing Service, part of its medication management platform, to enhance pharmacy operations. This service incorporates the XR2 robotic dispensing technology, aiming to decrease dispensing errors and improve inventory management. The partnership seeks to allow hospital staff to concentrate more on patient care and operational efficiency, aligning with Memorial's mission of delivering high-quality patient experience.
Omnicell (NASDAQ:OMCL) has completed the acquisition of Pharmaceutical Strategies Group's (PSG) 340B Link business for $225 million. This acquisition enhances Omnicell's portfolio with software-enabled solutions aimed at helping hospitals and clinics manage compliance and capture drug cost savings under the federal 340B Drug Pricing Program. The 340B Link business generated approximately $35 million in revenue over the past year. The transaction is expected to be immediately accretive to non-GAAP earnings per share, financed through cash and a $575 million convertible senior notes offering.
Omnicell, Inc. (NASDAQ:OMCL) will host a conference call on October 27, 2020, at 1:30 p.m. PT to discuss its Third Quarter 2020 financial results. The call will feature Randall Lipps, the company’s CEO, and Peter Kuipers, CFO. Interested parties can participate by calling 1-800-696-5518 in the U.S. or 1-706-758-4883 internationally. A webcast will also be available on Omnicell’s investor relations website. A replay will be accessible from October 27, 2020, at 4:30 p.m. PT through November 24, 2020.
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