Omnicell, Inc. (Nasdaq: OMCL), a leading global provider of system solutions to acute healthcare facilities, today announced results for its first quarter ended March 31, 2010.
GAAP results: Revenue for the first quarter of 2010 was $54.2 million, down $0.5 million or 1% from the fourth quarter of 2009, and up $2.0 million or 4% from the first quarter of 2009.
First quarter 2010 net income as reported in accordance with U.S. generally accepted accounting principles (GAAP) was $1.0 million, or $0.03 per diluted share. This compares to net income of $0.6 million, or $0.02 per diluted share in the fourth quarter of 2009, and a net loss of $1.9 million, or $0.06 per diluted share in the first quarter of 2009 which included one-time restructuring charges totaling $1.5 million, net of tax.
Non-GAAP results: Non-GAAP net income was $3.1 million for the first quarter of 2010, or $0.09 per diluted share, which excludes $2.2 million in stock compensation expense. This compares to non-GAAP net income of $3.4 million, or $0.11 per diluted share for the fourth quarter of 2009, which excludes both $2.5 million in stock compensation expense and $0.4 million in non-recurring tax adjustments. First quarter 2010 results compare to non-GAAP net income of $2.1 million, or $0.07 per diluted share for the first quarter of 2009, which excludes both $2.5 million in stock compensation expense and $1.5 million net of tax restructuring charges.
"I am pleased with our performance and results in the first quarter of 2010," said Randall Lipps, Omnicell President, Chairman and CEO. "Both domestically and internationally, our solutions continue to resonate with new and existing hospital customers who are seeking a trustworthy partner and expert advisor for adding the safest and most effective medication and supply automation capabilities to their operations."