UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, DC 20549
FORM 10-Q
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QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the quarterly period ended June 30, 2003 |
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Or |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 |
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For the transition period from to |
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Commission File Number 000-33043 |
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Omnicell, Inc.
(Exact name of registrant as specified in its charter)
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Delaware |
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94-3166458 |
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(State or other jurisdiction |
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(I.R.S. Employer |
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1101 East
Meadow Drive |
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(Address, including zip code,
of registrant’s principal executive |
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Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes ý No o
Indicate by check mark whether registrant is an accelerated filer (as defined in Rule 12b-2 of the Exchange Act). Yes ý No o
As of July 31, 2003 there were 22,900,735 shares of the Registrant’s Common Stock outstanding.
OMNICELL, INC.
FORM 10-Q
INDEX
2
OMNICELL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
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June 30, |
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December 31, |
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(Unaudited) |
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ASSETS |
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Current assets: |
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Cash and cash equivalents |
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$ |
26,031 |
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$ |
21,400 |
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Short-term investments |
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1,981 |
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85 |
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Accounts receivable, net |
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11,289 |
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10,644 |
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Inventories |
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8,673 |
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12,741 |
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Prepaid expenses and other current assets |
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3,447 |
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3,575 |
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Total current assets |
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51,421 |
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48,445 |
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Property and equipment, net |
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4,203 |
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5,026 |
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Other assets |
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9,392 |
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12,071 |
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Total assets |
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$ |
65,016 |
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$ |
65,542 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
3,427 |
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$ |
5,975 |
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Accrued liabilities |
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12,543 |
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11,695 |
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Deferred service revenue |
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12,563 |
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11,598 |
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Deferred gross profit |
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14,667 |
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18,008 |
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Current portion of note payable |
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908 |
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1,197 |
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Total current liabilities |
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44,108 |
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48,473 |
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Note payable |
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— |
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305 |
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Other long-term liabilities |
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458 |
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458 |
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Stockholders’ equity |
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20,450 |
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16,306 |
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Total liabilities and stockholders’ equity |
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$ |
65,016 |
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$ |
65,542 |
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(1) Derived from the December 31, 2002 audited consolidated balance sheet.
See accompanying notes.
3
OMNICELL, INC.
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS
(In thousands, except per share amounts)
(Unaudited)
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Three Months Ended |
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Six Months Ended |
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2003 |
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2002 |
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2003 |
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2002 |
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Revenues: |
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Product revenues |
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$ |
20,447 |
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$ |
21,212 |
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$ |
38,004 |
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$ |
42,242 |
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Service and other revenues |
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4,694 |
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3,730 |
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9,212 |
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7,119 |
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Total revenues |
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25,141 |
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24,942 |
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47,216 |
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49,361 |
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Cost of revenues: |
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Cost of product revenues |
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8,819 |
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8,013 |
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16,525 |
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15,998 |
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Cost of service and other revenues |
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1,678 |
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2,029 |
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3,425 |
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3,411 |
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Total cost of revenues |
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10,497 |
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10,042 |
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19,950 |
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19,409 |
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Gross profit |
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14,644 |
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14,900 |
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27,266 |
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29,952 |
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Operating expenses: |
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Research and development |
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2,106 |
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2,201 |
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4,475 |
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4,879 |
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Selling, general and administrative |
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10,551 |
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10,983 |
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20,422 |
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21,987 |
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Restructuring and severance charges |
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630 |
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— |
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630 |
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— |
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Total operating expenses |
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13,287 |
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13,184 |
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25,527 |
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26,866 |
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Income from operations |
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1,357 |
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1,716 |
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1,739 |
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3,086 |
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Interest and other income |
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136 |
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174 |
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260 |
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851 |
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Interest and other expense |
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(32 |
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(87 |
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(77 |
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(544 |
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Income before provision (benefit) for income taxes |
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1,461 |
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1,803 |
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