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 September 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 |
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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1101 East Meadow Drive |
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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 September 30, 2003 there were 23,312,818 shares of the Registrant’s Common Stock outstanding.
OMNICELL, INC.
FORM 10-Q
INDEX
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Condensed Consolidated Balance Sheets as of September 30, 2003 and December 31, 2002 |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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2
PART I—FINANCIAL INFORMATION
ITEM I. Financial Statements
OMNICELL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
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September
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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$ |
26,822 |
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$ |
21,400 |
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Short-term investments |
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4,074 |
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85 |
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Accounts receivable, net |
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11,279 |
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10,644 |
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Inventories |
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8,634 |
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12,741 |
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Prepaid expenses and other current assets |
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4,203 |
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3,575 |
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Total current assets |
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55,012 |
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48,445 |
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Property and equipment, net |
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4,434 |
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5,026 |
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Intangible assets |
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4,306 |
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3,007 |
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Goodwill |
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1,627 |
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382 |
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Other assets |
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5,768 |
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8,682 |
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Total assets |
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$ |
71,147 |
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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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$ |
4,085 |
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$ |
5,975 |
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Accrued liabilities |
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12,774 |
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11,695 |
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Deferred service revenue |
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12,931 |
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11,598 |
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Deferred gross profit |
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11,510 |
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18,008 |
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Current portion of note payable |
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608 |
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1,197 |
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Total current liabilities |
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41,908 |
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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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28,781 |
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16,306 |
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Total liabilities and stockholders’ equity |
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$ |
71,147 |
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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
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Nine
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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$ |
21,157 |
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$ |
14,167 |
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$ |
59,161 |
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$ |
56,409 |
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Service and other revenues |
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5,202 |
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3,695 |
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14,414 |
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10,814 |
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Total revenues |
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26,359 |
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17,862 |
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73,575 |
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67,223 |
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Cost of revenues: |
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Cost of product revenues |
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8,683 |
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6,792 |
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25,208 |
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22,790 |
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Cost of service and other revenues |
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2,117 |
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1,393 |
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5,542 |
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4,804 |
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Total cost of revenues |
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10,800 |
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8,185 |
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30,750 |
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27,594 |
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Gross profit |
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15,559 |
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9,677 |
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42,825 |
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39,629 |
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Operating expenses: |
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Research and development |
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2,256 |
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2,410 |
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6,731 |
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7,289 |
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Selling, general and administrative |
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10,794 |
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10,878 |
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31,216 |
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32,865 |
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Restructuring and severance charges |
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— |
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— |
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630 |
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— |
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Total operating expenses |
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13,050 |
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13,288 |
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38,577 |
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40,154 |
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Income (loss) from operations |
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2,509 |
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(3,611 |
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4,248 |
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(525 |
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Interest and other income |
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116 |
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198 |
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376 |
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1,049 |
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Interest and other expense |
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(41 |
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(15 |
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(118 |
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(559 |
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Income (loss) before provision (benefit) for income taxes |
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2,584 |
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(3,428 |
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4,506 |
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(35 |
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