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 |
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For the quarterly period ended September 30, 2004 |
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Or |
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TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE
SECURITIES |
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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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1201
Charleston Road |
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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 October 31, 2004 there were 25,287,153 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, 2004 and December 31, 2003 |
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Management’s Discussion and Analysis of Financial Condition and Results of Operations |
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2
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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$ |
21,373 |
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$ |
24,499 |
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Short-term investments |
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11,210 |
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9,025 |
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Accounts receivable, net |
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17,420 |
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14,529 |
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Inventories |
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17,197 |
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8,783 |
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Receivables subject to a sales agreement |
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2,737 |
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2,737 |
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Prepaid expenses and other current assets |
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7,066 |
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3,966 |
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Total current assets |
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77,003 |
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63,539 |
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Property and equipment, net |
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5,764 |
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4,833 |
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Long-term receivables subject to sales agreement |
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3,247 |
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4,985 |
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Purchased intangibles |
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4,003 |
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4,195 |
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Goodwill |
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2,127 |
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2,127 |
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Other assets |
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6,561 |
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4,788 |
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Total assets |
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$ |
98,705 |
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$ |
84,467 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
8,334 |
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$ |
2,921 |
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Accrued liabilities |
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9,827 |
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15,403 |
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Deferred service revenue |
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14,861 |
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12,650 |
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Deferred gross profit |
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8,223 |
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10,125 |
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Obligation resulting from sale of receivables |
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2,737 |
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2,737 |
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Current portion of note payable |
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— |
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305 |
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Total current liabilities |
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43,982 |
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44,141 |
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Long-term obligation resulting from sale of receivables |
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3,247 |
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4,985 |
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Other long-term liabilities |
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543 |
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583 |
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Stockholders’ equity |
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50,933 |
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34,758 |
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Total liabilities and stockholders’ equity |
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$ |
98,705 |
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$ |
84,467 |
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(1) Derived from the December 31, 2003 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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Nine Months Ended |
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2004 |
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2003 |
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2004 |
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2003 |
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Revenues: |
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Product revenues |
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$ |
26,767 |
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$ |
21,157 |
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$ |
72,374 |
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$ |
59,161 |
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Service and other revenues |
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5,967 |
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5,202 |
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17,396 |
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14,414 |
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Total revenues |
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32,734 |
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26,359 |
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89,770 |
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73,575 |
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Cost of revenues: |
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Cost of product revenues |
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11,344 |
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8,683 |
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29,881 |
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25,208 |
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Cost of service and other revenues |
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2,302 |
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2,117 |
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6,508 |
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5,542 |
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Total cost of revenues |
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13,646 |
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10,800 |
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36,389 |
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30,750 |
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Gross profit |
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19,088 |
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15,559 |
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53,381 |
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42,825 |
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Operating expenses: |
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