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 March 31, 2005 |
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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 |
1201
Charleston Road
Mountain View, CA 94043
(650) 251-6100
(Address, including
zip code, of registrant’s principal executive
offices and registrant’s telephone number, including area code)
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 April 29, 2005 there were 25,712,900 shares of the Registrant’s Common Stock outstanding.
OMNICELL, INC.
FORM 10-Q
INDEX
2
PART I—FINANCIAL INFORMATION
ITEM I. Financial Statements
OMNICELL, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(In thousands)
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March 31, |
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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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$ |
15,251 |
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$ |
19,482 |
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Short-term investments |
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11,047 |
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11,117 |
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Accounts receivable, net |
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22,591 |
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21,967 |
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Inventories |
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15,291 |
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14,592 |
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Receivables subject to a sales agreement |
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2,987 |
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2,878 |
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Prepaid expenses and other current assets |
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7,083 |
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7,730 |
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Total current assets |
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74,250 |
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77,766 |
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Property and equipment, net |
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5,422 |
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5,660 |
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Long-term receivables subject to sales agreement |
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2,852 |
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3,224 |
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Purchased intangibles |
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3,385 |
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3,679 |
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Goodwill |
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2,450 |
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2,127 |
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Other assets |
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6,429 |
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7,035 |
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Total assets |
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$ |
94,788 |
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$ |
99,491 |
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LIABILITIES AND STOCKHOLDERS’ EQUITY |
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Current liabilities: |
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Accounts payable |
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$ |
5,137 |
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$ |
4,489 |
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Accrued liabilities |
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11,745 |
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12,918 |
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Deferred service revenue |
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15,173 |
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13,922 |
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Deferred gross profit |
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7,653 |
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7,846 |
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Obligation resulting from sale of receivables |
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2,987 |
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2,878 |
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Total current liabilities |
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42,695 |
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42,053 |
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Long-term obligation resulting from sale of receivables |
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2,852 |
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3,224 |
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Other long-term liabilities |
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250 |
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517 |
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Stockholder’s equity |
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48,991 |
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53,697 |
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Total liabilities and stockholders’ equity |
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$ |
94,788 |
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$ |
99,491 |
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(1) Derived from the December 31, 2004 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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2005 |
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2004 |
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Revenues: |
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Product revenues |
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$ |
22,742 |
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$ |
22,227 |
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Service and other revenues |
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6,009 |
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5,602 |
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Total revenues |
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28,751 |
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27,829 |
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Cost of revenues: |
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Cost of product revenues |
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11,533 |
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9,197 |
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Cost of service and other revenues |
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2,837 |
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2,021 |
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Total cost of revenues |
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14,370 |
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11,218 |
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Gross profit |
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14,381 |
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16,611 |
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Operating expenses: |
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Research and development |
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2,709 |
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2,366 |
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Selling, general and administrative |
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17,142 |
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11,876 |
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Restructuring and other charges |
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406 |
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0 |
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Total operating expenses |
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20,257 |
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14,242 |
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(Loss) income from operations |
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(5,876 |
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2,369 |
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Interest and other income |
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125 |
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84 |
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Interest and other expense |
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(24 |
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(2 |
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(Loss) income before provision for income taxes |
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(5,775 |
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2,451 |
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Provision for income taxes |
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17 |
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97 |
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Net (loss) income |
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$ |
(5,792 |
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$ |
2,354 |
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Net (loss) income per share—basic |
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$ |
(0.23 |
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$ |
0.10 |
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Net (loss) income per share—diluted |
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$ |
(0.23 |
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0.08 |
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Weighted average shares outstanding—basic |
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25,490 |
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24,301 |
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