Omnicell, Inc. (NASDAQ:OMCL) Q4 2018 Earnings Conference Call Transcript

Feb 07, 2019 • 04:30 pm ET


Omnicell, Inc. (NASDAQ:OMCL) Q4 2018 Earnings Conference Call Transcript


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Good afternoon. My name is Deidre, and I will be your conference operator today. At this time, I would like to welcome everyone to the Omnicell Fourth Quarter Earnings Announcement Conference Call. All lines have been placed on mute to prevent any background noise. After the speakers' remarks, there will be a question-and-answer session. (Operator Instructions) Thank you.

I will now turn the call over to our host, Mr. Peter Kuipers, Chief Financial Officer. Sir, you may begin your conference.

Peter Kuipers

Thank you.

Good afternoon, and welcome to the Omnicell fourth quarter and year-end 2018 earnings call. Joining me today is Randall Lipps, Omnicell Founder, Chairman, President and CEO.

This call will include forward-looking statements subject to risks, uncertainties and other factors that could cost actual results to differ materially from those expressed or implied. For a more detailed description of the risks that impact these forward-looking statements, please refer to the information in our press release today, in the Omnicell Annual Report on Form 10-K filed with the SEC on February 27th, 2018, and in other more recent reports filed with the SEC.

Please be aware that you should not place undue reliance on any forward-looking statements made today. The date of this conference call is February 7th, 2019, and all forward-looking statements made on this call are made based on the beliefs of Omnicell as of this date only. Future events or simply the passage of time may cause these beliefs to change.

Finally, this conference call is the property of Omnicell, Inc. and any taping, audio duplication or rebroadcast without the expressed written consent of Omnicell is prohibited.

Randall will first provide an update on our business. After Randall's remarks I'll cover our results for 2018 and our guidance for 2019. Our fourth quarter financial results are included in our earnings announcement, which was released earlier today and is posted in the Investor Relations section of our website at Included in our fourth quarter earnings release are a few slides that Randall will speak to in his section. Our prepared remarks will also be posted in the same section.

Let me now turn over the call to Randall.

Randall A. Lipps

Thanks, Peter. Good afternoon, everyone.

We just concluded our global sales field meeting, and 2018 was a record year for Omnicell. I'm very pleased with the execution of our strategy and the performance of the business as we continue to transition our business towards the vision for the autonomous pharmacy.

Some of the key financial accomplishments during this year include record bookings of $716 million, up 26% from 2017; record product backlog of $478 million, up 39% from 2017; record revenue of $787 million, up 10% from 2017; and record non-GAAP earnings per share of $2.09, up 48% from 2017.

In addition to these financial results, I am also very proud of the Omnicell team for the work done to execute on our strategy. During 2018, we released several new products. The most notable additions to our product portfolio are