Omnicell, Inc. Increases U.K. Commitment and Presence with Acquisition of Longtime Partner Avantec Healthcare Limited
-- With Third Recent Acquisition, Omnicell Serves U.K. Medication Management Across the Entire Health Care Continuum--from Acute Settings to Outpatient Environments to Home
MOUNTAIN VIEW, California, April 30, 2015 /PRNewswire/ -- Omnicell, Inc. (NASDAQ: OMCL), a leading provider of medication and supply management solutions to healthcare systems and pharmacies, today announced that the company has completed its acquisition of Avantec Healthcare Limited based in Lancing, West Sussex, United Kingdom.
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Avantec develops medication and supply automation products that complement Omnicell solutions for configurations uniquely suited to the U.K. marketplace, and has been the exclusive U.K. distributor of Omnicell solutions since 2005. Avantec has installed over 900 systems in 80 National Health Service (NHS) and private hospitals.
This acquisition further demonstrates Omnicell's commitment to supporting the U.K. marketplace. The company purchased U.K. medication adherence packaging provider Surgichem Limited in 2014, and recently completed its acquisition of a leading manufacturer of robotic medication dispensing systems, MACH4 Pharma Systems. Omnicell is establishing a direct selling presence throughout the U.K., providing a consistent customer experience across the health care continuum.
In its eProcurement Strategy findings*, published in April 2014, the NHS has targeted significant savings to be made from £10 billion spent annually on medications and supplies. "To date, Omnicell has helped over 80 NHS Trusts save millions of pounds by cutting stock levels and reducing waste while releasing nurses to spend more time on patient care and improving patient safety," said Arthur van Dongen, Omnicell general manager of Europe, Middle East and Africa. "NHS Trusts will be required to meet minimum standards on inventory management and we believe that Omnicell automation will be a critical component in helping Trusts achieve these standards and drive savings," he said.
The growing complexity of health care customer needs are answered by the broad Omnicell solutions portfolio. Omnicell medication and supply automation systems help improve patient care by supporting nurses in the hospital wards, pharmacists in central pharmacy, and help to prevent medication errors in the operating room. The company's medication adherence solutions bring this same level of quality and safety to patients in the community, including care homes where Omnicell delivers both medication security and dosing accuracy. Once patients return home, they can be assured that all medications have been designed to be properly dosed and sorted through the company's adherence packaging solutions.
"When Omnicell first entered into the marketplace with Avantec in 2005, we were confident that our innovations and commitment to customer support would provide a great asset to hospitals dedicated to providing exceptional patient care," said Mr. van Dongen. "Today, along with Omnicell medication adherence solutions and the recent acquisition of MACH4 Pharma Systems robotic dispensing systems, we offer a broad spectrum of innovative solutions that can help our U.K. customers advance their care across the continuum of health care."
Omnicell financial guidance for 2015 is adjusted to include the expected results of Avantec Healthcare Limited following the acquisition. Revenue for 2015 was previously expected to be between $492 and $505 million including the expected results from the previously announced MACH4 Pharma Systems acquisition, and is now expected to be between $495 and $510 million. Non-GAAP earnings per share were previously expected to be between $1.31 and $1.36 per share including the previously announced MACH4 acquisition, and are expected to remain between $1.31 and $1.36 per share. Omnicell previously expected 2015 product bookings to be between $398 and $416 million including the expected results from the previously announced MACH4 acquisition, and now expects product bookings between $400 and $420 million with the inclusion of Avantec.
About Omnicell
Since 1992, Omnicell (NASDAQ: OMCL) has been creating new efficiencies to improve patient care, anywhere it is delivered. Omnicell is a leading supplier of comprehensive automation and business analytics software for patient-centric medication and supply management across the entire healthcare continuum— from the acute care hospital setting to post-acute skilled nursing and long-term care facilities to the home.
More than 3,000 customers worldwide have utilized Omnicell Automation and Analytics solutions to increase operational efficiency, reduce errors, deliver actionable intelligence and improve patient safety. Omnicell Medication Adherence solutions, including its MTS Medication Technologies brand, provide innovative medication adherence packaging solutions to help reduce costly hospital readmissions. In addition, these solutions enable approximately 6,000 institutional and retail pharmacies worldwide to maintain high accuracy and quality standards in medication dispensing and administration while optimizing productivity and controlling costs.
For more information about Omnicell, Inc. please visit www.omnicell.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995
This press release contains forward-looking statements, including, but not limited to, statements related to Omnicell's acquisition of Avantec Healthcare Limited and the anticipated benefits thereof, including Omnicell's expectations of future revenue, bookings and earnings, Omnicell's ability to fully support the medication care continuum in the U.K., the combined company's ability to help reduce medication errors, improve patient care and drive quality discharge outcomes and other statements that are not historical facts. These forward-looking statements are based on Omnicell's current expectations and inherently involve significant risks and uncertainties. Actual results and the timing of events could differ materially from those anticipated in such forward-looking statements as a result of these risks and uncertainties, which include, without limitation, risks associated with business combination transactions, such as the risk that acquired business will not be integrated successfully or that such integration may be more difficult, time-consuming or costly than expected; risks related to future opportunities and plans for the combined company, including the reaction of the combined company's customers and potential customers, uncertainty of the expected financial performance, market opportunities and results of the combined company following completion of the proposed acquisition; and the possibility that if Omnicell does not achieve the perceived benefits of the acquisition of Avantec as rapidly or to the extent anticipated by financial analysts or investors, the market price of Omnicell stock could decline; as well as other risks related Omnicell's business, and those other risks detailed from time to time under the caption "Risk Factors" and elsewhere in Omnicell's SEC filings and reports, including in the Annual Report on Form 10-K for the year ended December 31, 2014. Omnicell undertakes no duty or obligation to update any forward-looking statements contained in this press release as a result of new information, future events or changes in its expectations.
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