Does Earnings Surprise History Hold Any Clue? While calculating estimates for a company's future earnings, analysts often consider to what extent it has been able to match past consensus estimates. So, it's worth taking a look at the surprise history for gauging its influence on the upcoming number. For the last reported quarter, it was expected that Omnicell would post a loss of $0.08 per share when it actually produced earnings of $0.03, delivering a surprise of +137.50%. Over the last four quarters, the ...

The renowned healthcare technology company has a market capitalization of $1.36 billion. Omnicell surpassed estimates in each of the trailing four quarters, delivering an average negative earnings surprise of 93.2%. Image Source: Zacks Investment Research Macro Concerns Put Pressure on the Bottom Line: Myriad Genetics has been grappling with escalated expenses for a while. Deteriorating international trade, global inflationary pressure leading to a tough situation Estimate Trend Some better-ranked stocks in ...

Omnicell (OMCL) has been gaining from the successful execution of its growth strategies. Yet, macroeconomic concerns continue to impede growth. The stock carries a Zacks Rank #3 (Hold) currently. Omnicell strategizes to offer differentiated, innovative solutions, expand into new markets and grow through strategic partnerships and acquisition of new technologies. The company successfully increased its installed base of Point of Care connected devices through market share gains in the past three years. In 202 ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 ______________________________________________________________________________________________________ FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2024 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Commission File No. 000-33043 OMNI ...

Omnicell, Inc. (OMCL) reported first-quarter 2024 adjusted earnings per share (EPS) of 3 cents compared with 39 cents in the year-ago quarter. However, the metric beat the Zacks Consensus Estimate of a loss of 8 cents per share.Adjustments include one-time expenses like share-based compensations, the amortization of acquired intangibles, acquisition-related expenses, executive transition costs, severance-related expenses and others.GAAP loss was 34 cents per share in the quarter under review compared with 3 ...

May 2, 2024 This presentation contains financial measures that are not calculated in accordance with U.S. generally accepted accounting principles ("GAAP"), including Q1-2024 non-GAAP gross margin, non-GAAP operating expense, nonGAAP EBITDA, and non-GAAP earnings per share, 2017 and Q1-2024 liquidity and 2017 and Q1-2024 net debt/EBITDA, guidance with respect to 2024 non-GAAP EBITDA and non-GAAP earnings per share. Reconciliations of the 2017 and Q1-2024 non-GAAP financial measures to the most directly comp ...

Omnicell (OMCL) came out with quarterly earnings of $0.03 per share, beating the Zacks Consensus Estimate of a loss of $0.08 per share. This compares to earnings of $0.39 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 137.50%. A quarter ago, it was expected that this Omnicell Inc. Would post earnings of $0.17 per share when it actually produced earnings of $0.33, delivering a surprise of 94.12%.Over the last four quarters, th ...

Exhibit 99.1 Contact: Kathleen Nemeth Omnicell, Inc. Senior Vice President, Investor Relations 4220 North Freeway 650-435-3318 Fort Worth, TX 76137 Kathleen.Nemeth@Omnicell.com Omnicell Announces First Quarter 2024 Results Results exceed prior first quarter guidance across all metrics Total GAAP revenues of $246 million FORT WORTH, Texas -- May 2, 2024 -- Omnicell, Inc. (NASDAQ:OMCL) ("Omnicell," "we," "our," "us," "management," or the "Company"), a leader in transforming the pharmacy care delivery model, t ...

FORT WORTH, Texas--(BUSINESS WIRE)--Omnicell, Inc. (Nasdaq:OMCL), a leader in transforming the pharmacy care delivery model, will present at the virtual KeyBanc Annual Life Sciences & MedTech Investor Forum on Wednesday, March 20, 2024 at 4:30 p.m. ET. Live and archived webcasts of the presentation will be available through the Omnicell website at: https://ir.omnicell.com/events-and-presentations/ About Omnicell Since 1992, Omnicell has been committed to transforming pharmacy care through outcomes-centri ...

[Part I](index=6&type=section&id=PART%20I) [Business](index=6&type=section&id=Item%201.%20Business) Omnicell leads in medication management, leveraging robotics, software, and services to achieve autonomous pharmacy operations and reduce errors [Overview](index=6&type=section&id=Item%201.%20Business%20-%20Overview) Omnicell transforms pharmacy care by providing an industry-leading medication management infrastructure to achieve zero-error medication management - Omnicell provides a medication management infrastructure that includes robotics, smart devices, intelligent software, and expert services to support the industry vision of the Autonomous Pharmacy[20](index=20&type=chunk) [Business Strategy](index=6&type=section&id=Item%201.%20Business%20-%20Business%20Strategy) Omnicell's strategy addresses pharmacy challenges like labor shortages and errors through automation, focusing on four key market categories for long-term growth - The company identifies major challenges in the pharmacy industry, including budget constraints, labor shortages, drug diversion, and manual processes, as key drivers for the demand for its automation and medication management solutions[21](index=21&type=chunk) - Omnicell's strategic focus is on four main market categories: - **Point of Care**: Expanding dispensing systems within hospitals and ambulatory settings - **Central Pharmacy and IV Compounding**: Automating high-volume, error-prone processes - **Specialty Pharmacy and 340B Program**: Helping health systems optimize programs to improve outcomes and drive savings - **Retail, Institutional, and Payer**: Driving adoption of patient engagement solutions as care shifts to retail and home settings[23](index=23&type=chunk)[28](index=28&type=chunk) [Products and Services](index=7&type=section&id=Item%201.%20Business%20-%20Products%20and%20Services) Omnicell provides a comprehensive suite of medication management products and services, including point-of-care automation, central pharmacy solutions, and patient engagement tools - **Point of Care**: XT Series automated dispensing systems for medications and supplies, designed to improve clinician workflows in various hospital departments[26](index=26&type=chunk)[27](index=27&type=chunk) - **Central Pharmacy and IV Compounding**: Comprehensive services combining advanced robotics and expert operators to optimize medication dispensing and IV compounding, aiming to enhance safety and reduce waste[28](index=28&type=chunk)[29](index=29&type=chunk) - **Specialty Pharmacy and 340B**: A fully managed service to help health systems operate in-house specialty pharmacies, including support for payer contracting, staffing, and 340B Program administration[30](index=30&type=chunk) - **Advanced Services**: A combination of robotics, smart devices, intelligent software, and expert services designed to deliver improved medication management outcomes. These include Central Pharmacy Dispensing Service, IV Compounding Service, and EnlivenHealth solutions[43](index=43&type=chunk) [Industry Background and Market](index=9&type=section&id=Item%201.%20Business%20-%20Industry%20Background%20and%20Market) The healthcare market faces rising costs, workforce shortages, and medication non-adherence, driving demand for Omnicell's automation and technology solutions - The U.S. healthcare market faces rising costs, with prescription drug expenditures reaching approximately **$634 billion** in 2022[47](index=47&type=chunk) - Workforce challenges are a top concern for hospital CEOs, with significant shortages of nurses (**90% of CEOs reporting**) and pharmacy technicians (**vacancy rates of 20-30%**)[51](index=51&type=chunk) - Medication non-adherence is a major issue, with an estimated annual cost of **$528 billion** in 2016 due to non-optimized medication therapy[50](index=50&type=chunk) [Government Regulation](index=11&type=section&id=Item%201.%20Business%20-%20Government%20Regulation) Omnicell's global operations are subject to extensive healthcare, data privacy, and medical device regulations, requiring significant compliance efforts and posing potential risks - The company is subject to numerous U.S. and international laws, including healthcare fraud and abuse laws like the Anti-Kickback Statute and the False Claims Act[60](index=60&type=chunk)[61](index=61&type=chunk)[62](index=62&type=chunk) - Omnicell manufactures products classified as Class I and Class II medical devices, which are subject to FDA regulation, including Quality System Regulation and medical device reporting[57](index=57&type=chunk) - The company's handling of personal health information subjects it to data privacy laws like HIPAA in the U.S. and GDPR in Europe, with emerging regulations around AI also impacting its business[55](index=55&type=chunk)[56](index=56&type=chunk) [Sales and Distribution](index=14&type=section&id=Item%201.%20Business%20-%20Sales%20and%20Distribution) Omnicell primarily sells in the US through a direct sales force and GPOs, with lengthy sales cycles for complex automation systems - Approximately **88%** of the company's revenue was generated in the United States for the year ended December 31, 2023[67](index=67&type=chunk) - Sales to members of the ten largest Group Purchasing Organizations (GPOs) and federal agencies under the GSA Contract accounted for approximately **64%** of total consolidated revenues in fiscal year 2023[70](index=70&type=chunk) - The sales cycle for automation systems is long, often taking **12 to 24 months** from initial meeting to installation, due to the cost and complexity of the systems[69](index=69&type=chunk) [Backlog](index=18&type=section&id=Item%201.%20Business%20-%20Backlog) Total backlog decreased to $1.14 billion in 2023, driven by lower product backlog but offset by growth in Advanced Services backlog, indicating a business mix shift Backlog Summary (in thousands) | | December 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | **Total backlog** | **$1,142,686** | **$1,215,462** | | Product backlog | $610,832 | $796,967 | | Advanced Services backlog | $531,854 | $418,495 | - Backlog is defined as the dollar amount of bookings not yet recognized as revenue. While it may not indicate the timing of future revenue due to potential customer changes, it is considered an indication of future revenue generation[93](index=93&type=chunk) [Human Capital Management](index=19&type=section&id=Item%201.%20Business%20-%20Human%20Capital%20Management) Omnicell reduced its workforce to 3,650 employees in 2023 due to restructuring, focusing on engagement, development, and DEIB initiatives - Employee headcount was approximately **3,650** as of December 31, 2023, a decrease of approximately **580** employees from year-end 2022, reflecting restructuring initiatives[98](index=98&type=chunk) - The company conducts an Employee Engagement Survey, achieving a satisfaction score of **68** in September 2023, which was a three-point increase from the beginning of the year but below the Glint benchmark average[99](index=99&type=chunk) - In 2023, the company introduced four Employee Impact Groups (EIGs) focused on Black Inclusion, LGBTQ+, Mental Health & Disability Inclusion, and Women in Technology to shape its DEIB vision and strategy[107](index=107&type=chunk) [Risk Factors](index=22&type=section&id=Item%201A.%20Risk%20Factors) Omnicell faces diverse risks including economic downturns, strategic transition challenges, intense competition, technology issues, regulatory compliance, cybersecurity threats, and financial obligations - **Economic and Demand Risks**: Unfavorable economic conditions, customer labor shortages, and capital budget constraints can reduce demand for the company's capital equipment and solutions, leading to decreased revenues[120](index=120&type=chunk) - **Strategic and Market Risks**: The transition to subscription-based Advanced Services carries risks, including potential temporary revenue reduction and customer retention challenges. The company operates in highly competitive markets and faces pressure on pricing and market share[132](index=132&type=chunk)[142](index=142&type=chunk) - **Legal and Regulatory Risks**: The company is subject to complex healthcare laws (e.g., Anti-Kickback Statute, False Claims Act) and data privacy regulations (e.g., HIPAA, GDPR), with non-compliance potentially leading to significant fines and penalties[149](index=149&type=chunk)[182](index=182&type=chunk)[186](index=186&type=chunk) - **Data Security and Technology Risks**: Significant disruptions to IT systems or cybersecurity attacks, like the May 2022 ransomware incident, could adversely impact business operations and reputation. Errors in Advanced Services could also expose the company to liability[133](index=133&type=chunk)[166](index=166&type=chunk) - **Debt and Financial Risks**: The company has substantial debt, including convertible notes, which could impair financial flexibility. Conversion of these notes may dilute stockholder ownership[146](index=146&type=chunk)[225](index=225&type=chunk) [Unresolved Staff Comments](index=51&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports that there are currently no unresolved written comments from the staff of the U.S. Securities and Exchange Commission (SEC) - There are no unresolved issues with respect to any SEC staff's written comments[235](index=235&type=chunk) [Cybersecurity](index=52&type=section&id=Item%201C.%20Cybersecurity) Omnicell manages cybersecurity risk through a comprehensive program overseen by its Audit Committee, implementing enhanced defenses following a 2022 ransomware incident - The Audit Committee of the Board of Directors is primarily responsible for overseeing the company's information security and technology risks, including cybersecurity[237](index=237&type=chunk) - Following a May 4, 2022 ransomware incident, the company implemented a three-pronged approach to enhance security, focusing on reducing exposure, raising security awareness, and strengthening defenses through measures like multifactor authentication and Endpoint Detection and Response solutions[240](index=240&type=chunk)[241](index=241&type=chunk) - The company does not believe the 2022 ransomware incident, or other identified cyber risks, have had or will have a material adverse effect on its business, operating results, cash flow, or financial condition[246](index=246&type=chunk) [Properties](index=55&type=section&id=Item%202.%20Properties) Omnicell operates its headquarters and several other key leased facilities across the US, UK, and Germany for administration, manufacturing, and R&D Material Leased Facilities | Site | Major Activity | Approximate Square Footage | | :--- | :--- | :--- | | St. Petersburg, Florida | Administration, R&D, sales, manufacturing | 167,700 | | Warrendale, Pennsylvania | Manufacturing and R&D | 107,400 | | Cranberry Township, PA | Administration, R&D, sales, support | 58,400 | | Irlam, United Kingdom | Administration, sales, distribution | 61,000 | | Milpitas, California | Administration, manufacturing, R&D | 46,300 | | Fort Worth, Texas | Administration, sales, R&D | 34,400 | [Legal Proceedings](index=55&type=section&id=Item%203.%20Legal%20Proceedings) Omnicell is involved in routine legal proceedings, with management assessing no material impact on financial position or operations - The company has not recorded any material accrual for contingent liabilities from legal proceedings, as it believes a material loss is not probable, and any possible range of loss cannot be reasonably estimated[578](index=578&type=chunk) [Mine Safety Disclosures](index=55&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[251](index=251&type=chunk) [Part II](index=56&type=section&id=PART%20II) [Market for Registrant's Common Equity, Related Stockholder Matters, and Issuer Purchases of Equity Securities](index=56&type=section&id=Item%205.%20Market%20for%20Registrant%27s%20Common%20Equity%2C%20Related%20Stockholder%20Matters%2C%20and%20Issuer%20Purchases%20of%20Equity%20Securities) Omnicell's common stock trades on NASDAQ (OMCL); the company has never paid dividends and did not repurchase shares in 2023 - The company's common stock is traded on the NASDAQ Global Select Market under the symbol "OMCL"[254](index=254&type=chunk) - Omnicell has never declared or paid cash dividends and does not expect to in the foreseeable future[255](index=255&type=chunk) - No shares of common stock were repurchased during the year ended December 31, 2023[260](index=260&type=chunk) 5-Year Cumulative Total Return Comparison | | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | | :--- | :--- | :--- | :--- | :--- | :--- | :--- | | Omnicell, Inc. | $100.00 | $133.44 | $195.98 | $294.64 | $82.33 | $61.45 | | NASDAQ Composite | $100.00 | $136.69 | $198.10 | $242.03 | $163.28 | $236.17 | | NASDAQ Health Care | $100.00 | $110.75 | $140.85 | $126.71 | $95.29 | $96.06 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=57&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) In 2023, Omnicell's revenue declined 11% to $1.15 billion, resulting in a net loss, yet operating cash flow significantly improved to $181.1 million [Results of Operations](index=69&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations%20-%20Results%20of%20Operations) Total revenues decreased 11% to $1.15 billion in 2023, driven by lower product sales, partially offset by service revenue growth, leading to a $20.1 million pre-tax loss Total Revenues (in thousands) | | Year Ended Dec 31, 2023 | Year Ended Dec 31, 2022 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Product revenues | $708,561 | $903,222 | $(194,661) | (22)% | | Services and other revenues | $438,551 | $392,725 | $45,826 | 12% | | **Total revenues** | **$1,147,112** | **$1,295,947** | **$(148,835)** | **(11)%** | Gross Profit (in thousands) | | Year Ended Dec 31, 2023 | Year Ended Dec 31, 2022 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Gross profit | $496,840 | $588,987 | $(92,147) | (16)% | | Gross margin | 43% | 45% | | | - Selling, general, and administrative expenses decreased by **$51.7 million** (**11%**) in 2023, primarily due to lower employee-related expenses, consulting fees, commissions, and freight costs[332](index=332&type=chunk) - The company recorded a provision for income taxes of **$0.3 million** on a loss before taxes of **$20.1 million** in 2023, resulting in a negative effective tax rate of **1%**[335](index=335&type=chunk) [Liquidity and Capital Resources](index=71&type=section&id=Item%207.%20Management%27s%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations%20-%20Liquidity%20and%20Capital%20Resources) Omnicell's cash position improved to $468.0 million in 2023, with operating cash flow significantly increasing to $181.1 million, supported by an undrawn $350.0 million credit facility Cash Position and Working Capital (in thousands) | | December 31, 2023 | December 31, 2022 | | :--- | :--- | :--- | | Cash and cash equivalents | $467,972 | $330,362 | | Working capital | $559,779 | $453,366 | Summary of Cash Flows (in thousands) | | Year Ended Dec 31, 2023 | Year Ended Dec 31, 2022 | | :--- | :--- | :--- | | Net cash provided by operating activities | $181,094 | $77,781 | | Net cash used in investing activities | $(55,016) | $(58,669) | | Net cash provided by (used in) financing activities | $23,420 | $(20,953) | - On October 10, 2023, the company entered into a Second Amended and Restated Credit Agreement, providing for a **$350.0 million** revolving credit facility expiring in 2028. As of December 31, 2023, there was no outstanding balance[342](index=342&type=chunk)[343](index=343&type=chunk) [Quantitative and Qualitative Disclosures About Market Risk](index=74&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) Omnicell faces market risks from foreign currency fluctuations, primarily British Pound and Euro, and interest rate changes affecting its fixed-rate convertible notes - The company is exposed to foreign currency exchange rate fluctuations, with the most significant exposure related to the British Pound and the Euro. No foreign exchange forward contracts were outstanding as of December 31, 2023[359](index=359&type=chunk)[360](index=360&type=chunk) - Interest rate risk exists through borrowing activities. The convertible senior notes have a fixed interest rate, but their fair value is impacted by market rate changes. The fair market value of the notes was **$527.2 million** as of December 31, 2023, compared to a carrying value of **$569.7 million**[361](index=361&type=chunk) [Controls and Procedures](index=75&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management and independent auditors concluded Omnicell's disclosure controls and internal control over financial reporting were effective as of December 31, 2023 - Management, including the principal executive and financial officers, concluded that the company's disclosure controls and procedures were effective as of December 31, 2023[366](index=366&type=chunk) - Management concluded that the company's internal control over financial reporting was effective as of December 31, 2023, based on the COSO framework[368](index=368&type=chunk) - Deloitte & Touche LLP, the independent registered public accounting firm, issued an unqualified attestation report on the company's internal control over financial reporting as of December 31, 2023[369](index=369&type=chunk) [Part III](index=78&type=section&id=PART%20III) Part III incorporates information on directors, executive compensation, security ownership, and related party transactions by reference from the 2024 Proxy Statement [Directors, Executive Officers and Corporate Governance](index=78&type=section&id=Item%2010.%20Directors%2C%20Executive%20Officers%20and%20Corporate%20Governance) Information regarding directors, executive officers, the audit committee, and the code of conduct is incorporated by reference from the company's definitive Proxy Statement for the 2024 Annual Meeting of Stockholders - Information required by this item is incorporated by reference from the company's forthcoming Proxy Statement[376](index=376&type=chunk)[377](index=377&type=chunk)[378](index=378&type=chunk) [Executive Compensation](index=78&type=section&id=Item%2011.%20Executive%20Compensation) Information regarding director and executive officer compensation, Compensation Committee interlocks, and the Compensation Committee Report is incorporated by reference from the company's definitive Proxy Statement for the 2024 Annual Meeting of Stockholders - Information required by this item is incorporated by reference from the company's forthcoming Proxy Statement[380](index=380&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=78&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Information regarding security ownership of certain beneficial owners and management, as well as securities authorized for issuance under equity compensation plans, is incorporated by reference from the company's definitive Proxy Statement for the 2024 Annual Meeting of Stockholders - Information required by this item is incorporated by reference from the company's forthcoming Proxy Statement[381](index=381&type=chunk) [Certain Relationships, Related Transactions and Director Independence](index=78&type=section&id=Item%2013.%20Certain%20Relationships%2C%20Related%20Transactions%20and%20Director%20Independence) Information regarding related party transactions and director independence is incorporated by reference from the company's definitive Proxy Statement for the 2024 Annual Meeting of Stockholders - Information required by this item is incorporated by reference from the company's forthcoming Proxy Statement[382](index=382&type=chunk)[383](index=383&type=chunk) [Principal Accountant Fees and Services](index=79&type=section&id=Item%2014.%20Principal%20Accountant%20Fees%20and%20Services) Information regarding principal accountant fees and services is incorporated by reference from the company's definitive Proxy Statement for the 2024 Annual Meeting of Stockholders - Information required by this item is incorporated by reference from the company's forthcoming Proxy Statement[383](index=383&type=chunk) [Part IV](index=80&type=section&id=PART%20IV) [Exhibits and Financial Statement Schedules](index=80&type=section&id=Item%2015.%20Exhibits%20and%20Financial%20Statement%20Schedules) This section lists consolidated financial statements, the independent auditor's report, and all exhibits filed with the Form 10-K - This item lists the consolidated financial statements and exhibits included as part of the Annual Report on Form 10-K[386](index=386&type=chunk) [Financial Statements and Supplementary Data](index=81&type=section&id=Financial%20Statements%20and%20Supplementary%20Data) [Reports of Independent Registered Public Accounting Firms](index=81&type=section&id=Reports%20of%20Independent%20Registered%20Public%20Accounting%20Firms) Deloitte & Touche LLP issued unqualified opinions on Omnicell's 2023 financial statements and internal controls, noting critical audit matters in inventory and software capitalization - Deloitte & Touche LLP issued an unqualified opinion on the consolidated financial statements as of December 31, 2023[390](index=390&type=chunk) - The firm also issued an unqualified opinion on the effectiveness of the company's internal control over financial reporting as of December 31, 2023[391](index=391&type=chunk)[404](index=404&type=chunk) - The audit identified two Critical Audit Matters: Inventory Valuation, due to judgments on excess and slow-moving inventory, and Capitalized Software Development Costs, due to the subjectivity in determining which costs to capitalize[395](index=395&type=chunk)[399](index=399&type=chunk) [Consolidated Financial Statements](index=86&type=section&id=Consolidated%20Financial%20Statements) Omnicell's 2023 consolidated financial statements show $2.23 billion in assets, a $20.4 million net loss on $1.15 billion revenue, and $181.1 million in operating cash flow Consolidated Balance Sheets (in thousands) | | Dec 31, 2023 | Dec 31, 2022 | | :--- | :--- | :--- | | Total current assets | $927,571 | $881,812 | | Total assets | $2,226,878 | $2,210,758 | | Total current liabilities | $367,792 | $428,446 | | Total liabilities | $1,037,924 | $1,080,621 | | Total stockholders' equity | $1,188,954 | $1,130,137 | Consolidated Statements of Operations (in thousands, except per share data) | | Year Ended Dec 31, 2023 | Year Ended Dec 31, 2022 | | :--- | :--- | :--- | | Total revenues | $1,147,112 | $1,295,947 | | Gross profit | $496,840 | $588,987 | | Income (loss) from operations | $(34,868) | $(2,323) | | Net income (loss) | $(20,371) | $5,648 | | Diluted net income (loss) per share | $(0.45) | $0.12 | [Notes to Consolidated Financial Statements](index=92&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) Notes detail Omnicell's accounting policies, debt, leases, and significant 2023 events including $15.5 million in restructuring expenses and ransomware incident costs - **Revenue Recognition**: Revenue for complex products is recognized upon installation and acceptance, while consumables revenue is recognized upon shipment. Services revenue is recognized over time[441](index=441&type=chunk)[450](index=450&type=chunk) - **Debt**: The company has a **$350.0 million** revolving credit facility (undrawn at year-end) and **$575.0 million** in **0.25%** convertible senior notes due 2025, with a net carrying value of **$569.7 million**[547](index=547&type=chunk)[554](index=554&type=chunk)[562](index=562&type=chunk) - **Restructuring**: The company recognized **$15.5 million** in employee-related restructuring expenses in 2023 related to headcount and real estate footprint reductions[621](index=621&type=chunk)[622](index=622&type=chunk)[623](index=623&type=chunk) - **Ransomware Incident**: As of Dec 31, 2023, the company has incurred **$13.6 million** in cumulative expenses related to the May 2022 ransomware incident, offset by **$12.2 million** in insurance recoveries[576](index=576&type=chunk)