Omnicell, Inc. (NASDAQ:OMCL) has reported its fiscal year and fourth quarter 2024 results, revealing a strong performance in the final quarter. The company's total revenues for the fourth quarter of 2024 reached $307 million, marking a notable increase of $48 million or 19% from the same period in 2023. However, for the full year ended December 31, 2024, total revenues were $1.112 billion, down $35 million or 3% from the previous year.
The company reported a total GAAP net income of $16 million, or $0.34 per diluted share for the fourth quarter of 2024, compared to a GAAP net loss of $14 million, or $0.32 per diluted share for the same period in 2023. For the full year, the total GAAP net income was $13 million, or $0.27 per diluted share, in contrast to a GAAP net loss of $20 million, or $0.45 per diluted share in 2023.
In terms of non-GAAP metrics, the total non-GAAP net income for the fourth quarter of 2024 was $28 million, or $0.60 per diluted share, compared to $15 million, or $0.33 per diluted share in the fourth quarter of 2023. For the full year, the total non-GAAP net income was $79 million, or $1.71 per diluted share, down from $87 million, or $1.91 per diluted share in 2023. Additionally, the total non-GAAP EBITDA for the fourth quarter of 2024 was $46 million, compared to $24 million for the fourth quarter of 2023. For the full year, the total non-GAAP EBITDA was $136 million, down from $138 million in 2023.
The company's bookings for the year ended December 31, 2024, totaled $923 million, showing an increase of 8% year-over-year from $854 million in 2023. Additionally, Omnicell's total backlog for 2024 was $1.201 billion, compared to $1.143 billion in 2023.
Moving forward, Omnicell is introducing new metrics, including product bookings and annual recurring revenue (ARR). Under the new definitions, product bookings as of December 31, 2024, were $558 million, and the ARR was $580 million.
Looking at the balance sheet, as of December 31, 2024, Omnicell had cash and cash equivalents of $369 million, total debt (net of unamortized debt issuance costs) of $341 million, and total assets of $2.12 billion. Cash flows from operating activities in the fourth quarter of 2024 totaled $56 million, compared to $38 million in the fourth quarter of 2023.
Omnicell also provided guidance for the first quarter and full year of 2025. The guidance includes product bookings in the range of $500 million to $550 million, and ARR in the range of $610 million to $630 million for the full year.
The company has not provided guidance for GAAP net income or GAAP earnings per share but has offered a comprehensive outlook for non-GAAP financial measures, including total revenues, product revenues, service revenues, technical services revenues, SAAS and expert service revenue, non-GAAP EBITDA, and non-GAAP earnings per share for 2025.
Omnicell's recent business highlights include the announcement of Omnisphere, a next-generation, cloud-native software workflow engine and data platform, as well as achieving HITRUST Common Security Framework (CSF) certification for its medication management solutions.
Following these announcements, the company's shares moved -10.5%, and are now trading at a price of $39.72. If you want to know more, read the company's complete 8-K report here.
