Omnicell

Omnicell, Inc.

Type	Public (NASDAQ: OMCL)
Industry	Medication Automation
Founded	1992
Headquarters	Mountain View, CA, USA
Key people	Randall A. Lipps, Chairman, President and CEO Rob G. Seim, Chief Financial Officer and Vice President, Finance J. Christopher Drew, Senior Vice President, Field Operations Dan S. Johnston, Vice President, General Counsel, Secretary Nhat H. Ngo, Vice President, Strategy and Business Development Marga Ortigas-Wedekind, Vice President, Global Marketing and Product Development
Products	hospital / laboratory / physician office products; logistics; clinical services
Revenue	$252 million USD (FY 2008)
Operating income	$17.3 million USD (FY 2008)
Employees	744 (FY 2008)
Website	omnicell.com

Omnicell, Inc. (NASDAQ: OMCL) is a California-based technology company that manufactures and sells automation products and services for hospital pharmacies, nursing units, specialty clinics, and operating rooms. The company's stated goal is to help hospitals improve patient safety and reduce costs, by managing medications and supplies within a single system.

Overview

Omnicell was founded in 1992 by industrial engineer Randall A. Lipps. Lipps began researching hospital management after observing massive waste and inefficiency at a large university hospital during a family member's treatment there. Noting hospitals' lack of adequate systems and processes for dealing with typically large inventories of medications and supplies, Lipps built a prototype of a computerized supply cabinet in his garage, and eventually expanded his idea into a multi-million dollar business.

Omnicell headquarters are in Mountain View, California, with offices in Illinois, Tennessee, Texas, and India. The company sells its products and services to hospitals and specialty health care facilities through a direct sales force in the United States and Canada, and through distributors in Latin America, Europe, the Middle East, Asia, and Australia. Its competitors include AmerisourceBergen Corporation, CareFusion, Cerner Corporation, and McKesson Corporation.

Timeline

• 11/1992: Company founded

• 04/1993: First supply system installed at Sequoia Hospital, Redwood City, CA

• 12/1995: Pharmacy system combined with supplies

• 08/2001: Initial public offering at $7/share

• 11/2002: State of California issues guidelines for medication error reduction plans

• 02/2004: FDA issues bar code regulation

• 09/2007: Omnicell joins S&P Smallcap 600

• 12/2007: Mobile cart technology purchased from Rioux Vision, Inc.

Products and services

Solutions for Central Pharmacy:

• WorkflowRx™ Software - a perpetual inventory management system for the entire central pharmacy inventory.
• Omnicell inventory management carousel and medication packager – equipment that integrates with the WorkflowRx system to automate inventory management and enable bar code scanning of medications.
• SecureVault™ – a controlled substance bar code inventory management system.
• OmniLinkRx™ – a physician order software product that automates communication of medication orders between patient care areas and the pharmacy.

Solutions for Medication Dispensing:

• OmniRx® – a dispensing system that automates the management and dispensing of medications at the point of use.
• Anesthesia Workstation™ – a system for securing and dispensing anesthesia supplies and medications in the operating room.
• Mobile Cart – a compact cart on wheels that functions as a mobile workstation or a secure medication cart.
• SafetyMed® – a mobile nursing work flow automation and bedside bar code medication administration system.
• SinglePointe™ - first fully automated, patient-specific medication management system.
• Anywhere RN™ remote medication management – a web-based application that allows nurses to remotely access Omnicell cabinets from any computer or workstation in the patient care area.

Solutions for Supply Chain Management:

• OmniSupplier® – a cabinet-based automated system for dispensing supplies at the point of use.
• OptiFlex™ – a system for the management of medical-surgical supplies that supports both open and closed systems.
• CARES program - offered through a partnership with Hanger Orthopedic Group, this program helps hospitals manage the dispensing of orthopedic soft goods. www.thecareswebsite.com

Solutions for Tissue Tracking:

• Tissue Center - a system for the management and document control of tissue specimens.

Solutions for Business Analytics:

• Executive Advisor - a web-based service that gathers data from Omnicell automated dispensing systems and provides reports of operational metrics.
• Medication Surveillance – a web-based service that monitors drug utilization 24/7 and alerts staff to potential drug diversion.
• Business Analytics Consulting – Omnicell offers professional consultation to healthcare facilities regarding their medication dispensing and supply management processes.

Service and support programs:

• Omnicell offers a range of training classes, webinars and biomedical service training to support customers in learning how to use and service Omnicell systems. The company has a 24/7 technical support hotline and provides remote and on-site service through a variety of service plans.

References

• Omnicell Official Web Site.
• Yahoo Finance.
• Omnicell Fact Sheet.