Omnicell Announces First Quarter 20...( MOUNTAIN VIEW Calif. April 21 /- ...),Health

MOUNTAIN VIEW, Calif., April 21 /PRNewswire-FirstCall/ -- Omnicell, Inc. (Nasdaq: OMCL), a leading provider of system solutions to acute healthcare facilities, today announced results for its first quarter ended March 31, 2008.

GAAP results: Revenues for the first quarter of 2008 totaled $62.1 million, up $4.1 million or 7.2% from the fourth quarter of 2007 and up $13.9 million or 29.8% from the first quarter of 2007.

First quarter 2008 net income as reported in accordance with U.S. generally accepted accounting principles (GAAP) was $3.7 million, or $0.10 per fully diluted share. This compares to net income of $14.3 million, or $0.39 per fully diluted share in the fourth quarter of 2007, and compares to $4.0 million in the first quarter of 2007, or $0.13 per fully diluted share. The existence and subsequent release of a tax valuation allowance created differences in income tax liabilities which affect the comparability of results for these periods:

1. Excluding the partial reversal of a tax valuation allowance, the

effective tax rate in 2007 was 6% in the first quarter and 3% in the

fourth quarter. These low tax rates were due to the availability of a

valuation allowance to offset our tax liabilities.

2. The fourth quarter of 2007 included an income tax benefit related to

the partial reversal of a tax valuation allowance totaling $7.2

million, or $0.20 per fully diluted share.

3. Due to the release of the valuation allowance in the prior quarter, our

effective tax rate in the first quarter of 2008 increased to a

statutory rate of 40.5%.

Non-GAAP results: Non-GAAP net income for the first quarter of 2008 was $6.8 million, or $0.
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