Omnicell (OMCL) Q1 2026 earnings summary

Executive summary

• Achieved strong Q1 2026 results with 15% year-over-year revenue growth to $310 million, driven by demand for connected devices, automation, SaaS, and core solutions, with disciplined cost management supporting profitability.

• Strategic focus on expanding market presence, scaling recurring revenue, and advancing next-generation platforms like Titan XT and OmniSphere, which are shifting customer conversations toward enterprise-wide standardization.

• Customer demand remains constructive, with notable wins in large health systems and government organizations, and engagement for new platforms supporting long-term growth.

• Recognized leader in medication management with a 30-year track record and strong presence in over half of the top 300 U.S. health systems.

• Investing in innovation, automation, and expert services to drive recurring revenue and operational efficiency.

Financial highlights

• Q1 2026 total revenue was $310 million, up 15% year-over-year; product revenue reached $175 million (up 20% YoY), service revenue was $135 million (up 8% YoY), and consumables revenue was $26 million.

• Non-GAAP EBITDA was $45 million, up from $24 million a year ago, with a margin of 14.4% (up from 8.7%).

• Non-GAAP EPS was $0.55, up from $0.26 in Q1 2025; GAAP EPS was $0.25, compared to a loss of $0.15.

• Non-GAAP gross margin improved to 45.9% from 42.1% in Q1 2025.

• Free cash flow was $39 million, up from $10 million in the prior year; cash and cash equivalents were $239 million as of March 31, 2026.

Outlook and guidance

• Q2 2026 revenue expected between $307 million and $313 million; non-GAAP EBITDA $37–$42 million; non-GAAP EPS $0.40–$0.48.

• Full-year 2026 revenue guidance maintained at $1.215–$1.255 billion; product revenue $690–$710 million; service revenue $525–$545 million.

• Full-year non-GAAP EBITDA guidance raised to $153–$168 million; non-GAAP EPS to $1.80–$2.00.

• Product bookings expected at $510–$560 million, weighted toward the back half of the year; year-end 2026 ARR expected at $680–$700 million.

• Recurring revenue projected at 52% of total revenue; SaaS and Expert Services expected to comprise 22% of total revenue in 2026.

• Guidance includes $12 million in tariff-related costs and assumes a 15% non-GAAP effective tax rate.