MOUNTAIN VIEW, Calif.,
Dec. 14, 2016 /PRNewswire/
-- Omnicell, Inc. (NASDAQ: OMCL), a leading provider of
medication and supply management solutions and adherence tools to
healthcare systems and pharmacies, today announced the completed
acquisition of Ateb, Inc., together with its Canadian affiliate,
Ateb Canada Ltd. This acquisition reinforces the commitment by
Omnicell to improve patient care and outcomes by simplifying
management of chronic conditions through increased access to
medication adherence solutions.
Ateb is the industry's leading provider of pharmacy-based
patient care solutions and medication synchronization to
independent and chain pharmacies. Ateb's Time My Meds®
is an integrated medication synchronization program that improves
pharmacy performance by providing the foundation for the
appointment-based model of medication refill pickup and
consultation. Medication synchronization is the first step in
developing an adherence pharmacy, and acts as a natural precursor
to implementing additional adherence tools such as multi-medication
blister packaging.
Combining Omnicell's SureMed® medication adherence
packaging and related automation with Ateb's innovative patient
engagement platform into one product portfolio uniquely positions
the Company to support pharmacists as they implement and scale
their adherence programs. This acquisition enables pharmacists to
improve patient outcomes in retail settings, addressing the problem
of medication non-adherence – which carries an estimated avoidable
cost of more than $105 billion in the
U.S. alone.i
"By understanding the clinical and fiscal challenges these
providers face, Omnicell now offers a portfolio of products and
services that address the need for improved adherence across the
continuum of care," said Troy
Hilsenroth, RPh, vice president and general manager of
Medication Adherence at Omnicell. "We are excited about the strong
potential of the combined entity, and to continue our mission of
improving adherence and patient outcomes."
Transaction Highlights
The final purchase price paid by Omnicell was approximately
$41 million, which included
cash-on-hand of the acquired companies at the closing. To finance
the acquisition, Omnicell used available cash-on-hand and revolving
loans under its existing senior secured credit facility.
Ateb recorded approximately $27
million of revenue during the 12-month period ended
September 30, 2016. Omnicell expects
the transaction to be accretive immediately on a Non- GAAP basis
and will provide further financial guidance during its 2016 fourth
quarter earnings conference call.
About Omnicell
Since 1992, Omnicell (NASDAQ: OMCL) has been inspired to create
safer and more efficient ways to manage medications and supplies
across all care settings. As a leader in medication and supply
dispensing automation, central pharmacy automation, IV robotics,
analytics software, and medication adherence and packaging systems,
Omnicell is focused on improving care across the entire healthcare
continuum—from the acute care hospital setting, to post-acute
skilled nursing and long-term care facilities, to the patient's
home.
Over 4,000 customers worldwide use Omnicell®
automation and analytics solutions to increase operational
efficiency, reduce medication errors, deliver actionable
intelligence and improve patient safety. The recent acquisition of
Aesynt adds distinct capabilities, particularly in central pharmacy
and IV robotics, creating the broadest medication management
product portfolio in the industry.
The Omnicell SureMed® solution provides innovative
medication adherence packaging to help reduce costly hospital
readmissions. These medication adherence solutions are used by over
32,000 institutional and retail pharmacies in North America and the United Kingdom. These pharmacies are
served via Omnicell's sales channels and our solutions enable them
to maintain high accuracy and quality standards in medication
dispensing and administration while optimizing productivity and
controlling costs.
For more information about Omnicell, Inc. please visit
www.omnicell.com.
Forward-Looking Statements
This release contains "forward-looking statements" within the
meaning of the Private Securities Litigation Reform Act of 1995,
including, but not limited to, statements relating to the
acquisition of Ateb, Inc. and its Canadian affiliate, Ateb Canada
Ltd., and the expected impact of the acquisition, including on the
expected financial results of Omnicell. As such, they are subject
to the occurrence of many events outside Omnicell's control and are
subject to various risk factors that could cause actual results to
differ materially from those expressed or implied in any
forward-looking statement. Risks include, without limitation,
risks associated with business combination transactions, such as
the risk that the businesses will not be integrated successfully,
that such integration may be more difficult, time-consuming or
costly than expected or that the expected benefits of the
acquisition will not occur; risks related to future opportunities
and plans for the combined company, including uncertainty of the
expected financial performance and results of the combined company
following completion of the proposed acquisition; disruption from
the proposed acquisition, making it more difficult to conduct
business as usual or maintain relationships with customers,
employees or suppliers; and the possibility that if the combined
company does not achieve the perceived benefits of the proposed
acquisition as rapidly or to the extent anticipated by financial
analysts or investors, the market price of Omnicell's shares could
decline. Other risks that contribute to the uncertain nature
of the forward-looking statements include our ability to take
advantage of the growth opportunities in medication management
across the spectrum of healthcare settings, including by increasing
patient access to medication adherence solutions through
relationships with pharmacies, unfavorable general economic and
market conditions, risks to growth and acceptance of our products
and services, the potential of increasing competition, potential
regulatory changes and the ability of the company to improve sales
productivity to grow product bookings, to develop new products and
to acquire and successfully integrate companies. These and other
risks and uncertainties are described more fully in Omnicell's most
recent filings with the Securities and Exchange Commission.
Prospective investors are cautioned not to place undue reliance on
forward-looking statements. All forward-looking statements
contained in this press release speak only as of the date on which
they were made. Omnicell undertakes no obligation to update
such statements to reflect events that occur or circumstances that
exist after the date on which they were made.
OMCL-G
Editor's Notes:
- All Omnicell news releases (financial, acquisitions, products,
technology etc.) are issued exclusively by PR Newswire and are
immediately thereafter posted on the company's external website,
omnicell.com.
- Omnicell, the Omnicell logo design, and SureMed are registered
trademarks of Omnicell, Inc.
- All other brand or product names may be trademarks or
registered trademarks of their respective companies.
i IMS Institute for Healthcare Informatics. Avoidable
costs in U.S. healthcare: the $200
billion opportunity from using medicines more responsibly.
June 2013 Available at:
http://www.imshealth.com/deployedfiles/imshealth/
Global/Content/Corporate/IMS%20Institute/RUOM-2013/IHII_Responsible_
Use_Medicines_2013.pdf. Accessed May 7,
2014.
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SOURCE Omnicell, Inc.