Q1 2026 revenue was $309.9M, up about 15% year over year, with GAAP operating income of $16.9M.
From Portfolio Manager reports
Security report / OMCL
Omnicell Operating Console
Omnicell is a conditional health-care automation recovery. Q1 2026 showed better revenue, operating income, cash flow, and raised non-GAAP EBITDA guidance, but the next proof window is bookings, RPO, ARR, service growth, GAAP quality, and cash conversion.
Ticker
OMCL
Knowledge reviewed
2026-07-04
Links checked
2026-07-05
Chart source
Local API
Module 01 / Price
API required
Selected-Security Chart
Loading OMCL daily chart from the local report API.
Loading OMCL chart...
Module 02 / Proof window
Execution test
Current Company View
Next read
Product bookings must hold within or above the $510M-$560M FY2026 guide while ARR, RPO, service growth, and cash quality improve.
FY2025 product bookings fell 4% to $535M, and Q1 RPO not in deferred revenue slipped to $382.9M from $388.0M at year-end 2025.
At the July 2 close of $43.03, research estimates roughly $1.89B of enterprise value, about 1.5x FY2026 revenue guide midpoint.
Q2-Q4 revenue, product bookings, ARR, service revenue, OmniSphere and Titan XT adoption, non-GAAP bridge quality, and operating cash flow.
Q1 revenue
$309.9M
About 15% year-over-year growth
FY2025 bookings
$535M
Product bookings down 4%
FY2026 bookings guide
$510M-$560M
Durability proof point
ARR guide
$680M-$700M
Recurring-quality test
Q1 cash / debt
$239.2M / $167.9M
Cash and convertible debt carrying value
Q1 OCF / capex
$54.5M / $12.4M
Cash conversion improved
Trade Plan
Selected Security Trade Plan
Exposure Map
Business Profile, Segments, And Exposure
Omnicell reports one segment, so product and service categories carry the useful exposure read.
Business model
Medication-management automation
Omnicell sells automated dispensing, pharmacy automation, connected devices, software, consumables, technical services, SaaS, and expert services mainly to health systems and pharmacies.
Disclosure map
One reportable segment
Product and service revenue are visible, but profitability by product, service, customer type, geography, Titan XT, or OmniSphere is not separately disclosed.
Product cycle
Product revenue was 56.2% of FY2025 revenue.
FY2025 product revenue was $665.7M; Q1 2026 product revenue was $174.8M.
More useful evidence
Bookings above guide, stable RPO, and installation timing that does not pull demand forward.
Service and ARR
Service revenue was 43.8% of FY2025 revenue.
FY2025 service revenue was $519.1M; Q1 2026 service revenue was $135.1M.
More useful evidence
Retention, attach rates, ARR progression, and service growth that reduce capital-equipment cyclicality.
Provider budgets
Automation need does not remove capital-budget risk.
Health-system labor and workflow pressure can support automation, but customer funding, installation, and acceptance cycles gate product demand.
More useful evidence
Provider commentary that funded projects are converting into orders rather than deferred interest.
Input costs
Hardware margins remain exposed to physical supply chains.
Tariff, freight, input-cost, and customer pass-through evidence should be checked against later margin and cash conversion.
More useful evidence
Gross margin bridge, inventory detail, tariff discussion, and working-capital behavior.
Value Driver Board
Relative Value And Value Drivers
The recovery multiple can hold only if demand, recurring mix, margins, cash, and per-share quality improve together.
Bookings
$510M-$560M FY2026 guide
The midpoint is close to FY2025's $535M, so bookings need to prove demand durability.
Next: product bookings, RPO, installation timing, and customer acceptance.
Recurring mix
$680M-$700M ARR guide
ARR and service growth decide whether investors can underwrite a platform read rather than a product cycle.
Next: service revenue, retention, attach rates, Titan XT, and OmniSphere adoption.
Operating leverage
$153M-$168M EBITDA guide
Management raised non-GAAP EBITDA guidance after Q1 without raising revenue guidance.
Next: EBITDA margin, GAAP operating income, SBC, and recurring adjustments.
Cash conversion
$54.5M Q1 operating cash flow
Cash flow improved, but durability must include capex, capitalized software, working capital, and dilution.
Next: free cash flow after capex and software development plus share count.
Guidance Tests
Guidance Path And What Changed
Guidance improved the margin case more than the demand case because revenue, bookings, and ARR ranges were not raised.
Can product demand clear the guide?
Confirm product bookings at or above the $510M-$560M FY2026 range with stable RPO.
Warn bookings cuts, further RPO decline, or revenue strength that looks like timing pull-forward.
Did margin guidance improve for durable reasons?
Confirm EBITDA and EPS gains bridge to GAAP operating income and cash flow.
Warn if SBC, restructuring, amortization, or capitalized software dominate the improvement.
Is ARR becoming a real platform signal?
Confirm ARR tracks the $680M-$700M guide with service growth and customer adoption evidence.
Warn ARR or service stagnation while product revenue stays elevated.
Operating Evidence
Operating Evidence And KPIs
These are evidence tiles from the filed lane, not a replacement for the full knowledge page.
$1.185B FY2025; $309.9M Q1
Q1 growth supports a recovery read, but bookings and RPO decide durability.
$382.9M
Q1 RPO not in deferred revenue was down from $388.0M at FY2025 year-end.
$16.9M Q1 2026
GAAP operating income turned positive after FY2025 operating income of only $5.2M.
3.16M shares
About 6.9% of shares outstanding as of 2026-06-15; meaningful, not a standalone thesis.
Capital Ledger
Financial Quality And Capital Allocation
Liquidity is not the main constraint; the harder test is whether non-GAAP improvement becomes GAAP and cash quality.
Financial quality
Balance sheet supports the recovery test
At Q1 2026, cash was $239.2M, convertible debt carrying value was $167.9M, and the $350M revolver was undrawn and available. Balance-sheet risk is manageable, but it does not prove durable demand.
Capital allocation
Buybacks need dilution context
Omnicell repaid 2025 convertible notes and substantially completed a $75M buyback authorization in FY2025. FY2025 SBC was $44.5M versus GAAP net income of $2.1M, so per-share value depends on cash flow, SBC, share count, and 2029 convert or warrant effects.
Position Board
Competitive Position
Omnicell has embedded workflow relevance, but the reported economics still leave the advantage mixed.
What OMCL has
Medication dispensing, pharmacy automation, support, software, and services touch regulated health-system workflows.
Product and service revenue both matter, giving Omnicell more than a single hardware lever.
Cash, undrawn revolver availability, and manageable convert debt reduce near-term financing pressure.
What is not proven
Titan XT and OmniSphere adoption must convert into bookings, ARR, RPO, and service growth.
One-segment reporting limits visibility by product, service, customer type, or geography.
Non-GAAP EBITDA and EPS need to reconcile cleanly with GAAP income, cash flow, and per-share economics.
Street View
Ownership, Flows, Valuation, And Street View
Use street data as dated outside-view context. The operating proof still comes from bookings, ARR, RPO, and cash quality.
$43.03 close on 2026-07-02
The stock was down about 5.0% from the 2025 year-end close but up about 28.9% from the Q1 close.
Dashboard use: event-sensitive recovery, not a fully reset growth multiple.About 1.5x revenue and 11.7x EBITDA guide
Research estimates market cap near $1.96B and enterprise value near $1.89B at the 2026-07-02 close.
Dashboard use: recovery priced, but execution proof still required.$61.29 average target from 8 analysts
Checked 2026-07-05: StockAnalysis showed S&P Global Strong Buy consensus, $55 low, $70 high, and last-checked date of 2026-07-02.
Dashboard use: outside-view upside tied to recovery credibility; aggregator methodology can differ by provider. StockAnalysis OMCL forecast3.16M shares short
Local research captured 2026-06-15 short interest near 6.9% of shares outstanding, up from about 2.67M shares at 2025 year-end.
Dashboard use: skepticism is visible, but holder concentration was not verified.
Scenario Board
Scenario Assessment And Sensitivities
The base case is a conditional recovery; upside needs platform adoption and downside can come from bookings or quality failure.
Base
Q1 margin gains continue, bookings hold within guide, ARR and service revenue progress, and cash conversion remains acceptable.
Upside
Titan XT and OmniSphere adoption convert into bookings and ARR, making the business look more like an embedded automation platform.
Downside
Provider budget constraints, installation delays, weak platform pull, or RPO decline make the Q1 rebound look timing-driven.
Trigger Stack
Monitoring Triggers
These are business evidence checks. Chart overlays remain in the shared overlay registry.
Bookings and RPO
Demand durability check
Confirm bookings inside or above guide with stable or improving RPO.
Warn guide cuts, bookings below range, or continuing RPO decline.
ARR and service
Recurring-quality check
Confirm ARR, service revenue, retention, and attach rates improve together.
Warn ARR or service stagnation while product revenue remains elevated.
GAAP quality
Non-GAAP bridge check
Confirm EBITDA, GAAP operating income, and operating cash flow improve together.
Warn SBC, restructuring, amortization, or capitalized software absorb the improvement.
Provider budgets
Funding conversion check
Confirm provider workflow pressure converts into funded automation orders.
Warn customers defer projects despite labor or medication-management needs.
Risk Punch Cards
Risks, Invalidations, And Quality Flags
The main risks are product-cycle failure, provider budget delays, non-GAAP quality, competition, and per-share leakage.
Provider capital budgets
Basis
Automation need can be real while health systems still defer capital purchases.
Warning
Bookings miss guide, RPO declines, or installation timing stretches.
Reduce concern
Funded orders, RPO stability, and customer acceptance evidence improve.
Product cycle
Basis
FY2025 bookings fell and FY2026 guide midpoint is not a clear acceleration.
Warning
Titan XT or OmniSphere adoption remains narrative instead of orders.
Reduce concern
Bookings, ARR, and service evidence show platform pull.
Non-GAAP quality
Basis
FY2025 SBC was far larger than GAAP net income.
Warning
Adjusted EBITDA and EPS improve without GAAP or cash confirmation.
Reduce concern
Operating income, cash flow, and share-count discipline improve together.
Competition
Basis
Medication-management automation remains competitive.
Warning
Win rates, pricing, platform adoption, or service attach rates disappoint.
Reduce concern
Customer wins and ARR/service growth show stronger installed-base economics.
Per-share value
Basis
Buybacks, SBC, converts, and warrants all affect recovery value per share.
Warning
Dilution offsets buybacks or cash-flow gains.
Reduce concern
Free cash flow funds product investment and per-share discipline.
Disclosure
Basis
One-segment reporting limits product, service, and customer profitability visibility.
Warning
Valuation rises without better mix, retention, or segment evidence.
Reduce concern
ARR, service mix, bookings, and adoption metrics provide cleaner visibility.
Diagnostics
Diagnostics, Freshness, And Known Unknowns
Freshness is explicit because this page is a projection of a filed source lane, not a research refresh.
Freshness
No stale-source warning in the filed lane
Source run
Market data
Web check
Latest filed security source run generated 2026-07-04T22:42:34Z.
Lane market snapshot uses the 2026-07-02 close and 2026-06-15 short-interest date.
Official IR routes and StockAnalysis forecast page checked 2026-07-05.
Known unknowns
Coverage gaps
Call transcripts
Holder and insider detail
Peer set
Latest four earnings-call transcripts were not included in the filed evidence set.
Detailed insider transaction economics and full holder concentration were not verified.
Clean health-care automation and medication-management peer benchmarks remain incomplete.
Source Bay
Links And Filings
Human-useful routes to the source lane, company IR, filings, street context, metadata, and local chart host.
Canonical OMCL knowledge lane
Source-routed company research, claim/evidence map, diagnostics, and known unknowns.
Omnicell investor relations
Official IR landing page with company description, stock route, news, filings, and investor resources.
Omnicell news releases
Company-hosted news and earnings release route checked 2026-07-05.
Quarterly results
Company-hosted quarterly-results route for earnings materials and financial summary items.
Omnicell SEC filings
Company-hosted filings route for 10-Q, 10-K, proxy, 8-K, and ownership forms.
Events and presentations
Company-hosted presentation and event route for future platform-adoption evidence.
Annual reports and proxy
Company-hosted annual report and proxy route for governance and historical filing context.
StockAnalysis OMCL forecast
Dated outside-view analyst target and consensus route; checked 2026-07-05.
Report metadata JSON
Machine provenance, page sections, source trail, chart endpoints, and web freshness notes.
Fallback chart page
Universal security chart route for OMCL when a detailed page is not needed.
Local chart API: supplies the daily 9-month and weekly 5-year OMCL chart views.
Chart overlays: this HTML and JSON do not store page-specific overlay definitions. Shared overlay rules resolve OMCL levels separately if they are added.