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Table\ue000 of\ue000 Contents
UNITED\ue000 STATES
SECURITIES\ue000 AND\ue000 EXCHANGE\ue000 COMMISSION
Washington,\ue000 D.C.\ue000 20549
FORM\ue000 10-K
\u02dd\ue000ANNUAL\ue000 REPORT\ue000 PURSUANT\ue000 TO\ue000 SECTION\ue000 13\ue000 OR\ue000 15(d)\ue000 OF\ue000 THE\ue000 SECURITIES\ue000 EXCHANGE\ue000 ACT\ue000 OF\ue000 1934
For\ue000 the\ue000 fiscal\ue000 year\ue000 ended\ue000 December\ue000 31,\ue000 2008
OR
o\ue000TRANSITION\ue000 REPORT\ue000 PURSUANT\ue000 TO\ue000 SECTION\ue000 13\ue000 OR\ue000 15(d)\ue000 OF\ue000 THE\ue000 SECURITIES\ue000 EXCHANGE\ue000 ACT\ue000 OF\ue000 1934
For\ue000 the\ue000 transition\ue000 period\ue000 from\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000 to\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000
Commission\ue000 File\ue000 No.\ue000 000-33043
OMNICELL,\ue000 INC.
(Exact\ue000 name\ue000 of\ue000 Registrant\ue000 as\ue000 specified\ue000 in\ue000 its\ue000 charter)
Delaware
(State\ue000 or\ue000 other\ue000 jurisdiction\ue000 of\ue000 incorporation\ue000 or\ue000 organization)
\ue000
94-3166458
(IRS\ue000 Employer\ue000 Identification\ue000 No.)

1201\ue000 Charleston\ue000 Road
Mountain\ue000 View,\ue000 CA\ue000 94043
(650)\ue000 251-6100

(Address\ue000 of\ue000 registrant's\ue000 principal\ue000 executive\ue000 offices,\ue000 including\ue000 zip\ue000 code)
(650)\ue000 251-6100
(Registrant's\ue000 telephone\ue000 number,\ue000 including\ue000 area\ue000 code)
\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000Securities\ue000 registered\ue000 pursuant\ue000 to\ue000 Section\ue000 12(b)\ue000 of\ue000 the\ue000 Act:
Title\ue000 of\ue000 each\ue000 class\ue000
\ue000Name\ue000 of\ue000 each\ue000 exchange\ue000 on\ue000 which\ue000 registered\ue000
Common\ue000 Stock,\ue000 $0.001\ue000 par\ue000 value
\ue000
The\ue000 NASDAQ\ue000 Stock\ue000 Market\ue000 LLC
Securities\ue000 registered\ue000 pursuant\ue000 to\ue000 Section\ue000 12(g)\ue000 of\ue000 the\ue000 Act:
None
\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000Indicate\ue000 by\ue000 check\ue000 mark\ue000 if\ue000 the\ue000 registrant\ue000 is\ue000 a\ue000 well-known\ue000 seasoned\ue000 issuer,\ue000 as\ue000 defined\ue000 in\ue000 Rule\ue000 405\ue000 of\ue000 the\ue000 Securities\ue000 Act.\ue000 Yes\ue000o \ue000 No\ue000\u02dd
\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000Indicate\ue000 by\ue000 check\ue000 mark\ue000 if\ue000 the\ue000 registrant\ue000 is\ue000 not\ue000 required\ue000 to\ue000 file\ue000 reports\ue000 pursuant\ue000 to\ue000 Section\ue000 13\ue000 or\ue000 Section\ue000 15(d)\ue000 of\ue000 the\ue000 Act.\ue000 Yes\ue000o \ue000 No\ue000\u02dd
\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000Indicate\ue000 by\ue000 check\ue000 mark\ue000 whether\ue000 the\ue000 registrant\ue000 (1)\ue000 has\ue000 filed\ue000 all\ue000 reports\ue000 required\ue000 to\ue000 be\ue000 filed\ue000 by\ue000 Section\ue000 13\ue000 or\ue000 15(d)\ue000 of\ue000 the\ue000 Securities\ue000 Exchange\ue000 Act\ue000 of\ue000 1934
during\ue000 the\ue000 preceding\ue000 12\ue000 months\ue000 (or\ue000 for\ue000 such\ue000 shorter\ue000 period\ue000 that\ue000 the\ue000 registrant\ue000 was\ue000 required\ue000 to\ue000 file\ue000 such\ue000 reports),\ue000 and\ue000 (2)\ue000 has\ue000 been\ue000 subject\ue000 to\ue000 such\ue000 filing\ue000 requirements
for\ue000 the\ue000 past\ue000 90\ue000 days.\ue000 Yes\ue000\u02dd \ue000 No\ue000o
\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000Indicate\ue000 by\ue000 check\ue000 mark\ue000 if\ue000 disclosure\ue000 of\ue000 delinquent\ue000 filers\ue000 pursuant\ue000 to\ue000 Item\ue000 405\ue000 of\ue000 Regulation\ue000 S-K\ue000 is\ue000 not\ue000 contained\ue000 herein,\ue000 and\ue000 will\ue000 not\ue000 be\ue000 contained,\ue000 to\ue000 the\ue000 best
of\ue000 registrant's\ue000 knowledge,\ue000 in\ue000 definitive\ue000 proxy\ue000 or\ue000 information\ue000 statements\ue000 incorporated\ue000 by\ue000 reference\ue000 in\ue000 Part\ue000 III\ue000 of\ue000 this\ue000 Form\ue000 10-K\ue000 or\ue000 any\ue000 amendment\ue000 to\ue000 this
Form\ue000 10-K.\ue000o
\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000Indicate\ue000 by\ue000 check\ue000 mark\ue000 whether\ue000 the\ue000 registrant\ue000 is\ue000 a\ue000 large\ue000 accelerated\ue000 filer,\ue000 an\ue000 accelerated\ue000 filer,\ue000 a\ue000 non-accelerated\ue000 filer,\ue000 or\ue000 a\ue000 smaller\ue000 reporting\ue000 company.\ue000 See\ue000 the
definitions\ue000 of\ue000 "large\ue000 accelerated\ue000 filer,"\ue000 "accelerated\ue000 filer"\ue000 and\ue000 "smaller\ue000 reporting\ue000 company"\ue000 in\ue000 Rule\ue000 12b-2\ue000 of\ue000 the\ue000 Exchange\ue000 Act.\ue000 (Check\ue000 one):
Large\ue000 accelerated\ue000 filer\ue000o \ue000
Accelerated\ue000 filer\ue000\u02dd \ue000
Non-accelerated\ue000 filer\ue000o
(Do\ue000 not\ue000 check\ue000 if\ue000 a
smaller\ue000 reporting\ue000 company)
\ue000
Smaller\ue000 reporting\ue000 company\ue000o
\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000Indicate\ue000 by\ue000 check\ue000 mark\ue000 whether\ue000 the\ue000 registrant\ue000 is\ue000 a\ue000 shell\ue000 company\ue000 (as\ue000 defined\ue000 in\ue000 Rule\ue000 12b-2\ue000 of\ue000 the\ue000 Exchange\ue000 Act).\ue000 Yes\ue000o \ue000 No\ue000\u02dd
\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000The\ue000 aggregate\ue000 market\ue000 value\ue000 of\ue000 the\ue000 registrant's\ue000 common\ue000 stock,\ue000 $0.001\ue000 par\ue000 value,\ue000 held\ue000 by\ue000 non-affiliates\ue000 of\ue000 the\ue000 registrant\ue000 as\ue000 of\ue000 June\ue000 30,\ue000 2008\ue000 was

$391.9\ue000 million\ue000 (based\ue000 upon\ue000 the\ue000 closing\ue000 sales\ue000 price\ue000 of\ue000 such\ue000 stock\ue000 as\ue000 reported\ue000 on\ue000 the\ue000 NASDAQ\ue000 Global\ue000 Market\ue000 on\ue000 such\ue000 date)\ue000 which\ue000 excludes\ue000 an\ue000 aggregate\ue000 of\ue000 1,295,151 shares\ue000 of\ue000 the\ue000 registrant's\ue000 common\ue000 stock\ue000 held\ue000 by\ue000 officers,\ue000 directors\ue000 and\ue000 affiliated\ue000 stockholders.\ue000 For\ue000 purposes\ue000 of\ue000 determining\ue000 whether\ue000 a\ue000 stockholder\ue000 was\ue000 an\ue000 affiliate\ue000 of the\ue000 registrant\ue000 at\ue000 June\ue000 30,\ue000 2008,\ue000 the\ue000 registrant\ue000 has\ue000 assumed\ue000 that\ue000 a\ue000 stockholder\ue000 was\ue000 an\ue000 affiliate\ue000 of\ue000 the\ue000 registrant\ue000 at\ue000 June\ue000 30,\ue000 2008\ue000 if\ue000 such\ue000 stockholder\ue000 (i)\ue000 beneficially owned\ue000 10%\ue000 or\ue000 more\ue000 of\ue000 the\ue000 registrant's\ue000 common\ue000 stock\ue000 and/or\ue000 (ii)\ue000 was\ue000 affiliated\ue000 with\ue000 an\ue000 executive\ue000 officer\ue000 or\ue000 director\ue000 of\ue000 the\ue000 registrant\ue000 at\ue000 June\ue000 30,\ue000 2008.\ue000 Exclusion\ue000 of such\ue000 shares\ue000 should\ue000 not\ue000 be\ue000 construed\ue000 to\ue000 indicate\ue000 that\ue000 any\ue000 such\ue000 person\ue000 possesses\ue000 the\ue000 power,\ue000 direct\ue000 or\ue000 indirect,\ue000 to\ue000 direct\ue000 or\ue000 cause\ue000 the\ue000 direction\ue000 of\ue000 the\ue000 management\ue000 or policies\ue000 of\ue000 the\ue000 registrant\ue000 or\ue000 that\ue000 such\ue000 person\ue000 is\ue000 controlled\ue000 by\ue000 or\ue000 under\ue000 common\ue000 control\ue000 with\ue000 the\ue000 registrant.

\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000As\ue000 of\ue000 February\ue000 9,\ue000 2009,\ue000 there\ue000 were\ue000 31,344,277\ue000 shares\ue000 of\ue000 the\ue000 registrant's\ue000 common\ue000 stock,\ue000 $0.001\ue000 par\ue000 value,\ue000 outstanding.
DO CUMENTS\ue000 INCO RPORATED\ue000 BY\ue000 REFERENCE
\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000Portions\ue000 of\ue000 the\ue000 registrant's\ue000 definitive\ue000 Proxy\ue000 Statement\ue000 for\ue000 the\ue000 2009\ue000 Annual\ue000 Meeting\ue000 of\ue000 Stockholders\ue000 to\ue000 be\ue000 filed\ue000 with\ue000 the\ue000 Securities\ue000 and\ue000 Exchange
Commission\ue000 pursuant\ue000 to\ue000 Regulation\ue000 14A\ue000 not\ue000 later\ue000 than\ue000 120\ue000 days\ue000 after\ue000 the\ue000 end\ue000 of\ue000 the\ue000 fiscal\ue000 year\ue000 covered\ue000 by\ue000 this\ue000 Form\ue000 10-K\ue000 are\ue000 incorporated\ue000 by\ue000 reference\ue000 in
Part\ue000 III,\ue000 Items\ue000 10-14\ue000 of\ue000 this\ue000 Form\ue000 10-K.
Table\ue000 of\ue000 Contents
OMNICELL,\ue000 INC.
2008\ue000 Form\ue000 10-K\ue000 Annual\ue000 Report
Table\ue000 of\ue000 Contents
\ue000
\ue000 \ue000
\ue000Page\ue000 No.
PART\ue000 I
Item\ue000 1.
\ue000
Business
\ue000
3
Item\ue000 1A.\ue000
Risk\ue000 Factors
\ue000
15
Item\ue000 1B.
\ue000
Unresolved\ue000 Staff\ue000 Comments
\ue000
26
Item\ue000 2.
\ue000
Properties
\ue000
26
Item\ue000 3.
\ue000
Legal\ue000 Proceedings
\ue000
27
Item\ue000 4.
\ue000
Submission\ue000 of\ue000 Matters\ue000 to\ue000 a\ue000 Vote\ue000 of\ue000 Security\ue000 Holders
\ue000
27
PART\ue000 II
Item\ue000 5.
\ue000
Market\ue000 for\ue000 Registrant's\ue000 Common\ue000 Equity,\ue000 Related\ue000 Stockholder\ue000 Matters\ue000 and\ue000 Issuer\ue000 Purchases\ue000 of\ue000 Equity\ue000 Securities\ue000
28
Item\ue000 6.
\ue000
Selected\ue000 Financial\ue000 Data
\ue000
30
Item\ue000 7.
\ue000
Management's\ue000 Discussion\ue000 and\ue000 Analysis\ue000 of\ue000 Financial\ue000 Condition\ue000 and\ue000 Results\ue000 of\ue000 Operations
\ue000
32
Item\ue000 7A.\ue000
Quantitative\ue000 and\ue000 Qualitative\ue000 Disclosures\ue000 About\ue000 Market\ue000 Risk
\ue000
44
Item\ue000 8.
\ue000
Financial\ue000 Statements\ue000 and\ue000 Supplementary\ue000 Data
\ue000
44
Item\ue000 9.
\ue000
Changes\ue000 in\ue000 and\ue000 Disagreements\ue000 with\ue000 Accountants\ue000 on\ue000 Accounting\ue000 and\ue000 Financial\ue000 Disclosure
\ue000
45
Item\ue000 9A.\ue000
Controls\ue000 and\ue000 Procedures
\ue000
45
Item\ue000 9B.
\ue000
Other\ue000 Information
\ue000
45
PART\ue000III
Item\ue000 10.
\ue000
Directors,\ue000 Executive\ue000 Officers\ue000 and\ue000 Corporate\ue000 Governance
\ue000
46
Item\ue000 11.
\ue000
Executive\ue000 Compensation
\ue000
46
Item\ue000 12.
\ue000
Security\ue000 Ownership\ue000 of\ue000 Certain\ue000 Beneficial\ue000 Owners\ue000 and\ue000 Management\ue000 and\ue000 Related\ue000 Stockholder\ue000 Matters
\ue000
46
Item\ue000 13.
\ue000
Certain\ue000 Relationships,\ue000 Related\ue000 Transactions,\ue000 and\ue000 Director\ue000 Independence
\ue000
47
Item\ue000 14.
\ue000
Principal\ue000 Accountant\ue000 Fees\ue000 and\ue000 Services
\ue000
47
PART\ue000 IV
Item\ue000 15.
\ue000
Exhibits\ue000 and\ue000 Financial\ue000 Statement\ue000 Schedules
\ue000
48
\ue000
Reports\ue000 of\ue000 Independent\ue000 Registered\ue000 Public\ue000 Accounting\ue000 Firm
\ue000
F-1
OTHER
Signatures
\ue000
S-1
2
Table\ue000 of\ue000 Contents
PART\ue000 I
ITEM\ue000 1.\ue000\ue000\ue000\ue000 BUSINESS
\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000This\ue000 Annual\ue000 Report\ue000 on\ue000 Form\ue000 10-K\ue000 contains\ue000 forward-looking\ue000 statements.\ue000 The\ue000 forward-looking\ue000 statements\ue000 are\ue000 contained\ue000 principally\ue000 in
the\ue000 sections\ue000 entitled\ue000 "Risk\ue000 Factors,"\ue000 "Management's\ue000 Discussion\ue000 and\ue000 Analysis\ue000 of\ue000 Financial\ue000 Condition\ue000 and\ue000 Results\ue000 of\ue000 Operations"\ue000 and
"Business."\ue000 These\ue000 statements\ue000 involve\ue000 known\ue000 and\ue000 unknown\ue000 risks,\ue000 uncertainties\ue000 and\ue000 other\ue000 factors\ue000 which\ue000 may\ue000 cause\ue000 our\ue000 actual\ue000 results,
p
erformance\ue000 or\ue000 achievements\ue000 to\ue000 be\ue000 materially\ue000 different\ue000 from\ue000 any\ue000 future\ue000 results,\ue000 performances\ue000 or\ue000 achievements\ue000 expressed\ue000 or\ue000 implied\ue000 by\ue000 the
f
orward-looking\ue000 statements.\ue000 Forward-looking\ue000 statements\ue000 include,\ue000 but\ue000 are\ue000 not\ue000 limited\ue000 to,\ue000 statements\ue000 about:
\u2022
the\ue000 extent\ue000 and\ue000 timing\ue000 of\ue000 future\ue000 revenues;
\u2022
the\ue000 size\ue000 or\ue000 growth\ue000 of\ue000 our\ue000 market\ue000 or\ue000 market-\ue000 share;
\u2022
the\ue000 opportunity\ue000 presented\ue000 by\ue000 new\ue000 products\ue000 or\ue000 emerging\ue000 markets;
\u2022
the\ue000 operating\ue000 margins\ue000 or\ue000 earnings\ue000 per\ue000 share\ue000 goals\ue000 we\ue000 may\ue000 set;
\u2022
our\ue000 ability\ue000 to\ue000 protect\ue000 our\ue000 intellectual\ue000 property\ue000 and\ue000 operate\ue000 our\ue000 business\ue000 without\ue000 infringing\ue000 upon\ue000 the\ue000 intellectual\ue000 property
rights\ue000 of\ue000 others;\ue000 and
\u2022
our\ue000 estimates\ue000 regarding\ue000 the\ue000 sufficiency\ue000 of\ue000 our\ue000 cash\ue000 resources.
\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000In\ue000 some\ue000 cases,\ue000 you\ue000 can\ue000 identify\ue000 forward-looking\ue000 statements\ue000 by\ue000 terms\ue000 such\ue000 as\ue000 "anticipates,"\ue000 "believes,"\ue000 "could,"\ue000 "estimates,"\ue000 "expects,"
"intends,"\ue000 "may,"\ue000 "plans,"\ue000 "potential,"\ue000 "predicts,"\ue000 "projects,"\ue000 "should,"\ue000 "will,"\ue000 "would"\ue000 and\ue000 similar\ue000 expressions\ue000 intended\ue000 to\ue000 identify
f

orward-looking\ue000 statements.\ue000 Forward-looking\ue000 statements\ue000 reflect\ue000 our\ue000 current\ue000 views\ue000 with\ue000 respect\ue000 to\ue000 future\ue000 events,\ue000 are\ue000 based\ue000 on\ue000 assumptions
and\ue000 are\ue000 subject\ue000 to\ue000 risks\ue000 and\ue000 uncertainties.\ue000 We\ue000 discuss\ue000 many\ue000 of\ue000 these\ue000 risks\ue000 in\ue000 this\ue000 Annual\ue000 Report\ue000 on\ue000 Form\ue000 10-K\ue000 in\ue000 greater\ue000 detail\ue000 in\ue000 the
section\ue000 entitled\ue000 "Risk\ue000 Factors"\ue000 under\ue000 Part\ue000 I,\ue000 Item\ue000 1A\ue000 below.\ue000 Given\ue000 these\ue000 uncertainties,\ue000 you\ue000 should\ue000 not\ue000 place\ue000 undue\ue000 reliance\ue000 on\ue000 these

f

orward-looking\ue000 statements.\ue000 Also,\ue000 forward-looking\ue000 statements\ue000 represent\ue000 our\ue000 estimates\ue000 and\ue000 assumptions\ue000 only\ue000 as\ue000 of\ue000 the\ue000 date\ue000 of\ue000 this\ue000 Annual
Report\ue000 on\ue000 Form\ue000 10-K.\ue000 You\ue000 should\ue000 read\ue000 this\ue000 Annual\ue000 Report\ue000 on\ue000 Form\ue000 10-K\ue000 and\ue000 the\ue000 documents\ue000 that\ue000 we\ue000 reference\ue000 in\ue000 this\ue000 Annual\ue000 Report\ue000 on
Form\ue000 10-K\ue000 and\ue000 have\ue000 filed\ue000 as\ue000 exhibits,\ue000 completely\ue000 and\ue000 with\ue000 the\ue000 understanding\ue000 that\ue000 our\ue000 actual\ue000 future\ue000 results\ue000 may\ue000 be\ue000 materially\ue000 different\ue000 from
what\ue000 we\ue000 expect.\ue000 All\ue000 references\ue000 in\ue000 this\ue000 report\ue000 to\ue000 "Omnicell,\ue000 Inc.,"\ue000 "Omnicell,"\ue000 "our,"\ue000 "us,"\ue000 "we,"\ue000 or\ue000 the\ue000 "Company"\ue000 collectively\ue000 refer\ue000 to
Omnicell,\ue000 Inc.,\ue000 a\ue000 Delaware\ue000 corporation,\ue000 and\ue000 its\ue000 subsidiaries.

\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000Except\ue000 as\ue000 required\ue000 by\ue000 law,\ue000 we\ue000 assume\ue000 no\ue000 obligation\ue000 to\ue000 update\ue000 any\ue000 forward-\ue000 looking\ue000 statements\ue000 publicly,\ue000 or\ue000 to\ue000 update\ue000 the\ue000 reasons
actual\ue000 results\ue000 could\ue000 differ\ue000 materially\ue000 from\ue000 those\ue000 anticipated\ue000 in\ue000 any\ue000 forward-looking\ue000 statements,\ue000 even\ue000 if\ue000 new\ue000 information\ue000 becomes\ue000 available
in\ue000 the\ue000 future.
\ue000\ue000\ue000\ue000\ue000\ue000\ue000\ue000We\ue000 own\ue000 various\ue000 trademarks,\ue000 copyrights\ue000 and\ue000 trade\ue000 names\ue000 used\ue000 in\ue000 our\ue000 business,\ue000 including\ue000 the\ue000 following:\ue000 Executive\ue000 Advisor\u2122,

OmniRx\u00ae,\ue000 SafetyMed\u00ae,\ue000 SafetyStock\u00ae,\ue000 \u00ae,\ue000 vSuite\u2122\ue000 ,\ue000 SecureVault\u00ae,\ue000 WorkflowRx\u2122,\ue000 Omnicell\u00ae,\ue000 the\ue000 Omnicell\ue000 logo,\ue000 OmniCenter\u00ae,
OmniLinkRx\u00ae,\ue000 DecisionCenter\u00ae,\ue000 MedCache\u00ae,\ue000 ScanReq\u00ae,\ue000 Sure-Med\u00ae,\ue000 BCX\ue000 Technology\u00ae,\ue000 Rio\u00ae\ue000 and\ue000 the\ue000 Rio\ue000 logo,\ue000 Freedom\u00ae,\ue000 Liberty\u00ae,
Alliance\u00ae\ue000 and\ue000 Allegiance\u00ae.\ue000 This\ue000 report\ue000 also\ue000 includes\ue000 other\ue000 trademarks,\ue000 service\ue000 marks\ue000 and\ue000 trade\ue000 names\ue000 of\ue000 other\ue000 companies.\ue000 All\ue000 other\ue000 trade
names\ue000 used\ue000 in\ue000 this\ue000 report\ue000 are\ue000 trademarks\ue000 of\ue000 their\ue000 respective\ue000 holders.

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