Omnicell, Inc. OMCL recently introduced OmniSphere, a next-generation, cloud-native software workflow engine and data platform. The new platform is designed to leverage the full power of a cloud-native architecture and seamlessly integrate robotics and smart devices to support more secure, data-driven medication management across the continuum of care.
OMCL Stock’s Trend Following the News
Subsequent to the news, OMCL’s share price moved north marginally by 0.1% to $47.14 Tuesday. Earlier this year, Omnicell announced XT Amplify, a multi-year program intended to maximize the value of XT technology investments. The solutions within the XT Amplify program are OmniSphere. The company’s XT Amplify program has been gaining market momentum with several new customers choosing these offerings. Henceforth, we expect OMCL stock to remain positive surrounding the announcement.
OMCL currently has a market capitalization of $2.18 billion. The company delivered an earnings surprise of 3.52% for third quarter 2024.
About Omnicell’s OmniSphere
OmniSphere is intended to create a streamlined interoperable experience by connecting enterprise-wide robotics and smart devices, software workflows and robust analytics meant to deliver optimal end-to-end medication inventory management. This is designed to provide customers with state-of-the-art security through a scalable infrastructure and platform with certified cyber and data security, and improved productivity with one point of access for all cloud-connected Omnicell automation.
This platform also offers enterprise-wide visibility to medication inventory and utilization, and lays the groundwork to leverage AI to provide actionable enterprise insights and optimization opportunities. It will streamline upgrades that are intended to rapidly scale, optimize operations and adapt to evolving demands.
Omicell’s Business Advancements
New offerings and product enhancements across the care continuum include MedChill integration with Follett Refrigerators. Omnicell also collaborated with TrackTraceRX and LSPedia to develop new interface options with Omnicell’s Central Pharmacy Manager software to streamline medication-receiving processes that are intended to support DSCSA requirements.
Additionally, Omnicell’s medication management solutions powered by the OmniCenter platform have received HITRUST Common Security Framework (CSF) certification.
More on the News
Omnicell showcased the company’s full portfolio of outcomes-centric solutions at the American Society of Health-System Pharmacists (ASHP) Midyear 2024 Clinical Meeting and Exhibition on Dec. 8, 2024, in New Orleans, LA.
Omnicell presented the Midday Symposium "Serve Up a Win – Valuable Partnerships to Drive Sterile Compounding and Specialty Pharmacy Outcomes" on Dec. 10.
Industry Prospects Favor Omnicell
Per the Grand View Research report, the global medication management system market was valued at $7.07 billion in 2023 and is expected to grow at a compound rate of 8.8% from 2024 to 2030. The increasing demand to decrease medication errors, the rising number of prescriptions and the growing investment in implementing the medication management system are driving market growth globally.
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Another Development by Omnicell
In August, Omnicell announced Central Med Automation Service, a subscription-based solution. It is designed to help health systems establish and continuously optimize centralized medication management for Consolidated Pharmacy Services Centers (“CPSCs”) and similar operations.
OMCL’s Price Performance
In the past year, shares of OMCL have risen 29.4% compared with the industry's 0.4% growth.
Omnicell’s Zacks Rank and Key Picks
Omnicell currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are Haemonetics HAE, Penumbra PEN and ResMed RMD, each carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Haemonetics has an earnings yield of 5.02% compared with the industry’s 1.18%. Its earnings surpassed the Zacks Consensus Estimate in each of the trailing four quarters, the average surprise being 19.39%. The company’s shares have risen 1.8% compared with the industry’s 23.1% growth in the past year. Estimates for HAE’s 2025 EPS have moved north 0.4% to $4.59 in the past 30 days.
Estimates for Penumbra’s 2024 EPS have moved north 8.1% to $2.79 in the past 30 days. Shares of the company have surged 60.6% in the past year compared with the industry’s growth of 32.7%. PEN’s earnings surpassed estimates in three of the trailing four quarters and missed in one, delivering an average surprise of 10.54%.
Estimates for ResMed’s fiscal 2025 EPS have risen 2.7% in the past 30 days. Shares of the company have surged 86.3% in the past year compared with the industry’s 32.1% growth. RMD’s earnings surpassed estimates in each of the trailing four quarters, the average beat being 6.4%. In the last reported quarter, it delivered an earnings surprise of 8.4%.
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