Omnicell (OMCL) pursues growth globally by offering hospitals a simplified and comprehensive advanced automation solution to manage medications and supplies, aiming to increase domestic penetration, as well as adoption in international markets, says Rob Seim, Executive Vice President and Chief Financial Officer.
“The marketplace is about 65% penetrated in the United States and outside United States, barely penetrated at all,” Seim said. “About 90% of the hospitals have some degree of medication automation in place somewhere, so a lot of our opportunity is in deepening the automation penetration of existing customers.”
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Omnicell is number two in the market in terms of total overall sales, according to Seim, who feels the company is significantly ahead of their competition technologically.
“We have the only system in the market that can handle virtually 100% of drug distribution through an automated software product, SinglePointe,” he said. “In addition, we’ve got a number of safety features that our competition do not offer.”
Seim says Omnicell is focused on three growth strategies based around expansion into new markets, staying ahead of the competition with superior products and continuing a rich history of successful acquisitions.
“We’ve stated that we want our strategies to deliver 15% operating margin, and we’ve worked up to that over the years,” he said. “Investors should look to that as the continuing performance of the company. Investors should, of course, look for us to continue to be innovative. We’ve got many unpenetrated opportunities that are substantial in size.”
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