Omnicell, Inc. (NASD: OMCL), a leading provider of systems and software solutions targeting patient safety and operational efficiency in healthcare facilities, recently announced its financial results for the third quarter ended September 30, 2008. Omnicell’s shares posted healthy gains late last week after the company reported a 16.7 percent year-over-year increase in quarterly revenue totaling $64.3 million. Non-GAAP net income for the third quarter of 2008 was $5.7 million, or $0.18 per fully diluted share.

The chief financial officer of Omnicell stated during a recent conference call, “We experienced record bookings, posted record revenues and profits exceeded expectations in third quarter. We saw strength in every product line, every geography, and in every size and type of hospital.” He added, “We also saw good sales development in the U.K., both in orders and sales pipeline. This is an indication that medication safety and supply automation are becoming increasingly important outside of the United States.”

Randall A. Lipps, Omnicell President and CEO, also commented, “Regulatory agencies continue to impose increased safety requirements that drive broader adoption of medication management technology. We believe that the majority of hospitals in the U.S. have only partially implemented these types of medication management solutions. I am very confident in the market opportunities and our long range prospects.”

Following the announcement, Caris & Co kept its rating for Omnicell at Above Average but cut its target to $14 from $19. The firm said, “Renewed credit crunch and economic concerns caused OMCL to provide 2009 guidance below consensus expectations. Because of its solid backlog, improved competitive position and sizeable pipeline, we believe OMCL’s 2009 guidance is conservative and achievable.”

Let us hear your thoughts below: