Company Establishes New Hub Dedicated to Addressing Challenges Across the Medication Journey
Omnicell, Inc. (NASDAQ:OMCL), ("Omnicell" or the "Company"), a leader in transforming the pharmacy and nursing care delivery model, today announced the opening of its Innovation Lab, located at 1005 East St. Elmo Road in Austin, Texas. The facility will serve as a hub focused on addressing challenges along the medication and supply journey and developing new technologies that are designed to solve evolving challenges faced by the healthcare industry.
As hospitals and health systems are grappling with rising costs and staffing shortages, we believe that innovative automated technologies will be imperative to streamlining costs and alleviating burnout. Amid these macroeconomic challenges, small products can make a big impact for frontline care teams. The Innovation Lab is designed to deliver rapid solutions for customer-identified pain points. Omnicell's team of engineers and product managers will focus on developing concepts and quickly test the feasibility, viability, and potential impact through an "innovation sprint" model. The goal is to assess whether the concept is solving a need in the market and make decisions to either move it to the product lifecycle process, iterate, or fail fast.
"As an industry leader in transforming medication management for more than three decades, we have a deep understanding of pharmacy and hospital supply chains and workflows and believe we can leverage this knowledge to address evolving pain points raised by our customers," said Randall Lipps, chairman, president, chief executive officer, and founder of Omnicell. "This new Innovation Lab is meant to allow us to ideate and test new solutions and protocols with customers, which should give them firsthand insight into how evolving automation and advanced technologies could make their healthcare operations more efficient."
Technologies planned to be developed in the Innovation Lab are anticipated to focus on solving challenges in the medication and supply use process, eliminating time-intensive manual tasks, enabling pharmacists, nurses, and other healthcare workers to focus on higher-value tasks that positively impact patient care. These solutions are expected to range from simple mechanical design to potentially advanced robotics, AI, autonomous devices, sensor technologies, and machine vision.
"The Innovation Lab aims to be uniquely focused on defining and delivering opportunities that are intended to make healthcare operations more efficient and drive improved clinical and operational outcomes," said Michael Garel, senior director of innovation at Omnicell. "By quickly triaging the pain points where we think we can best leverage our internal expertise, we hope to better serve our customers and their clinical teams."
To learn more about Omnicell's outcomes-centric solutions and latest innovation, visit omnicell.com.
About Omnicell
Since 1992, Omnicell has been committed to transforming pharmacy and nursing care through outcomes-centric solutions designed to deliver clinical and business outcomes across all settings of care. Through a comprehensive portfolio of robotics and smart devices, intelligent software workflows, and data and analytics, all optimized by expert services, Omnicell solutions are helping healthcare facilities worldwide to uncover cost savings, improve labor efficiency, establish new revenue streams, enhance supply chain control, support compliance, and move closer to the industry-defined vision of the Autonomous Pharmacy. To learn more, visit omnicell.com.
OMNICELL and the Omnicell logo are registered trademarks of Omnicell, Inc. or one of its subsidiaries.
Forward-Looking Statements
To the extent any statements contained in this press release deal with information that is not historical, these statements are "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Without limiting the foregoing, statements including the words "expect," "intend," "may," "will," "should," "would," "could," "plan," "potential," "anticipate," "believe," "forecast," "guidance," "outlook," "goals," "target," "estimate," "seek," "predict," "project," and similar expressions are intended to identify forward-looking statements. Forward-looking statements are subject to the occurrence of many events outside Omnicell's control. Such statements include, but are not limited to, Omnicell's expectations regarding our products, services, technologies and innovations and developing new or enhancing existing products, solutions, technologies and innovations, and the related objectives and expected benefits (and any implied financial impact), growing the Company's portfolio, solving or addressing customer challenges and meeting customer needs and demands, and our ability to develop advanced robotics, AI, autonomous devices, sensor technologies and machine vision. Actual results and other events may differ significantly from those contemplated by forward-looking statements due to numerous factors that involve substantial known and unknown risks and uncertainties. These risks and uncertainties include, among other things, (i) Omnicell's ability to take advantage of growth opportunities and develop and commercialize new solutions and enhance existing solutions, (ii) reduction in demand in the capital equipment market or reduction in the demand for or adoption of our solutions, systems, or services, (iii) risks related to Omnicell's investments in new business strategies or initiatives, including its transition to selling more products and services on a subscription basis, (iv) risks related to failing to maintain expected service levels when providing our SaaS and Expert Services or retaining our SaaS and Expert Services customers, (v) Omnicell's ability to meet the demands of, or maintain relationships with, its institutional, retail, and specialty pharmacy customers, (vi) risks related to the incorporation of artificial intelligence technologies into our products, services and processes or our vendors offerings, (vii) continued and increased competition from current and future competitors in the medication management automation solutions market and the medication adherence solutions market, (viii) any disruption in Omnicell's information technology systems and breaches of data security or cyber-attacks on its systems or solutions, including the previously disclosed ransomware incident and any potential adverse legal, reputational, and financial effects that may result from it and/or additional cybersecurity incidents, as well as the effectiveness of business continuity plans during any future cybersecurity incidents, (ix) Omnicell's ability to recruit and retain skilled and motivated personnel, (x) Omnicell's ability to protect its intellectual property, and (xi) other risks and uncertainties further described in the "Risk Factors" section of Omnicell's most recent Annual Report on Form 10-K, as well as in Omnicell's other reports filed with or furnished to the United States Securities and Exchange Commission ("SEC"), available at www.sec.gov. Forward-looking statements should be considered in light of these risks and uncertainties. Investors and others are cautioned not to place undue reliance on forward-looking statements. All forward-looking statements contained in this press release speak only as of the date of this press release. Omnicell assumes no obligation to update any such statements publicly, or to update the reasons actual results could differ materially from those expressed or implied in any forward-looking statements, whether as a result of changed circumstances, new information, future events, or otherwise, except as required by law.
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Betsy Martinelli
Director, Corporate Marketing
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