Omnicell Inc.: Investor meeting takeaways: Utilization is not impacting purchase intent

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Omnicell Inc.: Investor meeting takeaways: Utilization is not impacting purchase intent

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Omnicell Inc.

Investor meeting takeaways: Utilization is

not impacting purchase intent

Maintain Rating: BUY | PO: 70.00 USD | Price: 38.18 USD

Titan product cycle best viewed in a multi-year lens 11 June 2026

Yesterday, we hosted Omnicell’s CFO Baird Radford and new head of Investor Relations, Equity

David Unger for investor meetings. Management echoed confidence in the guidance

Allen Lutz, CFA

philosophy for 2026 and noted that volatility around health system utilization is not Research Analyst

driving a change in purchase intent, thus far. The company also reaffirmed that the Titan BofAS +1 646 855 4380

XT upgrade cycle will take several quarters to a few years, and encouraged investors to allen.lutz@bofa.com

view it through that lens vs. an immediate step function change. This is consistent with Dev Weerasuriya

how we framed the opportunity in our upgrade note earlier this year (link to note). Research Analyst BofAS

Meanwhile, 2026 bookings are still anticipated to be back-end weighted and while +1 646 855 5707

management sees potential for some cannibalization of XT bookings, they emphasized dev.weerasuriya@bofa.com

this is contemplated in guidance and much more manageable than the prior cycle. HannaResearchLeeAnalyst

Maintain Buy. BofAS

+1 646 855 3682

Utilization is not impacting purchase intent thus far hanna.y.lee@bofa.com

Management clarified the thought process around the reiterating the 2026 bookings and

revenue guide last quarter, citing that it was an active decision to reflect performance

Stock Datatracking within the prior range of expectations despite a modest 1Q revenue/margin

outperformance.