Omnicell Inc.: 2Q CapEx Survey: Outlook incrementally positive for OMCL

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Omnicell Inc.: 2Q CapEx Survey: Outlook incrementally positive for OMCL

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Omnicell Inc.

2Q CapEx Survey: Outlook incrementally

positive for OMCL

Reiterate Rating: BUY | PO: 70.00 USD | Price: 44.92 USD

Pharmacy IT budget growth expectations up slightly q/q 13 July 2026

In conjunction with the Facilities and Managed Care Team’s quarterly capex survey (see Equity

note: Health Care Facilities: Cost/Capital Survey), we are releasing select graphs relevant

for Omnicell. Broader capex expectations improved for the 4th consecutive quarter to

another record high. Pharmacy IT spend expectations also improved slightly q/q,

although it remains modest relative to the strength in the broader capex outlook and

below the average in the first half of 2024 and 2025. The data does not reflect softer

health system utilization weighing on capex, but this is a key item to monitor. Overall,

we remain constructive on the multi-year trajectory supported by Titan XT and Allen Lutz, CFA

incremental software revenue from OmniSphere. Shares still trade at ~11x Street ’26 Research Analyst

EBITDA vs. a 10yr average of 16x on still early cycle estimates reflecting skepticism on BofAS+1 646 855 4380

the new product cycle. We note bookings volatility is common at the beginning of a allen.lutz@bofa.com

product cycle and would view any weakness in shares as a buying opportunity. Reiterate Dev Weerasuriya

Buy rating and $70 PO on the same c.15x CY28E EV/EBITDA discounted back. ResearchBofAS Analyst

+1 646 855 5707

Broader capex expects at record high, tariff costs ease dev.weerasuriya@bofa.com

Respondents on avg. expect an 8.3% increase in CapEx spend in the NTMs, the highest HannaResearchLeeAnalyst

in the history of the survey and up 700bps q/q (Exhibit 7). Pharmacy IT budgets are BofAS