Omnicell, Inc.

Thank you for standing by. My name is Tina, and I will be your conference operator today. At this time, I would like to welcome everyone to the Omnicel First Quarter 2026 Financial Results Call. All lines have been placed on mute to prevent any background noise. After the speaker's remarks, there will be a question and answer session. Please limit questions to one. To ask a question, simply press star one on your telephone keypad. To withdraw your question, press star one again. It is now my pleasure to turn the call over to Barrett Radford, Executive Vice President and Chief Financial Officer. You may begin.

Good morning, and welcome to the OmniCell First Quarter 2026 Financial Results Conference Call. On the call for OmniCell today are Randall Lipps, OmniCell Chairman, President, CEO, and Founder, Nnamdi Njoku, Executive Vice President and Chief Operating Officer, and myself, Bear Gradford, Executive Vice President and Chief Financial Officer. This call will contain forward-looking statements, including statements related to financial projections or performance and market or company outlook based on current expectations. These forward-looking statements speak only as of today or the date specified on the call. Actual results and other events may differ materially from those contemplated due to numerous factors that involve substantial risks and uncertainties. For more information, please refer to our press release issued today OmniCell's annual report on Form 10-K filed with the SEC on February 26, 2026, and then other more recent reports filed with the SEC. Except as required by law, we do not assume any obligation to update any forward-looking statements. During today's call, we will discuss some non-GAAP financial measures. Full reconciliations of these non-GAAP measures to the most comparable GAAP financial measures are included in each of our fourth quarter 2025 and first quarter 2026 financial results press releases. Our results were released this morning, and our financial results press releases, including these reconciliations, are posted on our investor relations section of our website at ir.omnicel.com. For our call this morning, Randall will begin with an overview of our first quarter 2026 performance and strategic priorities. I will then review our quarterly financial results and our updated outlook for 2026. We will then open the call for questions. With that, I turn the call over to Randall. Randall?

Thank you. Good morning, everyone. We started 2026 with solid execution in the first quarter, delivering results at the high end or above our previously issued Q1 2026 guidance ranges across all key metrics, which we believe reinforces the durability of our business model. Total revenue for the quarter was $310 million. Non-GAAP EBITDA was $45 million. And non-GAAP earnings per share was $0.55. We believe these results reflect the continued momentum across our core businesses, discipline cost management, and our ability to execute as we continue to advance toward our goal of achieving the vision of autonomous medication management. We continue to see constructive demand environment, including meaningful competitive conversion opportunities, health systems, appear to be increasingly reassessing income and solutions that may have struggled to deliver consistent reliability, scalable service, and enterprise-wide interoperability. As customers prioritize these key factors, along with efficiencies from improving medication workflows, particularly in environments facing ongoing staffing and cost pressures, We believe OmniCell is well positioned to serve as a long-term platform partner. As a reminder, our strategy is anchored in driving autonomous medication management as we seek to deliver improved outcomes across the patient care journey. We are operationalizing our strategy through the three tightly connected priorities. First, expanding our market presence across inpatient and outpatient pharmacies and patient care settings. Second, scaling predictable reoccurring revenue. And third, advancing Omnisphere, our cloud native medication management platform. These three core priorities reinforce one another. Expanding our footprint and increasing interoperability across care settings is anticipated to increase the scale and breadth of the medication workflows we support, which should provide a broader foundation for enterprise-wide automation and standardization. Increasing reoccurring revenue will give us the visibility and confidence to invest intentionally, improving products and accelerating innovation with AI. Execution on this priority is evident through our growing specialty and consumables business. Finally, Omnisphere is the unifying layer that is meant to bring our enterprise offerings together, connecting devices, data, and workflows on a single, secure platform. The Omnisphere platform is designed to shift medication management from reactive, manual processes toward guided and increasingly autonomous workflows. We believe Omnisphere will enable our customers to unlock clinical capacity, enhance safety and compliance, and drive more predictable operational and financial outcomes. We're seeing this play out in recent customer decisions as large and complex healthcare organizations increasingly select Omnicel to support medication management holistically. For example, healthcare providers within the U.S. Department of Veterans Affairs continue to expand their use of Omnicel solutions as they seek to support more standardized, streamlined medication workflows across their organizations. These deployments span central pharmacy and point-of-care solutions, IV workflow, and inventory optimization services, reflecting what we believe is a system level focus on reliability, efficiency, and enterprise visibility across the patient care journey. Similarly, a major academic medical center in New York recently chose to expand its OmniCell footprint across multiple facilities, extending our central pharmacy and our point of care solutions as they strive to enhance safety, improve operational consistency, and support enterprise-wide standardization. A Rhode Island-based health system selected our central pharmacy dispensing services as it sought to support safety and efficiency in pharmacy operations as part of a broader effort to modernize and standardize medication management across the system. As these enterprise relationships deepen and broaden, We're seeing a natural expansion of reoccurring revenue streams tied to the installed base, which should improve our financial visibility and support continued investment in engineering and advanced analytics to deliver the value-added products and solutions that address customer pain points. We're also seeing strong engagement across outpatient and specialty pharmacy settings, A health system in southern Missouri recently partnered with OmniCell Specialty Pharmacy Services as it worked to enhance clinical outcomes and improve the patient experience while supporting the growth of its specialty pharmacy program. We find this engagement reflects the same enterprise mindset. Customers leverage OmniCell not for technology but for the services and expertise that they're intended to extend medication management beyond the acute care settings and create more predictable recurring value over time. We're grateful for the trust our customers are placing in us to solve their critical medication management challenges. For those new to the OmniCell story or taking a renewed interest in our product offerings, we formally introduced OmniCell Titan XT our next generation automated dispensing system at ASHP late last year. Titan XT is designed to combine proven and reliable automation with enterprise-level data and workflows and is built on our HITRUST certified cloud platform, Omnisphere. Together, this offering is intended to deliver enterprise-wide visibility, guided workflows, and a modern infrastructure developed to support large, complex health systems. Importantly, Titan XT represents a meaningful step as we advance toward autonomous medication management and is the first step on the journey to connect every patient care area and pharmacy location with Omnisphere. Since introducing OmniCell Titan XT, We've been encouraged by customer engagement and feedback. Customers are responding positively to potential opportunities for meaningful workflow efficiency improvements, including reductions in manual cart filling activity, improved visibility into inventory explorations, and time savings across nursing and pharmacy operations. Additionally, customers are embracing the backward and forward compatibility plan to be offered by Titan XT and Omnisphere, as it enables them to plan and execute a migration to our next generation platform at a pace that works for them. As we've noted previously, Health System's capital approval cycles remain multi-quarter to multi-year activities. Announcing Titan XT in late 2025 was intentional, giving customers time to incorporate the new platform into their long-term planning. Our expectations around installed base refresh pacing are unchanged. We anticipate modest incremental Titan XT revenue in 2026, with initial hardware shipments planned to begin in the second half of the year, followed by a phased rollout of Omnisphere functionality in the first half of 2027. More broadly, customers are moving towards platform partners who can help them transform medication management end to end. The focus is on integrated, standardized workflows across the full medication cycle to improve safety, efficiency, and cost. We believe this shift plays directly to our strengths and supports deeper, long-term partnerships. In summary, We began 2026 with solid execution, disciplined financial performance, and a clearly defined platform roadmap. While we remain mindful of evolving macro environment uncertainty and capital spending dynamics, we are confident in the durability of our business model and the long-term opportunity ahead to modernize medication management. Well, with that, I'll turn it over to Baird to walk through our first quarter financial results and outlook.