Omnicell, Inc.

Hello everyone, thank you for joining us and welcome to the Omnicell second quarter 2026 financial results conference call. After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, press star 1 again. I will now hand the conference over to David Unger, Vice President of Investor Relations. David, please go ahead.

Good morning and welcome to the OmniCell Second Quarter 2026 Financial Results Conference Call. My name is David Unger. I'm OmniCell's new Vice President of Investor Relations. On the call with me today are Randall Lipps, Chairman, Chief Executive Officer, and Founder. Nnamdi Njoku, President and Chief Operating Officer, and Baird Radford, Executive Vice President and Chief Financial Officer. Before we begin, I would like to remind you that today's call will include forward-looking statements within the meaning of federal securities laws, including statements regarding our financial outlook, business expectations, and strategic priorities. These forward-looking statements are based on current expectations and assumptions as of today and are subject to risks and uncertainties that could cause actual results to differ materially. For additional information concerning these risks and uncertainties, please refer to our earnings press release issued this morning, our annual report on Form 10-K filed with the SEC on February 26, 2026, and our subsequent SEC filings. We disclaim any obligation to update any forward-looking statements except as required by law. During this call, we will also discuss certain non-GAAP financial measures. Reconciliations of these measures to the most directly comparable GAAP measures are included in our second quarter 2026 earnings press release, which is available on the investor relations section of our website at ir.omnicell.com. Turning to today's agenda. Randall will begin with an overview of our second quarter performance and strategic priorities. Nnamdi will then provide an update on our operational execution and key initiatives, followed by Baird, who will review our financial results and updated outlook for 2026. We will then open the call for questions. With that, I will turn the call over to Randall.

Randall? Good morning, everyone, and thank you for joining us today. We delivered solid execution in the second quarter, with results at or above our expectations across key financial metrics. Total revenue was $312 million at the high end of our previously provided guidance range, while non-GAAP EBITDA of $67 million and non-GAAP earnings per share of $0.94 were well above our previously shared outlook. Baird will provide additional details on our financial performance and our third quarter and full year 2026 outlook later in the call. We believe this financial performance reflects continued discipline in execution, improving operational efficiency, and the resilience of our business model as we strive to advance our strategy to become the market leader in autonomous medication management. Before I continue, I want to briefly address an organizational update we announced on July 1st. We have appointed Nnamdi Njoku as President and Chief Operating Officer of OmniCell. Nnamdi has been a key leader within the company, playing an important role in advancing our strategic and operational priorities. As President and Chief Operating Officer, he will be responsible for helping accelerate execution across the organization Thank you for joining us today. There is no change to my role as Chairman of the Board of Directors and Chief Executive Officer, and our strategy remains unchanged. Nnamdi's promotion reinforces our focus on execution and our commitment to delivering long-term value for all stakeholders. From an industry demand perspective, we continue to monitor an evolving macroeconomic environment within health systems. Customers appear to continue to prioritize investments that improve operational efficiency, strengthen reliability, and address ongoing staff and cost pressures. Because we see our solutions are increasingly being viewed as strategic, enterprise-wide platforms, purchasing decisions often involve broad cross-functional evaluation and long planning cycles. We are seeing increased pipeline activity across Omnisphere and Titan XT solutions as customers appear to focus on enterprise-wide visibility of medications, interoperability, workflow transformation, and operational efficiency. These evaluations often involve multiple stakeholders, which reflects the strategic nature of these investments. This pipeline momentum is also supported by our expanding leasing programs, where leveraging our balance sheet helps support attractive lifetime value economics for both our customers and our business. We believe these dynamics are creating meaningful competitive conversion opportunities and reinforcing our position as a long-term platform partner. We find that customers are seeking enterprise-wide solutions that can drive outcomes and efficiency gains across the health system, including for nursing, technicians, pharmacists, supply chain leadership, and the C-suite. Over the first half of 2026, we have seen strong interest in our Titan XT solution, reflected in a meaningful increase in pipeline activity. We find that this increasing level of engagement reinforces the strategic role Titan XT plays as customers evaluate next-generation enterprise-wide platforms. As we have discussed previously, 2026 represents the early stages of the next refresh cycle as customers evaluate the transition from XT to Titan XT and the broader adoption of the Omnisphere platform. Omnisphere is intended to serve as the unifying layer across our portfolio, designed to connect devices, data, and workflows on a single secure cloud-native platform and enable more guided and increasingly autonomous medication management. At the same time, our strong cash flow generation should support our ability to continue investing in innovation, and AI-driven capabilities aimed at addressing our customers' evolving needs. As we enter this new refresh cycle, we are seeing increased customer engagement that appears driven by the capabilities of our next generation platform being introduced into the market and the potential integration opportunities with broad cloud-based workflows. This is the first refreshed cycle in which both Omnicell and our largest competitor have introduced new platform offerings at the same time. As a result, we're seeing that both the number and size of competitive opportunity deals are increasing, as well as signs that these potential new customers are conducting broad evaluations and taking time to assess the enterprise-wide technology decisions before making long-term commitments. Importantly, this dynamic has not changed the level of interest we are seeing from our existing customers, nor the decision-making process customers typically undertake to evaluate the strategic implications of these investments. That said, our confidence in the long-term opportunity remains strong. Customer engagement continues to increase Our pipeline is robust and growing, and we continue to believe our innovation solutions represent an important strategic priority for health systems seeking to improve outcomes, efficiency, reliability, and workforce productivity. In summary, we delivered a solid second quarter with meaningful outperformance and profitability, which we believe reflects disciplined execution by the team, and progress against our strategy. We remain confident in our ability to execute in the long-term opportunity ahead. With that, I'll turn it over to Nnamdi.