Omnicell, Inc. OMCL recently announced Central Med Automation Service, a subscription-based solution. It is designed to help health systems establish and continuously optimize centralized medication management for Consolidated Pharmacy Services Centers ("CPSCs") and similar operations.
About Central Med Automation Service
Intended to streamline medication dispensing from a central fulfillment area throughout the entire health system enterprise, this solution is expected to improve inventory visibility, scalability and patient safety.
The traditional methods of medication management can lead to multi-vendor environments that may complicate workflows, often creating unnecessary redundancy and increasing chances of error.Pharmacy leaders often lack the capital budgets, resources and expertise necessary to transform their infrastructure and scale it over time. Omnicell's Central Med Automation Service is designed to help health systems develop and execute a central fill strategy while providing the support necessary to ensure this environment meets the current and future medication management needs.
Features of Central Med Automation Service
Central Med Automation Service helps seamlessly integrate enterprise-wide robotics, smart devices and intelligent software with expert services.
Within the Robotics & Smart Devices segment, Central Med Automation Service contains XR2 Automated Central Pharmacy System, which is aimed to improve inventory visibility, efficiency and patient safety. In the software segment, Central Med Automation Service has the Central Pharmacy Manager software, designed to support centralized medication management workflows within a CPSC, including medication ordering, receiving, picking, verifying and restocking.
Additionally, it also comes with an Inventory Optimization Service —a combination of software and expert services. This solution helps provide enterprise-wide inventory visibility and management of medication par levels, expiration dates and usage patterns delivered through data-rich dashboards.
The expert services include tailored guidance from Omnicell experts and dedicated on-site assistance to operate robotics and smart devices. Omnicell expert services utilize data analytics to deliver operational performance metrics, facilitating informed decision-making and continuous improvement in efficiency.
More on the News
Central Med Automation Service's capabilities can be extended by adding several complementary robotics, smart devices and software tools. These include Omnicell's suite of pharmacy carousels and packagers, 340B program management software and Central Pharmacy Manager Mobile Workstation.
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Industry Prospects
Per a Grand View Research report, the global medical automation market was valued at $44.44 billion in 2022 and is expected to witness a CAGR of 9.04% from 2023 to 2030. Primary factors driving the market include the adoption of automated instruments by drug discovery departments of pharmaceutical companies, the rise in need for miniaturization, and technological advancements, coupled with the rise in demand for robot-assisted surgeries.
Looking at the market potential, it can be seen that the latest development is well-timed and beneficial for Omnicell's growth.
Another Recent Development
Earlier this year, Omnicell introduced XT Amplify — a multi-year innovation program that is intended to maximize value for hospitals, health systems and post-acute care facilities that have invested in Omnicell's XT Automated Dispensing System.
Price Performance
Year to date, shares of OMCL have risen 12.1% against the industry's 10.6% decline.
Zacks Rank and Key Picks
Omnicell currently carries a Zacks Rank #3 (Hold).
Some better-ranked stocks in the broader medical space are Intuitive Surgical ISRG, TransMedics Group TMDX and Quest Diagnostics DGX. While Intuitive Surgical and TransMedics sport a Zacks Rank #1 (Strong Buy) each, Quest Diagnostics carries a Zacks Rank #2 (Buy).
Intuitive Surgical's shares have surged 68.3% in the past year. Estimates for the company's earnings have remained constant at $6.67 per share for 2024 in the past 30 days.
ISRG's earnings beat estimates in each of the trailing four quarters, delivering an average surprise of 8.97%. In the last reported quarter, it posted an earnings surprise of 16.34%.
Estimates for TransMedics' 2024 EPS have moved up 48.1% to $1.20 cents in the past 30 days. Shares of the company have soared 153.2% in the past year compared with the industry's 12.6% growth.
TMDX's earnings surpassed estimates in each of the trailing four quarters, the average surprise being 287.50%. In the last reported quarter, it delivered an earnings surprise of 66.67%.
Estimates for Quest Diagnostics' 2024 EPS have increased 0.3% to $8.88 in the past 30 days. In the past year, shares of HAE have risen 14% compared with the industry's 21.2% growth.
In the last reported quarter, DGX delivered an earnings surprise of 1.73%. The company has a trailing four-quarter average earnings surprise of 3.31%.
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