Piper Sandler raises Omnicell PT; confident on product cycle

Omnicell

27/01/2023 14:47

** Piper Sandler raises PT for drug management system maker
Omnicell Inc  OMCL.O  to $66 from $55; maintains 'overweight'
rating 
    ** Says OMCL's preliminary FY products rev forecast is
typically 60% to 80% covered by the short-term backlog 
    ** Co's FY23 short-term backlog of $433 mln implies a
product rev forecast range of $541 mln to $722 mln, down at
least 20% from FY22 rev forecast
    ** "We do not think this product cycle is dead or
permanently injured. The XT cycle is intact, but on pause" -
Piper on the lower short term backlog from FY22 
    ** XT-ADC is co's automated medicine dispensing cabinet 
    ** Stock was up ~11% as of last close this month
 (Reporting by Anirban Chakroborti in Bengaluru)
 ((Anirban.Chakroborti@thomsonreuters.com;))