Omnicell, Inc. (OMCL) revealed that it has launched a new software development center in Bangalore, India. The new center will focus on product innovations and advance the company’s strategy to deliver the cloud-based infrastructure to support the Autonomous Pharmacy.
Shares of the multinational healthcare technology company, with the current market capitalization of around $7 billion, have gained 128% over the past year. (See Omnicell stock charts on TipRanks)
Omnicell’s Autonomous Pharmacy replaces error-prone manual systems with intelligent technology and automated workflows by using a robust combination of services delivered through a cloud platform.
The new center will be responsible for enriching Omnicell’s cloud strategy and its range of cloud-based hardware, software and technology-related services.
As a result, healthcare providers, including hospitals, retail pharmacies, and other entities, will switch to a single cloud-based platform and integrate pharmacy systems.
Furthermore, this new development will enable them to ease the complexities of medication management and lead to more efficient and data-driven results, thereby improving quality, lowering costs and enhancing overall efficiency.
The Vice-President of Software Applications and Cloud Platform at Omnicell, Virad Gupta, said, “We are excited for the opportunity to accelerate Omnicell’s cloud strategy, delivering software to support integrated, interoperable solutions that will improve efficiencies and patient outcomes across the care continuum.”
Last month, Benchmark Co. analyst Bill Sutherland reiterated a Buy rating on the stock with a price target of $175 (10.5% upside potential).
Sutherland said that the share price weakness was a good buying opportunity for Omnicell based on robust bookings momentum despite the supply chain margin pressure, which the analyst believed to be temporary.
Consensus among analysts is a Strong Buy based on 5 Buys and 1 Hold. The average Omnicell price target of $170.17 implies 7.4% upside potential.
TipRanks’ Stock Investors tool shows that investors currently have a Very Positive stance on Omnicell with 5.3% of investors on TipRanks increasing their exposure to OMCL stock over the past 30 days.
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