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OMCL

Omnicell

$68.59

-6.44 (-8.58%)

12:43
07/12/19
07/12
12:43
07/12/19
12:43

Omnicell down again following GlassHouse claim of 'obfuscated' financials

Shares of Omnicell are continuing to fall after short-seller GlassHouse Research yesterday posted a report about the company on its website. "Significant declines in revenue and earnings await Omnicell as the company has obfuscated its financials by prematurely recognizing revenue in prior periods and failing to write-off legacy inventory," GlassHouse wrote. It added, "Omnicell possesses one of the worst net AR positions we have seen within a public company. Concealed long-term receivables and declining deferred revenues lead us to believe the company prematurely recognized approximately $38.3 million in sales over the LTM. The company may need to restate financials based on the magnitude of these inauspicious trends." Shares of Omnicell in afternoon trading are down 8%, or $6.20, to $68.91. Reference Link

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