While Omnicell (NASDAQ:OMCL) did a good job of squeezing out profits in 2010, their top end backlog appears to be slowing down, as they lose momentum going forward.
FBR says, "Omnicell has shown a solid ability to hunker down in 2010 and generate improved profits even as revenue grew only a modest 4% YOY. As we close the books on 2010 and start to look at 2011, we see Omnicell as a company that is continuing to weather the challenges of the lack of activity in the small end of the market. The company’s performance in the larger end of the market has been commendable. However, the top end of its backlog guidance shows only a small level of acceleration versus the backlog posted at the end of 2010."
FBR Capital maintains an 'Underperform' rating on Omnicell (OMCL), which was trading at $13.13, down $0.75, or 5.40 percent, as of 1:12 PM EST. FBR raised their price target on Omnicell from $11 to $12.
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