Omnicell : J.P. Morgan 39th Annual Healthcare Conference Presentation – January 2021

39th Annual J.P. Morgan Healthcare Conference

January 13, 2021

Forward-Looking Statements

This presentation contains "forward-looking statements" within the meaning of federal securities laws. These forward-looking statements include statements with respect to guidance, estimated full-year 2020 financial and operating results, 2025 targets, growth expectations and targets and other non-historical information. Without limiting the foregoing, statements including the words, "expect," "intend," "will," "plan," "anticipate," "believe," "forecast," "guidance," "outlook," "goals," "target," "estimate" and similar expressions are intended to identify forward-looking statements. Forward-looking statements are subject to the occurrence of many events outside Omnicell's control and are subject to various risks and uncertainties, including those described below. Among other things, there can be no assurance that Omnicell's actual full-year 2020 financial and

operating results, 2021 financial and operating results, other targeted results or growth rates will not differ, perhaps substantially, from the preliminary financial and operating results, guidance, targets and expectations contained in this presentation. In addition, Omnicell has not completed its fourth quarter and full-year 2020 closing and review process, and the final results for the full year 2020 may differ, perhaps substantially, from the statements made in this presentation. During the course of preparing our financial statements and during our review process, we may identify items that would require us to make adjustments which may be material to the amounts described in this presentation. These adjustments may also affect the targets and other expectations discussed in this presentation.

Actual results and other events may differ significantly from those contemplated by forward-looking statements due to numerous factors that involve substantial known and unknown risks and uncertainties. These risks and uncertainties include, among other things (i) risks related to outbreaks of contagious diseases or other adverse public health epidemics including the ongoing COVID-19 pandemic, including the duration and any resurgences of the COVID-19 pandemic, (ii) unfavorable general economic and market conditions, including due to economic disruption caused by public health crises such as the COVID-19 pandemic, (iii) Omnicell's ability to take advantage of the growth opportunities in medication management across all care settings, (iv) Omnicell's ability to develop and commercialize new products and enhance existing products, (v) Omnicell's ability to deliver on our vision of the autonomous pharmacy and the impact that advanced automation, data intelligence and expert services will have on patient care, (vi) risks to growth and acceptance of Omnicell's products and services, including competitive conversions, and growth in the overall demand for medication management and supply chain solutions and medication adherence solutions generally, (vii) risks presented by the transition to selling more products and services on a subscription basis, (viii) potential increased competition, (ix) potential regulatory changes, (x) Omnicell's ability to improve sales productivity to

grow product bookings, (xi) Omnicell's ability to acquire companies, businesses or technologies and successfully integrate such acquisitions and (xii) other risks and uncertainties described in the Risk Factors section

of Omnicell's most recent annual report on Form 10-K and quarterly report on Form 10-Q, filed with the Securities and Exchange Commission. Forward-looking statements should be considered in light of these risks and uncertainties. Investors are cautioned not to place undue reliance on forward-looking statements. All forward-looking statements contained in this presentation speak only as of the date of this presentation. Omnicell undertakes no obligation to update such statements, whether as a result of changed circumstances, new information, future events or otherwise, except as required by law.

Non-GAAP Financial Information

This presentation contains financial measures that are not calculated in accordance with U.S. generally accepted accounting principles ("GAAP"), including estimated 2020 non-GAAP EBITDA, non-GAAP earnings per share, non-GAAP operating margin and non-GAAP EBITDA margin, guidance with respect to 2021 non-GAAP EBITDA and 2021 non-GAAP earnings per share and targeted non-GAAP operating margin and non- GAAP EBITDA margin. Reconciliations of the 2020 estimated non-GAAP financial measures to the most directly comparable estimated GAAP measures are included in the appendix to this presentation. Our 2021 guidance for non-GAAP EBITDA and non-GAAP earnings per share, and our non-GAAP operating margin target and non-GAAP EBITDA margin target, exclude certain items, which include but are not limited to unusual gains and losses, costs associated with future restructurings, acquisition-related expenses, and certain tax and litigation outcomes. These excluded items may be significant. We do not provide a reconciliation of forward-lookingnon-GAAP guidance or targets to the comparable GAAP measures as these items are inherently uncertain and difficult to estimate, and cannot be predicted without unreasonable effort. We believe such a reconciliation would imply a degree of precision that could be confusing to investors. These items may also have a material impact on GAAP earnings per share, total revenues, product revenues, and service revenues in future periods. As such, these forward-lookingnon-GAAP financial measures are limited in their utility for evaluating our future operating results in accordance with GAAP.

© 2021 Omnicell, Inc.

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Vision

The Autonomous Pharmacy will transform the pharmacy care delivery model by enabling the provider to practice at the top of their license

© 2021 Omnicell, Inc.

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Delivering Strong Results and Building Momentum

FY 2020 Preliminary Update & Outperformance

Key Metric		Prior Guidance		Update
Product Bookings	$865-$900M		~$1B
Total Revenue	$881-$887M		$890-$892M
Non-GAAP EBITDA	-		$157-$159M
Non-GAAP EPS	$2.35-$2.40/share	$2.46-$2.51/share

FY 2021 Preliminary Guidance

$1.085-$1.105B	$228-$240M	$3.38-$3.58
Total Revenue	Non-GAAP EBITDA	Non-GAAP EPS

Previous: $1.015-$1.045B

Projected Long-Term Value Upside

✔Clear leadership position in the digital transformation of healthcare with $70B+ TAM

✔Targeting 14-15%2021-2025 revenue CAGR (organic 11-12%, inorganic 3%)

✔Targeting ~400bps increase in Non-GAAP EBITDA margins from 2021-2025

✔High revenue visibility from recurring revenue, long-termsole-source agreements and strong product backlog

✔Targeting ~50% 2020-2025 revenue CAGR for SaaS, Subscription Software & Tech-Enabled Services

Strong operating performance has driven +286% total shareholder return over the past 5 years

NOTE: Revenue estimate based on composition of 12/31/2020 product backlog, customer timelines and Omnicell hiring plan.

DISCLAIMER: See Appendix for a reconciliation of 2020 non-GAAP EBITDA and 2020 non-GAAP EPS to their most directly comparable GAAP financial measures. We do not provide a reconciliation of forward-lookingnon-GAAP guidance to the comparable GAAP measures as these items are inherently uncertain and difficult to estimate and cannot be predicted without unreasonable effort.

© 2021 Omnicell, Inc.

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Well Positioned for Continued Growth and Shareholder Value Creation

1. Category creator positioned to transform the pharmacy care delivery model
2. Leading strategic partner to health systems in large and growing market segments
3. Resilient, high-visibility revenue accelerated by high-growth SaaS, Subscription Software & Tech-Enabled Services
4. Demonstrated track record of growth and margin enhancement with more expected to come

Leveraging our market leading installed base to drive recurring

revenue growth in advanced services

© 2021 Omnicell, Inc.

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1 Omnicell Provides Solutions for an Expensive and Error-Prone Medication Management Reality

Medication Management is Expensive and Error-Prone		Omnicell's Current Solutions
	Deliver Results6

Safety	25,000		4		47 million		1	Enhanced	99.999997%
Errors Annually	Errors Per Day in		Doses Lost to		Error Per 200	Patient	Accuracy with Full
	in Hospitals1	Outpatient Pharmacies2		Drug Diversion4	Drug Dispenses1,5	Safety	Medication Barcode
										Scanning
	Global: $1,250B	39%			18.5%	66%	10%
			Reduction in IV	Increase in
Financial	US: $510B	Drop in Margins for For-	Drug Spend Increase
Costs Insourcing	Prescription
Profit Health System4	(5x Inflation)4
	Annual Medication	vs. Outsourcing	Volume
	Spending3
	75%		3,000-4,500			20-30%		250+	54%	200-300%
					Reduction of
Efficiency	Pharmacist Tasks		SKUs of Drugs		Prescriptions Are	Active Drug	Nurse Medication	More Doses
		Stored7
	Are Non-Clinical4	Managed in Systems4		Never Filled4		Shortages4	Retrieval Time
Compliance	341+			$39 billion			Greatly Increased Data
Compliance	Annual Spend in			Visibility and Regulatory
	Requirements4	Compliance Admin4			Compliance
People	50%+		1 in 4			Numerous Problems	74%	80%
Pharmacists Experience	Hospitals Cut Staff		Directly Correlated to Safety	Time Saved By	Time Saved By
	High Burnout4	to Manage Costs4		and Patient Satisfaction4	Nurses	Pharmacists

1. Poon, China, Churchill, et al. Ann Intern Med 2006; 145(6):426-434.
2. Flynn, Barker, Carnahan Am J Pharm Assoc 2003: 43:191-200.

© 2021 Omnicell, Inc.

3. Global Medicine Spending and Usage Trends, IQVIA, March 2020. Gross spend estimate before any rebates/discounts.

4.	Autonomous Pharmacy White Paper and Industry publications.
5.	0.5% Non-IV Dispensing Errors.
6.	Statistics below are based on Omnicell customer outcomes, Omnicell estimates.	6
7.	Relative to conventional robots of similar size.

1 Autonomous Pharmacy Framework

Increasing healthcare value

In 2019, leading health systems jointly created a framework analyzing the technological maturity of pharmacies

The group determined there was a significant opportunity to drive greater healthcare value

The group established a 5-level framework and noted that the majority of the industry was at Level 2 today

As customers move to higher levels, they substantially increase efficiency, safety and compliance while reducing costs

Omnicell provides solutions to facilitate this evolution and drive tremendous value for customers

NOTE: Autonomous Pharmacy White Paper and Industry publications.

© 2021 Omnicell, Inc.

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1 Omnicell's Autonomous Pharmacy is a New Category of Solutions

That Fundamentally Improve Provider Outcomes

Omnicell One		CPDS		IV RIIS		EnlivenHealth		Omnicell340B		Future Services1

One Platform

Omnicell	Future Devices1
Connected

Devices

XT Automated	Anesthesia	XR2 Robot	IV Robot	IVX Workflow
Dispensing Systems	Workstation

1. Future services and future devices represent potential future technology that is under development and may or may not ever become generally available to the commercial marketplace. Omnicell makes no commitment with regard to such potential future technology.

© 2021 Omnicell, Inc.

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2 Omnicell Has Unparalleled Breadth and Depth of Customer Base That Enables Significant Ability to Bring New Innovations to Market

45%

install base in

US retail

pharmacy sector

1. As of December 31, 2020.

© 2021 Omnicell, Inc.

145	~50%	17
install base in US
sole source contracts	hospitals1
with top 300 US		of top 20 US News
	Honor Roll
health systems1
	hospitals1

Omnicell has over 25 years of experience partnering with providers to solve medication management problems

>60%

of post-acute sector served by Omnicell customers

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2 Leader in Large and Growing Segments

Omnicell is growing its leadership position across a $70B+ total addressable market

Point of Care

Central Pharmacy

340B Software-

Enabled Services

Retail, Institutional

and Payers

Estimated Total Addressable
Market Opportunity1	Key Advanced Services

$20B

Omnicell One

CPDS

$15B

Omnicell340B

IV RIIS

$12B

$23BEnlivenHealth

1. Represents estimated cumulative TAM over 10 years and includes North America, UK, Germany, France, Spain, Kingdom of Saudi Arabia, UAE & Qatar.

© 2021 Omnicell, Inc.

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3 Resilient and High-Visibility Revenue

Robust Backlog

Deep Customer Relationships

Customer Retention

Robust product backlog

145 of the top 300 U.S. health systems in long-term,sole-source agreements1,2

99%+ customer retention3

Connected Devices, Software Licenses & Other4

Recurring Technical Services and Other Recurring6

~6% ~63%

Types of

Revenue

(2020E)

Recurring SaaS, Subscription

Software & Tech-Enabled

Services5

~31%

Point of Care			36% through XT series			High revenue visibility from recurring revenue,
Installed Base Early
in Upgrade Cycle			replacement cycle2			sole-source agreements and backlog
1.	As defined by Definitive Healthcare.	3.	Measured over the past year on a revenue basis.	5.	Includes Central Pharmacy Dispense Services (XR2aaS), EnlivenHealth, IV RIIS Service,
2.	As of 12/31/2020.	4.	High-visibility revenue based on backlog, pipeline & LT sole-source agreements.		Omnicell340B, Omnicell One Service, RobotRX Service (Pak Plus).
© 2021 Omnicell, Inc.				6.	Includes revenue from Consumables	11

3 Advanced Services Accelerating Recurring Revenue Growth

SaaS, Subscription Software & Tech-Enabled Services (% of Total Revenue)

20-30%

9-10%

~6%

2020E

2021E

2025E

~50% 2020-2025 Targeted Revenue CAGR

✔ Leveraging established channel and strong customer relationships

✔ Strong demand driven by increasing provider digitization and need to evolve medication supply chain

✔ Omnicell's cloud-based services

enable better outcomes

✔ Subscription-based, recurring revenue streams

✔ Significantly increases core addressable market

✔ High margin unit economics

NOTE: Includes Central Pharmacy Dispense Services (XR2aaS), EnlivenHealth, IV RIIS Service, Omnicell340B, Omnicell One Service, RobotRX Service (Pak Plus).

© 2021 Omnicell, Inc.

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4 Driving Profitable Growth Through Disciplined Execution

Expected Annual Revenue ($ in Millions)

$1,900-$2,000

$1,650-$1,750

Execute value-enhancing M&A

$1,085-$1,105

Drive innovation and continue to deliver

the Autonomous Pharmacy Vision

Continue market share gains

Capitalize on upgrade cycles

Continue to grow and expand within large existing customer base (sites & product)

2021E

2025E

© 2021 Omnicell, Inc.

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4 Continuing to Drive Margin Expansion

Targeted Non-GAAP Operating Margin (%)

~21%

~17%

~13%

2020E

2021E

2025E

Targeted Non-GAAP EBITDA Margin (%)

✔

✔

✔

Key Drivers of Margin Enhancement

Improving Business Mix- SaaS, Subscription Software

• Tech-EnabledServices targeted to represent 20-30% of revenue by 2025, supporting strong gross margins

Long-TermCustomer Partnerships- Sole-sourceagreements with 145 of the top 300 U.S. health systems1,2 and many outside of the top 300

Economies of Scale- Supply chain and operating

~18%

~25%

~21%

✔ ✔

expense volume leverage

Manufacturing Savings- Cost productivity programs

Process Efficiencies- Increasing virtualization of commercial and implementation processes

2020E

2021E

2025E

1. As of 12/31/2020. 2. As defined by Definitive Healthcare.

DISCLAIMER: See Appendix for a reconciliation of 2020 non-GAAP operating margin and 2020 non-GAAP EBITDA margin to their most directly comparable GAAP financial measures. We do not provide a reconciliation of forward-looking non- GAAP guidance to the comparable GAAP measures as these items are inherently uncertain and difficult to estimate and cannot be predicted without unreasonable effort.

© 2021 Omnicell, Inc.

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4 Building on Our Track Record of Delivering Shareholder Value

Omnicell's Total Shareholder Return

Time Period	Omnicell (OMCL)	S&P Healthcare (XLV)	Outperformance
1 Year	+47%	+13%	+34%
3 Year	+147%	+45%	+102%
5 Year	+286%	+72%	+214%
10 Year	+731%	+328%	+402%

Omnicell outperformed the S&P Healthcare Index on all timeframes

NOTE: Total shareholder returns are based on calendar year and assumes dividends reinvested as of 12/31/2020; all figures are rounded to the nearest whole number.

© 2021 Omnicell, Inc.

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Well Positioned for Continued Growth and Shareholder Value Creation

1

2

3

4

Category creator positioned to transform the pharmacy care delivery model

Large portion of the healthcare sector: $1,250B annually globally

Leading strategic partner to health systems in large and growing market segments

Clear leadership position in the digital transformation of healthcare with $70B+ TAM

Resilient, high-visibility revenue accelerated by high-growth SaaS, Subscription Software & Tech- Enabled Services

Robust product backlog, long-termsole-source agreements and 99%+ customer retention

Targeting ~50% 2020-2025 revenue CAGR for SaaS, Subscription Software & Tech-Enabled Services

Demonstrated track record of growth and margin enhancement with more expected to come

Targeting 14-15%2021-2025 total revenue CAGR (organic 11-12%, inorganic 3%)

Targeting ~400bps increase in Non-GAAP EBITDA margin from 2021-2025

Leveraging our market leading installed base to drive recurring

revenue growth in advanced services

DISCLAIMER: We do not provide a reconciliation of forward-lookingnon-GAAP guidance to the comparable GAAP measures as these items are inherently uncertain and difficult to estimate and cannot be predicted without unreasonable effort.

© 2021 Omnicell, Inc.

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Appendix

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Reconciliation of GAAP to Non-GAAP

(Unaudited, in thousands, except per share data and percentage)
	Twelve Months Ended
	December 31, 2020
Reconciliation of GAAP income from operations to non-GAAP income from operations:
GAAP income from operations	$ 31,600-34,600
GAAP operating income % to total revenues	3.5%-3.9%
Share-based compensation expense	~44,700
Amortization of acquired intangibles	~19,600
Acquisition-related expenses	~5,600
Severance and other expenses (1)	~12,000
Non-GAAP income from operations	$113,500-116,500
Non-GAAP operating margin (non-GAAP operating income % to total non-GAAP revenues)	12.7%-13.1%
Reconciliation of GAAP net income to non-GAAP net income:
GAAP net income	$ 28,600-30,600
Share-based compensation expense	~44,700
Amortization of acquired intangibles	~19,600
Acquisition-related expenses	~5,600
Severance and other expenses (1)	~12,000
Amortization of debt issuance costs	~1,600
Amortization of discount on convertible senior notes	~4,800
Tax effect of the adjustments above (2)	~(9,100)
Non-GAAP net income	$ 107,800-109,800

1. For the year ended December 31, 2020, other expenses include approximately $1.0 million of IP and legal entities restructuring costs and approximately $1.0 million of certain litigation costs.
2. Tax effects calculated for all adjustments except tax benefits and expenses, and share-based compensation expense, using an estimated annual effective tax rate of 21% for fiscal year 2020.

© 2021 Omnicell, Inc.

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Reconciliation of GAAP to Non-GAAP (Cont'd)

(Unaudited, in thousands, except per share data and percentage)
	Twelve Months Ended
	December 31, 2020
Reconciliation of GAAP net income per share - diluted to non-GAAP net income per share - diluted:
Shares - diluted GAAP	43,743
Shares - diluted Non-GAAP	43,743
GAAP net income per share - diluted	$ 0.65-0.70
Share-based compensation expense	~1.02
Amortization of acquired intangibles	~0.45
Acquisition-related expenses	~0.13
Severance and other expenses (1)	~0.27
Amortization of debt issuance costs	~0.04
Amortization of discount on convertible senior notes	~0.11
Tax effect of the adjustments above (2)	~(0.21)
Non-GAAP net income per share - diluted	$ 2.46-2.51
Reconciliation of GAAP net income to non-GAAP EBITDA (3):
GAAP net income	$ 28,600-30,600
Share-based compensation expense	~44,700
Interest (income) and expense, net	~400
Depreciation and amortization expense	~61,400
Acquisition-related expenses	~5,600
Severance and other expenses (1)	~12,000
Amortization of debt issuance costs	~1,600
Amortization of discount on convertible senior notes	~4,800
Income tax expense (benefit)	~(2,100)
Non-GAAP EBITDA	$ 157,000-159,000
Non-GAAP EBITDA margin (non-GAAP EBITDA % to total non-GAAP revenues)	17.6%-17.9%

1. For the year ended December 31, 2020, other expenses include approximately $1.0 million of IP and legal entities restructuring costs and approximately $1.0 million of certain litigation costs.
2. Tax effects calculated for all adjustments except tax benefits and expenses, and share-based compensation expense, using an estimated annual effective tax rate of 21% for fiscal year 2020.
3. Defined as earnings before interest income and expense, taxes, depreciation and amortization, share-based compensation, as well as excluding certain non-GAAP adjustments.

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