Please be aware that you should not place undue reliance on any forward-looking statements made today. The date of this conference call is April 26, 2009. And all forward-looking statements made on this call are made based on the beliefs of Omnicell as of this date only. Future events or simply the passage of time may cause these beliefs to change. Finally, this conference call is a property of Omnicell Incorporated and any taping, other duplication or rebroadcast without the written consent of Omnicell is prohibited.Also at the call today with an overview of the financial results for the quarter followed by Randy who will cover some of the quarter's business highlights. I will then discuss our guidance for 2010 and after that we will open the call for your questions. Results for the first fiscal quarter of 2010 met our expectations and we are on track to our previously stated annual guidance. Our pipeline is strong and we had $11 million to our cash balance. We begun with many of the large order installations we announced last quarter and those are going smoothly. Orders for Q1 were inline to maintain our yearend 2010 backlog guidance of $118 to $125 million. Of our orders in Q1, 26% were from competitive conversions and from Greenfield customers or customers who have never installed automation before. About two thirds of those orders were from competitive conversions. The percentage of our business from new and competitive conversion customers fluctuates from quarter-to-quarter. We believe new and competitive conversion orders will be within our historical annual range of 33% to 40% of our business for the full-year of 2010. Revenue for the first quarter of fiscal 2010 was $54.2 million down from the fourth quarter of 2009, and up 4% from the first quarter of a year ago.
Net earnings after taxes were $1 million or $0.03 per share for Q1 2010. This compares to a net loss of $1.9 million or a loss of $0.06 per share in Q1 2009 which included one time restructuring charges totaling $1.5 million net of tax. Now I'd like to cover our non-GAAP results.The only adjustment to GAAP results are the exclusion of the one time restructuring charges in Q1 2009 and the exclusion of stock compensation expenses. Stock compensation expense includes the estimated future value of employee stock options, restricted stock and employee stock purchase plan. And so stock compensation is a non-cash expense, we use financial statements internally that excludes stock compensation expense in order to measure some of our operating results We use these adjusted statements in addition to GAAP financial statements, and we feel its useful for investors to understand the non-cash stock compensation expenses that are a component of our reported results. A full reconciliation of our GAAP to non-GAAP results is included in our press release and will be posted on our website. Our Q1 2010 non-GAAP net income was $3.1 million or $0.09 per share, up $1 million or $0.02 per share year-to-year from Q1 2009 non-GAAP income of $2.1 million or $0.07 per share. EBITDA or earnings before interest taxes, depreciation and amortization was $5.8 million for the first quarter 2010, up $1.3 million or 30% year-to-year. We continue to generate cash from our operations in drive down our receivable balance. Our cash in short-term investments grew to $181 million at the end of Q1 2010, an increase of $11 million from Q4 2009. The Q1 cash increase was driven by $7 million of contributions from operations and $4 million from stock option exercises and stock purchases under our employee stock purchase plan. Cash generated from operations included $1 million of reductions in accounts receivable. Day sales outstanding were 68 down 1 day from the last quarter. Read the rest of this transcript for free on seekingalpha.com