We are going live in five, four, three. Good afternoon, everyone, and thank you for joining us today. I'm Kathleen Nemeth with Omnicell. It's my pleasure to be here today with our founder, CEO, and president, Randall Lipps, as well as our Chief Financial Officer, Baird R adford, and our Chief Operating Officer, Nnamdi Njoku. We're thrilled that you're able to join us, both here in the room as well as those of you joining us online. We can't wait to talk to you more about our announcement that we made this morning, which is on our IR website at omnicell.com. Before we start our Q&A, I do want to remind everyone that during the course of the discussion today, we may make forward-looking statements. There are always risks when you're talking about the future, so we encourage you to read our most recent filings with the SEC, which you can also find on our website. With that, I'm going to turn it over to Randall for some opening comments, and then we'll start with some Q&A. Thank you, Kathleen, and what an exciting day it is for us here at the company to launch what I've termed our third wave of technology in our platform. We originally started with the G Series, original XT Series, and today we launch our third wave called Titan XT, and this is a new enterprise platform. Everything's new about it, new hardware, new software, new approach to solving these difficult problems that pharmacies have today, and some of the exciting things that we can do that we haven't been able to do is really to have a real-time approach to solving these difficult problems that these big providers have as they change and morph. The new enterprise systems allow you to plug and play different kinds of devices around the facilities to gather more visibility and to gather more data. This then resides in the cloud, which then allows us to do more analytics and provide both efficiencies and safety, and so as we bring this new product to market, it has really become a pivoting point for us to launch our next generation of products. This is the first one that falls under this enterprise edition umbrella, and it's already making a difference. We have a few systems deployed in the marketplace. We've gotten great feedback from it, and we know that it's going to be a winner, not only for our current customers, but for a lot of customers who haven't yet experienced Omnicell. Thank you, Randall. So our first question, Nnamdi, I would like to ask you, could you help us understand how the Omnicell Titan XT is different from our current XT? Yes. So Titan XT was really designed for a growing health system. When you think about it, these health systems, they're larger, they're growing, they're managing a lot of complexity, managing larger patient populations, and also managing medications in more locations than ever before. So really, Titan XT was designed as an enterprise system that really allows the health system to centrally manage capability like user formularies, standardized how things are sort of done within that health system, and really get full visibility. A number of examples are capabilities that Titan XT has built in that Randy just mentioned. So you have the dynamic restock capability. It's simple and intelligent, but the dynamic restock capability is all about simplifying pharmacy tasks. You have the Five Rights capability that's all about using intelligent alerts to drive safer nursing decision-making. We've also delivered some AI capability that has made the system more intelligent, taking data internally and externally and really driving proactive decision-making as well, and continuing to sort of address things like stock-out risk. And then finally, from a protection standpoint, this system is secure. We've designed it to really get to the leading data and privacy protection standards. So we're really talking about a very secure system here. So there are lots of capabilities that make it different from what's on the marketplace. Thank you, Nnamdi. And now, Baird, I'd like to ask you a couple of questions here. First and foremost, I know this is on people's minds, when will Titan XT be bookable? Yeah, so right now, Titan is now bookable. From a hardware perspective, we anticipate having first shipments in the second half of 2026, which really aligns nicely with the lead times that our customers need to make their decisions about timing resources and implementations. So the second half of 2026 is when we believe we'll start to ship the hardware. From a software perspective, as Randy alluded to, we already have OmniSphere platform being used by the first cohort of customers. They're providing valuable experience and feedback to us, and we anticipate ramping the use in this initial cohort over the course of 2026 so we can learn more from that customer base, how to best solve their needs before general availability of the OmniSphere release, which will be in the first half of 2027. Thank you. So a follow-up question to that, could you talk to us about what the pricing structure is for Titan XT? Historically, Omnicell, as many of us know, have sold our equipment as a capital purchase. Will this continue, or are there any differences? It's a lot wrapped up in that question, Kathleen. Let me kind of unpack. From a hardware perspective, what we're finding over time is there's an increasing interest from new customers in leasing models. So we'll continue down the capital path as we have in the past, but we're also going to look to meet the customers at their need points and introduce leasing transactions into the quoting and bid process. Where that turns out will be customer-by-customer need, but expanding our offering, we believe, will allow us to position Omnicell in a way that gives us the best chance and new competitor opportunities. From a software perspective, sorry, pause. On the hardware side, we have not announced the price, I should mention. However, we do believe that the additional value that we're providing with the new features and functionality with the hardware warrants a premium in the marketplace to today's pricing. From a software perspective, we believe the software solution for cloud workflow, inventory management, analytics, and other data needs fits nicely into a more traditional software or subscription model basis. We'll look to gather the information from users as to the value drivers that they see, and we'll share more information over the upcoming quarters as we move closer to general product availability of OmniSphere platform in the first half of 2027. Okay. Thank you. And Nnamdi, turning back to you, would you consider Titan XT a full forklift upgrade? Titan XT will be a full forklift upgrade for customers that have older systems that are approaching end of useful life. Those customers would require a forklift upgrade. As you remember, we talked about our XT Extend program, which is a cloud-enabled console, and customers that I would say that have newer systems can use that console and access cloud capability, so the ability to get full visibility into the enterprise, a lot of powerful analytics. That's the distinction I would make between those two. Okay. But eventually, those customers will have to go through a forklift upgrade as their systems age. Okay. Thank you. And Randall, question for you. We're here at ASHP in Las Vegas. It's super exciting. Of course, we have our competitor here. And so I was wondering if you could talk a little bit about the overall market and specifically about how this new launch is differentiated from our competitors. For us, we're really giving customers the opportunity to get on- ramp to the latest and greatest technology in a logical way. We will partner with our customers to move them to the cloud and to Titan in the best, easiest way possible, while other situations arise in the market where they've come to the end of the line of their product. That has put a lot of interest. Everyone is interested at this show as to what their next move is with automation. You need to have our systems or a competitor's system or an ADC system in your inpatient healthcare in order to run it, in order to be compliant. You can't run without it. Everybody is looking. So you could imagine at this show, we are having record numbers of visits to our booth, organized visits before and after the booth, and not surprisingly so. And it's just an exciting moment because many times, like our customers or like hospital customers, they don't make these decisions, but once every five, 10 years. But now everyone's highly engaged in making that decision over the next few years, and it's made a lot of great discussions and built a lot of momentum. The thing that we're really focused on from our side is enterprise. Many of these institutions, when you get up to over 50 hospitals, you easily have over a million discrete locations you have to manage. So you want to understand what your enterprise has in place, even if it crosses several state lines, if it crosses several geographies and locations, inpatient and outpatient. And then you want to understand how those medication movements and situations are positioned, maybe not just at the enterprise, but regionally, and then in smaller regions, and then local, and then down to the very, maybe, an ICU. You want to compare all your ICUs across all 100 hospitals and take a look at those. So when you think about how to manage medication management, and my firm belief is you can't reinvent healthcare, which we need to do today, without reinventing medication management. It's key. The bet is too big in the outcome and not being able to reinvent it. And you have to have that broad scope and understanding to be able to have a very enterprise view and all the way down to a very micro view of your medication management. The only way you can do that is really through these cloud-based systems that have every single transaction available live and ready to apply whatever analytics and AI you want to in a secure setting. We know that's the problem to solve. Titan and our enterprise solution solves that problem. Yes, that's great. And so well said, Randall. And for those of you who are joining us online, if you are here in Vegas and were on the booth floor, the excitement is really palpable. Our customers are enjoying an immersive experience with Omnicell's products, in addition to the XT Extend, some of the other products and services that we have here at the show. So now I'd like to, Nnamdi, if I could, go back to you and dive in a little more on the details and the differences. We know there's questions on differences between XT and Titan, but also we've been talking recently about XT Extend and the capabilities that brings. So help us understand why a customer would purchase Titan XTs versus XT Extend. So it's really, think about it, as it's really device age dependent. So the age of the systems a customer has. If you're a customer that has systems that are about to run out or get close to the end of its useful life, that customer would be a perfect cohort to consider Titan XT. With XT Extend, if you remember, this is, as Randy said, this is an on-ramp to cloud capability. So customers that have invested in XT Extend essentially have a system that is cloud-ready. So if they're interested in accelerating their journey to the cloud, that's something that we can use that XT Extend product to connect to OmniSphere to get all the benefits that we've talked about. For customers that I would say, generally speaking, that have systems that are on the newer side and want to accelerate their journey to the cloud, XT Extend is something that they could consider. Okay. Fantastic. Thank you. So Baird, let's ask the question that we know is on a lot of people's minds, revenue. When do we think that we'll start to see revenue from Titan XT? I think it's important to remind everybody of our product or our sales cycle. So the lead time of pipeline considerations and back and forth with customers through their capital purchasing process, combined with the time it takes us to get resources both at the customer site and within Omnicell scheduled to do implementations. At the end of that implementation is the acceptance by our customer and the recognition of revenue. So if we think about the factors of the initial XT units were shipped nine years ago, beginning in 2017, we're coming up on that natural 10-year life, and we believe we'll start shipping product at the back part of next year. So from a revenue guidance perspective, we'll share more as we get into the Q4 earnings, but I think it would be important to signal at this point, 2026 revenue, incremental revenue from Titan will be modest. Okay. Thank you. Now, what I'd like to do is we do have some attendees here with us, and so I'd like to give you an opportunity to ask your questions, and then we'll go back to some of the prepared questions. Gene, would you like to go first? I will repeat the question for the benefit of those online. Sure. In terms of the revenue opportunity, not to expect much from Titan in 2026, but will customers be kind of making incremental purchases maybe to get ready for Titan? Is there some ramp before they do that? So let me repeat the question. So the question was, will customers be making incremental purchases of Titan as they get ready for the ramp? A couple of things, and I'll ask Nnamdi to jump in here as well. Just backdrop too, we have a number of orders already placed for which we'll be working proactively with customers to figure out which delivery solution meets their timeline and their needs, whether it is XT moving to cloud capability through Extend or whether it is Titan XT. We are not yet at the end of the upgrade cycle, so we definitely have a little bit more life in us. We've shared that we're in the later stages of XT. But part of providing Titan XT to the marketplace was really to line up that capital purchasing cycle within our customers. The duration that that takes requires that we provide insight to our product roadmap so they can make strategic decisions about their capital and their asset deployment, so. The only other thing I'll add to that is, if you remember when Randy kicked off, we talked about having multiple pathways for customers and just the ability to engage our customers now to figure out the right pathway that lines up with their goals is kind of the reason for the announcement today. So we're looking forward to having that conversation with that clarity with our customers. Yeah. And I'd also add that many customers, when they're making or considering making the ADC decision, that's when they add in other products which they may deploy sooner. So they tend to sort of go through a buying process that includes everything in a package. So those bookings may come in 2026, and part of those may start to be delivered earlier than later that aren't part of the Titan package, but it could be XR2 or XT or something else. Got it. Thank you. And I just, if I could get a quick follow-up, when you introduced XT back in 2017 or whenever it was, you talked about a, I don't know, $900 million opportunity, right, at scale to swap out the traditional cabinet with XT. Do you want to put some parameters around Titan in terms of?[crosstalk] We got enough data on that one. Of course. Yeah. Yeah. So we looked at the install phase that exists right now, and we also looked at the importance, as Randy mentioned. These systems, the ADCs, are really important to the health system and their management of medication. Based on those factors, we believe that the market opportunity is around $2.5 billion. That's our customer base, right? Yeah. Thank you. Any other questions from the room? Yeah. I I know you can't control when systems move on hardware, and maybe last cycle probably happened faster than you thought. And it sounds like you're trying to utilize leasing, I think, maybe to bring out the lumpiness of some of the hardware sales. But can we talk about the recurring side of revenue, what's going to drive sort of the recurring nature of the business beyond sort of the cycle? Great question. I'll repeat the question. The question was on the recurring nature of the revenue as we go through the cycle. So commenting on that a bit. And so Baird, if you want to start. Yeah. Happy to start. The largest portion of the recurring revenue is the service revenue that comes from the installed base of connected devices. So that is, with growing installed base, comes the opportunity along with pricing adjustments, allows for growth in that line item. Also in there, we have our specialty business, which we continue to be bullish about their progress that they're making, as well as our consumables business. So that annual recurring revenue component are those areas. One place I would highlight, and we signaled this at the third quarter earnings release, also in that recurring revenue stream is our EnlivenHealth business. We all know that the factors facing retail pharmacy has created a bit of a headwind in that area. We're grateful for the hard work the team has put into managing through those difficult industry times, but that is also embedded in our annual recurring revenue rate. Actually, I do have another question, Nnamdi, for you. Regarding the Titan XT, is it the same footprint as the XT, or is it different? So it is the same footprint largely between Titan XT and the XT platform. Okay, so customers won't be required to do any type of build-outs or. It shouldn't require any more space needs because you're moving from one to the other for the most part. Fantastic. I'll open it again to the floor. If there's any questions? Yeah. So kind of like big picture stuff here. So what long-term role does Omnicell envision play in the digital transformation of hospital medication workflows? Okay. So I'll repeat the question. So what long-term role will Omnicell play in the digital enablement of hospitals and that journey towards digital medication management? Yeah. Well, I think the key differentiator for Omnicell is the physical management of medications. And so wherever you have medications that require visibility or access to from a physical standpoint, we will be involved in those. So that can even go all the way to the home. And I think as we see our healthcare system start to develop even more, they want to manage more of the patient holistically, which means they got to manage the medications more holistically. And it's really important. It's easy to digitize a process, but for pharmacy to digitize it right, you have to be able to understand where they're physically located and how they're physically administered. And getting your meds and taking your meds sounds simple, but that's the equation we have to get right every time, 100% of the time. And so, Randall, maybe another big picture question for you. There's been talk about the next 12-18 months of this being a time of the market really opening up for point of care. And so what's your view on that? And again, if you could just review with us again our competitive differentiation and how we feel about that opportunity going forward. Well, yeah, as we take this big enterprise approach toward medication management holistically, it's not just about the Titan XT systems on nursing floor. It's about how to manage all the medication management throughout these systems. And so when we're using this talking point, critical point to come in and talk about the next generation of Titan XT, it's really about the whole management of medication management in these institutions. And so a lot of these discussions revolve around Consolidated Service Centers and the use of our robots in those, the use of setting up centralized IV and distributing IV from one central location to another to gain efficiencies and even some safety. So as we look at that rollout of the world, we have to continue to deploy small, medium, medium-large, large devices that are connected into our platform that are constantly giving us the visibility to really create what we call that autonomous medication management process. We're not that far from it, but I think we see it out there. We've launched internally in our company, Ignite 2030, and it's all about getting to that autonomous world, which we know will be there in five years. Thank you, Randall. And I think that's a wonderful point for us to close on today. So I want to thank Randall, Nnamdi, and Baird for being here, and all of you for your great questions. Again, we couldn't be more excited about this announcement, and we appreciate your interest in the company. Thank you very much. Thank you.