Shares of Omnicell Inc. (OMCL) surged 5.81% in pre-market trading on Thursday after the medication management company reported better-than-expected fourth quarter 2024 financial results, driven by robust demand for its pharmacy automation solutions.

For the quarter ended December 31, 2024, Omnicell's revenue rose 18.6% year-over-year to $306.9 million, exceeding analysts' consensus estimate of $299.6 million. The company's adjusted earnings per share of $0.60 also topped forecasts of $0.58.

The stellar results were fueled by strong momentum across Omnicell's product lines, including its XT Series automated medication dispensing systems and cloud-based software offerings. The company cited growing adoption of its new OmniSphere software platform as a key growth driver.

"We delivered solid financial results for the fourth quarter of 2024, including returning to year-over-year revenue growth," said Randall Lipps, Omnicell's Chairman, President and CEO. "As we progress through 2025, we remain focused on successfully executing on our strategic priorities, which include driving long-term revenue growth and achieving consistent GAAP profitability."

Looking ahead, Omnicell provided an upbeat outlook for fiscal 2025, forecasting total revenue between $1.10 billion and $1.16 billion, and adjusted earnings per share in the range of $1.65 to $1.85. The company's guidance surpassed Wall Street's expectations.

Following the strong results, several analysts reiterated their "buy" ratings on Omnicell stock. "Autonomous driving will turn into a key trade in the coming three months, aided by Omnicell's launch of its robotaxi next month," wrote Guotai Junan International analyst Li Muhua in a note.