It has been about a month since the last earnings report for Omnicell (OMCL). Shares have added about 4.8% in that time frame, outperforming the S&P 500.Will the recent positive trend continue leading up to its next earnings release, or is Omnicell due for a pullback? Before we dive into how investors and analysts have reacted as of late, let's take a quick look at the most recent earnings report in order to get a better handle on the important drivers. Omnicell Gains Ground on Impressive Overall Growth in Q1Omnicell’s first-quarter 2019 adjusted earnings per share (EPS) of 61 cents outpaced the Zacks Consensus Estimate of 41 cents. Adjusted EPS skyrocketed 110.3% from the year-ago figure and also surpassed the company’s guided range of 38-43 cents. Revenues in Detail The Zacks Rank #3 (Hold) company’s adjusted revenues in the first quarter increased 10.9% year over year to $202.5 million. The top line also surpassed the Zacks Consensus Estimate by of $199.4 million.Quarterly Details On a segmental basis, Product revenues increased 11.4% year over year to $145.6 million in the reported quarter. Moreover, Service and other revenues climbed 9.5% year over year to $56.9 million. Operational Update In the quarter under review, Omnicell's adjusted gross profit rose 16.7% to $100.6 million. Adjusted gross margin expanded 250 basis points (bps) to 49.7%. Adjusted operating profit totaled $26.2 million, up significantly by 78.5% from the prior-year quarter. Adjusted operating margin in the first quarter rose 490 bps to 13%. SG&A expenses escalated 4.6% year over year to $68.3 million. However, research and development expenses declined 2.8% year over year to $16.1 million. Adjusted operating expenses were $74.4 million in the first quarter, up 4% year over year. Financial Update Omnicell exited the first quarter with cash and cash equivalents of $77.2 million compared with $67.2 million at the end of 2018. Guidance For the second quarter of 2019, Omnicell expects adjusted revenues between $211 million and $217 million. The Zacks Consensus Estimate stands at $212.7 million, within the guided range. On an adjusted basis, product revenues are expected between $153 million and $158 million, while service revenues are projected within $58-$59 million. Second-quarter adjusted EPS is expected in the band of 61-66 cents. The Zacks Consensus Estimate stands at 56 cents, below the projected range. For 2019, adjusted revenues are expected within $880-$900 million. The Zacks Consensus Estimate stands at $892.3 million, within the guided range. Product revenues for the full year are projected within $652-$668 million, while service revenues are expected between $228 million and $232 million. Moreover, product bookings are anticipated in the $745-$780 million range. Adjusted EPS are expected between $2.62 and $2.82 for 2019. The Zacks Consensus Estimate stands at $2.52, below the guided range.How Have Estimates Been Moving Since Then?Fresh estimates followed an upward path over the past two months. The consensus estimate has shifted 19.23% due to these changes.VGM ScoresAt this time, Omnicell has a nice Growth Score of B, though it is lagging a bit on the Momentum Score front with a C. Charting a somewhat similar path, the stock was allocated a grade of D on the value side, putting it in the bottom 40% for this investment strategy.Overall, the stock has an aggregate VGM Score of C. If you aren't focused on one strategy, this score is the one you should be interested in.OutlookOmnicell has a Zacks Rank #2 (Buy). We expect an above average return from the stock in the next few months.Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Omnicell, Inc. (OMCL): Free Stock Analysis Report To read this article on Zacks.com click here.