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Omnicare history
Omnicare company history timeline
On May 20, 1981, the company chose Edward L. Hutton, a longtime W.R. Grace officer, as chairman and Joel F. Gemunder as president; they continued to lead the company for many years.
On May 19, 1981, Omnicare, Inc. was incorporated under the laws of Delaware.
Two months later, in July 1981, Omnicare began publicly trading its common stock.
In 1983 Omnicare reported revenue of $200.4 million and net income of $17.7 million.
In 1984 Omnicare acquired Labtronics, Inc. for an initial payment of $3 million in cash and stock.
In 1984 Omnicare President Joel F. Gemunder also mentioned that the federal government's restrictions on hospital costs reimbursements hurt Omnicare's business.
Omnicare left the home-care field, however. Thus the company tried to shift to serving home-care patients, which grew to about 25 percent of Omnicare's revenue in 1984.
1985: The company begins emphasizing pharmacy services for long-term care facilities.
Michael R. Walker and Richard R. Howard were already veterans of the nursing home industry when they founded Genesis Health Ventures, Inc. in 1985.
In 1986 Omnicare sold two businesses.
In 1986 Genesis made the first of many acquisitions, acquiring the Speech & Hearing Network, which was renamed Team Rehabilitation.
In 1988 it completed the first of many acquisitions of companies that provided pharmacy products and services to geriatric institutions.
By 1990 the company had more than 30 facilities in its network, with 4,500 long-term beds, generating revenues of nearly $145 million.
Genesis went public in 1991, selling 1.8 million shares and raising $13.5 million, which the company used to pay down some $12.6 million in debt.
1992: Selling the Veratex Group completes the transition to a geriatric pharmaceutical firm; seven acquisitions are completed.
But the two companies retain what an Omnicare spokesman called a "common corporate DNA." As late as 1992, Chemed still holds 28 percent of Omnicare's shares.
At the end of 1992, Genesis posted a second public offering, of 2.5 million shares at $13 per share, setting the stage for the next phase in the company's growth.
In October 1993, the company announced the largest acquisition in its history, with the $205 million purchase of Meridian Healthcare, the largest nursing home operator in Maryland.
The next year, 1993, proved to be pivotal in the company's development.
Until 1993, Genesis's emphasis had been on expanding the scope of its network services; however, calls for healthcare reform from the newly inaugurated Clinton administration led Genesis to shift its focus.
To assist its institutional customers, in June 1994 Omnicare came out with its trademarked "Geriatric Pharmaceutical Care Guidelines," which it believed was "the first clinically-based formulary for the elderly residing in long-term care institutions," according to its 1994 10-K annual report.
Omnicare spent $87 million for its seven 1994 acquisitions, which brought its total number of acquisitions up to 24 for an investment of about $213 million.
In February 1995 it signed an agreement with a six-bank consortium to replace its $50 million credit facility with a new five-year revolving credit facility of $135 million.
Grace, a hard charger who was forced out as chairman of his company just before he died in 1995 at the age of 81, selected executives who would emulate his style.
In July 1996 Genesis paid New York-based National Health Care Affiliates, Inc. $133.6 million to acquire 17 elder care facilities in Florida, Virginia, and Connecticut, adding more than 2,500 beds, as well as a rehabilitation therapy business and a nutritional therapy business.
In late 1996 it had too many employees for its Chemed Center headquarters in Cincinnati, so it moved ten employees to a small office in Covington, Kentucky's RiverCenter office tower.
In 1997 Omnicare decided to move its headquarters to the newly built second RiverCenter tower, where it remained after the turn of the century.
In 1997 Omnicare purchased West-Val Care, the long-term care segment of Encino, California's West-Val Pharmacy Inc.
At the end of 1997 Omnicare provided its pharmacy services to about 443,100 individuals in 5,500 nursing homes, retirement centers, and other long-term care facilities in 37 states.
Omnicare continued to grow by acquisitions in 1999.
Bankruptcy Under Weight of Medicare Cutbacks: 2000-01
In October 2001 Genesis emerged from bankruptcy through a reorganization plan in which it merged with Multicare.
Omnicare Inc. in 2001 increased its revenues to $2.15 billion from $1.97 billion the year before.
In May 2002 cofounder Walker stepped down as CEO in order to focus full-time on lobbying the United States government to better fund long-term care.
In February 2003 the company announced that it planned to spin off the elder care business to shareholders as a separate publicly traded company.
On December 1, 2003, Genesis completed the spinoff of its elder care business, which began operating as Genesis HealthCare Corporation.
The pay of CEO Gemunder comes front and center, as his $25 million in pay for 2003 is tops for executives at all Cincinnati-area publicly traded companies.
Company Split, Emergence of NeighborCare: 2003
Said former CEO John Workman, who arrived at the company as chief financial officer in 2009: "It was clear to me that it had never become an operating company."
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Omnicare competitors
| Company name | Founded date | Revenue | Employee size | Job openings |
|---|---|---|---|---|
| Express Scripts Holding | 1986 | $100.1B | 26,600 | - |
| PharMerica | 2006 | - | 6,000 | 1 |
| Walgreens | 1901 | - | 210,500 | 20,531 |
| Rite Aid | 1962 | $24.1B | 50,000 | 9 |
| Owens & Minor | 1882 | $10.7B | 17,900 | 772 |
| UnitedHealth Group | 1977 | $400.3B | 300,000 | 9,144 |
| Humana | 1961 | $77.2B | 48,700 | 11,353 |
| Cardinal Health | 1971 | $226.8B | 48,000 | 6,907 |
| Medco Tool | - | $70.1B | 24,000 | - |
| Johnson & Johnson | 1886 | $88.8B | 134,500 | 1,782 |
Omnicare history FAQs
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Omnicare may also be known as or be related to Omnicare, Omnicare Inc and Omnicare Inc.