In September 1992, he formed Omnicell Technologies, Inc., to develop software and hardware that would automate processes related to ordering, stocking, tracking, and administering medication.
In 1993, he began marketing his first supply automation systems, targeting single location community hospitals, government hospitals, and regional and national healthcare giants, setting his sights on the 5,800 acute-care hospitals in existence in the United States.
Sales of such systems reached 7.7 million by the end of 1995 and nearly tripled the following year, swelling to 21.5 million.
The encouraging rise in revenues in 1996 also marked the debut of Omnicell s first pharmacy automation system, which was released late in the year.
Sales of the two types of automation systems, supply and pharmacy, reached 48.2 million in 1998, the last year Omnicell would rely exclusively on automation systems to drive its growth.
In September 1999, the company changed its name from Omnicell Technologies to Omnicell.com, a new corporate banner adopted to hail the launch of the Omnicell Commerce Network two months later.
The company had installed more than 14,000 cabinets in more than 1,300 healthcare facilities by the end of 1999, when sales eclipsed 50 million.
Omnicell filed for an initial public offering IPO of stock in April 2000, but the timing of the proposed offering derailed Lipps s bid to obtain an infusion of capital.
By March 2001, Lipps s patience was at an end.
By 2004, the average sales per customer eclipsed 100,000.
O Brien, Chris, Insiders Ride Omnicell s Success Shares Sold at Highest Rate in Five Years, San Jose Mercury News, February 19, 2007.
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Elbit Systems of America1983