A month has gone by since the last earnings report for Omnicell (OMCL). Shares have lost about 5.6% in that time frame, underperforming the S&P 500.Will the recent negative trend continue leading up to its next earnings release, or is Omnicell due for a breakout? 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 catalysts. Omnicell Q4 Earnings Miss Estimates, Revenues BeatOmnicell, Inc. reported fourth-quarter 2021 adjusted earnings per share of 92 cents, up 1.1% year over year. However, the metric missed the Zacks Consensus Estimate by 3.2%.The adjustments include one-time expenses like share-based compensation, amortization of acquired intangibles, acquisition-related expenses and others.On a GAAP basis, earnings per share were 28 cents for the quarter under review, reflecting a 24.3% fall from EPS of 37 cents reported in the year-ago quarter.For the full year, adjusted earnings were $3.81 per share, up 50% from the year-ago period. This figure was in line with the Zacks Consensus Estimate.Revenues in DetailFourth-quarter revenues of $311.03 million rose 24.8% year over year on a reported basis. The figure beat the Zacks Consensus Estimate by 0.3%.Total revenues for 2021 were $1.13 billion, up 26.9% from the year-ago period. This figure met the Zacks Consensus Estimate.Segmental DetailsOn a segmental basis, Product revenues rose 27.2% year over year to $223.5 million in the reported quarter.Service and other revenues climbed 19% year over year to $87.5 million.Operational UpdateIn the quarter under review, company-adjusted gross profit rose 20.7% to $149.3 million. Company-adjusted gross margin contracted 162 basis points (bps) to 48%.Operating expenses were $137.7 million in the fourth quarter, up 33.1% year over year. Operating profit totaled $11.6 million, reflecting a 42.7% fall from the prior-year quarter. Operating margin in the fourth quarter contracted 439 bps to 3.7%.Financial UpdateOmnicell exited full-year 2021 with cash and cash equivalents of $349.1 million compared with $485.9 million at the end of 2020.Cumulative cash flow from operating activities at the end of 2021 was $231.8 million compared with $185.9 million a year ago.Guidance for Q1 & 2022Omnicell has provided its guidance for the first quarter and full-year 2022, which considers the expected contributions of ReCept, MarkeTouch Media, the previously-acquired FDS Amplicare, the integration costs of such acquisitions and the anticipated effects of the current inflationary environment.For the first quarter of 2022, Omnicell expects revenues between $312 million and $318 million. The Zacks Consensus Estimate for the metric is pegged at $294.78 million. Product revenues are forecast between $216 million and $219 million, while service revenues are projected within $96 million and $99 million for the quarter.First-quarter adjusted EPS is envisioned in the band of 65-72 cents. The Zacks Consensus Estimate for the same is pegged at 69 cents.For the full year, the company anticipates product bookings in the range of $1.370 billion to $1.430 billion.Revenues are estimated between $1.385 billion and $1.410 billion. The Zacks Consensus Estimate for the same stands at $1.28 billion.For 2022, the currently-projected ranges for product and service revenues are $950-$965 million and $435-$445 million, respectively.Full-year adjusted EPS is expected between $3.75 and $3.95. The Zacks Consensus Estimate for the metric stands at $4.17.How Have Estimates Been Moving Since Then?In the past month, investors have witnessed an upward trend in estimates review.VGM ScoresAt this time, Omnicell has a nice Growth Score of B, though it is lagging a lot on the Momentum Score front with a D. Following the exact same course, 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.OutlookEstimates have been trending upward for the stock, and the magnitude of this revision looks promising. Notably, Omnicell has a Zacks Rank #5 (Strong Sell). We expect a below average return from the stock in the next few months. 5 Stocks Set to Double Each was handpicked by a Zacks expert as the #1 favorite stock to gain +100% or more in 2021. Previous recommendations have soared +143.0%, +175.9%, +498.3% and +673.0%. Most of the stocks in this report are flying under Wall Street radar, which provides a great opportunity to get in on the ground floor.Today, See These 5 Potential Home Runs >>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.