UPDATE 1-Omnicell Q4 profit beats Street by a penny, cuts jobs

* Q4 adj EPS $0.17 beats estimate by a cent

* Revenue up 7.1 pct

* To cut jobs

Jan 29 (Reuters) - Omnicell Inc (OMCL.O), a provider of patient-safety software and products, posted quarterly profit that beat analysts' estimate by a penny, and said it would reduce its workforce to 744 full-time employees.

According to a regulatory filling, the company had 845 full-time employees as of Sept. 30.

The Mountain View, California-based company said it expects to take a charge of $2.5 million in the first quarter.

"Entering 2009 as we face uncertain times in a global economic downturn, we have taken the necessary steps to align our operating expenses with our business," Chief Executive Randall Lipps said in a statement.

Product backlog as of Dec. 31, 2008, totaled $110 million, down 20 percent from a year-ago-period, Omnicell said.

For the fourth quarter, the company reported net income of $3.3 million, or 10 cents a share, compared with $2.9 million, or 9 cents a share, a year ago. [ID:nWEN3534]

Shares of the company closed at $8.02 Thursday on Nasdaq.

For the press release double click [ID:nPnAQTH559] (Reporting by Anand Basu in Bangalore)