Logo

OM

Outset Medical, Inc.

OM

Outset Medical, Inc. • NASDAQ
$4.55 ▲ 2.59% (+0.12)
Market Cap $82.68 M
52w High $25.35
52w Low $4.13
Dividend Yield 0%
P/E -0.39
Volume 209.30K
Outstanding Shares 18.15M

Income Statement

Period Revenue Operating Expense Net Income Net Profit Margin Earnings Per Share EBITDA
Q3-2025 $29.431M ▼ $27.06M ▼ $-17.838M ▲ -60.61% ▼ $-1 ▲ $-13.636M ▲
Q2-2025 $31.419M ▲ $28.732M ▲ $-18.541M ▲ -59.012% ▲ $-1.04 ▲ $-16.865M ▲
Q1-2025 $29.752M ▲ $27.465M ▼ $-25.783M ▼ -86.66% ▲ $-7.44 ▼ $-20.814M ▼
Q4-2024 $29.467M ▲ $32.607M ▼ $-25.638M ▲ -87.006% ▲ $-0.5 ▲ $-18.411M ▲
Q3-2024 $28.666M $33.659M $-27.94M -97.467% $-0.55 $-19.541M

Balance Statement

Period Cash & Short-term Total Assets Total Liabilities Total Equity
Q3-2025 $178.638M ▼ $277.255M ▼ $134.89M ▲ $142.365M ▼
Q2-2025 $184.09M ▼ $288.801M ▼ $134.017M ▲ $154.784M ▼
Q1-2025 $189.002M ▲ $301.211M ▲ $131.343M ▼ $169.868M ▲
Q4-2024 $158.685M ▼ $275.795M ▼ $248.976M ▲ $26.819M ▼
Q3-2024 $175.633M $292.89M $245.068M $47.822M

Cash Flow Statement

Period Net Income Cash From Operations Cash From Investing Cash From Financing Net Change Free Cash Flow
Q3-2025 $-17.838M ▲ $-6.32M ▼ $2.967M ▲ $231K ▲ $-3.122M ▲ $-6.48M ▼
Q2-2025 $-18.541M ▲ $-4.823M ▲ $-31.162M ▲ $-384K ▼ $-36.369M ▲ $-5.115M ▲
Q1-2025 $-25.783M ▼ $-25.663M ▼ $-78.079M ▼ $55.656M ▲ $-48.086M ▼ $-25.786M ▼
Q4-2024 $-25.638M ▲ $-16.488M ▲ $108.153M ▲ $-938K ▼ $90.727M ▲ $-16.531M ▲
Q3-2024 $-27.94M $-20.568M $15.875M $121K $-1.243M $-20.963M

Revenue by Products

Product Q4-2024Q1-2025Q2-2025Q3-2025
Consoles Product
Consoles Product
 $10.00M ▲$10.00M ▲$10.00M ▲$10.00M ▲
Consumables Product
Consumables Product
 $30.00M ▲$10.00M ▼$10.00M ▲$10.00M ▲
Product
Product
 $40.00M ▲$20.00M ▼$20.00M ▲$20.00M ▲
Service And Other Revenue
Service And Other Revenue
 $20.00M ▲$10.00M ▼$10.00M ▲$10.00M ▲

Five-Year Company Overview

Income Statement

Income Statement Outset Medical is still in the “build” phase financially. Revenue has been climbing over the years, but from a small base and not fast enough yet to cover the company’s sizable cost structure. Gross margins have improved from negative to positive, which is a meaningful step toward a healthier business model, but operating and net losses remain large and fairly persistent. Earnings per share stay deeply negative, with only modest signs of improvement. In simple terms, the company is showing proof that its product can generate margin, but it has not yet scaled enough to spread fixed costs and get anywhere close to break-even.

Balance Sheet

Balance Sheet The balance sheet shows a company that has been spending down its earlier financial cushion. Total assets and cash are lower than a few years ago, while debt has climbed. Equity has thinned substantially, which reflects cumulative losses and makes the capital structure more fragile. The trend is toward higher financial risk: less buffer to absorb ongoing losses and a greater reliance on lenders and future capital raises if the current loss pattern continues.

Cash Flow

Cash Flow Cash flow mirrors the income statement: the business consistently burns cash from operations, and free cash flow has been notably negative each year. Capital spending is relatively light, so the burn is mostly from funding operating losses rather than heavy investment in physical assets. This means the company depends on external financing to sustain operations and growth. While there is a slight improvement in recent years, the cash outflow is still meaningful, and the path to self-funding operations is not yet visible in the historic numbers.

Competitive Edge

Competitive Edge Outset Medical is trying to disrupt a very entrenched dialysis market dominated by large incumbents. Its Tablo system offers meaningful advantages in simplicity, flexibility across care settings, and digital connectivity, which can appeal strongly to both hospitals and patients. The recurring consumables and service model is attractive from a business standpoint. However, the company remains small versus major competitors, relies heavily on a single platform, and has already felt pressure in meeting revenue expectations. Execution risk is high: scaling adoption, defending pricing, and proving long-term clinical and economic benefits against well-capitalized rivals will be critical.

Innovation and R&D

Innovation and R&D The company’s strategy is highly innovation-centric, with Tablo positioned as a modern, patient-friendly dialysis platform rather than a standalone machine. Outset invests in software, data connectivity, training programs, accessories like the prefiltration cart, EMR integration, and transition services for providers. This ecosystem approach can deepen customer stickiness and create multiple value layers beyond the base hardware. At the same time, the R&D and commercialization spend required to drive adoption is a major contributor to ongoing losses, and the innovation roadmap appears focused on enhancing and expanding one core platform rather than diversifying into multiple product families.

Summary

Overall, Outset Medical combines a compelling, differentiated technology with a financially stretched early-commercial profile. On the positive side, revenue is growing, gross margins have turned positive, and the company has built a distinctive position with an integrated dialysis solution tailored for both clinical and home use. On the risk side, losses are large and persistent, cash burn is ongoing, debt has risen, and equity is now thin, all of which raise sensitivity to any missteps in execution or funding. The recent reverse stock split also signals past share price pressure. The story is essentially a race between innovation-driven adoption and the constraints of a tightening financial base, with significant upside potential if scaling succeeds, but also notable financial and competitive uncertainty along the way.

NEWS

November 28, 2025 · 3:06 PM UTC

INVESTIGATION ALERT: Edelson Lechtzin LLP Announces Investigation of Outset Medical, Inc. (NASDAQ: OM) and Encourages Investors with Substantial Losses to Contact the Firm

Read more

November 20, 2025 · 10:00 AM UTC

INVESTOR ALERT: Pomerantz Law Firm Investigates Claims On Behalf of Investors of Outset Medical, Inc. - OM

Read more

November 10, 2025 · 4:05 PM UTC

Outset Medical Reports Third-Quarter Results

Read more

November 5, 2025 · 4:05 PM UTC

New Research Demonstrates the Advantages of an Insourced Dialysis Service Line for Acute-Care Facilities Using Outset Medical's Tablo® Hemodialysis System

Read more

November 5, 2025 · 9:00 AM UTC

Outset Medical to Present at the 2025 Stifel Healthcare Conference

Read more