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Outset Medical, Inc., a medical technology company, engages in the development of a hemodialysis system for hemodialysis in the United States. The company provides Tablo Hemodialysis System, a compact console with integrated water purification, on-demand dialysate production, and software and connectivity capabilities; and manufactures, supports, and distributes for Tablo console, Tablo cartridge, and other consumables. It also offers Tablo Data Ecosystem, including TabloHub, a consumer-facing portal; MyTablo, a patient-facing portal; and TabloDash, an internal data analytics platform. The company was formerly known as Home Dialysis Plus, Ltd. and changed its name to Outset Medical, Inc. in January 2015. Outset Medical, Inc. was incorporated in 2003 and is headquartered in San Jose, California.
5-year financial trends. Figures in USD millions.
Latest fiscal year: 2025
Year-by-year revenue, profitability, and cash flow (USD millions, last 10 years)
| Year | Revenue | EBITDA | Net Profit | FCF | ROE | Rev Growth 1Y | NP Growth 1Y |
|---|---|---|---|---|---|---|---|
| 2025 | $119M | $-63M | $-82M | $-47M | -64.3% | 5.1% | - |
| 2024 | $114M | $-98M | $-128M | $-117M | -477.2% | -12.8% | - |
| 2023 | $130M | $-154M | $-173M | $-135M | -140.6% | 13.0% | - |
| 2022 | $115M | $-154M | $-163M | $-154M | -66.2% | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|
| Total Revenue | 115.38 | 130.38 | 113.69 | 119.48 |
| Cost Of Revenue | 97.54 | 101.38 | 75.12 | 72.72 |
| Gross Profit | 17.83 | 29 | 38.56 | 46.75 |
| Operating Expense | 178.85 | 198.77 | 151.94 | 113.46 |
| Operating Income | -161.02 | -169.77 | -113.38 | -66.71 |
| EBITDA | -153.93 | -153.79 | -97.89 | -62.64 |
| EBIT | -159.09 | -159.60 | -103.61 | -66.98 |
| Pretax Income | -162.66 | -172.27 | -127.48 | -80.94 |
| Tax Provision | 0.29 | 0.52 | 0.49 | 0.72 |
| Net Income | -162.96 | -172.80 | -127.98 | -81.65 |
| Net Income Common Stockholders | -162.96 | -172.80 | -127.98 | -81.65 |
| Total Expenses | 276.39 | 300.15 | 227.06 | 186.18 |
| Interest Expense | 3.57 | 12.68 | 23.87 | 13.95 |
| Interest Income | 3.29 | 10.17 | 9.76 | 7.41 |
| Research And Development | 48.85 | 57.31 | 38.40 | 21.23 |
| Selling General And Administration | 130 | 141.46 | 113.54 | 92.22 |
| Normalized EBITDA | -152.56 | -153.79 | -97.89 | -54.96 |
| Normalized Income | -161.88 | -172.80 | -127.98 | -75.58 |
| Basic EPS | -50.70 | -52.20 | -36.90 | -5.37 |
| Diluted EPS | -50.70 | -52.20 | -36.90 | -5.37 |
| Tax Effect Of Unusual Items | -0.29 | 0 | 0 | -1.61 |
| Tax Rate For Calcs | 0.21 | 0.21 | 0.21 | 0.21 |
| Total Unusual Items | -1.37 | 0 | 0 | -7.68 |
| Total Unusual Items Excluding Goodwill | -1.37 | 0 | 0 | -7.68 |
| Net Income From Continuing Operation Net Minority Interest | -162.96 | -172.80 | -127.98 | -81.65 |
| Reconciled Depreciation | 5.17 | 5.81 | 5.73 | 4.34 |
| Reconciled Cost Of Revenue | 97.54 | 101.38 | 75.12 | 72.72 |
| Net Interest Income | -0.28 | -2.50 | -14.11 | -6.54 |
| Net Income From Continuing And Discontinued Operation | -162.96 | -172.80 | -127.98 | -81.65 |
| Total Operating Income As Reported | -161.02 | -169.77 | -113.38 | -66.71 |
| Diluted Average Shares | 3.21 | 3.31 | 3.46 | 15.21 |
| Basic Average Shares | 3.21 | 3.31 | 3.46 | 15.21 |
| Diluted NI Availto Com Stockholders | -162.96 | -172.80 | -127.98 | -81.65 |
| Otherunder Preferred Stock Dividend | 0 | 0 | 0 | 0 |
| Net Income Including Noncontrolling Interests | -162.96 | -172.80 | -127.98 | -81.65 |
| Net Income Continuous Operations | -162.96 | -172.80 | -127.98 | -81.65 |
| Other Income Expense | -1.37 | 0 | 0 | -7.68 |
| Special Income Charges | -1.37 | 0 | 0 | -7.68 |
| Other Special Charges | 1.37 | 0 | 0 | 7.68 |
| Net Non Operating Interest Income Expense | -0.28 | -2.50 | -14.11 | -6.54 |
| Interest Expense Non Operating | 3.57 | 12.68 | 23.87 | 13.95 |
| Interest Income Non Operating | 3.29 | 10.17 | 9.76 | 7.41 |
| Selling And Marketing Expense | 89.48 | 96.23 | 70.04 | 54.36 |
| General And Administrative Expense | 40.52 | 45.23 | 43.50 | 37.86 |
| Other Gand A | 40.52 | 45.23 | 43.50 | 37.86 |
| Operating Revenue | 115.38 | 130.38 | 113.69 | 119.48 |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Outset Medical, Inc.this co. | OM | $77M | - | 0.60 | -64.3% | -0.14 |
| Aldeyra Therapeutics, Inc. | ALDX | $90M | - | 2.04 | -76.5% | -1.02 |
| MaxCyte, Inc. | MXCT | $87M | - | 0.51 | -26.0% | -0.06 |
| biote Corp. | BTMD | $83M | 3.00 | -1.16 | -53.7% | 4.32 |
| Gossamer Bio, Inc. | GOSS | $82M | - | -0.67 |
| 138.8% |
| -0.91 |
| aTyr Pharma, Inc. | ATYR | $75M | - | 1.11 | -110.2% | -0.11 |
| DocGo Inc. | DCGO | $70M | - | 0.48 | -144.9% | -0.41 |
| Actuate Therapeutics, Inc. Common stock | ACTU | $68M | - | 8.45 | -280.5% | - |
| LENSAR, Inc. | LNSR | $65M | - | -2.48 | 131.7% | -3.17 |
| Peer Median | - | 3.00 | 0.50 | -65.1% | -0.41 | |