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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% | -36.2% |
| 2024 | $114M | $-98M | $-128M | $-117M | -477.2% | -12.8% | -25.9% |
| 2023 | $130M | $-154M | $-173M | $-135M | -140.6% | 13.0% | 6.0% |
| 2022 | $115M | $-154M | $-163M | $-154M | -66.2% | - | - |
| 2021 | - | - |
Income statement, balance sheet, and cash flow as reported
Consolidated Figures in USD Millions.
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Total Revenue | - | 115.38 | 130.38 | 113.69 | 119.48 |
| Operating 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 |
| Research And Development | - | 48.86 | 57.31 | 38.40 | 21.24 |
| Selling General And Administration | - | 130 | 141.46 | 113.54 | 92.22 |
| Total Expenses | - | 276.39 | 300.15 | 227.06 | 186.18 |
| Operating Income | - | -161.02 | -169.77 | -113.38 | -66.71 |
| Total Operating Income As Reported | - | -161.02 | -169.77 | -113.38 | -66.71 |
| EBITDA | - | -153.93 | -153.79 | -97.89 | -62.64 |
| Normalized EBITDA | - | -152.56 | -153.79 | -97.89 | -54.96 |
| EBIT | - | -159.10 | -159.60 | -103.61 | -66.98 |
| Interest Income | - | 3.29 | 10.17 | 9.76 | 7.41 |
| Interest Expense | - | 3.57 | 12.68 | 23.87 | 13.95 |
| Net Interest Income | - | -0.28 | -2.50 | -14.11 | -6.54 |
| Other Income Expense | - | -1.37 | - | - | -7.68 |
| Interest Income Non Operating | - | 3.29 | 10.17 | 9.76 | 7.41 |
| Interest Expense Non Operating | - | 3.57 | 12.68 | 23.87 | 13.95 |
| Net Non Operating Interest Income Expense | - | -0.28 | -2.50 | -14.11 | -6.54 |
| Pretax Income | - | -162.66 | -172.27 | -127.48 | -80.94 |
| Tax Provision | - | 0.30 | 0.52 | 0.49 | 0.72 |
| Tax Rate For Calcs | - | 0 | 0 | 0 | 0 |
| Tax Effect Of Unusual Items | - | -0.29 | 0 | 0 | -1.61 |
| Net Income Continuous Operations | - | -162.96 | -172.80 | -127.98 | -81.65 |
| Net Income From Continuing And Discontinued Operation | - | -162.96 | -172.80 | -127.98 | -81.65 |
| Net Income From Continuing Operation Net Minority Interest | - | -162.96 | -172.80 | -127.98 | -81.65 |
| Net Income | - | -162.96 | -172.80 | -127.98 | -81.65 |
| Net Income Common Stockholders | - | -162.96 | -172.80 | -127.98 | -81.65 |
| Net Income Including Noncontrolling Interests | - | -162.96 | -172.80 | -127.98 | -81.65 |
| Normalized Income | - | -161.88 | -172.80 | -127.98 | -75.58 |
| Diluted NI Availto Com Stockholders | - | -162.96 | -172.80 | -127.98 | -81.65 |
| Basic Average Shares | - | 3.21 | 3.31 | 3.46 | 15.21 |
| Diluted Average Shares | - | 3.21 | 3.31 | 3.46 | 15.21 |
| Reconciled Depreciation | - | 5.17 | 5.81 | 5.73 | 4.34 |
| Reconciled Cost Of Revenue | - | 97.54 | 101.38 | 75.12 | 72.72 |
| Total Unusual Items | - | -1.37 | 0 | 0 | -7.68 |
| Total Unusual Items Excluding Goodwill | - | -1.37 | 0 | 0 | -7.68 |
| Special Income Charges | - | -1.37 | 0 | 0 | -7.68 |
| Other Special Charges | - | 1.37 | - | - | 7.68 |
| General And Administrative Expense | - | 40.52 | 45.23 | 43.50 | 37.86 |
| Other Gand A | - | 40.52 | 45.23 | 43.50 | 37.86 |
| Selling And Marketing Expense | - | 89.48 | 96.23 | 70.04 | 54.36 |
| Otherunder Preferred Stock Dividend | 0 | 0 | - | - | - |
Healthcare sector peers, ranked by market cap
| Company | Ticker | Market Cap | P/E | P/B | ROE | EV/EBITDA |
|---|---|---|---|---|---|---|
| Outset Medical, Inc.this co. | OM | $88M | -1.07 | 0.69 | -64.3% | -2.46 |
| Aldeyra Therapeutics, Inc. | ALDX | $106M | -3.14 | 2.40 | -76.5% | -1.63 |
| Cardiff Oncology, Inc. | CRDF | $106M | -2.31 | 2.33 | -101.0% | -1.86 |
| Neuronetics, Inc. | STIM | $102M | -2.61 | 4.54 | -174.3% | -5.84 |
| OptimizeRx Corporation | OPRX | $101M | 19.67 |
| - |
| - |
| - |
| - |
| - |
| 0.79 |
| 4.0% |
| 6.26 |
| Definitive Healthcare Corp. | DH | $96M | -0.69 | 0.34 | -49.4% | -0.74 |
| Heron Therapeutics, Inc. | HRTX | $92M | - | 6.39 | -141.0% | - |
| Aardvark Therapeutics, Inc. | AARD | $86M | -1.49 | 0.81 | -54.0% | -0.63 |
| biote Corp. | BTMD | $84M | 3.10 | -1.43 | -46.2% | 3.25 |
| Peer Median | - | -1.49 | 1.57 | -65.2% | -0.74 | |