Outset Medical, Inc. OM
Outset is a medical technology company pioneering a first-of-its-kind technology to improve clinical outcomes in dialysis with less cost and complexity. We believe the Tablo® Hemodialysis System (Tablo) represents a significant technological advancement that transforms the dialysis experience for patients and operationally simplifies it for providers. We designed Tablo from the ground up to be a single enterprise solution that can be utilized across the continuum of care, allowing dialysis to be delivered anytime, anywhere and by virtually anyone. Tablo is currently cleared by the U.S. Food and Drug Administration (FDA) for use in the hospital, clinic or home setting. Our technology is designed to elevate the dialysis experience for patients, and help providers overcome traditional care delivery challenges. Our focus on flexibility, ease of use, data analytics and user experience translates to meaningfully reduced training times and fixed infrastructure requirements. Requiring only an electrical outlet and tap water to operate, Tablo frees patients and providers from the burdensome infrastructure required to operate traditional dialysis machines. The integration of water purification and on-demand dialysate production in a single 35-inch compact console enables Tablo to provide clinical and operational flexibility to customers. Tablo leverages cloud technology, making it possible for providers to monitor devices and treatments remotely, perform patient and population analytics and automate clinical recordkeeping. With a simple-to-use touchscreen interface, two-way wireless data transmission and a proprietary data analytics platform, Tablo is a new holistic approach to dialysis care. Unlike traditional hemodialysis machines, which have limited clinical versatility across care settings, Tablo can be used seamlessly across multiple care settings and a wide range of clinical applications.
Valuation FY2025 figures against the last close
Annual financial statements
Income statement
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | $119.5M | $113.7M | $130.4M | $115.4M | $102.6M | $49.9M | $15.1M | $2.0M | — |
| Cost of revenue | $72.7M | $75.1M | $101.4M | $97.5M | $95.0M | $63.0M | $32.9M | $8.1M | — |
| Gross profit | $46.8M | $38.6M | $29.0M | $17.8M | $7.6M | -$13.0M | -$17.8M | -$6.1M | — |
| R&D | $21.2M | $38.4M | $57.3M | $48.9M | $36.7M | $28.9M | $23.3M | $22.9M | — |
| SG&A | $37.9M | $43.5M | $45.2M | $40.5M | $36.3M | $30.5M | $8.9M | $6.3M | — |
| Total operating expenses | $113.5M | $151.9M | $198.8M | $178.9M | $138.1M | $104.4M | $52.5M | $40.4M | — |
| Operating income | -$66.7M | -$113.4M | -$169.8M | -$161.0M | -$130.5M | -$117.5M | -$70.3M | -$46.6M | — |
| Interest expense | $14.0M | $23.9M | $12.7M | $3.6M | $1.7M | $2.9M | $4.3M | $4.6M | — |
| Pre-tax income | -$80.9M | -$127.5M | -$172.3M | -$162.7M | -$131.7M | -$121.5M | -$68.3M | -$49.8M | — |
| Income tax | $718.0K | $491.0K | $523.0K | $295.0K | $199.0K | $0 | $20.0K | $25.0K | — |
| Net income | -$81.7M | -$128.0M | -$172.8M | -$163.0M | -$131.9M | -$121.5M | -$68.3M | -$49.8M | — |
| EPS, basic | -5.37 | -36.96 | -52.28 | -3.38 | -2.89 | -4.85 | — | — | — |
| EPS, diluted | -5.37 | -36.96 | -52.28 | -3.38 | -2.89 | -4.85 | -99.58 | -100.75 | — |
| Shares, diluted (wtd. avg.) | 15,211 | 3,463 | 3,305 | 48,161 | 45,589 | 16,358 | — | — | — |
Balance sheet
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Cash and equivalents | $35.0M | $124.0M | $68.5M | $73.2M | $182.3M | $295.0M | $36.9M | — | — |
| Short-term investments | $133.9M | $34.7M | $134.8M | $214.3M | $157.1M | $19.9M | $33.2M | — | — |
| Receivables | $28.3M | $35.6M | $33.0M | $28.1M | $25.6M | $6.5M | $3.9M | — | — |
| Inventory | $47.6M | $59.4M | $49.2M | $51.5M | $39.2M | $18.4M | $4.6M | — | — |
| Total current assets | $250.9M | $258.2M | $291.2M | $373.6M | $409.8M | $345.9M | $79.6M | — | — |
| Property, plant and equipment | $4.7M | $8.1M | $13.3M | $15.9M | $13.0M | $15.0M | $7.9M | — | — |
| Total assets | $264.5M | $275.8M | $313.8M | $400.1M | $463.5M | $403.8M | $88.4M | — | — |
| Accounts payable | $554.0K | $3.9M | $5.8M | $603.0K | $1.8M | $4.9M | $5.0M | — | — |
| Short-term debt | — | — | — | $4.8M | $2.0M | $2.0M | $7.5M | — | — |
| Total current liabilities | $37.6M | $45.4M | $55.3M | $51.9M | $51.7M | $36.7M | $24.9M | — | — |
| Long-term debt | $96.2M | $197.4M | $130.1M | $96.3M | $29.8M | $29.7M | $21.6M | — | — |
| Total liabilities | $137.5M | $249.0M | $190.9M | $154.1M | $89.4M | $75.2M | $51.1M | — | — |
| Retained earnings | -$1.17B | -$1.09B | -$961.7M | -$789.0M | -$626.0M | -$494.1M | -$372.6M | — | — |
| Total equity | $127.0M | $26.8M | $122.9M | $246.0M | $374.1M | $328.6M | -$372.2M | -$287.9M | -$215.9M |
Cash flow
| Fiscal year | FY2025 | FY2024 | FY2023 | FY2022 | FY2021 | FY2020 | FY2019 | FY2018 | FY2017 |
|---|---|---|---|---|---|---|---|---|---|
| Operating cash flow | -$46.3M | -$116.3M | -$131.4M | -$145.7M | -$130.3M | -$99.0M | -$70.3M | -$46.4M | — |
| Depreciation and amortisation | $4.3M | $5.7M | $5.8M | $5.2M | $5.2M | $3.2M | $1.5M | $1.1M | — |
| Stock-based compensation | $15.6M | $29.4M | $38.6M | $27.2M | $17.4M | $21.4M | $883.0K | $788.0K | — |
| Capital expenditure | $798.0K | $912.0K | $3.4M | $8.3M | $3.1M | $9.1M | $3.3M | $1.8M | — |
| Investing cash flow | -$97.7M | $103.9M | $83.0M | -$66.3M | -$142.5M | $3.9M | $74.3M | -$68.8M | — |
| Financing cash flow | $55.5M | $67.9M | $43.7M | $72.9M | $160.1M | $385.7M | $249.0K | $134.9M | — |
Figures as tagged in each year's own filing, in US dollars. A year restated by a later filing shows the restated figure. Capital expenditure, dividends and buybacks are cash out, shown positive. A line the filer does not report is not listed. Latest from accession 0001193125-26-177150.
Plot the figures US dollars
- Revenue
- Gross profit
- Net income
| Fiscal year | FY2017 | FY2018 | FY2019 | FY2020 | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 |
|---|---|---|---|---|---|---|---|---|---|
| Revenue | — | $2.0M | $15.1M | $49.9M | $102.6M | $115.4M | $130.4M | $113.7M | $119.5M |
| Gross profit | — | -$6.1M | -$17.8M | -$13.0M | $7.6M | $17.8M | $29.0M | $38.6M | $46.8M |
| Net income | — | -$49.8M | -$68.3M | -$121.5M | -$131.9M | -$163.0M | -$172.8M | -$128.0M | -$81.7M |
Recent filings and events
- Officer or director change Someone at the top arrived or left. The item covers everything from a board retirement to a chief executive being removed, and only the filing itself says which. Item 5.02
- Results announced The quarterly or annual earnings release. Arrives four times a year from almost every company here. Item 2.02
- Material agreement signed The company entered an agreement outside the ordinary course of business - a large contract, a credit facility, a merger agreement. Item 1.01
- Results announced Item 2.02
- Shareholder vote The results of the annual meeting or a special vote. Item 5.07
- Officer or director change Item 5.02
- Results announced Item 2.02
- Annual report filed A new 10-K. The figures and the business description on this site come from it. Form 10-K
- Results announced Item 2.02
- Other event The catch-all. The company chose to disclose something that fits no other item, so the content is whatever it says it is. Item 8.01
- Results announced Item 2.02
- Officer or director change Item 5.02
Item numbers are Form 8-K's own, and a filing date is up to four business days after the thing it reports. The same feed across the whole market.
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