Outset Medical, Inc. OM

Healthcare SIC 3845 - Electromedical & Electrotherapeutic Apparatus Nasdaq

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.

Last close 3.59 2026-09-04
Market cap $67.5M 2026-06-30 share count
52-week range 3.00 - 16.16

Valuation FY2025 figures against the last close

P/S0.6x
P/E
P/FCF
EV/EBITDA
Dividend yield
Diluted EPS-5.37

Annual financial statements

Income statement

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
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.) $15.2K$3.5K$3.3K$48.2K$45.6K$16.4K

Balance sheet

Fiscal year FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
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 FY2025FY2024FY2023FY2022FY2021FY2020FY2019FY2018FY2017
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.

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