Outset Medical, Inc.
- Open
- 4.58
- Day high
- 5.11
- Day low
- 4.49
- Prev close
- 4.59
- Volume
- 0
- Mkt cap
- $89M
- P/E (TTM)
- —
- EPS (TTM)
- —
- P/B
- 0.8
- P/S
- 0.8
- Yield
- —
- Per share
- —
- ▼Insiders net selling -$116K over the last 3 months (0 open-market buys, 4 sales)
- 🏛Institutions accumulating (13F)
Outset Medical, Inc. (OM) is a Healthcare company listed on NASDAQ. The stock is down 79% over the past year. Over the trailing 3 months, insiders filed 0 open-market buys and 4 sales (SEC Form 4).
Outset Medical, Inc. (OM) financials & analyst ratings
Fundamentals (TTM)
Analyst consensus · 2 analysts
Source: exchange market data + company filings. Figures are trailing-twelve-month or as most recently reported. For informational purposes only — not investment advice.
OM earnings date, history & EPS estimates
| Report date | EPS est | EPS actual | Surprise | Revenue | Rev. surprise |
|---|---|---|---|---|---|
| May 7, 2026 | $-0.79 | $-0.83 | -5.1% | $28M | -3.5% |
| Feb 11, 2026 | $-0.45 | $-1.09 | -143.1% | $29M | -0.1% |
| Aug 6, 2025 | $-1.76 | $-0.84 | +52.3% | $31M | +6.8% |
| May 7, 2025 | $-0.97 | $-3.24 | -234.0% | $30M | +7.0% |
| Feb 19, 2025 | $-6.45 | $-5.55 | +14.0% | $29M | +3.5% |
| Feb 21, 2024 | $-9.15 | $-8.85 | +3.3% | $31M | +0.4% |
| Aug 2, 2023 | $-10.94 | $-10.34 | +5.5% | $36M | -4.0% |
| May 3, 2023 | $-10.34 | $-10.79 | -4.4% | $33M | +5.4% |
| Feb 13, 2023 | $-11.39 | $-10.64 | +6.6% | $32M | +3.5% |
| May 4, 2022 | $-9.90 | $-10.04 | -1.4% | $31M | +1.5% |
| Feb 16, 2022 | $-10.04 | $-11.54 | -14.9% | $28M | +6.5% |
| Nov 3, 2021 | $-9.75 | $-8.85 | +9.2% | $26M | +4.6% |
OM insider trading activity (SEC Form 4)
| Date | Insider | Type | Shares | Price |
|---|---|---|---|---|
| Jun 29, 2026 | Gaeta Reneeofficer: Chief Financial Officer | Grant | 71,630 | — |
| Jun 29, 2026 | Brottem John L.officer: General Counsel | Grant | 59,830 | — |
| Jun 29, 2026 | Trigg Lesliedirector, officer: Chair and CEO | Grant | 99,160 | — |
| Jun 5, 2026 | Prange Karendirector | Grant | 10,667 | — |
| Jun 5, 2026 | OBOYLE KEVIN Cdirector | Grant | 10,667 | — |
| Jun 5, 2026 | Drexler Karendirector | Grant | 10,667 | — |
| Jun 5, 2026 | GROSSMAN D KEITHdirector | Grant | 10,667 | — |
| Jun 5, 2026 | Gaeta Reneeofficer: Chief Financial Officer | Sell | 17,672 | $4.94 |
| Jun 5, 2026 | HACKETT PATRICK Tdirector | Grant | 10,667 | — |
| Jun 5, 2026 | LANG BRENT D.director | Grant | 10,667 | — |
| May 19, 2026 | Nash Marcofficer: EVP Operations R&D & Service | Sell | 1,582 | $3.70 |
| May 19, 2026 | Brottem John L.officer: General Counsel | Sell | 2,638 | $3.70 |
| May 19, 2026 | Trigg Lesliedirector, officer: Chair and CEO | Sell | 3,445 | $3.70 |
| Apr 8, 2026 | Elliott Derick A.officer: EVP, Commercial | Grant | 96,000 | — |
| Feb 19, 2026 | Brottem John L.officer: General Counsel | Sell | 2,842 | $3.35 |
Source: OM SEC Form 4 filings, latest Jun 29, 2026. For informational purposes only — not investment advice.
See the full OM insider & 13F page →Outset Medical, Inc. company profile
Overview
Outset Medical, Inc. (NASDAQ:OM) is a medical technology company founded in 2003 and headquartered in San Jose, California. Originally incorporated as Home Dialysis Plus, Ltd., the company changed its name to Outset Medical in January 2015 and went public in September 2020. Outset has developed an innovative hemodialysis system designed to transform kidney dialysis treatment by making it more accessible and cost-effective across multiple care settings, including hospitals, outpatient centers, and patients' homes.
Business
Outset Medical operates in the kidney dialysis medical device industry, developing and manufacturing the Tablo Hemodialysis System. To understand what this product does, it's important to know that dialysis is a life-sustaining treatment for patients with kidney failure or end-stage renal disease. When kidneys fail, they cannot filter waste products and excess fluid from the blood, so a machine must perform this function artificially. Traditional hemodialysis requires patients to visit specialized dialysis centers three times per week for 3-4 hour sessions, connected to large, complex machines that require extensive water treatment infrastructure and trained technicians. The Tablo system revolutionizes this process by integrating water purification, dialysate (cleaning fluid) production, and treatment delivery into a single compact console about the size of a mini-refrigerator. The company operates primarily in two market segments. The acute care market represents approximately 80% of revenues, where Tablo systems are deployed in hospitals and subacute facilities to treat patients with acute kidney injury or those requiring dialysis during hospital stays. The home dialysis market accounts for roughly 20% of revenues, enabling patients to perform hemodialysis treatments in their own homes with simplified operation and remote monitoring capabilities. Outset's business model centers around console placements (the main dialysis machines) and recurring revenue from consumables (single-use treatment cartridges), service contracts, and ongoing support. The company has installed nearly 6,000 Tablo consoles across over 850 healthcare facilities in all 50 states, with recurring revenue representing over 70% of total revenue and growing at approximately 20% annually.
Competitive moat
Outset Medical's competitive moat is moderate but growing, built primarily around technological differentiation and switching costs. The company's core advantage lies in the Tablo system's unique integrated design that combines water purification, dialysate production, and treatment delivery in a single compact unit. This eliminates the need for complex water treatment infrastructure required by traditional dialysis systems, making dialysis accessible in settings where it was previously impractical or too expensive. The moat is strengthened by regulatory barriers, as medical devices require extensive FDA clearances and clinical validation that create time and cost barriers for competitors. Outset holds eight FDA 510(k) clearances and has invested years in clinical studies demonstrating safety and efficacy. Switching costs also provide protection, as healthcare facilities invest significantly in staff training, workflow integration, and infrastructure changes when adopting Tablo systems. However, the moat faces challenges from established competitors like Fresenius and Baxter, which dominate the dialysis market with extensive distribution networks, deeper customer relationships, and greater financial resources. These companies could potentially develop competing integrated systems or acquire innovative technologies. The home dialysis market also faces competition from peritoneal dialysis and other emerging home treatment modalities. Additionally, Outset's premium pricing strategy requires continuous demonstration of superior value proposition, as healthcare cost pressures could make customers more price-sensitive over time.
Risks & safety
Outset Medical presents a moderate margin of safety with recent improvements in financial stability but ongoing profitability challenges. • Liquidity and solvency: Strong balance sheet with $76 million in cash and short-term investments as of Q1 2025, current ratio of 8.4x, and manageable debt levels after recent refinancing that reduced debt from $200 million to $100 million • Cash burn: Significant improvement with projected 2025 cash usage under $50 million compared to $117 million free cash flow burn in 2024; company targeting cash flow breakeven • Valuation metrics: Trading at reasonable multiples given growth prospects - EV/Revenue of approximately 3.3x based on 2025 guidance, though still loss-making with negative earnings ratios • Other considerations: FDA warning letter closure removes regulatory overhang; recurring revenue base of over 70% provides stability; however, company remains pre-profitability with execution risk around commercial transformation
Recent development
Over the past few years, Outset Medical has undergone significant strategic and operational transformations. The company successfully resolved major regulatory challenges by closing an FDA warning letter from July 2023, completing a comprehensive FDA inspection with no observations, which removed a significant customer concern and regulatory overhang. Financial recapitalization has been a critical development, with the company securing $172.7 million in equity financing and reducing outstanding debt from $200 million to $100 million, substantially improving its balance sheet and extending its runway to profitability. The company has also dramatically reduced projected cash usage from over $117 million in 2024 to under $50 million in 2025. The company has implemented a comprehensive commercial transformation strategy, retooling its sales organization with enterprise sales expertise and implementing more rigorous sales processes and accountability measures. This transformation targets the shift from early adopter customers to mainstream enterprise healthcare systems, focusing on larger 50-100+ console contracts rather than smaller deals. Market expansion efforts have focused on growing the home dialysis segment, which now represents approximately 20% of revenue, and expanding into subacute care facilities. The company has also developed innovative service offerings like the "Bridge Program" to provide temporary nursing support to hospitals transitioning to in-sourced dialysis services. Product development has continued with the introduction of accessories like TabloCart for improved hospital mobility and ongoing R&D investments in next-generation features.
OM company profile · for informational purposes only — not investment advice.
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