Outset Medical, Inc.

Listed Company

OMCIK 0001484612NasdaqAcceleratedElectromedical & Electrotherapeutic ApparatusDelawareFY ends Dec 31

Period

FY 2025

Revenue

$119.48M

Net Income

$-81.70M

Total Assets

$264.50M

Equity

$126.95M

Shares Out

18.31M

Op. Cash Flow

$-46.33M

Business

Outset Medical, Inc. is a medical technology company that develops and commercializes an integrated hemodialysis platform to simplify and broaden dialysis delivery across care settings. It offers the Tablo Hemodialysis System — a compact console with integrated water purification, on-demand dialysate production, disposable cartridges, a TabloCart accessory and a cloud-connected data ecosystem (TabloHub, MyTablo, TabloDash). Its commercial focus includes acute, post-acute and home care segments with sales, field service and clinical support teams. The company distributes Tablo to hospitals, dialysis clinics, skilled nursing and home settings and leverages remote monitoring, API integrations and direct logistics.

Summary from filing dated 2025-02-28

Financials

Consolidated Statement of Income

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Revenue	119	114	130	115	103
Cost of revenue	73	75	101	98	95
Gross profit	47	39	29	18	8
Research and development	21	38	57	49	37
Sales and marketing	54	70	96	89	65
General and administrative	38	43	45	41	36
Total operating expenses	113	152	199	179	138
Loss from operations	−67	−113	−170	−161	−131
Interest income and other income, net	7	10	10	3	498,000
Interest expense	−14	−24	−13	−4	−2
Loss on extinguishment of term loan	−8	0	0	−1	0
Loss before provision for income taxes	−81	−127	−172	−163	−132
Provision for income taxes	718,000	491,000	523,000	295,000	199,000
Net loss	−82	−128	−173	−163	−132
Net loss per share, basic	−5.37	−36.96	−52.28	−3.38	−2.89
Net loss per share, diluted	−5.37	−36.96	−52.28	−3.38	−2.89
Shares used in computing net loss per share, basic	15,211	3,463	3,305	48,161	45,589
Shares used in computing net loss per share, diluted	15,211	3,463	3,305	48,161	45,589

Consolidated Balance Sheet

As of · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Cash and cash equivalents	35	124	69	73	182
Short-term investments	134	35	135	214	157
Accounts receivable, net	28	36	33	28	26
Inventories	48	59	49	51	39
Prepaid expenses and other current assets	6	5	6	7	6
Total current assets	251	258	291	374	410
Restricted cash	4	3	3	3	33
Property and equipment, net	5	8	13	16	13
Operating lease right-of-use assets	5	4	5	6	7
Other assets	317,000	2	605,000	1	156,000
Total assets	264	276	314	400	463
Accounts payable	554,000	4	6	603,000	2
Accrued compensation and related benefits	11	17	19	22	25
Accrued expenses and other current liabilities	9	8	13	16	14
Accrued warranty liability	1	2	4	4	4
Deferred revenue, current	14	13	12	9	6
Operating lease liabilities, current	2	2	2	1	1
Total current liabilities	38	45	55	52	52
Accrued interest	0	3	896,000	113,000	721,000
Deferred revenue	406,000	844,000	101,000	151,000	312,000
Operating lease liabilities	3	3	4	6	7
Term loans	96	197	130	96	30
Total liabilities	138	249	191	154	89
Commitments and contingencies (Note 6)	—	—	—	—	—
Preferred stock, $0.001 par value; 5,000 shares authorized, and no shares issued and outstanding as of December 31, 2025 and 2024	0	0	0	0	0
Common stock, $0.001 par value; 300,000 shares authorized as of December 31, 2025 and 2024; 18,169 and 3,530 shares issued and outstanding as of December 31, 2025 and December 31, 2024 respectively	18,000	4,000	50,000	48,000	47,000
Additional paid-in capital	1,298	1,116	1,085	1,035	1,000
Accumulated other comprehensive income	172,000	42,000	68,000	−564,000	−184,000
Accumulated deficit	−1,200	−1,090	−962	−789	−626
Total stockholders' equity	127	27	123	246	374
Total liabilities and stockholders' equity	264	276	314	400	463

Consolidated Statement of Cash Flows

Year Ended · In millions, except per-share amounts

Concept	FY 2025 2025-12-31	FY 2024 2024-12-31	FY 2023 2023-12-31	FY 2022 2022-12-31	FY 2021 2021-12-31
Stock-based compensation expense	16	29	39	27	17
Depreciation and amortization	4	6	6	5	5
Non-cash lease expense	2	1	1	1	1
Non-cash interest expense	3	3	2	381,000	569,000
Amortization of premium on investments, net	−2	−5	−6	449,000	2
Change in provision for inventories	−124,000	561,000	733,000	3	1
Change in provision for credit losses	4	2	184,000	37,000	—
Loss on disposal of property and equipment	5,000	53,000	106,000	39,000	—
Accounts receivable	4	−5	−5	−3	−19
Inventories	12	−11	2	−15	−22
Prepaid expenses and other assets	−940,000	784,000	739,000	−1	2
Accounts payable	−3	−2	5	−1	−3
Accrued compensation and related benefits	−6	−2	−3	−3	8
Accrued expenses and other current liabilities	2	−5	−3	2	6
Accrued warranty liability	−564,000	−2	91,000	−83,000	791,000
Deferred revenue	604,000	2	3	2	3
Operating lease liabilities	−2	−2	−1	−1	−882,000
Accrued interest	−3	0	0	−721,000	0
Net cash used in operating activities	−46	−116	−131	−146	−130
Purchases of property and equipment	−798,000	−912,000	−3	−8	−3
Purchases of investment securities	−222	−157	−172	−261	−178
Sales and maturities of investment securities	125	261	259	203	39
Net cash (used in) provided by investing activities	−98	104	83	−66	−143
Proceeds from stock option exercises and ESPP purchases	639,000	2	10	8	11
Proceeds from issuance of term loans, net of issuance costs	98	67	33	96	0
Repayment of term loan and extinguishment costs	−205	0	0	−31	0
Proceeds from issuance of Series A convertible preferred stock, net of issuance costs	162	0	0	—	—
Payment of deferred financing costs	0	−938,000	0	0	—
Net cash provided by financing activities	56	68	44	73	160
Net (decrease) increase in cash, cash equivalents and restricted cash	−89	56	−5	−139	−113
Cash paid for income taxes	447,000	593,000	491,000	385,000	83,000
Cash paid for interest	16	21	11	3	1
Cash paid for amounts included in the measurement of operating lease liabilities	2	2	1	1	882,000
Transfer of inventories to property and equipment	109,000	148,000	119,000	28,000	1
Right-of-use assets obtained in exchange for operating lease liabilities	2	0	528,000	0	0
Fair value of common stock warrant	4	0	0	—	—
Issuance costs included in accrued expenses	0	266,000	0	—	—
Capital expenditures included in accounts payable and accrued expenses	0	31,000	159,000	167,000	121,000

Filings

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