OM

MKT CAP:$82M

Outset Medical, Inc.

Market Cap

$82M

Healthcare·Medical - Devices·🇺🇸 United States·NASDAQ

Healthcare·Medical - Devices·🇺🇸·NASDAQ

Stock Price

$4.52+$0.82 (+22.16%)

Apr 22, 2026

Company Details

Outset Medical, Inc., a medical technology company, develops a hemodialysis system for dialysis. It provides the Tablo Hemodialysis System, which comprises a compact console with integrated water purification, on-demand dialysate production...

CEO

Leslie L. Trigg

IPO Date

Sep 15, 2020

Website

www.outsetmedical.com

Key Metrics TTM

Revenue

$119M

+5.1% YoY

Net Income

-$82M

EPS (Diluted)

-$10.57

Free Cash Flow

-$47M

Revenue / Share

$6.71

Gross Margin

39.1%

Operating Margin

-55.6%

Net Margin

-68.3%

FCF Margin

-39.4%

P/S

0.7x

P/E

—

Earnings Reports

Q1 2026

May 6, 2026

PENDING

Q4 2025

Feb 13, 2026

$29M-2.0%EPS -$1.09

Q3 2025

Nov 10, 2025

$29M+2.7%EPS -$1.00

Q2 2025

Aug 6, 2025

$31M+14.7%EPS -$1.04

Q1 2025

May 7, 2025

$30M+5.6%EPS -$7.44

Revenue & Profitability

Quarter	Revenue	Gross Profit	Operating Income
Q3 21	$26M	$3M	-$30M
Q4 21	$28M	$3M	-$41M
Q1 22	$31M	$4M	-$36M
Q2 22	$25M	$4M	-$44M
Q3 22	$28M	$4M	-$41M
Q4 22	$32M	$5M	-$40M
Q2 23	$36M	$8M	-$43M
Q4 23	$31M	$8M	-$37M
Q1 24	$28M	$8M	-$37M
Q2 24	$27M	$10M	-$31M
Q3 24	$29M	$10M	-$24M
Q4 24	$29M	$11M	-$22M
Q1 25	$30M	$11M	-$16M
Q2 25	$31M	$12M	-$17M
Q3 25	$29M	$12M	-$16M
Q4 25	$29M	$12M	-$17M

Valuation

Quarter	P/S	P/E
Q3 21	0.9x	—
Q4 21	0.8x	—
Q1 22	0.7x	—
Q2 22	0.7x	—
Q3 22	0.7x	—
Q4 22	0.7x	—
Q2 23	0.7x	—
Q4 23	0.7x	—
Q1 24	0.6x	—
Q2 24	0.7x	—
Q3 24	0.7x	—
Q4 24	0.7x	—
Q1 25	0.7x	—
Q2 25	0.7x	—
Q3 25	0.7x	—
Q4 25	0.7x	—

Operating Cash Flow

Quarter	Operating CF	Free CF
Q3 21	-$28M	-$29M
Q4 21	-$33M	-$34M
Q1 22	-$38M	-$40M
Q2 22	-$39M	-$41M
Q3 22	-$34M	-$37M
Q4 22	-$35M	-$37M
Q2 23	-$28M	-$29M
Q4 23	-$24M	-$25M
Q1 24	-$46M	-$46M
Q2 24	-$33M	-$33M
Q3 24	-$21M	-$21M
Q4 24	-$16M	-$17M
Q1 25	-$26M	-$26M
Q2 25	-$5M	-$5M
Q3 25	-$6M	-$6M
Q4 25	-$10M	-$10M

Capital Expenditures

Quarter	CapEx
Q3 21	$491.0K
Q4 21	$851.0K
Q1 22	$1M
Q2 22	$2M
Q3 22	$3M
Q4 22	$2M
Q2 23	$795.0K
Q4 23	$1M
Q1 24	$354.0K
Q2 24	$120.0K
Q3 24	$395.0K
Q4 24	$43.0K
Q1 25	$123.0K
Q2 25	$292.0K
Q3 25	$160.0K
Q4 25	$223.0K

CapEx

OpEx vs Revenue Growth (YoY)

Quarter	Revenue Growth	OpEx Growth
Q3 21	+91.3%	+3.6%
Q4 21	+63.2%	+41.1%
Q1 22	+33.3%	+27.4%
Q2 22	-0.6%	+24.8%
Q3 22	+5.5%	+21.8%
Q4 22	+13.7%	+4.2%
Q2 23	+18.0%	+18.6%
Q4 23	+21.8%	-1.3%
Q1 24	+1.5%	-5.4%
Q2 24	-14.4%	-19.0%
Q3 24	-20.5%	-34.0%
Q4 24	-3.4%	-24.4%
Q1 25	+5.6%	-29.1%
Q2 25	+14.7%	-17.0%
Q3 25	+2.7%	-13.8%
Q4 25	-2.0%	-10.0%

Stock-Based Compensation

Quarter	SBC ($)	% of Revenue
Q3 21	$3M	10.9%
Q4 21	$5M	17.0%
Q1 22	$5M	16.4%
Q2 22	$7M	29.6%
Q3 22	$7M	26.8%
Q4 22	$7M	23.0%
Q2 23	$10M	28.0%
Q4 23	$9M	29.8%
Q1 24	$8M	29.1%
Q2 24	$10M	35.9%
Q3 24	$6M	22.3%
Q4 24	$5M	16.8%
Q1 25	$3M	10.0%
Q2 25	$3M	11.1%
Q3 25	$5M	17.3%
Q4 25	$4M	14.1%

OpEx Breakdown

Quarter	R&D	G&A	S&M
Q3 21	$10M	$8M	$16M
Q4 21	$11M	$10M	$23M
Q1 22	$11M	$10M	$20M
Q2 22	$14M	$11M	$23M
Q3 22	$13M	$10M	$22M
Q4 22	$11M	$10M	$24M
Q2 23	$15M	$11M	$25M
Q4 23	$13M	$10M	$22M
Q1 24	$13M	$11M	$21M
Q2 24	$10M	$13M	$18M
Q3 24	$8M	$10M	$15M
Q4 24	$8M	$9M	$15M
Q1 25	$6M	$8M	$14M
Q2 25	$5M	$9M	$14M
Q3 25	$5M	$8M	$14M
Q4 25	$5M	$12M	$13M

War Chest

Quarter	Cash	Short-term Investments	Total
Q1 22	$114M	$188M	$302M
Q2 22	$75M	$187M	$262M
Q3 22	$64M	$164M	$228M
Q4 22	$73M	$214M	$288M
Q1 23	$36M	$213M	$249M
Q2 23	$36M	$186M	$223M
Q3 23	$36M	$158M	$194M
Q4 23	$69M	$135M	$203M
Q1 24	$32M	$195M	$227M
Q2 24	$38M	$157M	$195M
Q3 24	$33M	$142M	$176M
Q4 24	$124M	$35M	$159M
Q1 25	$76M	$113M	$189M
Q2 25	$40M	$145M	$184M
Q3 25	$36M	$142M	$179M
Q4 25	$35M	$134M	$169M

Shares Outstanding

Quarter	Shares (Diluted)	QoQ Change	YoY Change
Q3 21	3M	+2.0%	+13.2%
Q4 21	3M	+1.2%	+10.4%
Q1 22	3M	+0.7%	+11.1%
Q2 22	3M	+0.8%	+4.8%
Q3 22	3M	+0.5%	+3.3%
Q4 22	3M	+0.5%	+2.6%
Q2 23	3M	+1.2%	+3.1%
Q4 23	3M	+2.7%	+5.0%
Q1 24	3M	+1.3%	+5.8%
Q2 24	3M	+1.9%	+7.2%
Q3 24	3M	-2.7%	+3.2%
Q4 24	3M	+1.4%	+1.9%
Q1 25	3M	+1.4%	+2.1%
Q2 25	18M	+412.3%	+413.0%
Q3 25	18M	+0.2%	+428.2%
Q4 25	18M	+0.2%	+421.7%

Shares Outstanding

Revenue Per Employee

Period	Revenue/Employee	Employees
Q3 21	$84.1K	313
Q4 21	$63.4K	444
Q1 22	$68.8K	444
Q2 22	$56.4K	444
Q3 22	$62.5K	444
Q4 22	$61.8K	518
Q2 23	$69.6K	518
Q4 23	$63.6K	480
Q1 24	$58.7K	480
Q2 24	$57.1K	480
Q3 24	$59.7K	480
Q4 24	$83.2K	354
Q1 25	$84.0K	354
Q2 25	$88.8K	354
Q3 25	$83.1K	354
Q4 25	$93.1K	310

Revenue / Employee