Outset Medical, Inc. Financials
Outset Medical, Inc. (OM) reported $117.8M in revenue over the twelve months to Jun 30, 2026, down 1.3% from the prior twelve months. This page shows its income statement, balance sheet, cash flow statement, and key financial ratios. View 8 years of annual fundamentals and quarterly data, with year-over-year growth rates and compound annual growth rates (CAGR). All figures are derived from SEC filings (10-K and 10-Q reports).
Margin expansion and a shrinking cash deficit accompany a major balance-sheet reset at Outset.
From FY2023 to FY2025, revenue stayed below its FY2023 peak while gross margin climbed from22.2% to39.1% , pointing to better cost structure or revenue mix rather than growth-led leverage. Operating loss nevertheless narrowed from-$169.8M to-$66.7M as SG&A and R&D were reduced, indicating improvement from both gross economics and a smaller operating structure.
FY2025 net loss of
Debt-to-equity fell from 7.4x in FY2024 to 0.8x in FY2025, showing that leverage changed materially rather than merely reflecting improved earnings. Total liabilities also fell from
Financial Health Signals
Scored against emerging companies for FY2025. Each of the six dimensions is a percentile rank within that peer group; the overall is their average, with missing dimensions counted as zero out of six. A high score means strong standing among peers, not absolute cross-industry strength. How this score is calculated →
Health score ≠ stock price. This rates the quality of Outset Medical, Inc.'s business: profitability, growth, balance sheet strength. It doesn't tell you whether the stock is a good buy at today's price. Not financial advice. Use it alongside valuation analysis and your own research.
Outset Medical, Inc. scores -5.31, below the 1.81 distress threshold. The score is driven primarily by a large market capitalization ($68.4M) relative to total liabilities ($137.5M). This indicates elevated financial distress risk and warrants close attention to liquidity and debt levels.
Distress-screening estimate for non-financial companies. Not computed for banks or insurers, where the Altman model does not apply.
Outset Medical, Inc. passes 7 of 9 financial strength tests. 2 of 4 profitability signals pass, all 3 leverage/liquidity signals pass, both operating efficiency signals pass.
Outset Medical, Inc. reported a net loss of $81.7M while operations used $46.3M of cash. With neither figure positive, the ratio between the two carries no quality signal.
Outset Medical, Inc. reported an operating loss of $66.7M against $14.0M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations.
Key Financial Metrics
Earnings & Revenue
Outset Medical, Inc. generated $119.5M in revenue in fiscal year 2025. This represents an increase of 5.1% from the prior year.
Outset Medical, Inc.'s EBITDA was -$62.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization. This represents an increase of 42.1% from the prior year.
Outset Medical, Inc. reported -$81.7M in net income in fiscal year 2025. This represents an increase of 36.2% from the prior year.
Outset Medical, Inc. earned -$5.37 per diluted share (EPS) in fiscal year 2025.
Cash & Balance Sheet
Outset Medical, Inc. recorded an outflow of $47.1M in free cash flow in fiscal year 2025, representing a cash shortfall after capex. This represents an increase of 59.8% from the prior year.
Outset Medical, Inc. held $35.0M in cash against $96.2M in long-term debt as of fiscal year 2025.
Not reported for fiscal year 2025.
Margins & Returns
Outset Medical, Inc.'s gross margin was 39.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs. This is up 5.2 percentage points from the prior year.
Outset Medical, Inc.'s operating margin was -55.8% in fiscal year 2025, reflecting core business profitability. This is up 43.9 percentage points from the prior year.
Outset Medical, Inc.'s net profit margin was -68.3% in fiscal year 2025, showing the share of revenue converted to profit. No change is given against fiscal year 2024: its reported ratio is below -100.0% of revenue, so it does not read as a share of revenue.
Outset Medical, Inc.'s ROE was -64.3% in fiscal year 2025, measuring profit generated per dollar of shareholder equity. This is up 412.9 percentage points from the prior year.
Capital Allocation
Outset Medical, Inc. invested $21.2M in research and development in fiscal year 2025. This represents a decrease of 44.7% from the prior year.
Outset Medical, Inc. invested $798K in capex in fiscal year 2025, funding long-term assets and infrastructure. This represents a decrease of 12.5% from the prior year.
Not reported for fiscal year 2025.
OM Income Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $31.6M+13.5% | $27.9M-3.5% | $28.9M-1.9% | $29.4M-6.3% | $31.4M+5.6% | $29.8M+1.0% | $29.5M+2.8% | $28.7M |
| Cost of Revenue | $18.4M+16.4% | $15.8M-5.3% | $16.6M-6.7% | $17.8M-8.8% | $19.6M+4.6% | $18.7M-0.2% | $18.7M-0.7% | $18.8M |
| Gross Profit | $13.3M+9.8% | $12.1M-1.1% | $12.2M+5.5% | $11.6M-2.3% | $11.9M+7.2% | $11.1M+3.0% | $10.7M+9.4% | $9.8M |
| R&D Expenses | $5.5M-3.0% | $5.6M+11.1% | $5.1M-6.0% | $5.4M+1.6% | $5.3M-4.1% | $5.5M-30.1% | $7.9M-3.1% | $8.1M |
| SG&A Expenses | $11.4M+12.2% | $10.1M-15.2% | $11.9M+40.7% | $8.5M-7.5% | $9.2M+10.4% | $8.3M-10.5% | $9.3M-8.3% | $10.1M |
| Operating Income | -$15.7M+7.3% | -$16.9M+4.0% | -$17.6M-11.5% | -$15.8M+6.2% | -$16.9M-2.8% | -$16.4M+25.0% | -$21.9M+8.3% | -$23.8M |
| Interest Expense | $3.4M+2.2% | $3.4M-2.1% | $3.4M-1.0% | $3.5M0.0% | $3.5M-2.4% | $3.6M-38.9% | $5.8M-4.0% | $6.1M |
| Income Tax | $220K+1.4% | $217K+128.4% | $95K-76.5% | $404K+288.5% | $104K-9.6% | $115K+2975.0% | -$4K-102.2% | $182K |
| Net Income | -$18.0M+5.2% | -$19.0M+2.6% | -$19.5M-9.3% | -$17.8M+3.8% | -$18.5M+28.1% | -$25.8M-0.6% | -$25.6M+8.2% | -$27.9M |
| EPS (Diluted) | -$0.97+5.8% | -$1.03-3.0% | -$1.000.0% | -$1.00+3.8% | -$1.04 | -$3.66 | -$7.25+9.6% | -$8.02 |
OM Balance Sheet
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Total Assets | $242.4M-2.8% | $249.5M-5.7% | $264.5M-4.6% | $277.3M-4.0% | $288.8M-4.1% | $301.2M+9.2% | $275.8M-5.8% | $292.9M |
| Current Assets | $227.8M-3.7% | $236.7M-5.6% | $250.9M-5.5% | $265.4M-3.7% | $275.6M-3.8% | $286.6M+11.0% | $258.2M-6.2% | $275.3M |
| Cash & Equivalents | $35.0M+14.5% | $30.6M-12.7% | $35.0M-3.9% | $36.4M-7.9% | $39.6M-47.9% | $75.9M-38.8% | $124.0M+272.6% | $33.3M |
| Inventory | $47.3M-4.7% | $49.6M+4.3% | $47.6M-3.4% | $49.3M-5.7% | $52.2M-6.3% | $55.8M-6.1% | $59.4M-3.3% | $61.4M |
| Accounts Receivable | $29.2M+15.4% | $25.3M-10.6% | $28.3M-14.1% | $33.0M-5.5% | $34.9M-5.4% | $36.9M+3.6% | $35.6M+4.0% | $34.3M |
| Total Liabilities | $146.0M+6.0% | $137.8M+0.2% | $137.5M+2.0% | $134.9M+0.7% | $134.0M+2.0% | $131.3M-47.2% | $249.0M+1.6% | $245.1M |
| Current Liabilities | $43.9M+16.7% | $37.6M-0.1% | $37.6M+0.5% | $37.4M+1.5% | $36.9M+7.8% | $34.2M-24.6% | $45.4M+6.9% | $42.4M |
| Long-Term Debt | $97.6M+0.7% | $96.9M+0.7% | $96.2M+0.7% | $95.5M+0.7% | $94.8M+0.7% | $94.1M-52.3% | $197.4M+0.1% | $197.2M |
| Total Equity | $96.3M-13.7% | $111.7M-12.0% | $127.0M-10.8% | $142.4M-8.0% | $154.8M-8.9% | $169.9M+533.4% | $26.8M-43.9% | $47.8M |
| Retained Earnings | -$1.2B-1.5% | -$1.2B-1.6% | -$1.2B-1.7% | -$1.2B-1.6% | -$1.1B-1.7% | -$1.1B-2.4% | -$1.1B-2.4% | -$1.1B |
Not reported in any period shown, so not listed: Goodwill.
OM Cash Flow Statement
Figures in USD, abbreviated K (thousand), M (million), B (billion), T (trillion). Negative values carry a minus sign and red type.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Operating Cash Flow | -$9.6M+25.0% | -$12.8M-34.9% | -$9.5M-50.6% | -$6.3M-31.0% | -$4.8M+81.2% | -$25.7M-55.6% | -$16.5M+19.8% | -$20.6M |
| Capital Expenditures | $111K+70.8% | $65K-70.9% | $223K+39.4% | $160K-45.2% | $292K+137.4% | $123K+186.0% | $43K-89.1% | $395K |
| Free Cash Flow | -$9.7M+24.5% | -$12.9M-32.5% | -$9.7M-50.4% | -$6.5M-26.7% | -$5.1M+80.2% | -$25.8M-56.0% | -$16.5M+21.1% | -$21.0M |
| Investing Cash Flow | $14.2M+79.3% | $7.9M-8.0% | $8.6M+189.5% | $3.0M+109.5% | -$31.2M+60.1% | -$78.1M-172.2% | $108.2M+581.3% | $15.9M |
| Financing Cash Flow | -$88K-117.6% | $501K | $0-100.0% | $231K+160.2% | -$384K-100.7% | $55.7M+6033.5% | -$938K-875.2% | $121K |
Not reported in any period shown, so not listed: Dividends Paid, Share Buybacks.
OM Financial Ratios
Margins and returns are percentages; the remaining ratios are unitless multiples.
| Metric | Q2'26 | Q1'26 | Q4'25 | Q3'25 | Q2'25 | Q1'25 | Q4'24 | Q3'24 |
|---|---|---|---|---|---|---|---|---|
| Gross Margin | 42.0%-1.4pp | 43.4%+1.1pp | 42.4%+3.0pp | 39.4%+1.6pp | 37.8%+0.6pp | 37.2%+0.7pp | 36.5%+2.2pp | 34.3% |
| Operating Margin | -49.5%+11.2pp | -60.7%+0.3pp | -61.1%-7.3pp | -53.7%0.0pp | -53.7%+1.4pp | -55.1%+19.1pp | -74.2%+9.0pp | -83.2% |
| Net Margin | -56.9%+11.3pp | -68.1%-0.6pp | -67.5%-6.9pp | -60.6%-1.6pp | -59.0%+27.7pp | -86.7%+0.3pp | -87.0%+10.5pp | -97.5% |
| Return on Equity | -18.7%-1.7pp | -17.0%-1.6pp | -15.4%-2.8pp | -12.5%-0.5pp | -12.0%+3.2pp | -15.2%+80.4pp | -95.6%-37.2pp | -58.4% |
| Return on Assets | -7.4%+0.2pp | -7.6%-0.2pp | -7.4%-0.9pp | -6.4%0.0pp | -6.4%+2.1pp | -8.6%+0.7pp | -9.3%+0.2pp | -9.5% |
| Current Ratio | 5.19-1.1x | 6.29-0.4x | 6.67-0.4x | 7.09-0.4x | 7.47-0.9x | 8.37+2.7x | 5.69-0.8x | 6.49 |
| Debt-to-Equity | 1.01+0.1x | 0.87+0.1x | 0.76+0.1x | 0.67+0.1x | 0.61+0.1x | 0.55-6.8x | 7.36+3.2x | 4.12 |
| FCF Margin | -30.8%+15.5pp | -46.3%-12.6pp | -33.8%-11.7pp | -22.0%-5.7pp | -16.3%+70.4pp | -86.7%-30.6pp | -56.1%+17.0pp | -73.1% |
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Where Outset Medical, Inc. Ranks
Frequently Asked Questions
What is Outset Medical, Inc.'s annual revenue?
Outset Medical, Inc. (OM) reported $119.5M in total revenue for fiscal year 2025. This represents a 5.1% change compared to the previous fiscal year. Revenue measures the total income earned from the company's primary business operations before any expenses are deducted.
How fast is Outset Medical, Inc.'s revenue growing?
Outset Medical, Inc. (OM) revenue grew by 5.1% year-over-year, from $113.7M to $119.5M in fiscal year 2025.
Is Outset Medical, Inc. profitable?
No, Outset Medical, Inc. (OM) reported a net income of -$81.7M in fiscal year 2025, with a net profit margin of -68.3%.
What is Outset Medical, Inc.'s EBITDA?
Outset Medical, Inc. (OM) had EBITDA of -$62.4M in fiscal year 2025, measuring earnings before interest, taxes, depreciation, and amortization.
How much debt does Outset Medical, Inc. have?
As of fiscal year 2025, Outset Medical, Inc. (OM) had $35.0M in cash and equivalents against $96.2M in long-term debt.
What is Outset Medical, Inc.'s gross margin?
Outset Medical, Inc. (OM) had a gross margin of 39.1% in fiscal year 2025, indicating the percentage of revenue retained after direct costs of goods sold.
What is Outset Medical, Inc.'s operating margin?
Outset Medical, Inc. (OM) had an operating margin of -55.8% in fiscal year 2025, reflecting the profitability of core business operations before interest and taxes.
What is Outset Medical, Inc.'s net profit margin?
Outset Medical, Inc. (OM) had a net profit margin of -68.3% in fiscal year 2025, representing the share of revenue converted into profit after all expenses.
What is Outset Medical, Inc.'s return on equity (ROE)?
Outset Medical, Inc. (OM) has a return on equity of -64.3% for fiscal year 2025, measuring how efficiently the company generates profit from shareholder equity.
What is Outset Medical, Inc.'s free cash flow?
Outset Medical, Inc. (OM) recorded an outflow of $47.1M in free cash flow during fiscal year 2025. This represents a 59.8% change compared to the previous fiscal year. Free cash flow represents the cash a company generates after accounting for capital expenditures, and is widely used to assess financial flexibility and shareholder value.
What is Outset Medical, Inc.'s operating cash flow?
Outset Medical, Inc. (OM) recorded an outflow of $46.3M in operating cash flow during fiscal year 2025, representing cash used by core business activities.
What are Outset Medical, Inc.'s total assets?
Outset Medical, Inc. (OM) had $264.5M in total assets as of fiscal year 2025, including both current and long-term assets.
What are Outset Medical, Inc.'s capital expenditures?
Outset Medical, Inc. (OM) invested $798K in capital expenditures during fiscal year 2025, funding long-term assets and infrastructure.
How much does Outset Medical, Inc. spend on research and development?
Outset Medical, Inc. (OM) invested $21.2M in research and development during fiscal year 2025.
What is Outset Medical, Inc.'s current ratio?
Outset Medical, Inc. (OM) had a current ratio of 6.67 as of fiscal year 2025, which is generally considered healthy.
What is Outset Medical, Inc.'s debt-to-equity ratio?
Outset Medical, Inc. (OM) had a debt-to-equity ratio of 0.76 as of fiscal year 2025, measuring the company's financial leverage by comparing total debt to shareholder equity.
What is Outset Medical, Inc.'s return on assets (ROA)?
Outset Medical, Inc. (OM) had a return on assets of -30.9% for fiscal year 2025, measuring how efficiently the company uses its assets to generate profit.
How does Outset Medical, Inc.'s liquidity compare with its operating cash outflow?
At the end of fiscal year 2025, Outset Medical, Inc. (OM) held $168.9M in cash, cash equivalents and investments, and reported an operating cash outflow of $46.3M over that year. Dividing the one by the other, the reported balance equals about 44 months of the outflow reported that year. This is arithmetic over figures already filed, not a projection: it assumes nothing about future spending, financing or operations.
What is Outset Medical, Inc.'s Altman Z-Score?
Outset Medical, Inc. (OM) has an Altman Z-Score of -5.31, placing it in the Distress Zone (elevated bankruptcy risk). The Z-Score combines five financial ratios (working capital, retained earnings, EBIT, market capitalization, and revenue relative to total assets) to predict the likelihood of bankruptcy. Scores above 2.99 indicate financial safety while scores below 1.81 suggest financial distress. Learn more in our complete guide to financial health indicators.
What is Outset Medical, Inc.'s Piotroski F-Score?
Outset Medical, Inc. (OM) has a Piotroski F-Score of 7 out of 9, indicating strong financial health. The F-Score evaluates nine binary signals across profitability (positive ROA, positive cash flow, improving ROA, earnings quality), leverage (decreasing debt, improving liquidity, no share dilution), and operating efficiency (improving gross margin, improving asset turnover). Scores of 7 to 9 indicate strong and improving fundamentals. Learn more in our complete guide to financial health indicators.
Are Outset Medical, Inc.'s earnings high quality?
Outset Medical, Inc. (OM) reported a net loss of $81.7M while operations used $46.3M of cash. With neither figure positive, the ratio between the two carries no quality signal. This ratio compares operating cash flow to net income. A ratio above 1.0x means the company generates more cash than its reported earnings, indicating sustainable, cash-backed profits. Ratios below 1.0x suggest earnings rely on accounting accruals rather than actual cash generation. Learn more in our complete guide to financial health indicators.
Can Outset Medical, Inc. cover its interest payments?
Outset Medical, Inc. (OM) reported an operating loss of $66.7M against $14.0M in interest expense. There is no operating profit to cover interest, so interest must be met from cash reserves or from financing rather than from operations. This ratio divides operating income by interest expense. Ratios above 5x indicate strong debt-servicing ability, while ratios below 2x suggest the company may face difficulty meeting interest payments if earnings decline. Learn more in our complete guide to financial health indicators.
How financially healthy is Outset Medical, Inc.?
Outset Medical, Inc. (OM) scores 61 out of 100 on our Financial Health Score, indicating moderate standing within its emerging companies peer group. The score is a 0-100 composite of six dimensions (Cash Runway, Dilution, R&D Intensity, Revenue Progress, Burn Trend, Balance Sheet), each ranked as a percentile relative to companies in the same scoring family (banks against banks, REITs against REITs, and so on) rather than across all industries. It rates the quality of the business, not whether the stock is fairly priced, and is not financial advice. Learn more in our complete guide to financial health indicators.