Outset Medical Reports Third-Quarter Results
Outset Medical (Nasdaq: OM) reported third-quarter 2025 results for the period ended September 30, 2025. Revenue was $29.4 million, up 3% year-over-year, driven by an 8% rise in Tablo console sales and recurring revenue of $21.1 million. Gross margin improved to 39.4% (non-GAAP 39.9%), and operating expenses declined ~19% versus Q3 2024. Net loss narrowed to $17.8 million (non-GAAP loss $12.0 million). Cash and short-term investments totaled approximately $182 million at quarter-end.
The company revised 2025 revenue guidance down to $115M–$120M (from $122M–$126M) but maintained non-GAAP gross margin guidance in the high-30% range and reiterated expected cash use of less than $50M in 2025.
Outset Medical (Nasdaq: OM) ha riportato i risultati del terzo trimestre 2025 per il periodo terminato il 30 settembre 2025. Il fatturato è stato di 29,4 milioni di dollari, in aumento del 3% su base annua, trainato da un incremento dell'8% delle vendite della console Tablo e da ricavi ricorrenti di 21,1 milioni di dollari. Il margine lordo è migliorato al 39,4% (non-GAAP 39,9%), e le spese operative sono diminuite di circa il 19% rispetto al terzo trimestre 2024. La perdita netta si è ridotta a 17,8 milioni di dollari (perdita non-GAAP di 12,0 milioni). Cassa e investimenti a breve termine ammontavano a circa 182 milioni di dollari alla chiusura del trimestre.
L'azienda ha rivisto al ribasso la guidance sul fatturato per il 2025 a 115–120 milioni di dollari (da 122–126 milioni), ma ha mantenuto la guidance non-GAAP sul margine lordo in una fascia alta del 30% e ha reiterato la prevista uscita di cassa inferiore a 50 milioni di dollari nel 2025.
Outset Medical (Nasdaq: OM) informó los resultados del tercer trimestre de 2025 para el periodo terminado el 30 de septiembre de 2025. Los ingresos ascendieron a 29,4 millones de dólares, un aumento del 3% interanual, impulsado por un incremento del 8% en las ventas de la consola Tablo y por ingresos recurrentes de 21,1 millones de dólares. El margen bruto mejoró al 39,4% (no-GAAP 39,9%), y los gastos operativos disminuyeron aproximadamente un 19% frente al 3T de 2024. La pérdida neta se redujo a 17,8 millones de dólares (pérdida no-GAAP de 12,0 millones). El efectivo y las inversiones a corto plazo totalizaban aproximadamente 182 millones de dólares al cierre del trimestre.
La compañía revisó a la baja la guía de ingresos para 2025 a 115–120 millones de dólares (de 122–126 millones), pero mantuvo la guía de margen bruto no-GAAP en la franja alta de alrededor del 30% y reiteró la utilización de efectivo prevista de menos de 50 millones de dólares en 2025.
Outset Medical (나스닥: OM)은 2025년 9월 30일에 종료된 기간의 2025년 3분기 실적을 발표했습니다. 매출은 2,940만 달러로 전년 동기 대비 3% 증가했으며, Tablo 콘솔 판매 8% 증가와 재발성 매출 2110만 달러가 큰 요인입니다. 총이익률은 39.4%(비GAAP 39.9%)로 개선되었고, 영업비용은 2024년 3분기 대비 약 19% 감소했습니다. 순손실은 1780만 달러로 줄었고(비GAAP 손실 1200만 달러). 현금 및 단기투자자산은 분기말 기준 약 1억 8200만 달러였습니다.
회사 는 2025년 매출 가이던스를 1150만~1200만 달러로 하향 조정했으나(1,1500만~1,2000만 달러에서), 비GAAP 총이익률 가이던스는 상위 30%대 유지하고 2025년 현금 사용을 5000만 달러 미만으로 재확인했습니다.
Outset Medical (Nasdaq: OM) a publié les résultats du troisième trimestre 2025 pour la période se terminant le 30 septembre 2025. Le chiffre d'affaires s’est élevé à 29,4 millions de dollars, en hausse de 3% sur un an, porté par une hausse de 8% des ventes de la console Tablo et des revenus récurrents de 21,1 millions de dollars. La marge brute s’est améliorée à 39,4% (non-GAAP 39,9%), et les dépenses d'exploitation ont diminué d'environ 19% par rapport au T3 2024. La perte nette s’est resserrée à 17,8 millions de dollars (perte non-GAAP de 12,0 millions). La trésorerie et les investissements à court terme s’élevaient à environ 182 millions de dollars à la fin du trimestre.
La société a révisé à la baisse la guidance du chiffre d'affaires 2025 à 115–120 millions de dollars (au lieu de 122–126 millions), mais a maintenu la guidance non-GAAP de la marge brute dans la fourchette élevée des 30% et a réitéré l'utilisation de trésorerie prévue inférieure à 50 millions de dollars en 2025.
Outset Medical (Nasdaq: OM) meldete die Ergebnisse für das dritte Quartal 2025 für den Zeitraum zum 30. September 2025. Umsatz betrug 29,4 Mio. USD, ein Anstieg von 3% gegenüber dem Vorjahreszeitraum, getrieben durch einen 8%igen Anstieg der Tablo-Konsole-Verkäufe und wiederkehrende Umsätze von 21,1 Mio. USD. Bruttomarge verbesserte sich auf 39,4% (non-GAAP 39,9%), und Betriebskosten gingen im Vergleich zum Q3 2024 um ca. 19% zurück. Nettoverlust verringerte sich auf 17,8 Mio. USD (non-GAAP Verlust 12,0 Mio. USD). Bargeld und kurzfristige Investitionen beliefen sich zum Quartalsende auf ca. 182 Mio. USD.
Das Unternehmen senkte die Umsatzguidance für 2025 auf 115–120 Mio. USD (von 122–126 Mio. USD), hielt jedoch die non-GAAP-Bruttomarge im oberen 30%-Bereich und bekräftigte die erwartete Geldverbrennung von weniger als 50 Mio. USD in 2025.
Outset Medical (بورصة ناسداك: OM) أصدرت نتائج الربع الثالث من عام 2025 للفترة المنتهية في 30 سبتمبر 2025. الإيرادات بلغت 29.4 مليون دولار، بارتفاع قدره 3% على أساس سنوي، مدعومًا بارتفاع قدره 8% في مبيعات وحدة Tablo والإيرادات المتكررة بمقدار 21.1 مليون دولار. هامش الربح الإجمالي تحسن إلى 39.4% (غير-GAAP 39.9%)، وانخفضت النفقات التشغيلية بحوالي 19% مقارنة بالربع الثالث من 2024. صافي الخسارة تضاءل إلى 17.8 مليون دولار (خسارة غير-GAAP قدرها 12.0 مليون دولار). النقد والاستثمارات قصيرة الأجل بلغت نحو 182 مليون دولار في نهاية الربع.
وعادت الشركة بتعديل توجيه الإيرادات لعام 2025 إلى النطاق 115 إلى 120 مليون دولار (من 122 إلى 126 مليون دولار) لكنها احتفظت بتوجيه الهامش الإجمالي غير-GAAP في النطاق العالي من الثلاثينات بالمئة وأكدت مرة أخرى توقع استهلاك النقد بأقل من 50 مليون دولار في 2025.
- Revenue of $29.4M in Q3 2025, +3% YoY
- Non-GAAP gross margin 39.9%, +3.5 ppt YoY
- Operating expenses down ~19% YoY
- Cash and short-term investments of $182M at 9/30/2025
- Company expects cash use <$50M in 2025 (improved burn)
- 2025 revenue outlook reduced to $115M–$120M (from $122M–$126M)
- Net loss of $17.8M in Q3 2025 (GAAP)
- Consumable revenue in Q3 dampened by order timing
Insights
Revenue modestly grew while margins improved but guidance was cut; cash position remains sizable.
Revenue of
Gross margin expanded to
Watch the revised 2025 revenue guidance of
Operational discipline improved margins and lowered burn, but delayed large deals trimmed revenue outlook.
Product and service mix shows operational leverage: product gross margin rose to
However, management disclosed shifted timing on several large sales now expected to close in the fourth quarter and into early
SAN JOSE, Calif., Nov. 10, 2025 (GLOBE NEWSWIRE) -- Outset Medical, Inc. (Nasdaq: OM), a medical technology company pioneering a first-of-its-kind technology to reduce the cost and complexity of dialysis, today reported financial results for the third quarter ended September 30, 2025 and revised its 2025 revenue guidance.
Third Quarter and Recent Highlights
- Net revenue of
$29.4 million grew3% from the prior year period, driven by an8% increase in Tablo console revenue. - Recurring revenue consisting of Tablo consumables and services of
$21.1 million increased slightly from the prior year period. Consumable revenue, which was dampened in the quarter by order timing, has accelerated in the fourth quarter. - Gross margin reached
39.4% . On a non-GAAP basis, gross margin was39.9% , expanding 3.5 percentage points over the prior year period. - Operating expenses declined nearly
20% from the third quarter of 2024 and the company used less than$6 million of cash during the quarter, exiting the quarter with nearly$182 million total cash and short-term investments.
Outset revised its revenue outlook for 2025 to
“Hospital demand continues to grow as a result of the clinical, operational and financial benefits that can be achieved by insourcing dialysis with Outset’s proven technology, expert know-how and exceptional service,” said Leslie Trigg, Chair and Chief Executive Officer. “We entered the second half of the year with work remaining in our commercial transformation, and while we have made good progress, the expected timing to close several large opportunities forecasted for the second half of 2025 has shifted. These opportunities remain in the final stages of our sales process and are now expected to close over the fourth quarter and into early 2026.”
Third Quarter 2025 Financial Results
Revenue for the third quarter was
Gross profit of
Operating expenses of
Excluding stock-based compensation expense, severance and related charges, and litigation charges non-GAAP operating expenses were
Net loss was
Total cash, including restricted cash, cash equivalents and short-term investments, was
2025 Financial Guidance
Outset now expects 2025 revenue of
Webcast and Conference Call Details
Outset will host a conference call today, November 10, 2025, at 1:30 p.m. PT / 4:30 p.m. ET to discuss its third quarter 2025 financial results. Those interested in listening to the conference call may do so by registering online. Once registered, participants will receive dial-in numbers and a unique pin to join the call. Participants are encouraged to register more than 15 minutes before the start of the call. A live webcast of the conference call will be available on the Investor Relations section of the Company's website at https://investors.outsetmedical.com. The webcast will be archived on the website following the completion of the call.
Use of Non-GAAP Financial Measures
The Company may report non-GAAP results for gross profit/loss, gross margin, operating expenses, operating margins, net income/loss, basic and diluted net income/loss per share, other income/loss, and cash flows. These non-GAAP financial measures are in addition to, and not a substitute for, or superior to, financial measures calculated in accordance with GAAP. As listed in the itemized reconciliations between GAAP and non-GAAP financial measures included in this press release, the Company’s GAAP financial measures include stock-based compensation expense, severance and related charges net of the reversal of compensation accruals for impacted employees, as well as litigation charges incurred outside of the ordinary course of business in connection with the stockholder class action and relative derivative lawsuits as disclosed in the Company’s Quarterly Report on Form 10-Q. Stock-based compensation is a non-cash expense, and severance and related charges arise outside the ordinary course of continuing operations and are not reflective of the Company's current operating performance. In addition, litigation charges related to the above-described matters are excluded because they constitute non-routine litigation costs, arise outside of the ordinary course of the Company’s business, and are not indicative of its recurring operating results or underlying performance trends. As such, management has excluded the effects of these items in non-GAAP measures to assist investors in analyzing and assessing past and future operating performance and period-to-period comparisons. There are limitations related to the use of non-GAAP financial measures because they are not prepared in accordance with GAAP, may exclude significant expenses required by GAAP to be recognized in the Company’s financial statements, and may not be comparable to non-GAAP financial measures used by other companies. The Company encourages investors to carefully consider its results under GAAP, as well as its supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand its business. Reconciliations between GAAP and non-GAAP results are presented in the Appendix A of this press release.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements are based on management’s current assumptions and expectations of future events and trends, which affect or may affect the Company’s business, strategy, operations or financial performance, and actual results and other events may differ materially from those expressed or implied in such statements due to numerous risks and uncertainties. Forward-looking statements include, but are not limited to, statements about the Company’s possible or assumed future results of operations and financial position, including expectations regarding projected revenues, gross margin, operating expenses, capital expenditures, cash use, cash burn, cash position, profitability and outlook; statements about the sufficiency of the Company’s cash balances through cashflow breakeven; statements regarding the anticipated impacts and benefits of the Company’s cost reduction actions, initiatives to optimize the commercial organization and improve forecasting and order visibility, and restructurings; statements regarding anticipated customer orders or other business opportunities including the expected closing and timing thereof; statements regarding the Company’s overall business strategy, plans and objectives of management; the Company’s expectations regarding the market sizes and growth potential for Tablo and the total addressable market opportunities for Tablo; continued execution of the Company’s initiatives designed to expand gross margins; the Company’s ability to respond to and resolve any reports, observations or other actions by the Food and Drug Administration or other regulators in a timely and effective manner; as well as the Company’s expectations regarding the impact of macroeconomic factors (including changes in tariff or trade laws and policies) on the Company, its customers and suppliers. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Factors that could cause actual results or other events to differ materially from those contemplated in this press release can be found in the Risk Factors section of the Company’s public filings with the Securities and Exchange Commission, including its latest annual and quarterly reports. Because forward-looking statements are inherently subject to risks and uncertainties, you should not rely on these forward-looking statements as predictions of future events. These forward-looking statements speak only as of their date and, except to the extent required by law, the Company undertakes no obligation to update these statements, whether as a result of any new information, future developments or otherwise.
About Outset Medical, Inc.
Outset is a medical technology company transforming the dialysis experience across the continuum of care with a first-of-its-kind technology. The Tablo® Hemodialysis System, FDA-cleared for use from hospital to home, is trusted by more than 1,000 U.S. healthcare facilities and has enabled millions of treatments delivered by thousands of nurses. Designed to reduce the cost and complexity of dialysis, Tablo combines water purification and on-demand dialysate production into a single, integrated system that connects seamlessly with Electronic Medical Record systems and a proprietary data analytics platform. This enterprise solution empowers providers to develop an in-house dialysis program where they are in control – enabling better operational, clinical, and financial outcomes. Outset is redefining what’s possible in kidney care through innovation, scale, and a relentless commitment to improving the lives of patients and the professionals who care for them. For more information, visit www.outsetmedical.com.
Investor Contact
Jim Mazzola
jmazzola@outsetmedical.com
| Outset Medical, Inc. Condensed Statements of Operations (in thousands, except per share amounts) (unaudited) | ||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||
| Revenue: | ||||||||||||||||||||
| Product revenue | $ | 20,558 | $ | 20,305 | $ | 64,934 | $ | 59,971 | ||||||||||||
| Service and other revenue | 8,873 | 8,361 | 25,668 | 24,251 | ||||||||||||||||
| Total revenue | 29,431 | 28,666 | 90,602 | 84,222 | ||||||||||||||||
| Cost of revenue: | ||||||||||||||||||||
| Cost of product revenue(2) | 11,169 | 11,532 | 33,962 | 34,680 | ||||||||||||||||
| Cost of service and other revenue | 6,672 | 7,314 | 22,117 | 21,725 | ||||||||||||||||
| Total cost of revenue | 17,841 | 18,846 | 56,079 | 56,405 | ||||||||||||||||
| Gross profit(1) | 11,590 | 9,820 | 34,523 | 27,817 | ||||||||||||||||
| Gross margin(1) | 39.4 | % | 34.3 | % | 38.1 | % | 33.0 | % | ||||||||||||
| Operating expenses: | ||||||||||||||||||||
| Research and development(2) | 5,376 | 8,139 | 16,180 | 30,508 | ||||||||||||||||
| Sales and marketing(2) | 13,550 | 15,417 | 41,482 | 54,593 | ||||||||||||||||
| General and administrative(2)(3) | 8,477 | 10,103 | 25,938 | 34,231 | ||||||||||||||||
| Total operating expenses | 27,403 | 33,659 | 83,600 | 119,332 | ||||||||||||||||
| Loss from operations | (15,813 | ) | (23,839 | ) | (49,077 | ) | (91,515 | ) | ||||||||||||
| Interest income and other income, net | 1,855 | 2,149 | 5,734 | 7,718 | ||||||||||||||||
| Interest expense | (3,476 | ) | (6,068 | ) | (10,511 | ) | (18,046 | ) | ||||||||||||
| Loss on extinguishment of term loan | — | — | (7,685 | ) | — | |||||||||||||||
| Loss before provision for income taxes | (17,434 | ) | (27,758 | ) | (61,539 | ) | (101,843 | ) | ||||||||||||
| Provision for income taxes | 404 | 182 | 623 | 495 | ||||||||||||||||
| Net loss | $ | (17,838 | ) | $ | (27,940 | ) | $ | (62,162 | ) | $ | (102,338 | ) | ||||||||
| Net loss per share, basic and diluted | $ | (1.00 | ) | $ | (8.02 | ) | $ | (4.37 | ) | $ | (29.71 | ) | ||||||||
| Shares used in computing net loss per share, basic and diluted | 17,783 | 3,484 | 14,228 | 3,445 | ||||||||||||||||
| (1)Gross profit and gross margin by source consisted of the following: | ||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||
| Gross profit | ||||||||||||||||||||
| Product revenue | $ | 9,389 | $ | 8,773 | $ | 30,972 | $ | 25,291 | ||||||||||||
| Service and other revenue | 2,201 | 1,047 | 3,551 | 2,526 | ||||||||||||||||
| Total gross profit | $ | 11,590 | $ | 9,820 | $ | 34,523 | $ | 27,817 | ||||||||||||
| Gross margin | ||||||||||||||||||||
| Product revenue | 45.7 | % | 43.2 | % | 47.7 | % | 42.2 | % | ||||||||||||
| Service and other revenue | 24.8 | % | 12.5 | % | 13.8 | % | 10.4 | % | ||||||||||||
| Total gross margin | 39.4 | % | 34.3 | % | 38.1 | % | 33.0 | % | ||||||||||||
| (2)Includes stock-based compensation expense and severance and related charges, net as follows: | ||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| Stock-based compensation expense | September 30, | September 30, | ||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||
| Cost of revenue | $ | 135 | $ | 296 | $ | 438 | $ | 1,092 | ||||||||||||
| Research and development | 1,117 | 1,400 | 2,426 | 6,025 | ||||||||||||||||
| Sales and marketing | 1,174 | 945 | 2,586 | 4,898 | ||||||||||||||||
| General and administrative | 2,654 | 3,747 | 6,103 | 12,396 | ||||||||||||||||
| Total stock-based compensation expense | $ | 5,080 | $ | 6,388 | $ | 11,553 | $ | 24,411 | ||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| Severance and related charges, net | September 30, | September 30, | ||||||||||||||||||
| 2025 | 2024* | 2025 | 2024* | |||||||||||||||||
| Cost of revenue | $ | — | 317 | $ | — | 518 | ||||||||||||||
| Research and development | — | 161 | 34 | 1,124 | ||||||||||||||||
| Sales and marketing | — | 873 | — | 1,765 | ||||||||||||||||
| General and administrative | — | 20 | (42 | ) | 390 | |||||||||||||||
| Total severance and related charges, net | $ | — | 1,371 | $ | (8 | ) | 3,797 | |||||||||||||
| * Net of adjustments to compensation accrual | ||||||||||||||||||||
| (3)Includes non-ordinary course litigation charges related to shareholder class action and related derivative lawsuits as follows: | ||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| Litigation charges | September 30, | September 30, | ||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||
| General and administrative | $ | 343 | $ | — | $ | 343 | $ | — | ||||||||||||
| Total litigation charges | $ | 343 | $ | — | $ | 343 | $ | — | ||||||||||||
| Outset Medical, Inc. Condensed Balance Sheets (in thousands, except per share amounts) | ||||||||
| September 30, | December 31, | |||||||
| 2025 | 2024 | |||||||
| (Unaudited) | ||||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 36,437 | $ | 124,014 | ||||
| Short-term investments | 142,201 | 34,671 | ||||||
| Accounts receivable, net | 32,962 | 35,619 | ||||||
| Inventories | 49,289 | 59,387 | ||||||
| Prepaid expenses and other current assets | 4,478 | 4,530 | ||||||
| Total current assets | 265,367 | 258,221 | ||||||
| Restricted cash | 3,329 | 3,329 | ||||||
| Property and equipment, net | 5,254 | 8,133 | ||||||
| Operating lease right-of-use assets | 2,767 | 3,940 | ||||||
| Other assets | 538 | 2,172 | ||||||
| Total assets | $ | 277,255 | $ | 275,795 | ||||
| Liabilities and stockholders' equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,724 | $ | 3,862 | ||||
| Accrued compensation and related benefits | 10,855 | 16,821 | ||||||
| Accrued expenses and other current liabilities | 6,692 | 8,205 | ||||||
| Accrued warranty liability | 1,363 | 1,938 | ||||||
| Deferred revenue, current | 14,900 | 12,753 | ||||||
| Operating lease liabilities, current | 1,912 | 1,799 | ||||||
| Total current liabilities | 37,446 | 45,378 | ||||||
| Accrued interest | — | 2,695 | ||||||
| Deferred revenue | 676 | 844 | ||||||
| Operating lease liabilities | 1,244 | 2,684 | ||||||
| Term loans | 95,524 | 197,375 | ||||||
| Total liabilities | 134,890 | 248,976 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders' equity: | ||||||||
| Preferred Stock, | 3,841 | — | ||||||
| Common stock, | 18 | 4 | ||||||
| Additional paid-in capital | 1,290,234 | 1,116,496 | ||||||
| Accumulated other comprehensive income | 157 | 42 | ||||||
| Accumulated deficit | (1,151,885 | ) | (1,089,723 | ) | ||||
| Total stockholders' equity | 142,365 | 26,819 | ||||||
| Total liabilities and stockholders' equity | $ | 277,255 | $ | 275,795 | ||||
| Outset Medical, Inc. Condensed Statements of Cash Flows (in thousands) (unaudited) | ||||||||
| Nine Months Ended September 30, | ||||||||
| 2025 | 2024 | |||||||
| Net cash used in operating activities | $ | (36,806 | ) | $ | (99,815 | ) | ||
| Net cash used in investing activities | (106,274 | ) | (4,215 | ) | ||||
| Net cash provided by financing activities | 55,503 | 68,808 | ||||||
| Net decrease in cash, cash equivalents and restricted cash | (87,577 | ) | (35,222 | ) | ||||
| Cash, cash equivalents and restricted cash at beginning of the period | 127,343 | 71,838 | ||||||
| Cash, cash equivalents and restricted cash at end of the period(1) | $ | 39,766 | $ | 36,616 | ||||
| (1)The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the accompanying condensed balance sheets that sum to the total of the amounts shown in the accompanying condensed statements of cash flows (in thousands): | ||||||||
| September 30, | ||||||||
| 2025 | 2024 | |||||||
| Cash and cash equivalents | $ | 36,437 | $ | 33,287 | ||||
| Restricted cash | 3,329 | 3,329 | ||||||
| Total cash, cash equivalents and restricted cash* | $ | 39,766 | $ | 36,616 | ||||
| * The total cash, including restricted cash, cash equivalents and investment securities as of September 30, 2025 was | ||||||||
| Outset Medical, Inc. Results of Operations – Non-GAAP (in thousands, except per share amounts) (unaudited) | ||||||||||||||||||||
| Reconciliation between GAAP and non-GAAP net loss per share: | ||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||
| GAAP net loss per share, diluted | $ | (1.00 | ) | $ | (8.02 | ) | $ | (4.37 | ) | $ | (29.71 | ) | ||||||||
| Stock-based compensation expense | 0.29 | 1.83 | 0.81 | 7.09 | ||||||||||||||||
| Severance and related charges, net | — | 0.39 | — | 1.10 | ||||||||||||||||
| Litigation charges | 0.02 | — | 0.02 | — | ||||||||||||||||
| Non-GAAP net loss per share, diluted | $ | (0.69 | ) | $ | (5.80 | ) | $ | (3.54 | ) | $ | (21.52 | ) | ||||||||
| Reconciliation between GAAP and non-GAAP net loss: | ||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||
| GAAP net loss, diluted | $ | (17,838 | ) | $ | (27,940 | ) | $ | (62,162 | ) | $ | (102,338 | ) | ||||||||
| Stock-based compensation expense | 5,080 | 6,388 | 11,553 | 24,411 | ||||||||||||||||
| Severance and related charges, net | — | 1,371 | (8 | ) | 3,797 | |||||||||||||||
| Litigation charges | 343 | — | 343 | — | ||||||||||||||||
| Non-GAAP net loss, diluted | $ | (12,415 | ) | $ | (20,181 | ) | $ | (50,274 | ) | $ | (74,130 | ) | ||||||||
| Reconciliation between GAAP and non-GAAP results of operations: | ||||||||||||||||||||
| Three Months Ended | Nine Months Ended | |||||||||||||||||||
| September 30, | September 30, | |||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||
| GAAP gross profit | $ | 11,590 | $ | 9,820 | $ | 34,523 | $ | 27,817 | ||||||||||||
| Stock-based compensation expense | 135 | 296 | 438 | 1,092 | ||||||||||||||||
| Severance and related charges, net | — | 317 | — | 518 | ||||||||||||||||
| Non-GAAP gross profit | $ | 11,725 | $ | 10,433 | $ | 34,961 | $ | 29,427 | ||||||||||||
| GAAP gross margin | 39.4 | % | 34.3 | % | 38.1 | % | 33.0 | % | ||||||||||||
| Stock-based compensation expense | 0.5 | 1.0 | 0.5 | 1.3 | ||||||||||||||||
| Severance and related charges, net | — | 1.1 | — | 0.6 | ||||||||||||||||
| Non-GAAP gross margin | 39.9 | % | 36.4 | % | 38.6 | % | 34.9 | % | ||||||||||||
| GAAP research and development expense | $ | 5,376 | $ | 8,139 | $ | 16,180 | $ | 30,508 | ||||||||||||
| Stock-based compensation expense | (1,117 | ) | (1,400 | ) | (2,426 | ) | (6,025 | ) | ||||||||||||
| Severance and related charges, net | — | (161 | ) | (34 | ) | (1,124 | ) | |||||||||||||
| Non-GAAP research and development expense | $ | 4,259 | $ | 6,578 | $ | 13,720 | $ | 23,359 | ||||||||||||
| GAAP sales and marketing expense | $ | 13,550 | $ | 15,417 | $ | 41,482 | $ | 54,593 | ||||||||||||
| Stock-based compensation expense | (1,174 | ) | (945 | ) | (2,586 | ) | (4,898 | ) | ||||||||||||
| Severance and related charges, net | — | (873 | ) | — | (1,765 | ) | ||||||||||||||
| Non-GAAP sales and marketing expense | $ | 12,376 | $ | 13,599 | $ | 38,896 | $ | 47,930 | ||||||||||||
| GAAP general and administrative expense | $ | 8,477 | $ | 10,103 | $ | 25,938 | $ | 34,231 | ||||||||||||
| Stock-based compensation expense | (2,654 | ) | (3,747 | ) | (6,103 | ) | (12,396 | ) | ||||||||||||
| Severance and related charges, net | — | (20 | ) | 42 | (390 | ) | ||||||||||||||
| Litigation charges | (343 | ) | — | (343 | ) | — | ||||||||||||||
| Non-GAAP general and administrative expense | $ | 5,480 | $ | 6,336 | $ | 19,534 | $ | 21,445 | ||||||||||||
| GAAP total operating expense | $ | 27,403 | $ | 33,659 | $ | 83,600 | $ | 119,332 | ||||||||||||
| Stock-based compensation expense | (4,945 | ) | (6,092 | ) | (11,115 | ) | (23,319 | ) | ||||||||||||
| Severance and related charges, net | — | (1,054 | ) | 8 | (3,279 | ) | ||||||||||||||
| Litigation charges | (343 | ) | — | (343 | ) | — | ||||||||||||||
| Non-GAAP total operating expense | $ | 22,115 | $ | 26,513 | $ | 72,150 | $ | 92,734 | ||||||||||||
FAQ
What were Outset Medical (OM) Q3 2025 revenues and growth?
Why did Outset Medical (OM) lower its 2025 revenue guidance on Nov 10, 2025?
How strong were Outset Medical’s (OM) margins in Q3 2025?
How much cash did Outset Medical (OM) have at the end of Q3 2025?
What is Outset Medical’s (OM) 2025 cash burn expectation?
Did Outset Medical (OM) reduce operating expenses in Q3 2025?
