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Nasdaq · Healthcare

Outset Medical, Inc. (OM)

As-reported financials and SEC filings for Outset Medical, Inc. The latest annual period is FY2025. The latest reported quarter is Q2 FY2026. Financial statements come straight from the company’s EDGAR filings; valuation figures such as P/E and market cap use market data.

About Outset Medical, Inc.

Outset Medical, Inc. develops and markets the Tablo Hemodialysis System, a medical device designed to simplify and improve dialysis treatment. The Tablo system integrates water purification, dialysate production, and advanced software to enable dialysis in hospitals, clinics, and home settings. It serves patients with kidney failure and healthcare providers by offering a flexible, connected platform that supports remote monitoring, data analytics, and streamlined treatment management.

Snapshot

Revenue
$119.5M
Revenue growth (YoY)
5.1%
Net income
$-81.7M
Diluted EPS
$-5.37
Gross margin
39.1%
Operating margin
-55.8%
Net margin
-68.3%
FCF margin
-39.4%
ROE
-64.3%
net income / fiscal-year-end equity
P/E
trailing when available, otherwise FY EPS
Market cap
$76.9M
Long-term debt / equity
0.76×
non-current term debt only

Fundamentals are from SEC filings for FY2025, the latest annual period (ended December 31, 2025). P/E and market cap are derived from stored market prices, last retrieved on a rolling basis and typically within the past week.

What changed at Outset Medical

  • Revenue grew 5.1% to $119M in FY2025, after a 12.8% decline the year before.
  • Operating margin is -55.8% in FY2025, +71.4 pp against -127.2% in FY2021.
  • Most recent quarter Q2 FY2026: revenue $32M, up 0.7% from Q2 FY2025.
  • Free cash flow was negative $47M in FY2025.
  • Net loss narrowed to $82M in FY2025, from $128M in FY2024.

Computed from the as-reported figures in the statements below. A change we cannot state from filed figures is left out rather than estimated.

Peer comparison

Where Outset Medical’s fundamentals sit among the 558 Healthcare companies. Each figure is ranked only against peers that report it, from lowest (left) to highest (right).

Gross margin39.1%
22nd percentile of 282
Operating margin-55.8%
10th percentile of 399
Net margin-68.3%
6th percentile of 418
FCF margin-39.4%
10th percentile of 372
Revenue growth (YoY)+5.1%
38th percentile of 538
ROE-64.3%
21st percentile of 473
Long-term debt / equity0.76×
68th percentile of 243
Short interest5.97d
64th percentile of 557

Outset Medical’s net margin of -68.3% ranks in the 6th percentile of the 418 Healthcare companies reporting it. Outset Medical’s operating margin of -55.8% ranks in the 10th percentile of the 399 Healthcare companies reporting it. Outset Medical’s FCF margin of -39.4% ranks in the 10th percentile of the 372 Healthcare companies reporting it.

No reported insider purchases (code P) in the last 90 days; 3 insider sales totaling $46,586. For context, about 15% of companies in the universe saw any reported insider purchase (code P) in the same window. Browse insider activity →

Percentiles describe where a figure sits among sector peers reporting it (100th = highest). They are position within a peer group, not a rating, and not investment advice. Short interest ranking uses days to cover from FINRA Consolidated Short Interest data; FINRA is the owner and source of that data, included at no additional charge.

Institutional ownership

Held by 4 quant / multi-strat books among the superinvestors we track; no conviction manager currently reports a position.

Conviction investors
0
+4 quant / multi-strat
Initiated / added
3
2 new, 1 added
Reduced / exited
1
1 trimmed, 0 exited
Combined position
$5.3M
reported long value
InvestorAs ofPosition valueSharesChange
AQR Capital ManagementquantQ2 2026$4.3M999.0KAdded
Millennium ManagementquantQ2 2026$785,350181.8KNew
Renaissance TechnologiesquantQ2 2026$187,60943.4KReduced
Citadel AdvisorsquantQ2 2026$48,29311.2KNew

From quarterly Form 13F filings, which can be up to 45 days delayed. Long US-listed positions only: excludes short positions, options, cash, bonds, and non-US holdings, so this is not a manager’s complete portfolio. Counts are of the investors we track, not all institutions. Not investment advice.

Recent insider activity

Non-derivative buys and sells (codes P/S) reported by officers, directors and 10% owners on SEC Form 4.

Buys (90d)
0
code P
Bought (90d)
code P value
Sells (90d)
3
$47K
Reported activity
Net selling
by $ value, 90d
Trade dateInsiderTypeSharesPriceValue
2026-08-17
filed 2026-08-18
Gaeta ReneeChief Financial OfficerSell4.5K$4.39$20K
2026-08-17
filed 2026-08-18
Trigg LeslieChair and CEOSell3.4K$4.39$15K
2026-08-17
filed 2026-08-18
Brottem John L.General CounselSell2.6K$4.39$12K
2026-06-03
filed 2026-06-05
Gaeta ReneeChief Financial OfficerSell17.7K$4.94$87K
2026-05-15
filed 2026-05-19
Trigg LeslieChair and CEOSell3.4K$3.70$13K
2026-05-15
filed 2026-05-19
Brottem John L.General CounselSell2.6K$3.70$10K
2026-05-15
filed 2026-05-19
Nash MarcEVP Operations R&D & ServiceSell1.6K$3.70$6K

Reported non-derivative purchases and sales (codes P/S) — which may be open-market or private; excludes option exercises, grants, and shares withheld for taxes. Dates shown are the trade date; a Form 4 can be filed days to years later. A sale can be routine (e.g. a pre-set 10b5-1 plan), so read individual transactions in context. From SEC Form 4. Not investment advice.

Short interest

Total shares sold short as of each twice-monthly FINRA settlement. Rising short interest means more investors are positioned against the stock; days to cover estimates how many trading days of average volume that position represents.

Shares short
936.3K
settled 2026-08-14
Change vs prior
-18.0%
vs previous settlement
Days to cover
5.97
at avg daily volume
Avg daily volume
156.9K
FINRA reported
SettlementShares shortChangeDays to cover
2026-08-14936.3K-18.0%5.97
2026-07-311.1M-6.1%11.02
2026-07-151.2M-18.5%6.28
2026-06-301.5M-24.2%3.27
2026-06-152.0M-11.3%10.61
2026-05-292.2M+8.2%13.21
2026-05-152.1M+2.2%9.54
2026-04-302.0M-3.7%15.43

Source: FINRA Consolidated Short Interest. FINRA is the owner and source of the FINRA-supplied data, which is included at no additional charge for your own personal or professional use; republishing or redistributing it is not permitted. Settlement dates are shown; FINRA publishes each settlement about nine business days later, so the latest figure can be two to four weeks old. Not presented as a percentage of float. No FINRA endorsement of this product is implied. Not investment advice.

Income statement (as reported)

 FY2025FY2024FY2023FY2022FY2021
Revenue$119.5M$113.7M$130.4M$115.4M$102.6M
Gross profit$46.8M$38.6M$29.0M$17.8M$7.6M
Operating income$-66.7M$-113.4M$-169.8M$-161.0M$-130.5M
Net income$-81.7M$-128.0M$-172.8M$-163.0M$-131.9M
Diluted EPS$-5.37$-36.96$-52.28$-50.70$-43.35

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Balance sheet (as reported)

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Cash flow (as reported)

 FY2025FY2024FY2023FY2022FY2021
Operating cash flow$-46.3M$-116.3M$-131.4M$-145.7M$-130.3M
Capital expenditure$798,000$912,000$3.4M$8.3M$3.1M
Free cash flow$-47.1M$-117.2M$-134.8M$-154.1M$-133.4M

Figures as reported to the SEC. Underlined values link to the filing they came from; dotted values are calculated by us from reported figures; “adj” means restated for a stock split (hover to see the figure as filed). Full details: where the numbers come from.

Quarterly trend (as reported)

QuarterRevenueRevenue YoYNet incomeDiluted EPS
Q2 FY2026$31.6M0.7%$-18.0M$-0.97
Q1 FY2026$27.9M-6.3%$-19.0M$-1.03
Q4 FY2025$28.9M-2.0%$-19.5M
Q3 FY2025$29.4M2.7%$-17.8M$-1.00
Q2 FY2025$31.4M14.7%$-18.5M$-1.04
Q1 FY2025$29.8M5.6%$-25.8M
Q4 FY2024$29.5M-3.4%$-25.6M
Q3 FY2024$28.7M-5.6%$-27.9M

Latest 8 reported quarters, from company XBRL filings on SEC EDGAR.

Company facts

ExchangeNasdaq
SectorHealthcare
SIC industryElectromedical & Electrotherapeutic Apparatus
Latest annual periodFY2025 (ended December 31, 2025)
Latest reported quarterQ2 FY2026 (ended June 30, 2026)
Oldest indexed filing2010
SEC CIK1484612

Selected SEC filings

10-Q2026-08-06
View on EDGAR →
10-Q2026-05-07
View on EDGAR →
8-K2026-08-28
View on EDGAR →
8-K2026-08-06
View on EDGAR →
8-K2026-06-17
View on EDGAR →
8-K2026-06-05
View on EDGAR →

Largest Healthcare peers

All Healthcare companies →

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Data sourced from SEC EDGAR. Figures are as-reported and may be unaudited or restated; verify against the source filing before relying on them. Informational only. Not investment advice.