Estados financieros detallados de Outset Medical, Inc. (OM): cuenta de resultados, balance general y flujo de caja. Sigue la evolución de márgenes, deuda, liquidez y rentabilidad año a año con hasta 20 años de histórico.
Resumen del Análisis
Outset Medical, Inc. registró ingresos de $119.5M en el último ejercicio fiscal, con un CAGR de 5 años del 19.1%.
Márgenes de los últimos 12 meses: margen bruto 41.8%, margen operativo -56.1%, margen neto -63.1%.
Al precio actual de $3.12, OM presenta beneficios negativos (P/E no significativo) y un ROE del -62.25%. La capitalización bursátil es de $58M.
Cuenta de Resultados (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Ingresos | $2.0M | $15.1M | $49.9M | $102.6M | $115.4M | $130.4M | $113.7M | $119.5M |
| Coste de Ventas | $8.1M | $32.9M | $63.0M | $95.0M | $97.5M | $101.4M | $75.1M | $72.7M |
| Beneficio Bruto | -$6.1M | -$17.8M | -$13.0M | $7.6M | $17.8M | $29.0M | $38.6M | $46.8M |
| I+D | $22.9M | $23.3M | $28.9M | $36.7M | $48.9M | $57.3M | $38.4M | $21.2M |
| Generales y Administrativos | $17.5M | $29.2M | $75.6M | $101.4M | $130.0M | $141.5M | $113.5M | $92.2M |
| Gastos Operativos | $40.4M | $52.5M | $104.4M | $138.1M | $178.9M | $198.8M | $151.9M | $113.5M |
| Beneficio Operativo | -$46.6M | -$70.3M | -$117.5M | -$130.5M | -$161.0M | -$169.8M | -$113.4M | -$66.7M |
| EBITDA | -$43.6M | -$62.1M | -$114.8M | -$124.9M | -$152.8M | -$153.8M | -$102.1M | -$62.4M |
| Gastos por Intereses | $4.6M | $4.3M | $2.9M | $1.7M | $3.6M | $12.7M | $23.9M | $14.0M |
| Beneficio Antes de Impuestos | -$49.8M | -$68.3M | -$121.5M | -$131.7M | -$162.7M | -$172.3M | -$127.5M | -$80.9M |
| Impuestos | $25000 | $20000 | 0 | $199000 | $295000 | $523000 | $491000 | $718000 |
| Beneficio Neto | -$49.8M | -$68.3M | -$121.5M | -$131.9M | -$163.0M | -$172.8M | -$128.0M | -$81.7M |
| BPA | $-1.65 | $-1.61 | $-2.83 | $-43.41 | $-50.75 | $-52.27 | $-36.95 | $-5.37 |
| BPA Diluido | $-1.65 | $-34.06 | $-2.83 | $-43.41 | $-50.75 | $-52.27 | $-36.95 | $-5.37 |
| Acciones en Circulación (Diluidas) | $2.0M | $2.0M | $2.8M | $3.0M | $3.2M | $3.3M | $3.5M | $15.2M |
Cuenta de Resultados (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Ingresos | $29.4M | $28.9M | $27.9M | $31.6M |
| Beneficio Bruto | $11.6M | $12.2M | $12.1M | $13.3M |
| Beneficio Operativo | -$15.8M | -$17.6M | -$16.9M | -$15.7M |
| EBITDA | -$13.6M | -$15.1M | -$14.6M | -$12.9M |
| Beneficio Neto | -$17.8M | -$19.5M | -$19.0M | -$18.0M |
| BPA | $-1.00 | $-1.09 | $-1.03 | $-0.97 |
| BPA Diluido | $-1.00 | $-1.09 | $-1.03 | $-0.97 |
Balance (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Caja y Equivalentes | $33.3M | $36.9M | $295.0M | $182.3M | $73.2M | $68.5M | $124.0M | $35.0M |
| Inversiones a Corto | $109.5M | $33.2M | $19.9M | $157.1M | $214.3M | $134.8M | $34.7M | $133.9M |
| Cuentas por Cobrar | $1.1M | $3.9M | $6.5M | $25.6M | $28.1M | $33.0M | $35.6M | $28.3M |
| Inventario | $3.0M | $4.6M | $18.4M | $39.2M | $51.5M | $49.2M | $59.4M | $47.6M |
| Activos Corrientes | $147.6M | $79.6M | $345.9M | $409.8M | $373.6M | $291.2M | $258.2M | $250.9M |
| Inmovilizado Material | $2.9M | $7.9M | $23.3M | $20.2M | $22.0M | $18.6M | $12.1M | $9.5M |
| Fondo de Comercio | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Intangibles | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Activos Totales | $151.1M | $88.4M | $403.8M | $463.5M | $400.1M | $313.8M | $275.8M | $264.5M |
| Cuentas por Pagar | $3.4M | $5.0M | $4.9M | $1.8M | $603000 | $5.8M | $3.9M | $554000 |
| Deuda a Corto | $10000 | $7.5M | 0 | 0 | 0 | 0 | 0 | 0 |
| Pasivos Corrientes | $10.2M | $24.9M | $36.7M | $51.7M | $51.9M | $55.3M | $45.4M | $37.6M |
| Deuda a Largo | $28.3M | $21.6M | $29.7M | $29.8M | $96.3M | $130.1M | $197.4M | $96.2M |
| Pasivos Totales | $439.1M | $460.6M | $75.2M | $89.4M | $154.1M | $190.9M | $249.0M | $137.5M |
| Reservas | -$287.9M | -$372.6M | -$494.1M | -$626.0M | -$789.0M | -$961.7M | -$1.09B | -$1.17B |
| Patrimonio Neto | -$287.9M | -$372.2M | $328.6M | $374.1M | $246.0M | $122.9M | $26.8M | $127.0M |
| Deuda Total | $28.9M | $29.1M | $38.6M | $37.8M | $103.2M | $136.2M | $201.9M | $101.2M |
| Deuda Neta | -$113.9M | -$41.0M | -$276.3M | -$301.7M | -$184.3M | -$67.1M | $43.2M | -$67.7M |
| Capital Circulante | $137.4M | $54.7M | $309.2M | $358.1M | $321.7M | $235.9M | $212.8M | $213.3M |
Balance (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Caja y Equivalentes | $36.4M | $35.0M | $30.6M | $35.0M |
| Activos Totales | $277.3M | $264.5M | $249.5M | $242.4M |
| Pasivos Totales | $134.9M | $137.5M | $137.8M | $146.0M |
| Patrimonio Neto | $142.4M | $127.0M | $111.7M | $96.3M |
| Deuda Total | $98.7M | $101.2M | $101.6M | $104.4M |
Flujo de Caja (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Beneficio Neto | -$49.8M | -$68.3M | -$121.5M | -$131.9M | -$163.0M | -$172.8M | -$128.0M | -$81.7M |
| Amortizaciones | $1.1M | $1.9M | $3.2M | $5.2M | $5.2M | $5.8M | $5.7M | $4.3M |
| Compensación en Acciones | $788000 | $883000 | $21.4M | $17.4M | $27.2M | $38.6M | $29.4M | $15.6M |
| Cambio en Capital Circulante | -$217000 | -$1.6M | -$5.8M | -$25.6M | -$21.1M | -$773000 | -$25.7M | $2.2M |
| Flujo de Caja Operativo | -$46.4M | -$70.3M | -$99.0M | -$130.3M | -$145.7M | -$131.4M | -$116.3M | -$46.3M |
| Inversiones (CapEx) | -$1.8M | -$3.3M | -$9.1M | -$3.1M | -$8.3M | -$3.4M | -$912000 | -$798000 |
| Adquisiciones | 0 | -$77.6M | 0 | $139.4M | $58.0M | 0 | 0 | 0 |
| Recompra de Acciones | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividendos Pagados | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Flujo de Caja Libre | -$48.2M | -$73.6M | -$108.1M | -$133.4M | -$154.1M | -$134.8M | -$117.2M | -$47.1M |
Flujo de Caja (Trimestral)
| Año | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|
| Flujo de Caja Operativo | -$6.3M | -$9.5M | -$12.8M | -$9.6M |
| Inversiones (CapEx) | -$160000 | -$223000 | -$65000 | -$111000 |
| Flujo de Caja Libre | -$6.5M | -$9.7M | -$12.9M | -$9.7M |
| Dividendos Pagados | 0 | 0 | 0 | 0 |
| Compensación en Acciones | $5.1M | $4.1M | $3.5M | $2.7M |
Crecimiento y Márgenes (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| Crecimiento Ingresos (anual) | | +651.3% | +231.2% | +105.5% | +12.4% | +13.0% | -12.8% | +5.1% |
| Crecimiento Beneficio Neto (anual) | | -37.2% | -77.9% | -8.6% | -23.5% | -6.0% | +25.9% | +36.2% |
| Crecimiento BPA (anual) | | +2.4% | -75.8% | -1433.9% | -16.9% | -3.0% | +29.3% | +85.5% |
| Cambio en Acciones (anual) | | +0.0% | +42.0% | +6.7% | +5.6% | +3.0% | +4.8% | +339.2% |
| Crecimiento FCF (anual) | | -52.6% | -46.9% | -23.4% | -15.5% | +12.5% | +13.1% | +59.8% |
| Margen Bruto | -304.7% | -118.1% | -26.1% | 7.4% | 15.5% | 22.2% | 33.9% | 39.1% |
| Margen Operativo | -2320.0% | -466.3% | -235.2% | -127.2% | -139.6% | -130.2% | -99.7% | -55.8% |
| Margen EBITDA | -2173.5% | -411.8% | -230.0% | -121.7% | -132.4% | -118.0% | -89.8% | -52.2% |
| Margen Neto | -2480.3% | -453.0% | -243.3% | -128.6% | -141.2% | -132.5% | -112.6% | -68.3% |
| Margen FCF | -2402.0% | -488.0% | -216.5% | -130.0% | -133.5% | -103.4% | -103.1% | -39.4% |
| Tasa Impositiva Efectiva | -0.1% | -0.0% | -0.0% | -0.2% | -0.2% | -0.3% | -0.4% | -0.9% |
Datos por Acción (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| FCF por Acción | $-24.04 | $-36.69 | $-37.96 | $-43.88 | $-47.98 | $-40.78 | $-33.84 | $-3.10 |
| Dividendo por Acción | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Acciones en Circulación (Básicas) | $2.0M | $2.0M | $2.8M | $3.0M | $3.2M | $3.3M | $3.5M | $15.2M |
Qué mirar en Salud / Farma
El pipeline de I+D es el activo invisible. Patentes que caducan = ingresos que evaporan. Mira innovación y flujo de caja.
- I+D / Ingresos — Indica inversión en pipeline futuro. Farma seria reinvierte 15-20%
- Crecimiento EPS 5y — Tras caducidad de patentes, ¿siguen creciendo?
- Margen bruto — Farma de marca >70%. Genéricos mucho más bajo — define el tipo de negocio
- FCF / Net Income — Calidad del beneficio — farma grande debería convertir >90%
- ROIC — Capital reinvertido con eficiencia — clave en farma por ciclos de I+D largos
- Deuda neta / EBITDA — Adquisiciones de farma generan mucha deuda — ojo al post-M&A
- P/E vs historial 10y propio — La mejor comparación es con su propia historia, no con competidores
Rentabilidad
| Rentabilidad sobre capital | -62.25% |
| Rentabilidad sobre capital invertido | -32.84% |
| Rentabilidad sobre activos | -30.65% |
| Margen bruto | 41.76% |
| Margen operativo | -56.06% |
| Margen neto | -63.06% |
Salud financiera
| Deuda / Patrimonio | 1.08 |
| Ratio corriente | 5.19 |
Ratios Clave (10 años)
| Año | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|
| P/E | -551.64 | -565.34 | -301.27 | -15.93 | -7.63 | -1.55 | -0.45 | -0.69 |
| P/VC | -6.34 | -4.90 | 7.39 | 5.62 | 5.06 | 2.18 | 2.15 | 0.44 |
| P/V | 909.52 | 121.06 | 48.63 | 20.48 | 10.78 | 2.06 | 0.51 | 0.47 |
| Margen Bruto | -304.7% | -118.1% | -26.1% | 7.4% | 15.5% | 22.2% | 33.9% | 39.1% |
| Margen Operativo | -2320.0% | -466.3% | -235.2% | -127.2% | -139.6% | -130.2% | -99.7% | -55.8% |
| Margen Neto | -2480.3% | -453.0% | -243.3% | -128.6% | -141.2% | -132.5% | -112.6% | -68.3% |