Detailed financial statements for Outset Medical, Inc. (OM): income statement, balance sheet and cash-flow summary. Track margins, debt, liquidity and profitability trends year over year with up to 20 years of history.
Outset Medical, Inc. is a medical technology firm that specializes in developing hemodialysis systems. The company's primary product is the Tablo Hemodialysis System, a compact console designed to deliver dialysis treatment in various environments, including hospitals and patients' homes. This innovative system boasts integrated water purification, on-demand production of dialysate, and advanced software complete with connectivity features.
Analysis Summary
Outset Medical, Inc. reported revenue of $119.5M in the most recent fiscal year, growing at a 5-year CAGR of 19.1%.
Trailing-twelve-month margins: gross margin 41.8%, operating margin -56.1%, net margin -63.1%.
At the current price of $3.10, OM has negative trailing earnings (P/E not meaningful) and an ROE of -62.25%. Market capitalisation stands at $57M.
Balance sheet quality for OM: current ratio of 6.7, net cash position of $67.7M. A debt-to-equity below 1.0 typically signals conservative capital structure, while a current ratio above 1.5 indicates comfortable short-term liquidity.
Income Statement (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | $2.0M | $15.1M | $49.9M | $102.6M | $115.4M | $130.4M | $113.7M | $119.5M |
| Cost of Revenue | $8.1M | $32.9M | $63.0M | $95.0M | $97.5M | $101.4M | $75.1M | $72.7M |
| Gross Profit | -$6.1M | -$17.8M | -$13.0M | $7.6M | $17.8M | $29.0M | $38.6M | $46.8M |
| Research & Development | $22.9M | $23.3M | $28.9M | $36.7M | $48.9M | $57.3M | $38.4M | $21.2M |
| Selling, General & Admin | $17.5M | $29.2M | $75.6M | $101.4M | $130.0M | $141.5M | $113.5M | $92.2M |
| Operating Expenses | $40.4M | $52.5M | $104.4M | $138.1M | $178.9M | $198.8M | $151.9M | $113.5M |
| Operating Income | -$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 |
| Interest Expense | $4.6M | $4.3M | $2.9M | $1.7M | $3.6M | $12.7M | $23.9M | $14.0M |
| Pre-tax Income | -$49.8M | -$68.3M | -$121.5M | -$131.7M | -$162.7M | -$172.3M | -$127.5M | -$80.9M |
| Income Tax | $25000 | $20000 | 0 | $199000 | $295000 | $523000 | $491000 | $718000 |
| Net Income | -$49.8M | -$68.3M | -$121.5M | -$131.9M | -$163.0M | -$172.8M | -$128.0M | -$81.7M |
| EPS | $-1.65 | $-1.61 | $-2.83 | $-43.41 | $-50.75 | $-52.27 | $-36.95 | $-5.37 |
| EPS (Diluted) | $-1.65 | $-34.06 | $-2.83 | $-43.41 | $-50.75 | $-52.27 | $-36.95 | $-5.37 |
| Shares Outstanding (Diluted) | $2.0M | $2.0M | $2.8M | $3.0M | $3.2M | $3.3M | $3.5M | $15.2M |
Income Statement (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Revenue | $29.4M | $28.9M | $27.9M | $31.6M |
| Gross Profit | $11.6M | $12.2M | $12.1M | $13.3M |
| Operating Income | -$15.8M | -$17.6M | -$16.9M | -$15.7M |
| EBITDA | -$13.6M | -$15.1M | -$14.6M | -$12.9M |
| Net Income | -$17.8M | -$19.5M | -$19.0M | -$18.0M |
| EPS | $-1.00 | $-1.09 | $-1.03 | $-0.97 |
| EPS (Diluted) | $-1.00 | $-1.09 | $-1.03 | $-0.97 |
Balance Sheet (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Cash & Equivalents | $33.3M | $36.9M | $295.0M | $182.3M | $73.2M | $68.5M | $124.0M | $35.0M |
| Short-term Investments | $109.5M | $33.2M | $19.9M | $157.1M | $214.3M | $134.8M | $34.7M | $133.9M |
| Receivables | $1.1M | $3.9M | $6.5M | $25.6M | $28.1M | $33.0M | $35.6M | $28.3M |
| Inventory | $3.0M | $4.6M | $18.4M | $39.2M | $51.5M | $49.2M | $59.4M | $47.6M |
| Total Current Assets | $147.6M | $79.6M | $345.9M | $409.8M | $373.6M | $291.2M | $258.2M | $250.9M |
| Property, Plant & Equipment | $2.9M | $7.9M | $23.3M | $20.2M | $22.0M | $18.6M | $12.1M | $9.5M |
| Goodwill | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Intangible Assets | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Assets | $151.1M | $88.4M | $403.8M | $463.5M | $400.1M | $313.8M | $275.8M | $264.5M |
| Accounts Payable | $3.4M | $5.0M | $4.9M | $1.8M | $603000 | $5.8M | $3.9M | $554000 |
| Short-term Debt | $10000 | $7.5M | 0 | 0 | 0 | 0 | 0 | 0 |
| Total Current Liabilities | $10.2M | $24.9M | $36.7M | $51.7M | $51.9M | $55.3M | $45.4M | $37.6M |
| Long-term Debt | $28.3M | $21.6M | $29.7M | $29.8M | $96.3M | $130.1M | $197.4M | $96.2M |
| Total Liabilities | $439.1M | $460.6M | $75.2M | $89.4M | $154.1M | $190.9M | $249.0M | $137.5M |
| Retained Earnings | -$287.9M | -$372.6M | -$494.1M | -$626.0M | -$789.0M | -$961.7M | -$1.09B | -$1.17B |
| Total Equity | -$287.9M | -$372.2M | $328.6M | $374.1M | $246.0M | $122.9M | $26.8M | $127.0M |
| Total Debt | $28.9M | $29.1M | $38.6M | $37.8M | $103.2M | $136.2M | $201.9M | $101.2M |
| Net Debt | -$113.9M | -$41.0M | -$276.3M | -$301.7M | -$184.3M | -$67.1M | $43.2M | -$67.7M |
| Working Capital | $137.4M | $54.7M | $309.2M | $358.1M | $321.7M | $235.9M | $212.8M | $213.3M |
Balance Sheet (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Cash & Equivalents | $36.4M | $35.0M | $30.6M | $35.0M |
| Total Assets | $277.3M | $264.5M | $249.5M | $242.4M |
| Total Liabilities | $134.9M | $137.5M | $137.8M | $146.0M |
| Total Equity | $142.4M | $127.0M | $111.7M | $96.3M |
| Total Debt | $98.7M | $101.2M | $101.6M | $104.4M |
Cash Flow (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Net Income | -$49.8M | -$68.3M | -$121.5M | -$131.9M | -$163.0M | -$172.8M | -$128.0M | -$81.7M |
| Depreciation & Amortization | $1.1M | $1.9M | $3.2M | $5.2M | $5.2M | $5.8M | $5.7M | $4.3M |
| Stock-based Compensation | $788000 | $883000 | $21.4M | $17.4M | $27.2M | $38.6M | $29.4M | $15.6M |
| Change in Working Capital | -$217000 | -$1.6M | -$5.8M | -$25.6M | -$21.1M | -$773000 | -$25.7M | $2.2M |
| Operating Cash Flow | -$46.4M | -$70.3M | -$99.0M | -$130.3M | -$145.7M | -$131.4M | -$116.3M | -$46.3M |
| Capital Expenditure | -$1.8M | -$3.3M | -$9.1M | -$3.1M | -$8.3M | -$3.4M | -$912000 | -$798000 |
| Acquisitions | 0 | -$77.6M | 0 | $139.4M | $58.0M | 0 | 0 | 0 |
| Stock Repurchased | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Dividends Paid | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
| Free Cash Flow | -$48.2M | -$73.6M | -$108.1M | -$133.4M | -$154.1M | -$134.8M | -$117.2M | -$47.1M |
Cash Flow (Quarterly)
| Year | 2025-Q3 | 2025-Q4 | 2026-Q1 | 2026-Q2 |
|---|---|---|---|---|
| Operating Cash Flow | -$6.3M | -$9.5M | -$12.8M | -$9.6M |
| Capital Expenditure | -$160000 | -$223000 | -$65000 | -$111000 |
| Free Cash Flow | -$6.5M | -$9.7M | -$12.9M | -$9.7M |
| Dividends Paid | 0 | 0 | 0 | 0 |
| Stock-based Compensation | $5.1M | $4.1M | $3.5M | $2.7M |
Growth & Margins (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue Growth (YoY) | +651.3% | +231.2% | +105.5% | +12.4% | +13.0% | -12.8% | +5.1% | |
| Net Income Growth (YoY) | -37.2% | -77.9% | -8.6% | -23.5% | -6.0% | +25.9% | +36.2% | |
| EPS Growth (YoY) | +2.4% | -75.8% | -1433.9% | -16.9% | -3.0% | +29.3% | +85.5% | |
| Shares Change (YoY) | +0.0% | +42.0% | +6.7% | +5.6% | +3.0% | +4.8% | +339.2% | |
| FCF Growth (YoY) | -52.6% | -46.9% | -23.4% | -15.5% | +12.5% | +13.1% | +59.8% | |
| Gross Margin | -304.7% | -118.1% | -26.1% | 7.4% | 15.5% | 22.2% | 33.9% | 39.1% |
| Operating Margin | -2320.0% | -466.3% | -235.2% | -127.2% | -139.6% | -130.2% | -99.7% | -55.8% |
| EBITDA Margin | -2173.5% | -411.8% | -230.0% | -121.7% | -132.4% | -118.0% | -89.8% | -52.2% |
| Net Margin | -2480.3% | -453.0% | -243.3% | -128.6% | -141.2% | -132.5% | -112.6% | -68.3% |
| FCF Margin | -2402.0% | -488.0% | -216.5% | -130.0% | -133.5% | -103.4% | -103.1% | -39.4% |
| Effective Tax Rate | -0.1% | -0.0% | -0.0% | -0.2% | -0.2% | -0.3% | -0.4% | -0.9% |
Per-Share Data (10y)
| Year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| FCF Per Share | $-24.04 | $-36.69 | $-37.96 | $-43.88 | $-47.98 | $-40.78 | $-33.84 | $-3.10 |
| Dividends Per Share | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 |
| Shares Outstanding (Basic) | $2.0M | $2.0M | $2.8M | $3.0M | $3.2M | $3.3M | $3.5M | $15.2M |
What to look at in Healthcare / Pharma
The R&D pipeline is the invisible asset. Patents expiring = revenues evaporating. Look at innovation and cash flow.
- R&D / Revenue — Shows investment in future pipeline. Serious pharma reinvests 15-20%
- 5y EPS growth — After patent expirations, are they still growing?
- Gross margin — Branded pharma >70%. Generics much lower — defines the business type
- FCF / Net Income — Earnings quality — big pharma should convert >90%
- ROIC — Capital reinvested efficiently — key in pharma due to long R&D cycles
- Net debt / EBITDA — Pharma acquisitions pile up debt — watch the post-M&A picture
- P/E vs own 10y history — The best comparison is with its own history, not with peers
Profitability
| Return on Equity | -62.25% |
| Return on Invested Capital | -32.84% |
| Return on Assets | -30.65% |
| Gross Margin | 41.76% |
| Operating Margin | -56.06% |
| Net Margin | -63.06% |
Financial Health
| Debt / Equity | 1.08 |
| Current Ratio | 5.19 |
Key Ratios (10y)
| Year | 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/B | -6.34 | -4.90 | 7.39 | 5.62 | 5.06 | 2.18 | 2.15 | 0.44 |
| P/S | 909.52 | 121.06 | 48.63 | 20.48 | 10.78 | 2.06 | 0.51 | 0.47 |
| Gross Margin | -304.7% | -118.1% | -26.1% | 7.4% | 15.5% | 22.2% | 33.9% | 39.1% |
| Operating Margin | -2320.0% | -466.3% | -235.2% | -127.2% | -139.6% | -130.2% | -99.7% | -55.8% |
| Net Margin | -2480.3% | -453.0% | -243.3% | -128.6% | -141.2% | -132.5% | -112.6% | -68.3% |
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Explore sector: Healthcare · Medical - Devices
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