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Outset Medical Reports Expected Fourth Quarter and Full Year 2022 Revenue, Provides 2023 Revenue and non-GAAP Gross Margin Guidance
SAN JOSE, Calif.--(BUSINESS WIRE)-- Outset Medical, Inc. (Nasdaq: OM) (“Outset” or the “Company”), a medical technology company pioneering a
About this update from Outset Medical, Inc.
[{"type":"text","content":" SAN JOSE, Calif.--(BUSINESS WIRE)--\nOutset Medical, Inc. (Nasdaq: OM) (“Outset” or the “Company”), a medical technology company pioneering a first-of-its-kind technology to reduce the cost and complexity of dialysis, today reported expected revenue for the fourth quarter and fiscal year ended December 31, 2022.\n\nFourth Quarter and Year End Highlights\n\n\nRevenue in the fourth quarter is expected to be approximately $31.5 million, a 13% increase compared to $27.8 million in the third quarter of 2022\n\n\nRevenue for 2022 is expected to be approximately $115 million, a 12% increase compared to $102.6 million in 2021\n\n\nPeriod-end installed base increased 54% year-over-year to approximately 4,000 Tablo® Hemodialysis Systems, including 3,200 with acute- and sub-acute care providers and a more than doubling of units with home providers to nearly 800\n\n\nThe Company continues to expect its full-year 2022 non-GAAP gross margin will be in the mid-teens, as previously indicated\n\n\n“During an important year for Outset, we significantly increased the number of Tablo consoles in hospitals and homes, surpassed 1 million treatments delivered and helped healthcare providers continue to deliver exceptional, lower-cost care in a tight labor market,” said Leslie Trigg, Chair and Chief Executive Officer of Outset. “We also strengthened our foundation by continuing to innovate and extend Tablo’s technological advantage, adding key talent, topping off our balance sheet and exiting the year with momentum, finishing the fourth quarter strong and setting up what we believe will be an even stronger 2023.”\n\nOutset expects 2023 revenue to be between $140 million to $150 million, growing approximately 22% to 30% over expected revenue for 2022. Non-GAAP gross margin is expected to expand to approximately 20% for the full year 2023 and exit the year in the mid-20% range for the fourth quarter of 2023.\n\nForward-Looking Statements\n\nThis 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 ...