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Outset Medical Reports Fourth Quarter and Full Year 2022 Financial Results
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 financial results for the fourth quarter and full year ended December 31, 2022.\n\nRecent Highlights\n\n\nRecorded net revenue of $32.0 million in the fourth quarter, a 15.3% increase compared to $27.8 million in the third quarter, and a 14.0% increase compared to $28.2 million in the fourth quarter of 2021. Revenue for the full year was $115.4 million, an increase of 12.4% compared to $102.6 million in 2021\n\n\nAchieved gross margin for the fourth quarter of 16.5% (17.1% on a non-GAAP basis), compared to 11.8% (12.0% on a non-GAAP basis) in the fourth quarter of 2021. Gross margin for the full year was 15.5% (16.1% on a non-GAAP basis), an increase of more than 800 basis points over 2021\n\n\nIncreased the Tablo year-end installed base 54% year-over-year to approximately 4,000 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\nInitiated the production of Tablo cartridges at Outset’s Mexico manufacturing site as part of the company’s long-term gross margin expansion and supply continuity strategies.\n\n\n“Growth in the fourth quarter exceeded our expectations as we saw Tablo’s economic and clinical advantages continue to gain traction with dialysis providers and their patients across our end markets,” said Leslie Trigg, Chair and Chief Executive Officer of Outset. “At the same time, we continued to expand gross margins and gain operating leverage, particularly in our sales and field service organizations. As we exit 2022 and look ahead to 2023, I want to thank the ever-expanding community of hospital leaders, dialysis nurses and nephrologists who share our focus on improving the lives of dialysis patients by challenging and changing the status quo.”\n\nFourth Quarter 2022 Financial Results\n\nRevenue for the fourth quarter of 2022 was $32.0 million, representing an increase of 14.0% compared to $28.2 million in the fourth quarter of 2021. Product revenue was $26.4 million, representing an increase of 11.5% compared to $23.7 million in the fourth quarter of 2021. Service and other revenue was $5.6 million, repres...