Business
Outset Medical Reports Second Quarter 2023 Financial Results
Sequential Revenue Growth of 8%, Ninth Consecutive Quarter of Gross Margin Expansion Announces Shipment Pause of TabloCart with Prefiltration Pending 510(k)
About this update from Outset Medical, Inc.
[{"type":"text","content":"\nSequential Revenue Growth of 8%, Ninth Consecutive Quarter of Gross Margin Expansion\n\n\nAnnounces Shipment Pause of TabloCart with Prefiltration Pending 510(k) Clearance\n\n\nReiterates 2023 Revenue Range of $144 Million to $150 Million\n\n\n 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 second quarter ended June 30, 2023.\n\n\nRecent Highlights\n\n\n\nRecorded net revenue of $36.0 million in the second quarter, a 44% increase compared to $25.1 million in the second quarter of 2022, and an 8% increase compared to $33.5 million in the first quarter of 2023.\n\n\n\nAchieved gross margin for the second quarter of 21.4% (22.5% on a non-GAAP basis), compared to 15.1% (15.9% on a non-GAAP basis) in the second quarter of 2022.\n\n\n\nInitiated the first Tablo home dialysis program with one of the country’s largest health systems with plans to expand to multiple U.S. sites.\n\n\n\nAchieved the Company’s goal of signing agreements with the majority of U.S. mid-sized dialysis providers, further expanding its reach to patients who choose to dialyze at home.\n\n\n\n“Our momentum entering 2023 carried through the second quarter, led by the strong demand from hospitals due to the value realized from insourcing dialysis with Tablo,” said Leslie Trigg, Chair and Chief Executive Officer. “As important, Tablo’s unique ease of use and flexibility continues to drive patient interest and demand from home-care providers, including traditional acute-care providers.”\n\n\nThe Company also announced it has paused the shipment of TabloCart with Prefiltration, an accessory for the Tablo System, pending the Food and Drug Administration’s clearance of a 510(k) the Company plans to submit later this month.\n\n\n“Since receiving the Warning Letter on July 6, we have made the decision to file a 510(k) for TabloCart with Prefiltration and pause distribution of the product until a 510(k) clearance has been granted,” added Trigg. “As we look ahead to the second half of the year, we expect our strong momentum both in the acute and home end markets to continue to drive the business.”\n\n\nSecond Quarter 2023 Financial Results\n\n\nRevenue for the secon...