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Outset Medical Reports Third Quarter 2021 Financial Results
2021 Revenue Guidance Range Elevated to $99 million to $101 million SAN JOSE, Calif.--(BUSINESS WIRE)-- Outset Medical, Inc. (Nasdaq: OM) (“Outset” or the
About this update from Outset Medical, Inc.
[{"type":"text","content":"\n2021 Revenue Guidance Range Elevated to $99 million to $101 million\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 third quarter ended September 30, 2021.\n\nRecent Highlights\n\n\nRecorded net revenue of $26.3 million in the third quarter of 2021, a 91.3% increase compared to $13.8 million in the third quarter of 2020\n\n\nAchieved gross margin of 11.2% in the third quarter of 2021 compared to (37.3%) in the third quarter of 2020\n\n\nReceived favorable decision for Tablo under the Transitional Add-on Payment Adjustment for New and Innovative Equipment and Supplies (TPNIES) program\n\n\nFour clinical abstracts outlining Tablo’s clinical performance in both Home and Acute settings to be shared at the American Society of Nephrology’s Kidney Week Meeting\n\n\n“Our strong third quarter performance further reinforces our confidence in our business and in our expectations for growth,” said Leslie Trigg, President and Chief Executive Officer. “We are also very pleased to have secured a positive decision on our TPNIES application, which we believe validates Tablo’s value to patients and providers and makes Tablo the first and only technology to receive a TPNIES approval.”\n\nThird Quarter 2021 Financial Results\n\nRevenue for the third quarter of 2021 was $26.3 million, representing an increase of 91.3% compared to $13.8 million in the third quarter of 2020. Product revenue for the third quarter of 2021 was $21.8 million, representing an increase of 101.9% compared to $10.8 million in the third quarter of 2020. Service and other revenue for the third quarter of 2021 was $4.5 million, representing an increase of 52.6% compared to $2.9 million in the third quarter of 2020.\n\nTotal gross profit for the third quarter of 2021 was $2.9 million, compared to a gross loss of ($5.1) million for the third quarter of 2020. Total gross margin for the third quarter of 2021 was 11.2%, compared to (37.3%) in the third quarter of 2020. Product gross profit for the third quarter of 2021 was $1.3 million, compared to ($6.5) million of product gross loss in the third quarter of 2020. Product gross margin for the third quarter of 2021 was 5....