Business
Outset Medical Reports Third Quarter 2022 Financial Results
Revenue Grows 10.8% from Q2 to $27.8 million; Gross Margin Expands to 15.6% 2022 Revenue Guidance Raised to $111 million to $113 million SAN JOSE,
About this update from Outset Medical, Inc.
[{"type":"text","content":"\nRevenue Grows 10.8% from Q2 to $27.8 million; Gross Margin Expands to 15.6%\n\n2022 Revenue Guidance Raised to $111 million to $113 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, 2022.\n\n\nRecorded net revenue of $27.8 million in the third quarter of 2022, a 5.5% increase compared to $26.3 million in the third quarter of 2021 and a 10.8% increase compared to $25.1 million in the second quarter of 2022\n\n\nAchieved gross margin for the third quarter of 2022 of 15.6%, compared to 11.2% in the third quarter of 2021 and 15.1% in the second quarter of 2022\n\n\nResumed shipments to new home patients, and grew the Tablo home patient base beyond initial expectations for the third quarter\n\n\nAwarded five-year contract by the Department of Veterans Affairs, enabling Tablo to be sold into the 106 VA hospitals across the U.S. as well as into home settings\n\n\nStrengthened balance sheet and extended cash runway by securing up to $300 million in debt financing\n\n\n“Our third quarter results reflect the value Tablo is delivering in both the acute and home settings, with console shipments exceeding our initial expectations,” said Leslie Trigg, Chair and Chief Executive Officer of Outset. “While we have seen staffing and inflationary pressures persist for our provider customers, we believe our continued expansion in the acute setting and our strong start to rebuilding the home patient pipeline reflects patient preference for Tablo and strong demand across end markets.”\n\nThird Quarter 2022 Financial Results\n\nRevenue for the third quarter of 2022 was $27.8 million, compared to $26.3 million in the third quarter of 2021. Product revenue for the third quarter of 2022 was $21.7 million, compared to $21.8 million in the third quarter of 2021. Service and other revenue for the third quarter of 2022 was $6.0 million, representing an increase of 34.0% compared to $4.5 million in the third quarter of 2021.\n\nTotal gross profit for the third quarter of 2022 was $4.3 million, compared to $2.9 million for the third quarter of 2021. Total gross margin for the third quarter of 2022 was 15.6%, ...