Outset Medical, Inc. · NASDAQ:OM
Outset Medical — Q4 2020 Earnings Presentation
13 slides from Outset Medical's earnings presentation, Mar 9, 2021
Slide 1: Fourth Quarter & Full Year 2020 Earnings Call
Outset Medical Fourth Quarter & Full Year 2020 Earnings Call March 9, 2021
Slide 2: Forward-Looking Statements and Non-GAAP Information
Forward-Looking Statements and Non-GAAP Information This presentation and the accompanying oral statements contain forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical fact are forward-looking statements. In some cases, you
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Slide 4: Fourth Quarter 2020 Highlights
Fourth Quarter 2020 Highlights Sales Outperformance Forward Momentum Margin Expansion Total Revenue ($M): Total Revenue ($M): $17.2 143% $7.1 +GM% Driven by Cost ~550 Consoles in Reduction Initiatives & 4Q 2019 4Q 2020 Backlog at YE 2020 Higher Margin Revenue 4
Slide 5: Fourth Quarter Performance Drivers
Fourth Quarter Performance Drivers Total Revenue ($M): $17.2 Continued Momentum in Acute Market ✓ Higher console shipments to existing customer sites ✓ Contracts signed and units shipped to new customers and new facilities 143% Current Snapshot $7.1 ✓ ~1,100 Tablo consoles in the field • Acute: ~900
Slide 6: Encouraging Home Progress
HOME CARE Encouraging Home Progress ✓ Signed new contracts and grew home population ✓ Finalized new home agreements with leading health systems and independent providers ✓ Encouraging user data on: • Training time ~2 weeks vs 4-6 weeks • Retention at home • Positive patient outcomes ✓ Sales to remai
Slide 7: Manufacturing Update
Manufacturing Update Cost Reduction & Supply Chain Initiatives On Track Console Manufacturing Facility • Manufactured first consoles at Mexico facility in 1Q 2021 Tablo • Project is a full quarter ahead of schedule Console • Manufactured over 100 consoles to date in 1Q 2021 • On track for shift to n
Slide 8: Strategic Focus & Key 2021 Priorities
Strategic Focus & Key 2021 Priorities Acute Market • Expansion across current customer base • New agreements with top health systems Home Market • Create exceptional patient experience and support ecosystem ready for scale • Drive deliberate home patient adoption as a springboard for more significan
Slide 9: Fourth Quarter Financial Highlights
Fourth Quarter Financial Highlights Total Revenue ($M): Non-GAAP1 Financial Metrics: $17.2 4Q 2019 4Q 2020 Gross Margin (39.2%) 2.8% 143% Operating Expenses $15.5M $25.8M $7.1 Net Loss ($19.2M) ($25.8M) 4Q 2019 4Q 2020 1. See appendix for reconciliation of non-GAAP financial measures 9
Slide 10: Full Year 2020 Financial Highlights
Full Year 2020 Financial Highlights Total Revenue ($M): Non-GAAP1 Financial Metrics: FY 2019 FY 2020 $49.9 Gross Margin (118.1%) (25.6)% 231% Operating Expenses $51.6M $83.2M $15.1 Net Loss ($84.6M) ($57.9M) FY 2019 FY 2020 Total cash balance of $348.2M2 as of December 31, 2020 1. See appendix for r
Slide 11: 2021 Financial Guidance
2021 Financial Guidance Full Year 2021 Guidance: 1Q 2021 Guidance: Revenue Revenue • FY 2021 Revenue between $89M - $94M • 1Q 2021 Revenue between $21M - $22M • Higher sequential growth in 1H 2021 given backlog • Projecting sequential revenue increase to be driven entering the year and timing of HHS
Slide 12: Non-GAAP Reconciliations
Non-GAAP Reconciliations Appendix A Reconciliation between GAAP and non-GAAP results of operations: Outset Medical, Inc. Three Months Ended Years Ended December 31, Results of Operations – Non-GAAP December 31, (in thousands, except per share amounts) 2020 2019 2020 2019 (unaudited) GAAP gross profi
Slide 13: Q&A
Q&A Fourth Quarter & Full Year 2020 Earnings Call March 9, 2021