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Outset Medical, Inc.

OM NASDAQ Categories PDF
Healthcare · Medical - Devices · United States · Updated May 10, 8:14pm
$3.70
Price
$68.5M
Market Cap
354
Employees
1.91
Beta
Leslie L. Trigg
CEO
Business Description

Outset Medical, Inc., a medical technology company, develops a hemodialysis system for dialysis. It provides the Tablo Hemodialysis System, which comprises a compact console with integrated water purification, on-demand dialysate production, and software and connectivity capabilities for dialysis care in acute and home settings. The company was formerly known as Home Dialysis Plus, Ltd. and changed its name to Outset Medical, Inc. in January 2015. Outset Medical, Inc. was incorporated in 2003 and is headquartered in San Jose, California.

Business History
Price Overview
Last updated: May 11, 2026 1:55pm (just now)
$3.78
+0.08 (+2.17%)
Day Range
$3.49 – $3.84
52-Week Range
$3.00 – $21.98
50-Day MA
$3.92
200-Day MA
$8.02
Volume
167,524.73
Analyst Price Targets
Low $7.00
Consensus $10.00
High $15.00
(15 analysts)
Share Structure
Outstanding 18,537,200.00
Float 17,833,583.00
Free Float 96.2%
High free float — 96.2% of shares trade freely, ~3.8% held by insiders/institutions
Very liquid — most shares trade freely. Low insider ownership can mean less management alignment, but makes large position sizing straightforward.
Price History (1 Year)
Revenue & Net Income Trend
The directional story — useful even when net income is negative.
Revenue
The top line — total sales before any costs or taxes are subtracted. A measure of how much business the company is doing.
Net Income
The bottom line — profit left after subtracting all expenses, interest, and taxes from revenue. Reflects accounting profitability, but includes non-cash items like depreciation, so it isn't the same as cash earned.
Operating Cash Flow
The real cash generated by the day-to-day business — selling products, paying suppliers, collecting from customers. Calculated from net income by adding back non-cash items and adjusting for timing (unpaid bills, unsold inventory). When OCF consistently lags net income, the reported profit may not be converting to real money.
Period Revenue Net Income Net Margin YoY/QoQ
Key Metrics
API Direct from provider CALC Derived from statements
P/E Ratio (Price per dollar of earnings)
CALC
Stock Price / EPS (Diluted)
-0.69
Stock Price: $3.70
EPS (Diluted): -5.37
P/B Ratio (Price vs net asset value)
API
Stock Price / Book Value Per Share
0.44
Stock Price: $3.70
Total Equity: $126.95M
Shares: 15,211,000
EV/EBITDA (Total value vs operating profit)
API
Enterprise Value / EBITDA
-0.70
Market Cap: $68.49M
Total Debt: $101.25M
Cash: $35.01M
EBITDA: -$62.37M
Enterprise Value (Takeover price (cap + debt - cash))
API
Market Cap + Total Debt - Cash
$125.9M
Market Cap: $68.49M
Total Debt: $101.25M
Cash: $35.01M
Gross Margin (Revenue left after direct costs)
API
Gross Profit / Revenue
39.1%
Gross Profit: $46.75M
Revenue: $119.48M
Operating Margin (Revenue left after all operations)
API
Operating Income / Revenue
-55.8%
Operating Income: -$66.71M
Revenue: $119.48M
Net Margin (Revenue left as actual profit)
API
Net Income / Revenue
-68.3%
Net Income: -$81.65M
Revenue: $119.48M
ROE (Profit from shareholder equity)
API
Net Income / Total Equity
-55.9%
Net Income: -$81.65M
Total Equity: $126.95M
ROIC (Profit from all invested capital)
API
NOPAT / Invested Capital
-31.3%
Operating Income: -$66.71M
Tax Rate: -0.9%
Equity: $126.95M
Total Debt: $101.25M
Cash: $35.01M
Current Ratio (Can it pay short-term bills)
API
Current Assets / Current Liabilities
6.67
Current Assets: $250.88M
Current Liabilities: $37.63M
Debt/Equity (Leverage — debt vs equity)
CALC
Total Debt / Total Equity
0.80
Short-Term Debt: $1.74M
Long-Term Debt: $99.51M
Total Debt: $101.25M
Total Equity: $126.95M
Rev/Share (Top-line per share)
CALC
Revenue / Shares Outstanding
$7.85
Revenue: $119.48M
Shares: 15,211,000
Book Value/Share (Net assets per share)
CALC
(Total Assets - Total Liabilities) / Shares
$8.35
Total Equity: $126.95M
Shares: 15,211,000
FCF/Share (Real cash generated per share)
CALC
(Operating Cash Flow + CapEx) / Shares
$-3.10
Operating CF: -$46.33M
CapEx: -$798,000
Shares: 15,211,000
CapEx is negative (outflow) — added to OCF to get FCF
Div Yield (Annual income from holding)
API
Last Annual Dividend / Stock Price
0.0%
Last Dividend: N/A
Stock Price: $3.70
Payout Ratio (Earnings paid out as dividends)
Dividends Paid / Net Income
—
Dividends Paid: N/A
Net Income: -$81.65M
Dividends paid not available in cash flow statement
Industry Benchmarks
Compares OM against LLM-researched typical ranges for its industry. One research call per industry, cached indefinitely — every stock in the same industry reuses the same baseline.
Deep Analysis

Pre-flight intelligence scans the company first, then routes to the right analytical methods.

0 Company Classification — What type of company is this?
1 Industry Landscape — Where is the industry headed?
2 Company Momentum — Where is this company trending?
3 Forward Projection — 1Y & 2Y projected metrics (requires Layer 1 + 2)
4a DCF Valuation — Present value of future cash flows
4b Earnings Power Value — Floor value — worth with zero growth
4c Anchored PE — Industry PE adjusted for growth differential
4d Reverse DCF — What growth is the market pricing in?
4e Revenue-Based DCF — For growth/narrative companies (skip if mature earner)
4f Anchored P/S — Price-to-Sales peer comparison (skip if mature earner)
4g Scenario Analysis — Bull / Base / Bear (skip if mature earner)
4h Dividend Discount Model — For dividend/income stocks only
4i Book Value Analysis — For deep value / turnaround stocks only
4j Insider Activity — Are insiders buying or selling?
4f Cash Flow Quality — How trustworthy is the FCF?
4g Debt Maturity Risk — Can it handle its debt?
4h Macro Environment — Rates, market valuation, volatility
4i Sector Intelligence — How does this company compare within its sector?
4j Revenue Confidence — How reliable is the growth projection?
4k Sensitivity Analysis — How fragile is the fair value estimate?
4l Sector Demand Cycle — Is the sector in a boom, steady state, or contraction?
5 AI Investigation — Adaptive research engine (Claude)
5b Thesis Evaluation — What does the market believe? (narrative/platform stocks only)
6 Valuation Synthesis — Weighted verdict from all methods (requires Layer 4)
Income Statement (Annual)
Metric 2021 2022 2023 2024 2025
Revenue $102.6M $115.4M $130.4M $113.7M $119.5M
Cost of Revenue $95.0M $97.5M $101.4M $75.1M $72.7M
Gross Profit $7.6M $17.8M $29.0M $38.6M $46.8M
Operating Expenses $138.1M $178.9M $198.8M $151.9M $113.5M
Operating Income -$130.5M -$161.0M -$169.8M -$113.4M -$66.7M
Net Income -$131.9M -$163.0M -$172.8M -$128.0M -$81.7M
EBITDA -$124.9M -$152.8M -$153.8M -$97.9M -$62.4M
EPS $-43.41 $-50.75 $-52.27 $-36.95 $-5.37
EPS (Diluted) — — — — —
Balance Sheet (Annual)
Metric 2021 2022 2023 2024 2025
Cash & Equivalents $182.3M $73.2M $68.5M $124.0M $35.0M
Total Current Assets $409.8M $373.6M $291.2M $258.2M $250.9M
Total Assets $463.5M $400.1M $313.8M $275.8M $264.5M
Current Liabilities $51.7M $51.9M $55.3M $45.4M $37.6M
Long-Term Debt $29.8M $96.3M $130.1M $197.4M $99.5M
Total Liabilities $89.4M $154.1M $190.9M $249.0M $137.5M
Total Equity $374.1M $246.0M $122.9M $26.8M $127.0M
Retained Earnings -$626.0M -$789.0M -$961.7M -$1.1B -$1.2B
Cash Flow (Annual)
Metric 2021 2022 2023 2024 2025
Operating Cash Flow -$130.3M -$145.7M -$131.4M -$116.3M -$46.3M
Capital Expenditure -$3.1M -$8.3M -$3.4M $-912,000 $-798,000
Free Cash Flow -$133.4M -$154.1M -$134.8M -$117.2M -$47.1M
Acquisitions (net) $139.4M $58.0M $0 $0 $0
Debt Repayment — — — — —
Dividends Paid — — — — —
Stock Buybacks $0 $0 $0 $0 $0
Net Change in Cash -$112.6M -$139.1M -$4.7M $55.5M -$88.5M
Analyst Estimates (Annual)
Metric 2027 2028 2029 2030
Revenue $140.4M
$139.6M – $141.2M
 $155.1M
$152.4M – $157.7M
 $177.5M
$176.5M – $178.6M
 $198.3M
$197.2M – $199.5M
EBITDA -$123.0M
-$123.8M – -$122.4M
 -$135.9M
-$138.3M – -$133.6M
 -$155.6M
-$156.5M – -$154.7M
 -$173.8M
-$174.9M – -$172.9M
Net Income -$33.2M
-$37.5M – -$28.8M
 -$26.8M
-$27.1M – -$26.7M
 -$17.2M
-$17.3M – -$17.1M
 -$4.6M
-$4.6M – -$4.5M
EPS — — — —
Growth Trends (YoY %)
Metric 2022 2023 2024 2025
Revenue Growth +12.4% +13.0% -12.8% +5.1%
Gross Profit Growth +134.4% +62.6% +33.0% +21.2%
Operating Income Growth -23.4% -5.4% +33.2% +41.2%
Net Income Growth -23.5% -6.0% +25.9% +36.2%
EBITDA Growth -22.4% -0.6% +36.4% +36.3%
Insider Trading (Recent)
Date Insider Type Shares Price Value
2026-04-06 Elliott Derick A. A-Award 96,000.00 $0.00 $0
2026-04-06 Elliott Derick A. 0.00 $0.00 $0
2026-02-12 Leonard Braden Michael 617,500.00 $5.00 $3.1M
2026-02-12 Leonard Braden Michael 110,000.00 $2.50 $275,000
2026-02-17 Brottem John L. S-Sale 2,842.00 $3.35 $9,521
2026-02-17 Trigg Leslie S-Sale 3,361.00 $3.35 $11,259
2026-02-17 Nash Marc S-Sale 1,817.00 $3.35 $6,087
2026-02-12 Leonard Braden Michael 0.00 $0.00 $0
2026-01-20 Nash Marc S-Sale 5,375.00 $5.12 $27,520
2026-01-21 Nash Marc S-Sale 980.00 $4.98 $4,880
2026-01-20 Brottem John L. S-Sale 9,314.00 $5.12 $47,688
2026-01-21 Brottem John L. S-Sale 1,180.00 $5.01 $5,912
2026-01-20 Trigg Leslie S-Sale 11,794.00 $5.12 $60,385
2026-01-21 Trigg Leslie S-Sale 2,120.00 $5.05 $10,706
2026-01-09 Prange Karen A-Award 18,667.00 $0.00 $0
2026-01-09 Prange Karen 0.00 $0.00 $0
2026-01-07 Nash Marc S-Sale 108.00 $4.27 $461
2026-01-07 Brottem John L. S-Sale 224.00 $4.27 $956
2026-01-07 Trigg Leslie S-Sale 1,795.00 $4.27 $7,665
2025-12-01 Drexler Karen S-Sale 1,548.00 $4.37 $6,765
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Data via Financial Modeling Prep · Cached for performance · fmp
v1.1.193 · 1946f027 · 2026-05-08 18:57:27