Outset Medical Reports Second Quarter 2024 Financial Results
Outset Medical (Nasdaq: OM) reported Q2 2024 financial results, showing mixed performance. Revenue decreased to $27.4 million from $36.0 million in Q2 2023, primarily due to a decline in product revenue. However, recurring revenue from Tablo cartridges and service increased by 24%. The company saw significant improvement in gross margins, with total gross margin rising to 35.7% from 21.4% year-over-year. Operating expenses decreased by 21% to $40.5 million. Net loss narrowed to $34.5 million, or $(0.66) per share. Outset revised its 2024 revenue guidance downward to approximately $110 million, citing lower-than-expected new console placements.
Outset Medical (Nasdaq: OM) ha riportato i risultati finanziari del secondo trimestre 2024, evidenziando una performance mista. Il fatturato è sceso a 27,4 milioni di dollari rispetto ai 36,0 milioni del secondo trimestre 2023, principalmente a causa di un calo delle entrate da prodotto. Tuttavia, le entrate ricorrenti dai cartucce Tablo e dai servizi sono aumentate del 24%. L'azienda ha registrato un notevole miglioramento nei margini lordi, con il margine lordo totale che è salito al 35,7% rispetto al 21,4% anno su anno. Le spese operative sono diminuite del 21% a 40,5 milioni di dollari. La perdita netta si è ristretta a 34,5 milioni di dollari, ossia $(0,66) per azione. Outset ha rivisto al ribasso la sua guida sui ricavi per il 2024 a circa 110 milioni di dollari, citando posizionamenti di nuove console inferiori alle attese.
Outset Medical (Nasdaq: OM) reportó los resultados financieros del segundo trimestre de 2024, mostrando un rendimiento mixto. Los ingresos cayeron a 27,4 millones de dólares desde 36,0 millones en el segundo trimestre de 2023, principalmente debido a una disminución en los ingresos por productos. Sin embargo, los ingresos recurrentes de los cartuchos Tablo y servicios aumentaron un 24%. La empresa experimentó una mejora significativa en los márgenes brutos, con el margen bruto total aumentando al 35,7% desde el 21,4% interanualmente. Los gastos operativos disminuyeron en un 21% a 40,5 millones de dólares. La pérdida neta se redujo a 34,5 millones de dólares, o a $(0,66) por acción. Outset revisó a la baja su proyección de ingresos para 2024 a aproximadamente 110 millones de dólares, citando ubicaciones de nuevas consolas más bajas de lo esperado.
아웃셋 메디컬(나스닥: OM)이 2024년 2분기 재무 결과를 발표했으며, 혼합된 성과를 보였습니다. 매출은 2740만 달러로 2023년 2분기의 3600만 달러에서 감소했으며, 주로 제품 매출 감소 때문입니다. 그러나, Tablo 카트리지 및 서비스에서의 반복 매출은 24% 증가했습니다. 회사는 매출 총이익에서 상당한 개선을 보였으며, 총 매출 총이익이 21.4%에서 35.7%로 증가했습니다 연간 기준. 운영 비용은 21% 감소하여 4050만 달러가 되었습니다. 순손실은 3450만 달러, 즉 주당 $(0.66)로 줄어들었습니다. 아웃셋은 2024년 수익 가이던스를 약 1억 1000만 달러로 하향 조정했으며, 이는 예상보다 낮은 신규 콘솔 배치 때문입니다.
Outset Medical (Nasdaq: OM) a publié ses résultats financiers pour le deuxième trimestre 2024, montrant des performances mitigées. Le chiffre d'affaires a diminué à 27,4 millions de dollars contre 36,0 millions de dollars au deuxième trimestre 2023, principalement en raison d'une diminution des revenus des produits. Cependant, les revenus récurrents issus des cartouches Tablo et des services ont augmenté de 24%. L'entreprise a connu une amélioration significative de sa marge brute, avec la marge brute totale augmentant à 35,7% contre 21,4% par rapport à l'année précédente. Les dépenses d'exploitation ont diminué de 21% pour atteindre 40,5 millions de dollars. La perte nette a été réduite à 34,5 millions de dollars, soit $(0,66) par action. Outset a révisé à la baisse ses prévisions de chiffre d'affaires pour 2024 à environ 110 millions de dollars, citant des placements de nouvelles consoles inférieurs aux attentes.
Outset Medical (Nasdaq: OM) hat die finanziellen Ergebnisse für das zweite Quartal 2024 veröffentlicht, die eine gemischte Leistung zeigen. Der Umsatz fiel auf 27,4 Millionen Dollar von 36,0 Millionen Dollar im zweiten Quartal 2023, hauptsächlich aufgrund eines Rückgangs der Produktumsätze. Allerdings
- Recurring revenue from Tablo cartridges and service increased by 24% year-over-year
- Total gross margin improved significantly to 35.7% from 21.4% in Q2 2023
- Operating expenses decreased by 21% to $40.5 million
- Net loss narrowed to $34.5 million from $44.0 million in Q2 2023
- Revenue decreased to $27.4 million from $36.0 million in Q2 2023
- Product revenue declined to $19.2 million
- New console placements were below expectations
- Full-year 2024 revenue guidance revised downward to $110 million from previous $145-$153 million range
Insights
Outset Medical's Q2 2024 results reveal a concerning trend. Revenue declined to
- Recurring revenue from Tablo cartridges and service increased by
24% - Gross margin improved significantly to
35.7% from21.4% - Operating expenses decreased by
21%
The company's revised 2024 revenue guidance of approximately
The Tablo dialysis system's high utilization rates and record treatment levels demonstrate its strong value proposition in the dialysis market. However, the decline in new console placements is concerning and suggests potential market saturation or competitive pressures. The
Outset Medical's Q2 results highlight a disconnect between product adoption and utilization. While existing Tablo systems are seeing high usage, new placements are lagging. This could indicate:
- Market saturation in current segments
- Pricing or reimbursement challenges
- Competitive pressures from traditional dialysis providers
“During the quarter, the number of treatments performed each month on Tablo continued at record levels, as utilization remained high and gross margin materially expanded as it has each quarter for more than 3 years,” said Leslie Trigg, Chair and Chief Executive Officer. “These results reflect the strength and differentiation of Tablo and the positive impact it is having on the lives of patients and providers.
“At the same time, new console placements were below our expectations and will be lower than we originally forecasted for the year. We are taking clear steps to improve our execution and grow the business over the long term to bring the benefits of Tablo to even more providers and dialysis patients.”
Second Quarter 2024 Financial Results
Revenue for the second quarter was
Total gross profit was
Operating expenses declined
Excluding stock-based compensation expense and severance and related charges, net of adjustments to compensation accrual, non-GAAP operating expenses were
Net loss was
Total cash, including restricted cash, cash equivalents and short-term investments, was
Full Year 2024 Financial Guidance
Outset now expects 2024 revenue to be approximately
Webcast and Conference Call Details
Outset will host a conference call today, August 7, 2024, at 2:00 p.m. PT / 5:00 p.m. ET to discuss its second quarter 2024 financial results. Those interested in listening to the conference call may do so by registering online. Once registered, participants will receive dial-in numbers and a unique pin to join the call. Participants are encouraged to register more than 15 minutes before the start of the call. A live webcast of the conference call will be available on the Investor Relations section of the Company's website at https://investors.outsetmedical.com. The webcast will be archived on the website following the completion of the call.
Use of Non-GAAP Financial Measures
The Company may report non-GAAP results for gross profit/loss, gross margin, operating expenses, operating margins, net income/loss, basic and diluted net income/loss per share, other income/loss, and cash flows. These non-GAAP financial measures are in addition to, and not a substitute for, or superior to, financial measures calculated in accordance with GAAP. As listed in the itemized reconciliations between GAAP and non-GAAP financial measures included in this press release, the Company’s GAAP financial measures include stock-based compensation expense, as well as severance and related charges net of the reversal of compensation accruals for impacted employees. Stock-based compensation is a non-cash expense, and severance and related charges arise outside the ordinary course of continuing operations and are not reflective of the Company's current operating performance. As such, management has excluded the effects of these items in non-GAAP measures to assist investors in analyzing and assessing past and future operating performance and period-to-period comparisons. There are limitations related to the use of non-GAAP financial measures because they are not prepared in accordance with GAAP, may exclude significant expenses required by GAAP to be recognized in the Company’s financial statements, and may not be comparable to non-GAAP financial measures used by other companies. The Company encourages investors to carefully consider its results under GAAP, as well as its supplemental non-GAAP information and the reconciliation between these presentations, to more fully understand its business. Reconciliations between GAAP and non-GAAP results are presented in the Appendix A of this press release.
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements are based on management’s current assumptions and expectations of future events and trends, which affect or may affect the Company’s business, strategy, operations or financial performance, and actual results and other events may differ materially from those expressed or implied in such statements due to numerous risks and uncertainties. Forward-looking statements include, but are not limited to, statements about the Company’s possible or assumed future results of operations and financial position, including expectations regarding projected revenues, gross margin, operating expenses, capital expenditures, cash burn, cash position, profitability and outlook; statements regarding the anticipated impacts and benefits of the Company’s cost reduction actions, initiatives to optimize the commercial organization and restructurings; statements regarding the Company’s overall business strategy, plans and objectives of management; the Company’s expectations regarding the market sizes and growth potential for Tablo and the total addressable market opportunities for Tablo; continued execution of the Company’s initiatives designed to expand gross margins; the Company’s ability to respond to and resolve any reports, observations or other actions by the Food and Drug Administration or other regulators in a timely and effective manner; as well as the Company’s expectations regarding the impact of macroeconomic factors on the Company, its customers and suppliers. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Factors that could cause actual results or other events to differ materially from those contemplated in this press release can be found in the Risk Factors section of the Company’s public filings with the Securities and Exchange Commission, including its latest annual and quarterly reports. Because forward-looking statements are inherently subject to risks and uncertainties, you should not rely on these forward-looking statements as predictions of future events. These forward-looking statements speak only as of their date and, except to the extent required by law, the Company undertakes no obligation to update these statements, whether as a result of any new information, future developments or otherwise.
About Outset Medical, Inc.
Outset is a medical technology company pioneering a first-of-its-kind technology to reduce the cost and complexity of dialysis. The Tablo® Hemodialysis System, FDA cleared for use from the hospital to the home, represents a significant technological advancement that transforms the dialysis experience for patients and operationally simplifies it for providers. Tablo serves as a single enterprise solution that can be utilized across the continuum of care, allowing dialysis to be delivered anytime, anywhere and by anyone. The integration of water purification and on-demand dialysate production enables Tablo to serve as a dialysis clinic on wheels, with 2-way wireless data transmission and a proprietary data analytics platform powering a new holistic approach to dialysis care. Tablo is a registered trademark of Outset Medical, Inc.
Outset Medical, Inc. Condensed Statements of Operations (in thousands, except per share amounts) (unaudited) |
||||||||||||||||||||
|
|
Three Months Ended |
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|
Six Months Ended |
|
||||||||||||||
|
|
June 30, |
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|
June 30, |
|
||||||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||||||
Revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Product revenue |
|
$ |
19,238 |
|
|
|
$ |
29,330 |
|
|
|
$ |
39,666 |
|
|
|
$ |
57,109 |
|
|
Service and other revenue |
|
|
8,150 |
|
|
|
|
6,710 |
|
|
|
|
15,890 |
|
|
|
|
12,398 |
|
|
Total revenue |
|
|
27,388 |
|
|
|
|
36,040 |
|
|
|
|
55,556 |
|
|
|
|
69,507 |
|
|
Cost of revenue: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Cost of product revenue (2) |
|
|
10,567 |
|
|
|
|
22,212 |
|
|
|
|
23,148 |
|
|
|
|
43,029 |
|
|
Cost of service and other revenue |
|
|
7,039 |
|
|
|
|
6,125 |
|
|
|
|
14,411 |
|
|
|
|
12,347 |
|
|
Total cost of revenue |
|
|
17,606 |
|
|
|
|
28,337 |
|
|
|
|
37,559 |
|
|
|
|
55,376 |
|
|
Gross profit (1) |
|
|
9,782 |
|
|
|
|
7,703 |
|
|
|
|
17,997 |
|
|
|
|
14,131 |
|
|
Gross margin (1) |
|
|
35.7 |
|
% |
|
|
21.4 |
|
% |
|
|
32.4 |
|
% |
|
|
20.3 |
|
% |
Operating expenses: |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Research and development (2) |
|
|
9,734 |
|
|
|
|
14,906 |
|
|
|
|
22,369 |
|
|
|
|
28,699 |
|
|
Sales and marketing (2) |
|
|
18,128 |
|
|
|
|
24,985 |
|
|
|
|
39,176 |
|
|
|
|
49,318 |
|
|
General and administrative (2) |
|
|
12,684 |
|
|
|
|
11,290 |
|
|
|
|
24,128 |
|
|
|
|
23,077 |
|
|
Total operating expenses |
|
|
40,546 |
|
|
|
|
51,181 |
|
|
|
|
85,673 |
|
|
|
|
101,094 |
|
|
Loss from operations |
|
|
(30,764 |
) |
|
|
|
(43,478 |
) |
|
|
|
(67,676 |
) |
|
|
|
(86,963 |
) |
|
Interest income and other income, net |
|
|
2,471 |
|
|
|
|
2,668 |
|
|
|
|
5,569 |
|
|
|
|
5,316 |
|
|
Interest expense |
|
|
(6,010 |
) |
|
|
|
(3,103 |
) |
|
|
|
(11,978 |
) |
|
|
|
(6,045 |
) |
|
Loss before provision for income taxes |
|
|
(34,303 |
) |
|
|
|
(43,913 |
) |
|
|
|
(74,085 |
) |
|
|
|
(89,059 |
) |
|
Provision for income taxes |
|
|
151 |
|
|
|
|
133 |
|
|
|
|
313 |
|
|
|
|
325 |
|
|
Net loss |
|
$ |
(34,454 |
) |
|
|
$ |
(44,046 |
) |
|
|
$ |
(74,398 |
) |
|
|
$ |
(89,384 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Net loss per share, basic and diluted |
|
$ |
(0.66 |
) |
|
|
$ |
(0.90 |
) |
|
|
$ |
(1.45 |
) |
|
|
$ |
(1.79 |
) |
|
Shares used in computing net loss per share, basic and diluted |
|
|
51,880 |
|
|
|
|
48,951 |
|
|
|
|
51,391 |
|
|
|
|
49,085 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
(1) Gross profit and gross margin by source consisted of the following: |
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|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||||||
|
|
June 30, |
|
|
June 30, |
|
||||||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||||||
Gross profit |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Product revenue |
|
$ |
8,671 |
|
|
|
$ |
7,118 |
|
|
$ |
16,518 |
|
|
$ |
14,080 |
|
|||
Service and other revenue |
|
|
1,111 |
|
|
|
|
585 |
|
|
|
|
1,479 |
|
|
|
|
51 |
|
|
Total gross profit |
|
$ |
9,782 |
|
|
|
$ |
7,703 |
|
|
|
$ |
17,997 |
|
|
|
$ |
14,131 |
|
|
Gross margin |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Product revenue |
|
|
45.1 |
|
% |
|
|
24.3 |
|
% |
|
|
41.6 |
|
% |
|
|
24.7 |
|
% |
Service and other revenue |
|
|
13.6 |
|
% |
|
|
8.7 |
|
% |
|
|
9.3 |
|
% |
|
|
0.4 |
|
% |
Total gross margin |
|
|
35.7 |
|
% |
|
|
21.4 |
|
% |
|
|
32.4 |
|
% |
|
|
20.3 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
(2) Include stock-based compensation expense and severance and related charges, net as follows: |
|
|||||||||||||||||||
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|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||||||
Stock-based compensation expense |
|
June 30, |
|
|
June 30, |
|
||||||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||||||
Cost of revenue |
|
$ |
531 |
|
|
|
$ |
403 |
|
|
|
$ |
796 |
|
|
|
$ |
761 |
|
|
Research and development |
|
|
2,293 |
|
|
|
|
2,824 |
|
|
|
|
4,625 |
|
|
|
|
5,439 |
|
|
Sales and marketing |
|
|
2,494 |
|
|
|
|
3,545 |
|
|
|
|
3,953 |
|
|
|
|
6,143 |
|
|
General and administrative |
|
|
4,502 |
|
|
|
|
3,333 |
|
|
|
|
8,649 |
|
|
|
|
6,300 |
|
|
Total stock-based compensation expense |
|
$ |
9,820 |
|
|
|
$ |
10,105 |
|
|
|
$ |
18,023 |
|
|
|
$ |
18,643 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||||||
Severance and related charges, net* |
|
June 30, |
|
|
June 30, |
|
||||||||||||||
|
|
2024† |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||||||
Cost of revenue |
|
$ |
(78 |
) |
|
|
$ |
— |
|
|
|
$ |
201 |
|
|
|
$ |
— |
|
|
Research and development |
|
|
(29 |
) |
|
|
|
— |
|
|
|
|
963 |
|
|
|
|
— |
|
|
Sales and marketing |
|
|
99 |
|
|
|
|
— |
|
|
|
|
892 |
|
|
|
|
— |
|
|
General and administrative |
|
|
(41 |
) |
|
|
|
— |
|
|
|
|
370 |
|
|
|
|
— |
|
|
Total severance and related charges, net |
|
$ |
(49 |
) |
|
|
$ |
— |
|
|
|
$ |
2,426 |
|
|
|
$ |
— |
|
|
* Net of adjustments to compensation accrual |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
† These amounts represent the change in estimated accrual from March 31, 2024 |
|
|
|
|
|
|
|
|
|
|
|
|
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Outset Medical, Inc. Condensed Balance Sheets (in thousands, except per share amounts) |
||||||||
|
|
June 30, |
|
December 31, |
||||
|
|
2024 |
|
2023 |
||||
|
|
(Unaudited) |
|
|
||||
Assets |
|
|
|
|
||||
Current assets: |
|
|
|
|
||||
Cash and cash equivalents |
|
$ |
37,859 |
|
|
$ |
68,509 |
|
Short-term investments |
|
|
156,989 |
|
|
|
134,815 |
|
Accounts receivable, net |
|
|
34,121 |
|
|
|
32,980 |
|
Inventories |
|
|
61,599 |
|
|
|
49,215 |
|
Prepaid expenses and other current assets |
|
|
4,569 |
|
|
|
5,700 |
|
Total current assets |
|
|
295,137 |
|
|
|
291,219 |
|
Restricted cash |
|
|
3,329 |
|
|
|
3,329 |
|
Property and equipment, net |
|
|
10,873 |
|
|
|
13,273 |
|
Operating lease right-of-use assets |
|
|
4,675 |
|
|
|
5,375 |
|
Other assets |
|
|
520 |
|
|
|
605 |
|
Total assets |
|
$ |
314,534 |
|
|
$ |
313,801 |
|
Liabilities and stockholders' equity |
|
|
|
|
||||
Current liabilities: |
|
|
|
|
||||
Accounts payable |
|
$ |
5,255 |
|
|
$ |
5,827 |
|
Accrued compensation and related benefits |
|
|
11,431 |
|
|
|
19,005 |
|
Accrued expenses and other current liabilities |
|
|
9,747 |
|
|
|
13,459 |
|
Accrued warranty liability |
|
|
2,199 |
|
|
|
3,712 |
|
Deferred revenue, current |
|
|
13,108 |
|
|
|
11,727 |
|
Operating lease liabilities, current |
|
|
1,693 |
|
|
|
1,593 |
|
Total current liabilities |
|
|
43,433 |
|
|
|
55,323 |
|
Accrued interest |
|
|
1,762 |
|
|
|
896 |
|
Deferred revenue |
|
|
130 |
|
|
|
101 |
|
Operating lease liabilities |
|
|
3,616 |
|
|
|
4,482 |
|
Term loans |
|
|
196,994 |
|
|
|
130,113 |
|
Total liabilities |
|
|
245,935 |
|
|
|
190,915 |
|
Commitments and contingencies |
|
|
|
|
||||
Stockholders' equity: |
|
|
|
|
||||
Preferred stock, |
|
|
— |
|
|
|
— |
|
Common stock, |
|
|
52 |
|
|
|
50 |
|
Additional paid-in capital |
|
|
1,104,994 |
|
|
|
1,084,515 |
|
Accumulated other comprehensive income (loss) |
|
|
(302 |
) |
|
|
68 |
|
Accumulated deficit |
|
|
(1,036,145 |
) |
|
|
(961,747 |
) |
Total stockholders' equity |
|
|
68,599 |
|
|
|
122,886 |
|
Total liabilities and stockholders' equity |
|
$ |
314,534 |
|
|
$ |
313,801 |
|
Outset Medical, Inc. Condensed Statements of Cash Flows (in thousands) (unaudited) |
||||||||
|
|
Six Months Ended June 30, |
||||||
|
|
2024 |
|
2023 |
||||
Net cash used in operating activities |
|
$ |
(79,247 |
) |
|
$ |
(72,932 |
) |
Net cash (used in) provided by investing activities |
|
|
(20,090 |
) |
|
|
29,796 |
|
Net cash provided by financing activities |
|
|
68,687 |
|
|
|
6,320 |
|
Net decrease in cash, cash equivalents and restricted cash |
|
|
(30,650 |
) |
|
|
(36,816 |
) |
Cash, cash equivalents and restricted cash at beginning of the period |
|
|
71,838 |
|
|
|
76,533 |
|
Cash, cash equivalents and restricted cash at end of the period (1) |
|
$ |
41,188 |
|
|
$ |
39,717 |
|
|
|
|
|
|
||||
|
|
|
|
|
||||
(1) The following table provides a reconciliation of cash, cash equivalents and restricted cash reported within the accompanying condensed balance sheets that sum to the total of the amounts shown in the accompanying condensed statements of cash flows (in thousands): |
||||||||
|
||||||||
|
|
June 30, |
||||||
|
|
2024 |
|
2023 |
||||
Cash and cash equivalents |
|
$ |
37,859 |
|
|
$ |
36,388 |
|
Restricted cash |
|
|
3,329 |
|
|
|
3,329 |
|
Total cash, cash equivalents and restricted cash* |
|
$ |
41,188 |
|
|
$ |
39,717 |
|
|
|
|
|
|
||||
* The total cash, including restricted cash, cash equivalents and investment securities as of June 30, 2024 was |
||||||||
Appendix A |
||||||||||||||||||||
Outset Medical, Inc. Results of Operations – Non-GAAP (in thousands, except per share amounts) (unaudited) |
||||||||||||||||||||
Reconciliation between GAAP and non-GAAP net loss per share: |
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||||||
|
|
June 30, |
|
|
June 30, |
|
||||||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||||||
GAAP net loss per share, diluted |
|
$ |
(0.66 |
) |
|
|
$ |
(0.90 |
) |
|
|
$ |
(1.45 |
) |
|
|
$ |
(1.79 |
) |
|
Stock-based compensation expense |
|
|
0.19 |
|
|
|
|
0.21 |
|
|
|
|
0.35 |
|
|
|
|
0.38 |
|
|
Severance and related charges, net |
|
|
— |
|
|
|
|
— |
|
|
|
|
0.05 |
|
|
|
|
— |
|
|
Non-GAAP net loss per share, diluted |
|
$ |
(0.47 |
) |
|
|
$ |
(0.69 |
) |
|
|
$ |
(1.05 |
) |
|
|
$ |
(1.41 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Reconciliation between GAAP and non-GAAP net loss: |
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||||||
|
|
June 30, |
|
|
June 30, |
|
||||||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||||||
GAAP net loss, diluted |
|
$ |
(34,454 |
) |
|
|
$ |
(44,046 |
) |
|
|
$ |
(74,398 |
) |
|
|
$ |
(89,384 |
) |
|
Stock-based compensation expense |
|
|
9,820 |
|
|
|
|
10,105 |
|
|
|
|
18,023 |
|
|
|
|
18,643 |
|
|
Severance and related charges, net |
|
|
(49 |
) |
|
|
|
— |
|
|
|
|
2,426 |
|
|
|
|
— |
|
|
Non-GAAP net loss, diluted |
|
$ |
(24,683 |
) |
|
|
$ |
(33,941 |
) |
|
|
$ |
(53,949 |
) |
|
|
$ |
(70,741 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Reconciliation between GAAP and non-GAAP results of operations: |
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
Three Months Ended |
|
|
Six Months Ended |
|
||||||||||||||
|
|
June 30, |
|
|
June 30, |
|
||||||||||||||
|
|
2024 |
|
|
2023 |
|
|
2024 |
|
|
2023 |
|
||||||||
GAAP gross profit |
|
$ |
9,782 |
|
|
|
$ |
7,703 |
|
|
|
$ |
17,997 |
|
|
|
$ |
14,131 |
|
|
Stock-based compensation expense |
|
|
531 |
|
|
|
|
403 |
|
|
|
|
796 |
|
|
|
|
761 |
|
|
Severance and related charges, net |
|
|
(78 |
) |
|
|
|
— |
|
|
|
|
201 |
|
|
|
|
— |
|
|
Non-GAAP gross profit |
|
$ |
10,235 |
|
|
|
$ |
8,106 |
|
|
|
$ |
18,994 |
|
|
|
$ |
14,892 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
GAAP gross margin |
|
|
35.7 |
|
% |
|
|
21.4 |
|
% |
|
|
32.4 |
|
% |
|
|
20.3 |
|
% |
Stock-based compensation expense |
|
|
1.9 |
|
|
|
|
1.1 |
|
|
|
|
1.4 |
|
|
|
|
1.1 |
|
|
Severance and related charges, net |
|
|
(0.3 |
) |
|
|
|
— |
|
|
|
|
0.4 |
|
|
|
|
— |
|
|
Non-GAAP gross margin |
|
|
37.3 |
|
% |
|
|
22.5 |
|
% |
|
|
34.2 |
|
% |
|
|
21.4 |
|
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
GAAP research and development expense |
|
$ |
9,734 |
|
|
|
$ |
14,906 |
|
|
|
$ |
22,369 |
|
|
|
$ |
28,699 |
|
|
Stock-based compensation expense |
|
|
(2,293 |
) |
|
|
|
(2,824 |
) |
|
|
|
(4,625 |
) |
|
|
|
(5,439 |
) |
|
Severance and related charges, net |
|
|
29 |
|
|
|
|
— |
|
|
|
|
(963 |
) |
|
|
|
— |
|
|
Non-GAAP research and development expense |
|
$ |
7,470 |
|
|
|
$ |
12,082 |
|
|
|
$ |
16,781 |
|
|
|
$ |
23,260 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
GAAP sales and marketing expense |
|
$ |
18,128 |
|
|
|
$ |
24,985 |
|
|
|
$ |
39,176 |
|
|
|
$ |
49,318 |
|
|
Stock-based compensation expense |
|
|
(2,494 |
) |
|
|
|
(3,545 |
) |
|
|
|
(3,953 |
) |
|
|
|
(6,143 |
) |
|
Severance and related charges, net |
|
|
(99 |
) |
|
|
|
— |
|
|
|
|
(892 |
) |
|
|
|
— |
|
|
Non-GAAP sales and marketing expense |
|
$ |
15,535 |
|
|
|
$ |
21,440 |
|
|
|
$ |
34,331 |
|
|
|
$ |
43,175 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
GAAP general and administrative expense |
|
$ |
12,684 |
|
|
|
$ |
11,290 |
|
|
|
$ |
24,128 |
|
|
|
$ |
23,077 |
|
|
Stock-based compensation expense |
|
|
(4,502 |
) |
|
|
|
(3,333 |
) |
|
|
|
(8,649 |
) |
|
|
|
(6,300 |
) |
|
Severance and related charges, net |
|
|
41 |
|
|
|
|
— |
|
|
|
|
(370 |
) |
|
|
|
— |
|
|
Non-GAAP general and administrative expense |
|
$ |
8,223 |
|
|
|
$ |
7,957 |
|
|
|
$ |
15,109 |
|
|
|
$ |
16,777 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
GAAP total operating expense |
|
$ |
40,546 |
|
|
|
$ |
51,181 |
|
|
|
$ |
85,673 |
|
|
|
$ |
101,094 |
|
|
Stock-based compensation expense |
|
|
(9,289 |
) |
|
|
|
(9,702 |
) |
|
|
|
(17,227 |
) |
|
|
|
(17,882 |
) |
|
Severance and related charges, net |
|
|
(29 |
) |
|
|
|
— |
|
|
|
|
(2,225 |
) |
|
|
|
— |
|
|
Non-GAAP total operating expense |
|
$ |
31,228 |
|
|
|
$ |
41,479 |
|
|
|
$ |
66,221 |
|
|
|
$ |
83,212 |
|
|
View source version on businesswire.com: https://www.businesswire.com/news/home/20240807985057/en/
Investor Contact
Jim Mazzola
Investor Relations
jmazzola@outsetmedical.com
Source: Outset Medical, Inc.
FAQ
What was Outset Medical's revenue for Q2 2024?
How did Outset Medical's gross margin change in Q2 2024?
What is Outset Medical's revised revenue guidance for 2024?
How did Outset Medical's recurring revenue perform in Q2 2024?
