Outset Medical Second-Quarter Results Demonstrate Continued Momentum, Punctuated by Strong Revenue Growth, Console Placements and Utilization
Outset Medical (Nasdaq: OM) reported strong Q2 2025 financial results, with net revenue reaching $31.4 million, up 15% year-over-year. The company's performance was driven by a 25% increase in Tablo console revenue and 11% growth in recurring revenue to $22.5 million.
Key highlights include improved gross margin of 37.8% (38.4% non-GAAP), a 30% reduction in operating expenses, and 60% lower cash usage compared to the previous year. The company secured a significant enterprise agreement providing Tablo access to over 100 facilities, expanding its presence to more than 900 acute and sub-acute sites in the U.S.
Following these results, Outset Medical raised its 2025 revenue guidance to $122-126 million from $115-125 million, maintaining expectations for high-30% non-GAAP gross margin and cash usage below $50 million for the year.
Outset Medical (Nasdaq: OM) ha riportato solidi risultati finanziari per il secondo trimestre del 2025, con un fatturato netto di 31,4 milioni di dollari, in crescita del 15% rispetto all'anno precedente. La performance dell'azienda è stata trainata da un aumento del 25% del fatturato derivante dalle console Tablo e da una crescita dell'11% dei ricavi ricorrenti che hanno raggiunto i 22,5 milioni di dollari.
I punti salienti includono un miglioramento del margine lordo al 37,8% (38,4% secondo i criteri non-GAAP), una riduzione del 30% delle spese operative e un utilizzo di cassa inferiore del 60% rispetto all'anno precedente. L'azienda ha inoltre siglato un importante accordo aziendale che garantisce l'accesso a Tablo in oltre 100 strutture, ampliando la sua presenza a più di 900 siti acuti e sub-acuti negli Stati Uniti.
A seguito di questi risultati, Outset Medical ha rivisto al rialzo le previsioni di fatturato per il 2025, portandole a 122-126 milioni di dollari rispetto ai precedenti 115-125 milioni, confermando le aspettative di un margine lordo non-GAAP superiore al 30% e un utilizzo di cassa inferiore a 50 milioni di dollari per l'anno.
Outset Medical (Nasdaq: OM) reportó sólidos resultados financieros en el segundo trimestre de 2025, con ingresos netos que alcanzaron los 31,4 millones de dólares, un aumento del 15% interanual. El desempeño de la compañía se debió a un incremento del 25% en los ingresos por consolas Tablo y un crecimiento del 11% en ingresos recurrentes que alcanzaron los 22,5 millones de dólares.
Los aspectos destacados incluyen una mejora en el margen bruto al 37,8% (38,4% según criterios no-GAAP), una reducción del 30% en gastos operativos y un uso de efectivo un 60% menor en comparación con el año anterior. La empresa aseguró un importante acuerdo empresarial que proporciona acceso a Tablo en más de 100 instalaciones, ampliando su presencia a más de 900 sitios agudos y subagudos en EE.UU.
Tras estos resultados, Outset Medical incrementó su guía de ingresos para 2025 a 122-126 millones de dólares desde 115-125 millones, manteniendo las expectativas de un margen bruto no-GAAP superior al 30% y un uso de efectivo por debajo de 50 millones para el año.
Outset Medical (나스닥: OM)은 2025년 2분기 강력한 재무 실적을 보고했으며, 순매출 3,140만 달러로 전년 대비 15% 증가했습니다. 회사의 성과는 Tablo 콘솔 매출이 25% 증가하고 반복 매출이 11% 성장하여 2,250만 달러에 달한 데 힘입었습니다.
주요 내용으로는 37.8%(비GAAP 기준 38.4%)의 개선된 총이익률, 운영비용 30% 감소, 전년 대비 60% 낮은 현금 사용량이 포함됩니다. 회사는 100개 이상의 시설에 Tablo 접근 권한을 제공하는 중요한 기업 계약을 체결하여 미국 내 900개 이상의 급성 및 준급성 사이트로 입지를 확장했습니다.
이러한 실적에 힘입어 Outset Medical은 2025년 매출 가이던스를 기존 1억 1,500만~1억 2,500만 달러에서 1억 2,200만~1억 2,600만 달러로 상향 조정했으며, 연간 비GAAP 총이익률 30% 이상 및 5,000만 달러 미만의 현금 사용을 유지할 것으로 기대하고 있습니다.
Outset Medical (Nasdaq : OM) a annoncé de solides résultats financiers pour le deuxième trimestre 2025, avec un chiffre d'affaires net atteignant 31,4 millions de dollars, en hausse de 15 % sur un an. La performance de l'entreprise a été portée par une augmentation de 25 % des revenus des consoles Tablo et une croissance de 11 % des revenus récurrents à 22,5 millions de dollars.
Les points clés comprennent une amélioration de la marge brute à 37,8 % (38,4 % selon les critères non-GAAP), une réduction de 30 % des dépenses d'exploitation et une utilisation de trésorerie inférieure de 60 % par rapport à l'année précédente. L'entreprise a conclu un accord important avec une grande entreprise, offrant un accès à Tablo dans plus de 100 établissements, étendant ainsi sa présence à plus de 900 sites aigus et subaigus aux États-Unis.
À la suite de ces résultats, Outset Medical a relevé ses prévisions de chiffre d'affaires pour 2025 à 122-126 millions de dollars contre 115-125 millions auparavant, maintenant ses attentes pour une marge brute non-GAAP élevée autour de 30 % et une utilisation de trésorerie inférieure à 50 millions pour l'année.
Outset Medical (Nasdaq: OM) meldete starke Finanzergebnisse für das zweite Quartal 2025 mit einem Nettoumsatz von 31,4 Millionen US-Dollar, was einem Anstieg von 15 % gegenüber dem Vorjahr entspricht. Die Leistung des Unternehmens wurde durch einen 25 %igen Anstieg der Einnahmen aus Tablo-Konsolen und ein 11 %iges Wachstum der wiederkehrenden Einnahmen auf 22,5 Millionen US-Dollar angetrieben.
Zu den wichtigsten Highlights gehören eine verbesserte Bruttomarge von 37,8 % (38,4 % Non-GAAP), eine Reduzierung der Betriebskosten um 30 % und ein um 60 % geringerer Kassenverbrauch im Vergleich zum Vorjahr. Das Unternehmen sicherte sich eine bedeutende Unternehmensvereinbarung, die den Zugang zu Tablo in über 100 Einrichtungen ermöglicht und seine Präsenz auf mehr als 900 Akut- und Subakutstandorte in den USA erweitert.
Nach diesen Ergebnissen hat Outset Medical seine Umsatzprognose für 2025 von 115-125 Millionen auf 122-126 Millionen US-Dollar angehoben und erwartet weiterhin eine Non-GAAP-Bruttomarge im hohen 30-%-Bereich sowie einen Kassenverbrauch von unter 50 Millionen US-Dollar für das Jahr.
- Revenue grew 15% YoY to $31.4 million, with Tablo console revenue up 25%
- Recurring revenue increased 11% to $22.5 million
- Operating expenses reduced by 30% from Q2 2024
- Cash usage decreased by 60% in first half of 2025 vs 2024
- Gross margin improved to 37.8% (38.4% non-GAAP) from 35.7% year-over-year
- New enterprise agreement secured with major health system, expanding to over 100 facilities
- Raised 2025 revenue guidance to $122-126 million
- Net loss of $18.5 million in Q2 2025
- Service and other gross margin declined to 6.9% from 13.6% year-over-year
- Still burning cash with expected usage of $50 million in 2025
Insights
Outset Medical shows strong Q2 with 15% revenue growth and raised guidance, while significantly reducing expenses toward profitability goal.
Outset Medical's Q2 2025 results demonstrate impressive momentum in their dialysis technology business. Revenue reached
What's particularly noteworthy is the dual achievement of revenue growth alongside substantial cost reduction. The company slashed operating expenses by nearly
The strategic transformation appears to be working. Outset expanded its footprint significantly, signing a major enterprise agreement with a national health system that provides access to over 100 facilities. Their Tablo technology is now deployed in more than 900 acute and sub-acute sites across the US.
The improved financial outlook is reflected in management's decision to raise 2025 revenue guidance to
While the
Company raises 2025 revenue guidance to a range of
SAN JOSE, Calif., Aug. 06, 2025 (GLOBE NEWSWIRE) -- Outset Medical, Inc. (Nasdaq: OM), 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 second quarter ended June 30, 2025.
Second Quarter and Recent Highlights
- Net revenue of
$31.4 million grew15% from the prior-year period, driven by a25% increase in Tablo console revenue. - Recurring revenue consisting of Tablo consumables and services grew
11% over the prior-year period to$22.5 million , driven by a17% increase in consumable revenue. - Gross margin was
37.8% , or38.4% on a non-GAAP basis, a 110 basis-point improvement over the prior-year period. - Operating expenses declined nearly
30% from the second quarter of 2024 and the company used approximately60% less cash during the first half of 2025 than the prior-year period. - Signed a new enterprise agreement with one of the largest national health systems, which provides Tablo access to well over 100 facilities. Tablo is now in use at more than 900 acute and sub-acute sites in the U.S.
“We exited the second quarter with continued momentum that reflects both the internal work we have done to transform our commercial organization and growing demand among acute-care customers for the clinical, financial and operational benefits that insourcing with Tablo can deliver,” said Leslie Trigg, Chair and Chief Executive Officer. “During the quarter, we again grew new Tablo console placements in both the acute and home settings while expanding gross margin, reducing expenses and making excellent progress on our path to achieve near-term profitability.”
Second Quarter 2025 Financial Results
Revenue for the second quarter was
Gross profit of
Operating expenses of
Excluding stock-based compensation expense and severance and related charges, non-GAAP operating expenses were
Net loss was
Total cash, including restricted cash, cash equivalents and short-term investments, was
2025 Financial Guidance
Outset raised its 2025 revenue guidance to a range of
Webcast and Conference Call Details
Outset will host a conference call today, August 6, 2025, at 2:00 p.m. PT / 5:00 p.m. ET to discuss its second quarter 2025 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 use, cash burn, cash position, profitability and outlook; statements about the sufficiency of the Company’s cash balances through cashflow breakeven; 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 (including changes in tariff or trade laws and policies) 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.
Investor Contact
Jim Mazzola
jmazzola@outsetmedical.com
| Outset Medical, Inc. Condensed Statements of Operations (in thousands, except per share amounts) (unaudited) | ||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| June 30, | June 30, | |||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||
| Revenue: | ||||||||||||||||||||
| Product revenue | $ | 23,082 | $ | 19,238 | $ | 44,376 | $ | 39,666 | ||||||||||||
| Service and other revenue | 8,337 | 8,150 | 16,795 | 15,890 | ||||||||||||||||
| Total revenue | 31,419 | 27,388 | 61,171 | 55,556 | ||||||||||||||||
| Cost of revenue: | ||||||||||||||||||||
| Cost of product revenue(2) | 11,791 | 10,567 | 22,793 | 23,148 | ||||||||||||||||
| Cost of service and other revenue | 7,761 | 7,039 | 15,445 | 14,411 | ||||||||||||||||
| Total cost of revenue | 19,552 | 17,606 | 38,238 | 37,559 | ||||||||||||||||
| Gross profit(1) | 11,867 | 9,782 | 22,933 | 17,997 | ||||||||||||||||
| Gross margin(1) | 37.8 | % | 35.7 | % | 37.5 | % | 32.4 | % | ||||||||||||
| Operating expenses: | ||||||||||||||||||||
| Research and development(2) | 5,289 | 9,734 | 10,804 | 22,369 | ||||||||||||||||
| Sales and marketing(2) | 14,280 | 18,128 | 27,932 | 39,176 | ||||||||||||||||
| General and administrative(2) | 9,163 | 12,684 | 17,461 | 24,128 | ||||||||||||||||
| Total operating expenses | 28,732 | 40,546 | 56,197 | 85,673 | ||||||||||||||||
| Loss from operations | (16,865 | ) | (30,764 | ) | (33,264 | ) | (67,676 | ) | ||||||||||||
| Interest income and other income, net | 1,903 | 2,471 | 3,879 | 5,569 | ||||||||||||||||
| Interest expense | (3,475 | ) | (6,010 | ) | (7,035 | ) | (11,978 | ) | ||||||||||||
| Loss on extinguishment of term loan | — | — | (7,685 | ) | — | |||||||||||||||
| Loss before provision for income taxes | (18,437 | ) | (34,303 | ) | (44,105 | ) | (74,085 | ) | ||||||||||||
| Provision for income taxes | 104 | 151 | 219 | 313 | ||||||||||||||||
| Net loss | $ | (18,541 | ) | $ | (34,454 | ) | $ | (44,324 | ) | $ | (74,398 | ) | ||||||||
| Net loss per share, basic and diluted | $ | (1.04 | ) | $ | (9.96 | ) | $ | (3.57 | ) | $ | (21.72 | ) | ||||||||
| Shares used in computing net loss per share, basic and diluted | 17,743 | 3,458 | 12,420 | 3,426 | ||||||||||||||||
| (1) Gross profit and gross margin by source consisted of the following: | ||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| June 30, | June 30, | |||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||
| Gross profit | ||||||||||||||||||||
| Product revenue | $ | 11,291 | $ | 8,671 | $ | 21,583 | $ | 16,518 | ||||||||||||
| Service and other revenue | 576 | 1,111 | 1,350 | 1,479 | ||||||||||||||||
| Total gross profit | $ | 11,867 | $ | 9,782 | $ | 22,933 | $ | 17,997 | ||||||||||||
| Gross margin | ||||||||||||||||||||
| Product revenue | 48.9 | % | 45.1 | % | 48.6 | % | 41.6 | % | ||||||||||||
| Service and other revenue | 6.9 | % | 13.6 | % | 8.0 | % | 9.3 | % | ||||||||||||
| Total gross margin | 37.8 | % | 35.7 | % | 37.5 | % | 32.4 | % | ||||||||||||
| (2) Includes stock-based compensation expense and severance and related charges, net as follows: | ||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| Stock-based compensation expense | June 30, | June 30, | ||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||
| Cost of revenue | $ | 186 | $ | 531 | $ | 303 | $ | 796 | ||||||||||||
| Research and development | 750 | 2,293 | 1,309 | 4,625 | ||||||||||||||||
| Sales and marketing | 933 | 2,494 | 1,412 | 3,953 | ||||||||||||||||
| General and administrative | 1,627 | 4,502 | 3,449 | 8,649 | ||||||||||||||||
| Total stock-based compensation expense | $ | 3,496 | $ | 9,820 | $ | 6,473 | $ | 18,023 | ||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| Severance and related charges, net | June 30, | June 30, | ||||||||||||||||||
| 2025 | 2024* | 2025 | 2024* | |||||||||||||||||
| Cost of revenue | $ | — | (78 | ) | $ | — | 201 | |||||||||||||
| Research and development | — | (29 | ) | 34 | 963 | |||||||||||||||
| Sales and marketing | — | 99 | — | 892 | ||||||||||||||||
| General and administrative | — | (41 | ) | (42 | ) | 370 | ||||||||||||||
| Total severance and related charges, net | $ | — | (49 | ) | $ | (8 | ) | 2,426 | ||||||||||||
| * Net of adjustments to compensation accrual | ||||||||||||||||||||
| Outset Medical, Inc. Condensed Balance Sheets (in thousands, except per share amounts) | ||||||||
| June 30, | December 31, | |||||||
| 2025 | 2024 | |||||||
| (Unaudited) | ||||||||
| Assets | ||||||||
| Current assets: | ||||||||
| Cash and cash equivalents | $ | 39,559 | $ | 124,014 | ||||
| Short-term investments | 144,531 | 34,671 | ||||||
| Accounts receivable, net | 34,891 | 35,619 | ||||||
| Inventories | 52,249 | 59,387 | ||||||
| Prepaid expenses and other current assets | 4,348 | 4,530 | ||||||
| Total current assets | 275,578 | 258,221 | ||||||
| Restricted cash | 3,329 | 3,329 | ||||||
| Property and equipment, net | 6,166 | 8,133 | ||||||
| Operating lease right-of-use assets | 3,168 | 3,940 | ||||||
| Other assets | 560 | 2,172 | ||||||
| Total assets | $ | 288,801 | $ | 275,795 | ||||
| Liabilities and stockholders' equity | ||||||||
| Current liabilities: | ||||||||
| Accounts payable | $ | 1,445 | $ | 3,862 | ||||
| Accrued compensation and related benefits | 9,789 | 16,821 | ||||||
| Accrued expenses and other current liabilities | 8,518 | 8,205 | ||||||
| Accrued warranty liability | 1,239 | 1,938 | ||||||
| Deferred revenue, current | 14,009 | 12,753 | ||||||
| Operating lease liabilities, current | 1,909 | 1,799 | ||||||
| Total current liabilities | 36,909 | 45,378 | ||||||
| Accrued interest | — | 2,695 | ||||||
| Deferred revenue | 587 | 844 | ||||||
| Operating lease liabilities | 1,707 | 2,684 | ||||||
| Term loans | 94,814 | 197,375 | ||||||
| Total liabilities | 134,017 | 248,976 | ||||||
| Commitments and contingencies | ||||||||
| Stockholders' equity: | ||||||||
| Preferred Stock, | 3,841 | — | ||||||
| Common stock, | 18 | 4 | ||||||
| Additional paid-in capital | 1,284,923 | 1,116,496 | ||||||
| Accumulated other comprehensive income | 49 | 42 | ||||||
| Accumulated deficit | (1,134,047 | ) | (1,089,723 | ) | ||||
| Total stockholders' equity | 154,784 | 26,819 | ||||||
| Total liabilities and stockholders' equity | $ | 288,801 | $ | 275,795 | ||||
| Outset Medical, Inc. Condensed Statements of Cash Flows (in thousands) (unaudited) | ||||||||
| Six Months Ended June 30, | ||||||||
| 2025 | 2024 | |||||||
| Net cash used in operating activities | $ | (30,486 | ) | $ | (79,247 | ) | ||
| Net cash used in investing activities | (109,241 | ) | (20,090 | ) | ||||
| Net cash provided by financing activities | 55,272 | 68,687 | ||||||
| Net decrease in cash, cash equivalents and restricted cash | (84,455 | ) | (30,650 | ) | ||||
| Cash, cash equivalents and restricted cash at beginning of the period | 127,343 | 71,838 | ||||||
| Cash, cash equivalents and restricted cash at end of the period(1) | $ | 42,888 | $ | 41,188 | ||||
| (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, | ||||||||
| 2025 | 2024 | |||||||
| Cash and cash equivalents | $ | 39,559 | $ | 37,859 | ||||
| Restricted cash | 3,329 | 3,329 | ||||||
| Total cash, cash equivalents and restricted cash* | $ | 42,888 | $ | 41,188 | ||||
| * The total cash, including restricted cash, cash equivalents and investment securities as of June 30, 2025 was | ||||||||
| 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, | |||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||
| GAAP net loss per share, diluted | $ | (1.04 | ) | $ | (9.96 | ) | $ | (3.57 | ) | $ | (21.72 | ) | ||||||||
| Stock-based compensation expense | 0.20 | 2.84 | 0.52 | 5.26 | ||||||||||||||||
| Severance and related charges, net | — | (0.01 | ) | — | 0.71 | |||||||||||||||
| Non-GAAP net loss per share, diluted | $ | (0.84 | ) | $ | (7.13 | ) | $ | (3.05 | ) | $ | (15.75 | ) | ||||||||
| Reconciliation between GAAP and non-GAAP net loss: | ||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| June 30, | June 30, | |||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||
| GAAP net loss, diluted | $ | (18,541 | ) | $ | (34,454 | ) | $ | (44,324 | ) | $ | (74,398 | ) | ||||||||
| Stock-based compensation expense | 3,496 | 9,820 | 6,473 | 18,023 | ||||||||||||||||
| Severance and related charges, net | — | (49 | ) | (8 | ) | 2,426 | ||||||||||||||
| Non-GAAP net loss, diluted | $ | (15,045 | ) | $ | (24,683 | ) | $ | (37,859 | ) | $ | (53,949 | ) | ||||||||
| Reconciliation between GAAP and non-GAAP results of operations: | ||||||||||||||||||||
| Three Months Ended | Six Months Ended | |||||||||||||||||||
| June 30, | June 30, | |||||||||||||||||||
| 2025 | 2024 | 2025 | 2024 | |||||||||||||||||
| GAAP gross profit | $ | 11,867 | $ | 9,782 | $ | 22,933 | $ | 17,997 | ||||||||||||
| Stock-based compensation expense | 186 | 531 | 303 | 796 | ||||||||||||||||
| Severance and related charges, net | — | (78 | ) | — | 201 | |||||||||||||||
| Non-GAAP gross profit | $ | 12,053 | $ | 10,235 | $ | 23,236 | $ | 18,994 | ||||||||||||
| GAAP gross margin | 37.8 | % | 35.7 | % | 37.5 | % | 32.4 | % | ||||||||||||
| Stock-based compensation expense | 0.6 | 1.9 | 0.5 | 1.4 | ||||||||||||||||
| Severance and related charges, net | — | (0.3 | ) | — | 0.4 | |||||||||||||||
| Non-GAAP gross margin | 38.4 | % | 37.3 | % | 38.0 | % | 34.2 | % | ||||||||||||
| GAAP research and development expense | $ | 5,289 | $ | 9,734 | $ | 10,804 | $ | 22,369 | ||||||||||||
| Stock-based compensation expense | (750 | ) | (2,293 | ) | (1,309 | ) | (4,625 | ) | ||||||||||||
| Severance and related charges, net | — | 29 | (34 | ) | (963 | ) | ||||||||||||||
| Non-GAAP research and development expense | $ | 4,539 | $ | 7,470 | $ | 9,461 | $ | 16,781 | ||||||||||||
| GAAP sales and marketing expense | $ | 14,280 | $ | 18,128 | $ | 27,932 | $ | 39,176 | ||||||||||||
| Stock-based compensation expense | (933 | ) | (2,494 | ) | (1,412 | ) | (3,953 | ) | ||||||||||||
| Severance and related charges, net | — | (99 | ) | — | (892 | ) | ||||||||||||||
| Non-GAAP sales and marketing expense | $ | 13,347 | $ | 15,535 | $ | 26,520 | $ | 34,331 | ||||||||||||
| GAAP general and administrative expense | $ | 9,163 | $ | 12,684 | $ | 17,461 | $ | 24,128 | ||||||||||||
| Stock-based compensation expense | (1,627 | ) | (4,502 | ) | (3,449 | ) | (8,649 | ) | ||||||||||||
| Severance and related charges, net | — | 41 | 42 | (370 | ) | |||||||||||||||
| Non-GAAP general and administrative expense | $ | 7,536 | $ | 8,223 | $ | 14,054 | $ | 15,109 | ||||||||||||
| GAAP total operating expense | $ | 28,732 | $ | 40,546 | $ | 56,197 | $ | 85,673 | ||||||||||||
| Stock-based compensation expense | (3,310 | ) | (9,289 | ) | (6,170 | ) | (17,227 | ) | ||||||||||||
| Severance and related charges, net | — | (29 | ) | 8 | (2,225 | ) | ||||||||||||||
| Non-GAAP total operating expense | $ | 25,422 | $ | 31,228 | $ | 50,035 | $ | 66,221 | ||||||||||||
FAQ
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