olivLaw · US equity research
Outset Medical, Inc. OM
Electromedical & Electrotherapeutic Apparatus · SIC 3845 · Vertical: Electromedical & Electrotherapeutic Apparatus (SIC 3845)
Outset Medical develops the Tablo hemodialysis system, a single solution usable from hospital to home that aims to lower the cost and complexity of dialysis. The company is pushing to expand as fleet refreshes emerge as an opportunity, with 2026 revenue guided to 125 to 130 million USD.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Outset Medical, Inc. (OM) stock was 4.44 USD (+6.99% on the day), with market capitalisation 83.8 m USD, beta 1.67, 52-week range 2.96–12.56 USD. Latest reported quarter (Q3 2026): revenue of 33.6 m USD (+14.2% YoY), net income of -14.7 m USD, diluted EPS -0.78 USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
Loading chart…
Technical reading
- RSI (14)
- 61.7
- strong (55–70)
- Bollinger (20, 2)
- 3.79 – 4.41
- above the upper band · %B 1.05 · band width 15.0%
- SMA 50 / 200
- 3.73 / 4.14
- mixed trend
- MACD (12, 26, 9)
- 0.13 / 0.13
- MACD above signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | +8.3% | −1.1% | +9.4 pp | — |
| 3 months | −13.3% | −0.5% | −12.8 pp | — |
| 6 months | −1.6% | +4.4% | −5.9 pp | — |
| Year to date | +19.7% | +12.3% | +7.4 pp | — |
| 1 year | −65.2% | +13.5% | −78.8 pp | −0.4% |
| 3 years | −93.0% | +76.4% | −169.4 pp | −17.4% |
| 5 years | −99.5% | +63.7% | −163.2 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q3 2026 · 30 Sept 2026
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q4 '24 | Q1 '25 | Q2 '25 | Q3 '25 | Q4 '25 | Q1 '26 | Q2 '26 | Q3 '26 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 29.5 m | 29.8 m | 31.4 m | 29.4 m | 28.9 m | 27.9 m | 31.6 m | 33.6 m |
| Cost of revenue | 18.7 m | 18.7 m | 19.6 m | 17.8 m | 16.6 m | 15.8 m | 18.4 m | 19.9 m |
| Gross profit | 10.7 m | 11.1 m | 11.9 m | 11.6 m | 12.2 m | 12.1 m | 13.3 m | 13.7 m |
| Research & development | 7.9 m | 5.5 m | 5.3 m | 5.4 m | 5.1 m | 5.6 m | 5.5 m | 5.9 m |
| Operating income | -21.9 m | -16.4 m | -16.9 m | -15.8 m | -17.6 m | -16.9 m | -15.7 m | -12.3 m |
| Depreciation & amortisation | 1.4 m | 1.3 m | 1.2 m ≈ | 1.0 m ≈ | 881.0 k | 795.0 k | 627.0 k ≈ | 666.0 k ≈ |
| Interest expense | 5.8 m | 3.6 m | 3.5 m | 3.5 m | 3.4 m | 3.4 m | 3.4 m | 3.5 m |
| Pre-tax income | -25.6 m | -25.7 m | -18.4 m | -17.4 m | -19.4 m | -18.8 m | -17.8 m | -14.5 m |
| Income tax | -4.0 k | 115.0 k | 104.0 k | 404.0 k | 95.0 k | 217.0 k | 220.0 k | 153.0 k |
| Net income | -25.6 m | -25.8 m | -18.5 m | -17.8 m | -19.5 m | -19.0 m | -18.0 m | -14.7 m |
| Diluted EPS | -7,290.55 ≈ | -3.66 | -1.04 | -1.00 | -1,075.19 ≈ | -1.03 | -0.97 | -0.78 |
| Operating cash flow | -16.5 m | -25.7 m | -4.8 m ≈ | -6.3 m ≈ | -9.5 m | -12.8 m | -9.6 m ≈ | -10.4 m ≈ |
| Capex | 43.0 k | 123.0 k | 292.0 k ≈ | 160.0 k ≈ | 223.0 k | 65.0 k | 111.0 k ≈ | 109.0 k ≈ |
≈ derived quarter (cumulative difference / share-days average)
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Fiscal years
| Fiscal year | 2018 | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|---|---|---|
| Revenue | 2.0 m | 15.1 m | 49.9 m | 102.6 m | 115.4 m | 130.4 m | 113.7 m | 119.5 m |
| Revenue YoY | unavailable | +651.3% | +231.2% | +105.5% | +12.4% | +13.0% | −12.8% | +5.1% |
| Net income | -49.8 m | -68.3 m | -121.5 m | -131.9 m | -163.0 m | -172.8 m | -128.0 m | -81.7 m |
| Net income YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| Diluted EPS | unavailable | unavailable | -4.85 | -2.89 | -3.38 | -52.28 | -36.96 | -5.37 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable | unavailable |
| net % | -2,480.3% | -453.0% | -243.3% | -128.6% | -141.2% | -132.5% | -112.6% | -68.3% |
| Free cash flow | -48.2 m | -73.6 m | -108.1 m | -133.4 m | -154.1 m | -134.8 m | -117.2 m | -47.1 m |
Reported results vs expectations
Loading…
Balance sheet & financial health
Fiscal year 2025 · 31 Dec 2025
- Cash
- 35.0 m USD
- Financial debt
- 96.2 m USD
- Net debt
- 61.2 m USD
- Equity
- 127.0 m USD
- Total assets
- 264.5 m USD
- Debt / equity
- 0.76x
- Current ratio
- 6.67x
- ROE
- -106.2%
- ROA
- -30.2%
- FCF margin
- -39.4%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 49.9 m | 102.6 m | 115.4 m | 130.4 m | 113.7 m | 119.5 m | SEC (XBRL)· 13 Feb 2026verified |
| Cost of revenue | 63.0 m | 95.0 m | 97.5 m | 101.4 m | 75.1 m | 72.7 m | SEC (XBRL)· 13 Feb 2026verified |
| Gross profit | -13.0 m | 7.6 m | 17.8 m | 29.0 m | 38.6 m | 46.8 m | SEC (XBRL)· 13 Feb 2026verified |
| Research & development | 28.9 m | 36.7 m | 48.9 m | 57.3 m | 38.4 m | 21.2 m | SEC (XBRL)· 13 Feb 2026verified |
| Operating income | -117.5 m | -130.5 m | -161.0 m | -169.8 m | -113.4 m | -66.7 m | SEC (XBRL)· 13 Feb 2026verified |
| Depreciation & amortisation | 3.2 m | 5.2 m | 5.2 m | 5.8 m | 5.7 m | 4.3 m | SEC (XBRL)· 13 Feb 2026verified |
| EBITDA | -114.3 m ≈ | -125.4 m ≈ | -155.9 m ≈ | -164.0 m ≈ | -107.6 m ≈ | -62.4 m ≈ | SEC (XBRL)· 13 Feb 2026derived |
| Interest expense | 2.9 m | 1.7 m | 3.6 m | 12.7 m | 23.9 m | 14.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Pre-tax income | -121.5 m | -131.7 m | -162.7 m | -172.3 m | -127.5 m | -80.9 m | SEC (XBRL)· 13 Feb 2026verified |
| Income tax | 0 | 199.0 k | 295.0 k | 523.0 k | 491.0 k | 718.0 k | SEC (XBRL)· 13 Feb 2026verified |
| Net income | -121.5 m | -131.9 m | -163.0 m | -172.8 m | -128.0 m | -81.7 m | SEC (XBRL)· 13 Feb 2026verified |
| Diluted EPS | -4.85 | -2.89 | -3.38 | -52.28 | -36.96 | -5.37 | SEC (XBRL)· 13 Feb 2026verified |
| Weighted average diluted shares | 16.4 k | 45.6 k | 48.2 k | 3.3 k | 3.5 k | 15.2 k | SEC (XBRL)· 13 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 295.0 m | 182.3 m | 73.2 m | 68.5 m | 124.0 m | 35.0 m | SEC (XBRL)· 13 Feb 2026verified |
| Receivables | 6.5 m | 25.6 m | 28.1 m | 33.0 m | 35.6 m | 28.3 m | SEC (XBRL)· 13 Feb 2026verified |
| Inventories | 18.4 m | 39.2 m | 51.5 m | 49.2 m | 59.4 m | 47.6 m | SEC (XBRL)· 13 Feb 2026verified |
| Current assets | 345.9 m | 409.8 m | 373.6 m | 291.2 m | 258.2 m | 250.9 m | SEC (XBRL)· 13 Feb 2026verified |
| Property, plant & equipment, net | 15.0 m | 13.0 m | 15.9 m | 13.3 m | 8.1 m | 4.7 m | SEC (XBRL)· 13 Feb 2026verified |
| Total assets | 403.8 m | 463.5 m | 400.1 m | 313.8 m | 275.8 m | 264.5 m | SEC (XBRL)· 13 Feb 2026verified |
| Accounts payable | 4.9 m | 1.8 m | 603.0 k | 5.8 m | 3.9 m | 554.0 k | SEC (XBRL)· 13 Feb 2026verified |
| Short-term debt | 2.0 m | 2.0 m | 4.8 m | — | — | — | SEC (XBRL)· 13 Feb 2023verified |
| Long-term debt | 29.7 m | 29.8 m | 96.3 m | 130.1 m | 197.4 m | 96.2 m | SEC (XBRL)· 13 Feb 2026verified |
| Current liabilities | 36.7 m | 51.7 m | 51.9 m | 55.3 m | 45.4 m | 37.6 m | SEC (XBRL)· 13 Feb 2026verified |
| Total liabilities | 75.2 m | 89.4 m | 154.1 m | 190.9 m | 249.0 m | 137.5 m | SEC (XBRL)· 13 Feb 2026verified |
| Equity | 328.6 m † | 374.1 m † | 246.0 m † | 122.9 m † | 26.8 m † | 127.0 m † | SEC (XBRL)· 13 Feb 2026verified |
† equity attributable to the parent's shareholders: in these years the issuer no longer reports the total including non-controlling interests.
Cash flow · USD
| Line | 2020 | 2021 | 2022 | 2023 | 2024 | 2025 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | -99.0 m | -130.3 m | -145.7 m | -131.4 m | -116.3 m | -46.3 m | SEC (XBRL)· 13 Feb 2026verified |
| Capex | 9.1 m | 3.1 m | 8.3 m | 3.4 m | 912.0 k | 798.0 k | SEC (XBRL)· 13 Feb 2026verified |
| Free cash flow | -108.1 m ≈ | -133.4 m ≈ | -154.1 m ≈ | -134.8 m ≈ | -117.2 m ≈ | -47.1 m ≈ | SEC (XBRL)· 13 Feb 2026derived |
| Investing cash flow | 3.9 m | -142.5 m | -66.3 m | 83.0 m | 103.9 m | -97.7 m | SEC (XBRL)· 13 Feb 2026verified |
| Financing cash flow | 385.7 m | 160.1 m | 72.9 m | 43.7 m | 67.9 m | 55.5 m | SEC (XBRL)· 13 Feb 2026verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
1 indicators that do not apply to the sector.
Valuation
olivLaw classification
- score weight coverage: 43.8% of at least 60%
- valuation methods computed: 0 of at least 1
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 83.8 m USD
Key indicators
Coverage and freshness
Score by group
44% · Insufficient data
Estimated value range
unavailable — no valuation method could be computed
Valuation assumptions are editorial choices, not measured; beta is not measured.
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDAunavailable · the base of the ratio is not positive
- Peers: P/Eunavailable · the base of the ratio is not positive
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
no valuation method could be computed
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Insufficient data
Minimum-evidence gate: score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | -30.1% | 20 (vs peers) | 24% |
| Net margin · Quality | -58.3% | 41 (vs peers) | 14% |
| FCF conversion · Quality | unavailable | unavailable | — |
| Revenue CAGR 3Y · Growth | 1.2% | 10 (on a fixed band) | 19% |
| EPS CAGR 3Y · Growth | unavailable | unavailable | — |
| Net debt / EBITDA · Balance sheet | unavailable | unavailable | — |
| Interest coverage · Balance sheet | -4.5x | 0 (on a fixed band) | 14% |
| Current ratio · Balance sheet | 4.9x | 100 (on a fixed band) | 10% |
| P/E (TTM) · Valuation | unavailable | unavailable | — |
| EV/EBITDA · Valuation | unavailable | unavailable | — |
| FCF yield · Valuation | -51.2% | 0 (on a fixed band) | 19% |
| Shareholder yield (distributions) · Returns | unavailable | unavailable | — |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet40/100 · 2/3 factors with a value
- Growth· partial10/100 · 1/2 factors with a value
- Quality28/100 · 2/3 factors with a value
- Returns· partialunavailable · 0/2 factors with a value
- Valuation· partial0/100 · 1/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Outset Medical, Inc. (OM). Latest full fiscal year: 2025; data up to 2026-09-30.
Figures computed from the financial statements: revenue 119.5 m USD in 2025; YoY growth 5.1%; net margin -58.3%; ROE -63.0%.
Valuation cannot be computed from the available data.
Insufficient data for a verdict (score weight coverage: 43.8% of at least 60%; valuation methods computed: 0 of at least 1).
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- Current ratio: 4.9x
What contradicts it
- ROIC: -30.1%
- Revenue CAGR 3Y: 1.2%
- Interest coverage: -4.5x
- FCF yield: -51.2%
Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, Shareholder yield (distributions), Payout ratio (FCF).
Versus the vertical median
Electromedical & Electrotherapeutic Apparatus (SIC 3845) · same industry (4-digit SIC) · compared with 24 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| MDTMedtronic plc | 134.3 bn | 25.8 | 10.7% | 13.9% | +8.4% | −0% / +32% |
| LIVNLivaNova PLC | 5.2 bn | 31.3 | 15.5% | 13.0% | +10.7% | +48% / +110% |
| ITGRInteger Holdings Corporation | 4.3 bn | 42.5 | 6.0% | 5.7% | +8.0% | +75% / +45% |
| AXGNAxogen, Inc. | 3.1 bn | — | -10.3% | -12.0% | +20.2% | +79% / +684% |
| TMDXTransMedics Group, Inc. | 2.5 bn | 18.9 | 36.3% | 22.7% | +37.1% | −50% / −4% |
| BLFSBioLife Solutions, Inc. | 1.9 bn | 33.5 | 15.1% | 56.4% | +28.9% | unavailable / unavailable |
| CNMDConmed Corporation | 1.6 bn | 21.8 | 7.1% | 5.4% | +5.2% | +24% / −50% |
| CBLLCeriBell, Inc. | 1.1 bn | — | -52.5% | -68.0% | +36.1% | +61% / unavailable |
| INMDInMode Ltd. | 899.7 m | 9.9 | 13.5% | 25.3% | −6.2% | −0% / −40% |
| CVCapsoVision, Inc | 342.8 m | — | — | -214.7% | +15.3% | +23% / unavailable |
| ELMDElectromed, Inc. | 234.3 m | 21.5 | 23.3% | 15.3% | +15.3% | +5% / +172% |
| FOCLEdap Tms SA | 162.9 m | — | -321.7% | -49.1% | +1.6% | +81% / −17% |
| VANIVivani Medical, Inc. | 96.5 m | — | -220.4% | — | unavailable | −21% / +13% |
| STXSStereotaxis, Inc. | 95.9 m | — | -325.9% | -74.2% | +20.3% | −61% / −42% |
| NRXSNeuraxis, Inc. | 86.1 m | — | -139.8% | -144.4% | +32.9% | +147% / +117% |
| OMOutset Medical, Inc. | 83.8 m | — | -63.0% | -58.3% | +5.1% | −65% / −93% |
| ECORelectroCore, Inc. | 77.5 m | — | — | -33.5% | +27.2% | +66% / +49% |
| POCIPrecision Optics Corporation, Inc. | 53.1 m | — | -22.3% | -11.5% | +65.2% | +3% / −18% |
| NXLNexalin Technology, Inc. | 34.4 m | — | -240.3% | -4,139.4% | +78.8% | −95% / −87% |
| QTIQt Imaging Holdings, Inc. | 32.1 m | — | -2,125.0% | -77.3% | +287.9% | −64% / −99% |
| NUWENuwellis, Inc. | 19.2 m | — | — | -125.6% | −5.4% | −94% / −100% |
| IRIXIridex Corp | 12.6 m | — | -73.1% | -6.9% | unavailable | −26% / −72% |
| NDRAEndra Life Sciences Inc. | 7.4 m | — | -152.0% | — | unavailable | −16% / −100% |
| ITOCiTonic Holdings Ltd | — | — | -82.8% | -974.7% | +16.7% | −80% / unavailable |
| HYPRHyperfine, Inc. | 0 | — | -97.0% | -210.8% | +5.2% | −30% / −41% |
1- and 3-year price returns: for OM from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 3 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
| 5 years | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable | insufficient data Total return unavailable · Per year unavailable |
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
In brief
Outset Medical develops the Tablo hemodialysis system, a single solution usable from hospital to home that aims to lower the cost and complexity of dialysis. The company is pushing to expand as fleet refreshes emerge as an opportunity, with 2026 revenue guided to 125 to 130 million USD 13.
SWOT
Strengths
- Tablo combines water purification and dialysate production in one console, removing the need for heavy infrastructure and offering flexible use across several settings 1.
- Gross margin rose significantly in the second quarter of 2026, showing that some cost initiatives are delivering results 3.
- The cloud data platform and remote updates enable efficient monitoring and maintenance of the fleet, which reduces service costs 12.
Weaknesses
- The company continues to lose money and has not yet reached profitability, and its accumulated deficit is very large 1.
- Revenue depends heavily on a single product and a limited number of large customers, which increases exposure to losing a contract 1.
- The company received a warning letter from the FDA and paused distribution of one accessory, which disrupted operations 1.
Opportunities
- The fleet refresh opens a new revenue source and could improve order visibility if more customers follow 3.
- Expansion into home hemodialysis and post-acute facilities could add new customers if adoption grows 1.
- If health systems move toward enterprise models, the company's integrated solution could become more attractive 1.
Risks
- Persistent net losseshigh
The company expects to keep incurring losses, and profitability is not assured even if revenue grows 1.
- Dependence on a single producthigh
Revenue comes almost entirely from the Tablo system and its consumables, so a product problem could affect the whole business 1.
- FDA regulationmedium
The company received a warning letter from the FDA in the past, and compliance problems could interrupt sales or manufacturing 1.
- Tariffs and supply chainmedium
Manufacturing in Mexico and components sourced from China expose the company to tariff changes that could raise costs or disrupt deliveries 1.
- Budget-constrained customersmedium
Hospitals under financial pressure could delay purchases or reduce orders, which would slow growth 1.
Investment thesis
What would need to be true (bull case)
- If the fleet refresh extends to other large customers, order visibility could improve significantly 3.
- Rising gross margins suggest that the strategy of lowering production and service costs could keep supporting profitability 3.
- If adoption in home and post-acute settings grows, the company could diversify its revenue sources 12.
What would break the thesis
- The company has not yet reached profitability, and if revenue grows slowly, losses could continue and may require additional financing 1.
- Large competitors could respond with more aggressive pricing, which could limit the company's ability to maintain margins 1.
- If customers keep postponing purchases because of financing costs, sales cycles could remain long 1.
What to watch
- Pace of fleet refreshes and new contracts similar to the 40 million USD agreementQ3 2026
- Gross margin trajectory against the non-GAAP guidance of the low to mid 40s percent2026
- Outcome of the Section 232 investigation into imports of medical equipment2026
- Progress of sales for home hemodialysis and post-acute facilitiesnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 06 Aug 2026; since then the company filed 8-K (04 Nov 2026 · results), 10-Q (04 Nov 2026).
The business
Outset Medical is a medical technology company developing the Tablo system, a dialysis machine that combines water purification and on-demand dialysate production in one compact console requiring only an electrical outlet and tap water 1. Tablo is FDA-cleared for hospital, clinic or home use, and the company presents it as an enterprise solution that lets providers standardize on one platform 1. Revenue comes from console placements, recurring consumables such as the Tablo cartridge, and services, and total revenue for the second quarter of 2026 was 31.6 million USD 13.
The company has focused so far on adoption in the acute setting, where it has helped nearly 1,000 acute-care facilities, and is extending toward post-acute providers and patients dialyzing at home 1. Tablo connects to the cloud, streams device performance data continuously and receives over-the-air updates, which the company says reduces service visits and improves uptime 12.
Segments
Consumables and recurring services
Consumables, especially the Tablo cartridge, made up the largest share of revenue at 45% in 2025, while service and other revenue added a further 29% 1. Recurring revenue was roughly flat in the second quarter of 2026 at 22.1 million USD 3.
Tablo consoles
The console, with integrated water purification and dialysate production, generated 26% of revenue in 2025 and acts as the initial sale that creates the installed base for consumables and services 1.
Fleet refresh
A three-year agreement worth 40 million USD with a large health system covers refreshing the existing Tablo fleet, and it is the company's first such refresh agreement 3. If similar contracts follow, they could improve order visibility.
Market context
The target market is dialysis, an expensive treatment for patients with kidney failure, and the company says it wants to offer a cheaper and simpler alternative in both hospitals and the home 1. The company argues that its value depends on Tablo being adopted as a solution across the full continuum of care, though the analyzed sources give no market size figure 1.
The home hemodialysis market is described as having growth potential, and Outset pursues it through partnerships with clinic providers and health systems, but the growth of this market remains uncertain and depends on its development 1.
Trends
- Financial pressure on hospitalsheadwind
Customers have deferred purchase decisions amid higher interest rates and tighter capital budgets, which lengthened the sales cycle from the second half of 2023 through 2025 1. If this pressure persists, demand for new systems could remain weak.
- Shift to enterprise purchasingtailwind
The market is moving toward system-wide decisions in which total cost of care matters more than the device price, which favors solutions such as Tablo 1. The company is preparing to sell more intensively on this enterprise model.
- Tariffs and tradeheadwind
According to the company, Tablo and its consumables are covered by a tariff exemption, but a 2025 investigation into imports of medical equipment could change that exemption or extend tariffs 1. The company notes the outcome is uncertain.
- Demand for home and post-acute dialysismixed
Interest in home treatment and post-acute facilities is growing, and Tablo is presented as reducing training time and patient dropout, which could speed adoption 12. The effect depends on how quickly these markets develop.
Competitive position
Competitors include device makers such as Fresenius Medical Care, the largest player and vertically integrated, Mozarc Medical, B. Braun and Vantive, as well as the dialysis provider DaVita 1. Quanta Dialysis Technologies received FDA clearance for home use in 2024, which intensifies competition in the home segment 1.
Many competitors have far greater financial, marketing and personnel resources, stronger brand recognition and longer operating histories than Outset Medical, which could make adoption harder 1. The company says its differentiation comes from a complete solution spanning hospital to home 1.
- Fresenius Medical Care
Largest competitor, vertically integrated, manufacturing dialysis products and operating dialysis clinics, and active in home hemodialysis through its acquisition of NxStage 1.
- DaVita
Dialysis service provider that, together with Medtronic, formed the dialysis products joint venture Mozarc Medical 1.
- Mozarc Medical
Dialysis products joint venture formed by DaVita and Medtronic, competing in hospitals and on the product side 1.
- Quanta Dialysis Technologies
Dialysis system cleared by the FDA for use in acute, chronic and home settings, including home use cleared in 2024 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
Loading the links…
News & filings
In the press
No news in our archive over the last 180 days.
SEC filings
- Quarterly report04 Nov 2026
- Current report04 Nov 2026Results of operations · Financial statements and exhibits
- Current report28 Aug 2026Departure or appointment of officers
- Quarterly report06 Aug 2026
- Current report06 Aug 2026Results of operations · Financial statements and exhibits
- Current report17 Jun 2026Material agreement · Results of operations · Financial statements and exhibits
- Current report05 Jun 2026Shareholder vote
- Current report29 May 2026Departure or appointment of officers
- Quarterly report07 May 2026
- Current report07 May 2026Results of operations · Financial statements and exhibits
Sources
- [1] Form 10-K, fiscal year ended 2025-12-31 · SEC / Outset Medical, Inc. · 13 Feb 2026
- [2] Form 10-Q, quarter ended 2026-06-30 · SEC / Outset Medical, Inc. · 06 Aug 2026
- [3] Form 8-K, results release (exhibit 99.1) · SEC / Outset Medical, Inc. · 06 Aug 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.