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Outset Medical, Inc.

CIK:0001484612|SEC Filings

Condensed Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025	Jun. 30, 2026	Jun. 30, 2025
Revenue:
Revenue	$ 31,635	$ 31,419	$ 59,498	$ 61,171
Cost of revenue:
Cost of revenue	18,353	19,552	34,121	38,238
Gross profit	13,282	11,867	25,377	22,933
Operating expenses:
Research and development	5,450	5,289	11,068	10,804
Sales and marketing	12,152	14,280	25,431	27,932
General and administrative	11,356	9,163	21,473	17,461
Total operating expenses	28,958	28,732	57,972	56,197
Loss from operations	(15,676)	(16,865)	(32,595)	(33,264)
Interest income and other income, net	1,354	1,903	2,881	3,879
Interest expense	(3,442)	(3,475)	(6,811)	(7,035)
Loss on extinguishment of term loan	0	0	0	(7,685)
Loss before provision for income taxes	(17,764)	(18,437)	(36,525)	(44,105)
Provision for income taxes	220	104	437	219
Net loss	$ (17,984)	$ (18,541)	$ (36,962)	$ (44,324)
Net loss per share, basic	$ (0.97)	$ (1.04)	$ (2)	$ (3.57)
Net loss per share,diluted	$ (0.97)	$ (1.04)	$ (2)	$ (3.57)
Shares used in computing net loss per share, basic	18,619	17,743	18,496	12,420
Shares used in computing net loss per share, diluted	18,619	17,743	18,496	12,420
Product Revenue
Revenue:
Revenue	$ 21,908	$ 23,082	$ 40,458	$ 44,376
Cost of revenue:
Cost of revenue	11,799	11,791	20,632	22,793
Service and Other Revenue
Revenue:
Revenue	9,727	8,337	19,040	16,795
Cost of revenue:
Cost of revenue	$ 6,554	$ 7,761	$ 13,489	$ 15,445

Condensed Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2026	Jun. 30, 2025
Cash flows from operating activities:
Net loss	$ (36,962)	$ (44,324)
Adjustments to reconcile net loss to net cash used in operating activities:
Stock-based compensation expense	6,149	6,473
Depreciation and amortization	1,422	2,449
Non-cash lease expense	805	772
Non-cash interest expense	1,410	1,335
Amortization of premium on investments, net	(798)	(1,028)
Change in provision for inventories	88	(160)
Loss on disposal of property and equipment	0	2
Change in provision for credit losses	733	1,622
Loss on extinguishment of term loan	0	7,685
Changes in operating assets and liabilities:
Accounts receivable	(1,627)	(893)
Inventories	96	7,297
Prepaid expenses and other assets	1,787	468
Accounts payable	3,833	(2,502)
Accrued compensation and related benefits	(1,662)	(7,032)
Accrued expenses and other current liabilities	3,489	610
Accrued warranty liability	(576)	(698)
Deferred revenue	144	999
Operating lease liabilities	(810)	(866)
Accrued interest	0	(2,695)
Net cash used in operating activities	(22,479)	(30,486)
Cash flows from investing activities:
Purchases of property and equipment	(176)	(415)
Purchases of investment securities	(41,542)	(153,653)
Sales and maturities of investment securities	63,783	44,827
Net cash used in investing activities	22,065	(109,241)
Cash flows from financing activities:
Proceeds from stock option exercises and ESPP purchases	506	408
Payments on finance lease liabilities	(93)	0
Proceeds from issuance of term loans, net of issuance costs	0	98,270
Repayment of term loan and extinguishment costs	0	(204,954)
Proceeds from issuance of Series A convertible preferred stock, net of issuance costs	0	161,548
Net cash provided by financing activities	413	55,272
Net decrease in cash, cash equivalents and restricted cash	(1)	(84,455)
Cash, cash equivalents and restricted cash as of beginning of period	38,835	127,343
Cash, cash equivalents and restricted cash as of end of period	38,834	42,888
Summary of cash, cash equivalents and restricted cash reported within the balance sheets:
Cash and cash equivalents	35,005	39,559
Restricted cash	3,829	3,329
Total cash, cash equivalents and restricted cash	38,834	42,888
Supplemental cash flow disclosures:
Cash paid for income taxes	670	212
Cash paid for interest	5,375	10,140
Cash paid for amounts included in the measurement of operating lease liabilities	810	866
Supplemental non-cash investing and financing activities:
Right-of-use assets obtained in exchange for finance lease liabilities	1,801
Right-of-use assets obtained in exchange for operating lease liabilities	895
Fair value of common stock warrant	$ 0	$ 4,367

Condensed Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2026	Dec. 31, 2025
Current assets:
Cash and cash equivalents	$ 35,005	$ 35,006
Short-term investments	112,189	133,940
Accounts receivable, net	29,223	28,329
Inventories	47,315	47,609
Prepaid expenses and other current assets	4,118	5,999
Total current assets	227,850	250,883
Restricted cash	3,829	3,829
Property and equipment, net	3,711	4,670
Operating lease right-of-use assets	4,887	4,797
Finance lease right-of-use assets	1,697	0
Other assets	411	317
Total assets	242,385	264,496
Current liabilities:
Accounts payable	4,455	554
Accrued compensation and related benefits	9,073	10,735
Accrued expenses and other current liabilities	12,929	9,433
Accrued warranty liability	797	1,374
Deferred revenue, current	14,043	13,795
Operating lease liabilities, current	2,035	1,739
Finance lease liabilities, current	559	0
Total current liabilities	43,891	37,630
Deferred revenue	302	406
Operating lease liabilities	3,059	3,271
Finance lease liabilities	1,149	0
Term loan	97,647	96,237
Total liabilities	146,048	137,544
Commitments and contingencies (Note 6)
Stockholders' equity:
Preferred Stock, $0.001 par value; 5,000 shares authorized, and no shares issued and outstanding as of June 30, 2026 and December 31, 2025	0	0
Common stock, $0.001 par value; 300,000 shares authorized as of June 30, 2026 and December 31, 2025; 18,797 and 18,169 shares issued and outstanding as of June 30, 2026 and December 31, 2025, respectively	19	18
Additional paid-in capital	1,304,792	1,298,138
Accumulated other comprehensive loss	(136)	172
Accumulated deficit	(1,208,338)	(1,171,376)
Total stockholders' equity	96,337	126,952
Total liabilities and stockholders' equity	$ 242,385	$ 264,496