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Outset Medical
Outset Medical (OM) investor relations material
Outset Medical Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.Q4 2025 earnings summary11 Feb, 2026
Executive summary
Achieved 2025 revenue of $119.5 million, up 5% year-over-year, with recurring revenue from consumables and services growing 6% to $88.7 million.
Gross margin expanded to 39.1% for the year and 42.4% in Q4, with product gross margin exceeding 50% in Q4.
Net loss narrowed to $81.7 million (GAAP) and $65.4 million (non-GAAP), a significant improvement over 2024.
Received FDA clearance for next-generation Tablo platform, enhancing cybersecurity and system reliability, with launch expected in Q2 2026.
Ended the year with $173 million in cash, cash equivalents, and investments.
Financial highlights
Q4 revenue was $28.9 million, with $19.9 million in product revenue and $9 million in service and other revenue.
Product revenue for 2025 was $84.8 million, up 5% year-over-year; service and other revenue was $34.7 million, up 6%.
Gross profit for 2025 was $46.8 million, up from $38.6 million in 2024.
Non-GAAP gross margin for Q4 expanded to 42.9%, and product gross margin exceeded 50% for the first time.
Non-GAAP operating expenses for 2025 were $97.8 million, a 19% reduction from 2024.
Outlook and guidance
2026 revenue expected between $125 million and $130 million, a 5–9% increase over 2025.
Non-GAAP gross margin projected in the low-to-mid 40% range, with potential for higher margins depending on product mix.
Operating expense growth to be about half the rate of sales growth; cash use in 2026 expected to be lower than $46 million used in 2025.
Q1 2026 revenue expected to be flat sequentially, with growth ramping through the year.
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Next Outset Medical earnings date
Q1 20266 May, 2026
Outset Medical
Next Outset Medical earnings date
Q1 20266 May, 2026
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Frequently asked questions
Outset Medical, Inc. (OutsetMedical), a medical technology company, develops a hemodialysis system for dialysis. The company offers Outset Select dialysis machine, which is a portable blood purification device that enables patients to receive hemodialysis in their home. Its products also comprise Outset Kidney Peritoneal Dialysis System and Outset Express blood purification device. OutsetMedical markets its products through direct sales force and independent field representatives in the United States, Canada and Europe. Outset Medical, Inc. is based in San Jose, California.
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