Outset Medical Reports Preliminary Third Quarter 2023 Financial Results
12 Octobre 2023 - 10:05PM
Business Wire
Conference Call Scheduled for 4:30 p.m.
ET
Outset Medical, Inc. (Nasdaq: OM) (“Outset” or the “Company”),
today announced preliminary financial results for the third quarter
ended Sept. 30, 2023, and provided updated financial guidance for
2023.
Preliminary revenue for the third quarter was $30.4 million, a
9% increase over revenue of $27.8 million in the third quarter of
2022. Outset now expects revenue for 2023 to be approximately $130
million. Preliminary gross margin for the third quarter was 23.6%,
or 25.6% on a non-GAAP basis, compared to 16.4% on a non-GAAP basis
in the third quarter of 2022. Total cash, including restricted
cash, cash equivalents and short-term investments, was $197 million
as of Sept. 30, 2023.
“Growth in the quarter was dampened by a larger-than-expected
impact in the field from the recent FDA warning letter, and early
signs of a more cautious outlook on capital spending that we see as
a headwind continuing through the fourth quarter,” said Leslie
Trigg, Chair and Chief Executive Officer. “Importantly, we did not
see deals fall out of our pipeline and our economic value
proposition remains resonant and differentiated. Our confidence
around generating sustained long-term growth and reaching
profitability remains high.”
Webcast and Conference Call Details
Outset will host a conference call today, Oct. 12, 2023, at 1:30
p.m. PT / 4:30 p.m. ET to discuss its preliminary third quarter
2023 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. The Company’s
financial measures under GAAP include stock-based compensation
expense, as listed in the itemized reconciliations between GAAP and
non‐GAAP financial measures included in this press release.
Management has excluded the effects of this non-cash expense item
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 expected results of
operations, including expected revenue and gross margin for the
third quarter of 2023, statements about the Company’s possible or
assumed future results of operations and financial position,
including expectations regarding projected revenues for 2023, gross
margin, operating expenses, capital expenditures, profitability and
outlook; 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.
The financial information contained in this press release is
preliminary, unaudited and subject to change or adjustment in
connection with the completion of the Company’s quarter-end closing
process and the preparation of its unaudited financial statements
for the third quarter ended Sept. 30, 2023, which will be contained
in the Company’s related Quarterly Report on Form 10-Q.
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.
Appendix A
Outset Medical, Inc.
Gross Margin –
Non-GAAP
(unaudited)
Reconciliation between preliminary GAAP
and non-GAAP gross margin:
Three Months Ended
Nine Months Ended
September 30,
September 30,
2023
2022
2023
2022
Preliminary GAAP gross margin
23.6
%
15.6
%
21.5
%
15.1
%
Preliminary stock-based compensation
expense
2.0
0.8
1.4
0.6
Preliminary non-GAAP gross margin
25.6
%
16.4
%
22.9
%
15.7
%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20231012954921/en/
Investor Contact Jim Mazzola Outset Medical 858-342-8272
jmazzola@outsetmedical.com Media Contact Nicole Shannon
Director, Marketing Communications for Outset Medical
nshannon@outsetmedical.com
Outset Medical (NASDAQ:OM)
Graphique Historique de l'Action
De Mai 2024 à Juin 2024
Outset Medical (NASDAQ:OM)
Graphique Historique de l'Action
De Juin 2023 à Juin 2024