What is Outset Medical's operating income?

Outset Medical's total operating income in 2025 was -$66.71 million, based on the following breakdown: Total Gross Profit: $46.75 million Total Operating Expenses: $113.46 million

Outset Medical (OM) Financials

$3.73 -0.13 (-3.37%)

Closing price 11/13/2026 04:00 PM Eastern

Extended Trading

$3.72 0.00 (-0.13%)

As of 11/13/2026 04:15 PM Eastern

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Annual Income Statements for Outset Medical

This table shows Outset Medical's income and expenses over time, based on annual financial data. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Income / (Loss) Attributable to Common Shareholders	-73	-68	-121	-132	-163	-173	-128	-82
Consolidated Net Income / (Loss)	-50	-68	-121	-132	-163	-173	-128	-82
Net Income / (Loss) Continuing Operations	-50	-68	-121	-132	-163	-173	-128	-82
Total Pre-Tax Income	-50	-68	-121	-132	-163	-172	-127	-81
Total Operating Income	-47	-70	-117	-131	-161	-170	-113	-67
Total Gross Profit	-6.12	-18	-13	7.61	18	29	39	47
Total Revenue	2.01	15	50	103	115	130	114	119
Operating Revenue	2.01	15	50	103	115	130	114	119
Total Cost of Revenue	8.12	33	63	95	98	101	75	73
Operating Cost of Revenue	8.12	33	63	95	98	101	75	73
Total Operating Expenses	40	53	104	138	179	199	152	113
Selling, General & Admin Expense	6.25	8.92	31	36	41	45	43	38
Marketing Expense	11	20	45	65	89	96	70	54
Research & Development Expense	23	23	29	37	49	57	38	21
Total Other Income / (Expense), net	-3.19	2.03	0.53	-1.22	-1.64	-2.50	-14	-14
Interest Expense	4.64	4.26	4.46	1.72	4.93	13	24	22
Other Income / (Expense), net	1.45	6.29	0.09	0.50	3.29	10	9.76	7.41
Income Tax Expense	0.03	0.02	0.00	0.20	0.30	0.52	0.49	0.72
Basic Earnings per Share	($100.75)	($99.58)	($4.85)	($2.89)	($3.38)	($52.28)	($36.96)	($5.37)
Weighted Average Basic Shares Outstanding	725K	858K	16.36K	45.59M	48.16M	3.31M	3.46M	15.21M
Diluted Earnings per Share	($100.75)	($99.58)	($4.85)	($2.89)	($3.38)	($52.28)	($36.96)	($5.37)
Weighted Average Diluted Shares Outstanding	725K	858K	16.36K	45.59M	48.16M	3.31M	3.46M	15.21M
Weighted Average Basic & Diluted Shares Outstanding	725K	858K	16.36M	45.59M	48.64M	50.51M	53.90M	18.31M

This table shows Outset Medical's income and expenses over time, based on quarterly financial data. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026	9/30/2026
Net Income / (Loss) Attributable to Common Shareholders	-40	-34	-28	-26	-26	-19	-18	-19	-19	-18	-15
Consolidated Net Income / (Loss)	-40	-34	-28	-26	-26	-19	-18	-19	-19	-18	-15
Net Income / (Loss) Continuing Operations	-40	-34	-28	-26	-26	-19	-18	-19	-19	-18	-15
Total Pre-Tax Income	-40	-34	-28	-26	-26	-18	-17	-19	-19	-18	-15
Total Operating Income	-37	-31	-24	-22	-16	-17	-16	-18	-17	-16	-12
Total Gross Profit	8.22	9.78	9.82	11	11	12	12	12	12	13	14
Total Revenue	28	27	29	29	30	31	29	29	28	32	34
Operating Revenue	28	27	29	29	30	31	29	29	28	32	34
Total Cost of Revenue	20	18	19	19	19	20	18	17	16	18	20
Operating Cost of Revenue	20	18	19	19	19	20	18	17	16	18	20
Total Operating Expenses	45	41	34	33	27	29	27	30	29	29	26
Selling, General & Admin Expense	11	13	10	9.27	8.30	9.16	8.48	12	10	11	8.31
Marketing Expense	21	18	15	15	14	14	14	13	13	12	12
Research & Development Expense	13	9.73	8.14	7.89	5.52	5.29	5.38	5.06	5.62	5.45	5.90
Total Other Income / (Expense), net	-2.87	-3.54	-3.92	-3.78	-9.27	-1.57	-1.62	-1.77	-1.84	-2.09	-2.26
Interest Expense	5.97	6.01	6.07	5.83	11	3.48	3.48	3.44	3.37	3.44	3.51
Other Income / (Expense), net	3.10	2.47	2.15	2.04	1.98	1.90	1.86	1.67	1.53	1.35	1.24
Income Tax Expense	0.16	0.15	0.18	-0.00	0.12	0.10	0.40	0.10	0.22	0.22	0.15
Basic Earnings per Share	($11.77)	($9.96)	($8.02)	($0.47)	($3.66)	($1.04)	($1.00)	($1.28)	($1.03)	($0.97)	($0.78)
Weighted Average Basic Shares Outstanding	3.39M	3.46M	3.48M	51.95M	7.04M	17.74M	17.78M	15.21M	18.37M	18.62M	18.83M
Diluted Earnings per Share	($11.77)	($9.96)	($8.02)	($0.47)	($3.66)	($1.04)	($1.00)	($1.28)	($1.03)	($0.97)	($0.78)
Weighted Average Diluted Shares Outstanding	3.39M	3.46M	3.48M	51.95M	7.04M	17.74M	17.78M	15.21M	18.37M	18.62M	18.83M
Weighted Average Basic & Diluted Shares Outstanding	51.72M	52.09M	52.54M	53.90M	17.72M	17.77M	18.15M	18.31M	18.54M	18.80M	18.87M

This table details how cash moves in and out of Outset Medical's business through operations, investing, and financing, using annual figures. All values are USD millions unless otherwise specified.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Net Change in Cash & Equivalents	20	4.25	291	-113	-139	-4.70	56	-89
Net Cash From Operating Activities	-46	-70	-99	-130	-146	-131	-116	-46
Net Cash From Continuing Operating Activities	-46	-70	-99	-130	-146	-131	-116	-46
Net Income / (Loss) Continuing Operations	-50	-68	-121	-132	-163	-173	-128	-82
Consolidated Net Income / (Loss)	-50	-68	-121	-132	-163	-173	-128	-82
Depreciation Expense	1.07	1.48	3.16	5.16	5.17	5.81	5.73	4.34
Amortization Expense	-0.78	-0.98	0.05	1.97	0.45	-6.37	-4.72	-2.25
Non-Cash Adjustments To Reconcile Net Income	3.27	-0.90	25	20	33	43	36	31
Changes in Operating Assets and Liabilities, net	-0.22	-1.60	-5.85	-26	-21	-0.77	-26	2.20
Net Cash From Investing Activities	-69	74	3.95	-143	-66	83	104	-98
Net Cash From Continuing Investing Activities	-69	74	3.95	-143	-66	83	104	-98
Purchase of Property, Plant & Equipment	-1.77	-3.29	-9.08	-3.11	-8.33	-3.44	-0.91	-0.80
Purchase of Investments	-132	-92	-33	-178	-261	-172	-157	-222
Sale and/or Maturity of Investments	65	169	46	39	203	259	261	125
Net Cash From Financing Activities	135	0.25	386	160	73	44	68	56
Net Cash From Continuing Financing Activities	135	0.25	386	160	73	44	68	56
Repayment of Debt	0.00	-0.01	-31	0.00	-31	0.00	0.00	-205
Repurchase of Common Equity	-	-	-	-	0.00	0.00	-0.94	0.00
Issuance of Debt	0.00	0.00	30	0.00	96	33	67	98
Issuance of Preferred Equity	0.00	0.00	127	0.00	0.00	0.00	0.00	162
Other Financing Activities, net	0.32	0.44	1.19	11	8.04	10	2.28	0.64
Cash Interest Paid	3.29	3.35	3.27	1.15	3.19	11	21	16
Cash Income Taxes Paid	0.01	0.04	0.02	0.08	0.39	0.49	0.59	0.45

This table details how cash moves in and out of Outset Medical's business through operations, investing, and financing, using quarterly figures. All values are USD millions unless otherwise specified.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026	9/30/2026
Net Change in Cash & Equivalents	-36	5.68	-4.57	91	-48	-36	-3.12	-0.93	-4.44	4.44	-0.77
Net Cash From Operating Activities	-46	-33	-21	-16	-26	-4.82	-6.32	-9.52	-13	-9.64	-10
Net Cash From Continuing Operating Activities	-46	-33	-21	-16	-26	-4.82	-6.32	-9.52	-13	-9.64	-10
Net Income / (Loss) Continuing Operations	-40	-34	-28	-26	-26	-19	-18	-19	-19	-18	-15
Consolidated Net Income / (Loss)	-40	-34	-28	-26	-26	-19	-18	-19	-19	-18	-15
Depreciation Expense	1.46	1.47	1.39	1.41	1.29	1.16	1.01	0.88	0.80	0.63	0.67
Amortization Expense	-1.58	-1.35	-0.96	-0.83	-0.40	-0.63	-0.69	-0.54	-0.41	-0.39	-0.38
Non-Cash Adjustments To Reconcile Net Income	9.61	13	7.36	6.49	12	5.93	5.18	8.13	4.23	4.95	3.74
Changes in Operating Assets and Liabilities, net	-15	-12	-0.41	2.08	-13	7.26	6.02	1.50	1.52	3.16	0.28
Net Cash From Investing Activities	-59	39	16	108	-78	-31	2.97	8.59	7.90	14	9.66
Net Cash From Continuing Investing Activities	-59	39	16	108	-78	-31	2.97	8.59	7.90	14	9.66
Purchase of Property, Plant & Equipment	-0.35	-0.12	-0.40	-0.04	-0.12	-0.29	-0.16	-0.22	-0.07	-0.11	-0.11
Purchase of Investments	-99	-30	-22	-6.12	-96	-57	-40	-28	-23	-19	-24
Sale and/or Maturity of Investments	40	69	38	114	18	26	43	37	31	33	34
Net Cash From Financing Activities	69	0.08	0.12	-0.94	56	-0.38	0.23	-	0.50	-0.09	-0.06
Net Cash From Continuing Financing Activities	69	0.08	0.12	-0.94	56	-0.38	0.23	-	0.50	-0.09	-0.06
Other Financing Activities, net	2.09	0.08	0.12	-	0.41	-	0.23	-	0.51	-0.09	-0.06
Cash Interest Paid	4.92	5.18	5.44	5.15	7.36	2.78	2.77	2.73	2.67	2.71	2.75
Cash Income Taxes Paid	0.26	0.10	0.12	0.12	0.11	0.10	0.12	0.12	0.40	0.27	0.20

This table presents Outset Medical's assets and liabilities at the end of each period, using annual balance sheet data. All values are USD millions unless otherwise specified.

Metric	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Total Assets	88	404	463	400	314	276	264
Total Current Assets	80	346	410	374	291	258	251
Cash & Equivalents	37	295	182	73	69	124	35
Short-Term Investments	33	20	157	214	135	35	134
Accounts Receivable	3.91	6.47	26	28	33	36	28
Inventories, net	4.60	18	39	51	49	59	48
Prepaid Expenses	1.06	6.19	5.53	6.60	5.70	4.53	6.00
Plant, Property, & Equipment, net	7.90	15	13	16	13	8.13	4.67
Total Noncurrent Assets	0.83	43	41	11	9.31	9.44	8.94
Noncurrent Note & Lease Receivables	-	-	-	-	-	-	0.00
Other Noncurrent Operating Assets	0.83	43	41	11	9.31	9.44	8.94
Total Liabilities & Shareholders' Equity	88	404	463	400	314	276	264
Total Liabilities	51	75	89	154	191	249	138
Total Current Liabilities	25	37	52	52	55	45	38
Accounts Payable	4.96	4.95	1.76	0.60	5.83	3.86	0.55
Accrued Expenses	4.61	11	17	20	17	10	11
Current Deferred Revenue	0.88	3.20	6.34	8.66	12	13	14
Current Employee Benefit Liabilities	6.96	17	25	22	19	17	11
Other Current Liabilities	0.00	0.88	1.15	1.32	1.59	1.80	1.74
Total Noncurrent Liabilities	26	39	38	102	136	204	100
Long-Term Debt	22	30	30	96	130	197	96
Capital Lease Obligations	-	-	-	-	-	-	0.00
Noncurrent Deferred Revenue	0.13	0.57	0.31	0.15	0.10	0.84	0.41
Other Noncurrent Operating Liabilities	4.50	8.28	7.61	5.69	5.38	5.38	3.27
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	-372	329	374	246	123	27	127
Total Preferred & Common Equity	-372	329	374	246	123	27	127
Preferred Stock	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Common Equity	-372	329	374	246	123	27	127
Common Stock	0.36	823	1,000	1,036	1,085	1,117	1,298
Retained Earnings	-373	-494	-626	-789	-962	-1,090	-1,171
Accumulated Other Comprehensive Income / (Loss)	0.02	0.00	-0.18	-0.56	0.07	0.04	0.17

This table presents Outset Medical's assets and liabilities at the end of each period, using quarterly balance sheet data. All values are USD millions unless otherwise specified.

Metric	Q3 2023	Q1 2024	Q2 2024	Q3 2024	Q1 2025	Q2 2025	Q3 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	9/30/2023	3/31/2024	6/30/2024	9/30/2024	3/31/2025	6/30/2025	9/30/2025	3/31/2026	6/30/2026	9/30/2026
Total Assets	308	346	315	293	301	289	277	249	242	230
Total Current Assets	284	325	295	275	287	276	265	237	228	216
Cash & Equivalents	36	32	38	33	76	40	36	31	35	34
Short-Term Investments	158	195	157	142	113	145	142	126	112	103
Accounts Receivable	35	36	34	34	37	35	33	25	29	30
Inventories, net	48	56	62	61	56	52	49	50	47	45
Prepaid Expenses	6.03	6.16	4.57	3.95	4.90	4.35	4.48	5.03	4.12	4.20
Plant, Property, & Equipment, net	14	12	11	9.49	6.94	6.17	5.25	4.07	3.71	3.54
Total Noncurrent Assets	10	8.90	8.52	8.13	7.71	7.06	6.63	8.67	11	11
Noncurrent Note & Lease Receivables	-	-	-	-	-	-	-	0.08	1.70	1.64
Other Noncurrent Operating Assets	10	8.90	8.52	8.13	7.71	7.06	6.63	8.59	9.13	9.00
Total Liabilities & Shareholders' Equity	308	346	315	293	301	289	277	249	242	230
Total Liabilities	155	253	246	245	131	134	135	138	146	147
Total Current Liabilities	53	51	43	42	34	37	37	38	44	44
Accounts Payable	2.88	6.77	5.26	4.30	1.17	1.45	1.72	1.44	4.46	4.29
Accrued Expenses	16	15	12	8.91	9.77	9.76	8.06	13	14	14
Current Deferred Revenue	11	13	13	13	13	14	15	13	14	13
Current Employee Benefit Liabilities	22	14	11	15	8.24	9.79	11	8.75	9.07	9.97
Other Current Liabilities	1.54	1.64	1.69	1.75	1.85	1.91	1.91	1.82	2.59	2.36
Total Noncurrent Liabilities	102	202	203	203	97	97	97	100	102	103
Long-Term Debt	97	197	197	197	94	95	96	97	98	98
Capital Lease Obligations	-	-	-	-	-	-	-	0.06	1.15	1.07
Noncurrent Deferred Revenue	0.10	0.19	0.13	0.08	0.80	0.59	0.68	0.37	0.30	0.22
Other Noncurrent Operating Liabilities	5.58	5.37	5.38	5.38	2.20	1.71	1.24	2.80	3.06	2.99
Commitments & Contingencies	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Total Equity & Noncontrolling Interests	152	93	69	48	170	155	142	112	96	83
Total Preferred & Common Equity	152	93	69	48	170	155	142	112	96	83
Preferred Stock	0.00	0.00	0.00	0.00	3.84	3.84	3.84	0.00	0.00	0.00
Total Common Equity	152	93	69	48	166	151	139	112	96	83
Common Stock	1,075	1,095	1,105	1,112	1,281	1,285	1,290	1,302	1,305	1,307
Retained Earnings	-923	-1,002	-1,036	-1,064	-1,116	-1,134	-1,152	-1,190	-1,208	-1,223
Accumulated Other Comprehensive Income / (Loss)	-0.25	-0.26	-0.30	0.35	0.09	0.05	0.16	-0.07	-0.14	-0.24

This table displays calculated financial ratios and metrics derived from Outset Medical's official financial filings.

Metric	2018	2019	2020	2021	2022	2023	2024	2025
Period end date	12/31/2018	12/31/2019	12/31/2020	12/31/2021	12/31/2022	12/31/2023	12/31/2024	12/31/2025
Growth Metrics	-	-	-	-	-	-	-	-
Revenue Growth	0.00%	651.27%	231.18%	105.47%	12.45%	13.00%	-12.80%	5.09%
EBITDA Growth	0.00%	-41.71%	-79.73%	-7.64%	-23.78%	-5.29%	35.93%	44.24%
EBIT Growth	0.00%	-41.91%	-83.33%	-10.78%	-21.31%	-1.19%	35.08%	42.77%
NOPAT Growth	0.00%	-50.99%	-67.08%	-11.11%	-23.37%	-5.43%	33.22%	41.16%
Net Income Growth	0.00%	-37.20%	-77.88%	-8.60%	-23.51%	-6.04%	25.94%	36.20%
EPS Growth	0.00%	1.16%	95.13%	40.41%	-16.96%	-6.04%	29.31%	85.47%
Operating Cash Flow Growth	0.00%	-51.35%	-40.86%	-31.56%	-11.87%	9.85%	11.47%	60.17%
Free Cash Flow Firm Growth	0.00%	0.00%	-184.66%	13.21%	8.12%	-10.18%	16.27%	62.78%
Invested Capital Growth	0.00%	0.00%	1,255.22%	48.24%	-14.81%	-9.39%	31.88%	-17.20%
Revenue Q/Q Growth	0.00%	0.00%	0.00%	11.89%	3.46%	-1.14%	-0.91%	-0.49%
EBITDA Q/Q Growth	0.00%	0.00%	0.00%	-7.48%	1.81%	7.07%	13.24%	5.97%
EBIT Q/Q Growth	0.00%	0.00%	0.00%	-7.19%	2.63%	7.34%	12.83%	6.11%
NOPAT Q/Q Growth	0.00%	0.00%	0.00%	-7.57%	0.60%	1.43%	12.02%	5.96%
Net Income Q/Q Growth	0.00%	0.00%	0.00%	-7.49%	-0.13%	1.62%	9.20%	7.00%
EPS Q/Q Growth	0.00%	0.00%	0.00%	-788.10%	1.46%	1.62%	10.22%	-8.70%
Operating Cash Flow Q/Q Growth	0.00%	0.00%	-12.05%	-5.54%	-1.27%	7.12%	6.40%	13.07%
Free Cash Flow Firm Q/Q Growth	0.00%	0.00%	0.00%	0.00%	19.62%	-20.94%	9.10%	10.39%
Invested Capital Q/Q Growth	0.00%	0.00%	0.00%	-3.15%	-32.66%	-9.43%	-5.57%	-8.45%
Profitability Metrics	-	-	-	-	-	-	-	-
Gross Margin	-304.68%	-118.07%	-26.11%	7.42%	15.46%	22.24%	33.92%	39.13%
EBITDA Margin	-2,233.48%	-421.28%	-228.63%	-119.77%	-131.84%	-122.84%	-90.25%	-47.88%
Operating Margin	-2,320.03%	-466.29%	-235.24%	-127.21%	-139.56%	-130.22%	-99.72%	-55.83%
EBIT Margin	-2,247.93%	-424.61%	-235.05%	-126.72%	-136.71%	-122.41%	-91.14%	-49.63%
Profit (Net Income) Margin	-2,480.32%	-452.97%	-243.30%	-128.59%	-141.24%	-132.54%	-112.57%	-68.34%
Tax Burden Percent	100.05%	100.03%	100.00%	100.15%	100.18%	100.30%	100.39%	100.89%
Interest Burden Percent	110.28%	106.65%	103.51%	101.32%	103.13%	107.94%	123.04%	136.49%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	0.00%	0.00%	-414.71%	-169.56%	-189.15%	-227.45%	-137.80%	-77.98%
ROIC Less NNEP Spread (ROIC-NNEP)	0.00%	0.00%	-390.64%	-155.92%	-169.09%	-186.63%	143.84%	127.54%
Return on Net Nonoperating Assets (RNNOA)	0.00%	0.00%	348.30%	132.00%	136.59%	133.76%	-33.17%	-28.22%
Return on Equity (ROE)	0.00%	-183.31%	-66.41%	-37.55%	-52.56%	-93.69%	-170.97%	-106.20%
Cash Return on Invested Capital (CROIC)	0.00%	0.00%	-298.06%	-208.42%	-173.16%	-217.59%	-165.29%	-59.17%
Operating Return on Assets (OROA)	0.00%	-72.45%	-47.69%	-29.98%	-36.53%	-44.71%	-35.15%	-21.95%
Return on Assets (ROA)	0.00%	-77.29%	-49.37%	-30.42%	-37.74%	-48.41%	-43.41%	-30.23%
Return on Common Equity (ROCE)	0.00%	1,831.10%	7.91%	-37.55%	-52.56%	-93.69%	-170.97%	-106.20%
Return on Equity Simple (ROE_SIMPLE)	0.00%	18.35%	-36.97%	-35.27%	-66.25%	0.00%	-477.18%	0.00%
Net Operating Profit after Tax (NOPAT)	-33	-49	-82	-91	-113	-119	-79	-47
NOPAT Margin	-1,624.02%	-326.40%	-164.67%	-89.05%	-97.69%	-91.15%	-69.81%	-39.08%
Net Nonoperating Expense Percent (NNEP)	0.00%	-93.05%	-24.07%	-13.64%	-20.06%	-40.82%	-281.65%	-205.53%
Return On Investment Capital (ROIC_SIMPLE)	-	-	-	-	-32.93%	-46.97%	-35.40%	-20.92%
Cost of Revenue to Revenue	404.68%	218.07%	126.11%	92.58%	84.54%	77.76%	66.08%	60.87%
SG&A Expenses to Revenue	311.56%	59.15%	61.10%	35.40%	35.12%	34.69%	38.26%	31.69%
R&D to Revenue	1,141.80%	154.71%	57.78%	35.81%	42.34%	43.96%	33.77%	17.77%
Operating Expenses to Revenue	2,015.35%	348.22%	209.13%	134.62%	155.02%	152.46%	133.64%	94.96%
Earnings before Interest and Taxes (EBIT)	-45	-64	-117	-130	-158	-160	-104	-59
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-45	-64	-114	-123	-152	-160	-103	-57
Valuation Ratios	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	0.00	0.00	7.39	5.80	5.07	2.21	2.17	0.53
Price to Tangible Book Value (P/TBV)	0.00	0.00	7.39	5.80	5.07	2.21	2.17	0.53
Price to Revenue (P/Rev)	120.42	16.03	48.61	21.16	10.81	2.08	0.51	0.56
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	0.00	0.00	49.34	28.92	19.26	3.99	1.48	0.00
Enterprise Value to Revenue (EV/Rev)	0.00	40.46	42.89	18.14	9.15	1.52	0.85	0.00
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-
Debt to Equity	0.00	0.78	0.09	0.08	0.39	1.06	7.36	0.76
Long-Term Debt to Equity	0.00	0.58	0.09	0.08	0.39	1.06	7.36	0.76
Financial Leverage	0.00	-1.10	-0.89	-0.85	-0.81	-0.72	-0.23	-0.22
Leverage Ratio	0.00	2.37	1.35	1.23	1.39	1.94	3.94	3.51
Compound Leverage Factor	0.00	2.53	1.39	1.25	1.44	2.09	4.85	4.80
Debt to Total Capital	0.00%	43.82%	8.28%	7.37%	28.14%	51.43%	88.04%	43.12%
Short-Term Debt to Total Capital	0.00%	11.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	0.00%	32.51%	8.28%	7.37%	28.14%	51.43%	88.04%	43.12%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	617.38%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	0.00%	-561.20%	91.72%	92.63%	71.86%	48.57%	11.96%	56.88%
Debt to EBITDA	0.00	-0.46	-0.26	-0.24	-0.63	-0.81	-1.92	-1.68
Net Debt to EBITDA	0.00	0.65	2.50	2.52	1.26	0.46	-0.38	1.27
Long-Term Debt to EBITDA	0.00	-0.34	-0.26	-0.24	-0.63	-0.81	-1.92	-1.68
Debt to NOPAT	0.00	-0.59	-0.36	-0.33	-0.85	-1.09	-2.49	-2.06
Net Debt to NOPAT	0.00	0.83	3.47	3.39	1.70	0.62	-0.49	1.56
Long-Term Debt to NOPAT	0.00	-0.44	-0.36	-0.33	-0.85	-1.09	-2.49	-2.06
Altman Z-Score	0.00	-4.54	17.73	12.90	2.05	-3.80	-5.29	-5.23
Noncontrolling Interest Sharing Ratio	0.00%	1,098.92%	111.91%	0.00%	0.00%	0.00%	0.00%	0.00%
Liquidity Ratios	-	-	-	-	-	-	-	-
Current Ratio	0.00	3.20	9.43	7.93	7.19	5.26	5.69	6.67
Quick Ratio	0.00	2.97	8.76	7.06	6.07	4.27	4.28	5.24
Cash Flow Metrics	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	0.00	-45	-129	-112	-103	-114	-95	-35
Operating Cash Flow to CapEx	-2,629.78%	-2,134.59%	-1,090.83%	-4,191.25%	-1,750.50%	-3,818.98%	-12,752.52%	-5,805.39%
Free Cash Flow to Firm to Interest Expense	0.00	-10.68	-29.03	-65.48	-20.92	-8.97	-3.99	-1.64
Operating Cash Flow to Interest Expense	-10.01	-16.51	-22.21	-75.96	-29.54	-10.36	-4.87	-2.14
Operating Cash Flow Less CapEx to Interest Expense	-10.39	-17.29	-24.25	-77.77	-31.23	-10.64	-4.91	-2.18
Efficiency Ratios	-	-	-	-	-	-	-	-
Asset Turnover	0.00	0.17	0.20	0.24	0.27	0.37	0.39	0.44
Accounts Receivable Turnover	0.00	3.85	9.62	6.40	4.30	4.27	3.31	3.74
Inventory Turnover	0.00	7.15	5.48	3.30	2.15	2.01	1.38	1.36
Fixed Asset Turnover	0.00	1.91	4.36	7.34	8.00	8.95	10.62	18.66
Accounts Payable Turnover	0.00	6.63	12.71	28.31	82.45	31.53	15.51	32.94
Days Sales Outstanding (DSO)	0.00	94.75	37.94	57.04	84.90	85.46	110.12	97.68
Days Inventory Outstanding (DIO)	0.00	51.02	66.60	110.60	169.63	181.27	263.83	268.51
Days Payable Outstanding (DPO)	0.00	55.06	28.71	12.89	4.43	11.58	23.54	11.08
Cash Conversion Cycle (CCC)	0.00	90.71	75.83	154.75	250.09	255.15	350.41	355.11
Capital & Investment Metrics	-	-	-	-	-	-	-	-
Invested Capital	0.00	-3.76	43	64	55	50	66	54
Invested Capital Turnover	0.00	-8.02	2.52	1.90	1.94	2.50	1.97	2.00
Increase / (Decrease) in Invested Capital	0.00	-3.76	47	21	-9.53	-5.15	16	-11
Enterprise Value (EV)	0.00	610	2,142	1,861	1,056	198	97	-5.36
Market Capitalization	242	242	2,427	2,171	1,247	272	58	67
Book Value per Share	$0.00	($433.78)	$7.70	$7.94	$5.09	$2.45	$0.51	$6.99
Tangible Book Value per Share	$0.00	($433.78)	$7.70	$7.94	$5.09	$2.45	$0.51	$6.99
Total Capital	0.00	66	358	404	342	253	224	223
Total Debt	0.00	29	30	30	96	130	197	96
Total Long-Term Debt	0.00	22	30	30	96	130	197	96
Net Debt	0.00	-41	-285	-310	-191	-73	39	-73
Capital Expenditures (CapEx)	1.77	3.29	9.08	3.11	8.33	3.44	0.91	0.80
Debt-free, Cash-free Net Working Capital (DFCFNWC)	0.00	-7.84	-5.65	19	34	33	54	44
Debt-free Net Working Capital (DFNWC)	0.00	62	309	358	322	236	213	213
Net Working Capital (NWC)	0.00	55	309	358	322	236	213	213
Net Nonoperating Expense (NNE)	17	19	39	41	50	54	49	35
Net Nonoperating Obligations (NNO)	0.00	-41	-285	-310	-191	-73	39	-73
Total Depreciation and Amortization (D&A)	0.29	0.50	3.21	7.13	5.62	-0.56	1.01	2.09
Debt-free, Cash-free Net Working Capital to Revenue	0.00%	-52.01%	-11.32%	18.15%	29.64%	24.98%	47.64%	37.08%
Debt-free Net Working Capital to Revenue	0.00%	412.76%	619.24%	349.03%	278.83%	180.94%	187.22%	178.49%
Net Working Capital to Revenue	0.00%	363.02%	619.24%	349.03%	278.83%	180.94%	187.22%	178.49%
Earnings Adjustments	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	$0.00	$0.00	($4.85)	($2.89)	($3.38)	($52.20)	($2.46)	($5.37)
Adjusted Weighted Average Basic Shares Outstanding	0.00	0.00	42.81M	47.41M	48.16M	3.31M	51.95M	15.21M
Adjusted Diluted Earnings per Share	$0.00	$0.00	($4.85)	($2.89)	($3.38)	($52.20)	($2.46)	($5.37)
Adjusted Weighted Average Diluted Shares Outstanding	0.00	0.00	42.81M	47.41M	48.16M	3.31M	51.95M	15.21M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	($4.85)	($2.89)	$0.00	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	0.00	0.00	16.36M	45.59M	48.64M	3.37M	53.90M	18.31M
Normalized Net Operating Profit after Tax (NOPAT)	-33	-49	-82	-91	-113	-119	-79	-47
Normalized NOPAT Margin	-1,624.02%	-326.40%	-164.67%	-89.05%	-97.69%	-91.15%	-69.81%	-39.08%
Pre Tax Income Margin	-2,479.07%	-452.84%	-243.30%	-128.40%	-140.98%	-132.14%	-112.13%	-67.74%
Debt Service Ratios	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-9.73	-15.04	-26.33	-75.81	-31.97	-12.59	-4.34	-2.74
NOPAT to Interest Expense	-7.03	-11.56	-18.44	-53.27	-22.85	-9.38	-3.32	-2.16
EBIT Less CapEx to Interest Expense	-10.11	-15.81	-28.37	-77.63	-33.66	-12.86	-4.38	-2.78
NOPAT Less CapEx to Interest Expense	-7.41	-12.33	-20.48	-55.09	-24.54	-9.65	-3.36	-2.20
Payout Ratios	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	-0.73%	0.00%

This table displays calculated financial ratios and metrics derived from Outset Medical's official financial filings.

Metric	Q1 2024	Q2 2024	Q3 2024	Q4 2024	Q1 2025	Q2 2025	Q3 2025	Q4 2025	Q1 2026	Q2 2026	Q3 2026
Period end date	3/31/2024	6/30/2024	9/30/2024	12/31/2024	3/31/2025	6/30/2025	9/30/2025	12/31/2025	3/31/2026	6/30/2026	9/30/2026
DEI Shares Outstanding	50,204,570.00	51,722,375.00	52,089,795.00	-	53,896,936.00	17,722,310.00	17,766,193.00	-	18,311,626.00	18,537,241.00	18,797,164.00
DEI Adjusted Shares Outstanding	3,346,971.00	3,448,158.00	3,472,653.00	-	3,593,129.00	17,722,310.00	17,766,193.00	-	18,311,626.00	18,537,241.00	18,797,164.00
DEI Earnings Per Adjusted Shares Outstanding	-11.93	-9.99	-8.05	-	-7.18	-1.05	-1.00	-	-1.04	-0.97	-0.78
Growth Metrics	-	-	-	-	-	-	-	-	-	-	-
Revenue Growth	-15.83%	-24.01%	-5.59%	-3.41%	5.62%	14.72%	2.67%	-2.01%	-6.35%	0.69%	14.15%
EBITDA Growth	17.25%	31.45%	50.74%	44.86%	60.12%	48.77%	35.86%	18.87%	-10.93%	2.45%	21.24%
EBIT Growth	17.20%	30.67%	49.42%	43.49%	57.35%	47.12%	35.65%	19.49%	-6.72%	4.28%	20.99%
NOPAT Growth	15.12%	29.24%	47.55%	41.48%	55.57%	45.18%	33.67%	19.36%	-3.17%	7.05%	22.41%
Net Income Growth	9.16%	21.78%	39.50%	33.58%	35.45%	46.19%	36.16%	23.98%	26.39%	3.00%	17.67%
EPS Growth	9.16%	21.78%	39.50%	37.33%	68.90%	89.56%	87.53%	82.70%	71.86%	6.73%	22.00%
Operating Cash Flow Growth	-2.58%	-18.31%	39.50%	32.54%	44.10%	85.53%	69.27%	42.26%	49.95%	-99.77%	-64.22%
Free Cash Flow Firm Growth	-20.72%	-257.90%	-494.15%	-48.28%	7.93%	81.41%	96.96%	96.55%	147.76%	200.42%	578.32%
Invested Capital Growth	-0.72%	24.23%	26.48%	31.88%	18.84%	-7.40%	-14.59%	-17.20%	-30.68%	-26.82%	-22.16%
Revenue Q/Q Growth	-7.67%	-2.77%	4.67%	2.79%	0.97%	5.60%	-6.33%	-1.89%	-3.50%	13.54%	6.20%
EBITDA Q/Q Growth	2.76%	16.97%	24.53%	9.50%	29.68%	-6.67%	5.52%	-14.48%	3.84%	6.20%	23.72%
EBIT Q/Q Growth	3.58%	16.33%	23.34%	8.64%	27.22%	-3.74%	6.71%	-14.31%	3.53%	6.95%	23.00%
NOPAT Q/Q Growth	1.18%	16.66%	22.51%	8.30%	24.98%	-2.84%	6.24%	-11.48%	4.03%	7.35%	21.73%
Net Income Q/Q Growth	-3.48%	13.74%	18.91%	8.24%	-0.57%	28.09%	3.79%	-9.27%	2.63%	5.24%	18.34%
EPS Q/Q Growth	-3.48%	13.74%	18.91%	14.55%	50.54%	71.58%	3.85%	-28.00%	19.53%	5.83%	19.59%
Operating Cash Flow Q/Q Growth	-87.84%	27.39%	38.30%	19.84%	-55.65%	81.21%	-31.04%	-50.65%	-34.90%	24.98%	-7.72%
Free Cash Flow Firm Q/Q Growth	-20.87%	-39.22%	11.67%	0.23%	24.95%	71.89%	85.55%	-13.19%	1,138.79%	-40.90%	-31.17%
Invested Capital Q/Q Growth	27.01%	12.13%	-1.94%	-5.57%	14.46%	-12.63%	-9.55%	-8.45%	-4.18%	-7.77%	-3.79%
Profitability Metrics	-	-	-	-	-	-	-	-	-	-	-
Gross Margin	29.16%	35.72%	34.26%	36.47%	37.19%	37.77%	39.38%	42.36%	43.41%	41.99%	40.69%
EBITDA Margin	-120.46%	-102.87%	-74.17%	-65.30%	-45.48%	-45.94%	-46.33%	-54.06%	-53.87%	-44.51%	-31.97%
Operating Margin	-131.04%	-112.33%	-83.16%	-74.18%	-55.12%	-53.68%	-53.73%	-61.05%	-60.72%	-49.55%	-36.52%
EBIT Margin	-120.04%	-103.30%	-75.66%	-67.25%	-48.48%	-47.62%	-47.43%	-55.26%	-55.24%	-45.27%	-32.83%
Profit (Net Income) Margin	-141.81%	-125.80%	-97.47%	-87.01%	-86.66%	-59.01%	-60.61%	-67.50%	-68.11%	-56.85%	-43.71%
Tax Burden Percent	100.41%	100.44%	100.66%	99.98%	100.45%	100.56%	102.32%	100.49%	101.16%	101.24%	101.05%
Interest Burden Percent	117.65%	121.24%	127.98%	129.39%	177.97%	123.23%	124.90%	121.57%	121.89%	124.03%	131.78%
Effective Tax Rate	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Return on Invested Capital (ROIC)	-181.19%	-143.38%	-107.53%	-102.51%	-64.42%	-65.80%	-70.22%	-85.28%	-78.74%	-72.04%	-59.18%
ROIC Less NNEP Spread (ROIC-NNEP)	-165.76%	-122.55%	-77.79%	-42.63%	-41.54%	-50.34%	-48.23%	-43.24%	-69.51%	-61.85%	-49.04%
Return on Net Nonoperating Assets (RNNOA)	97.93%	60.38%	29.45%	9.83%	19.74%	19.64%	15.61%	9.57%	38.16%	33.91%	26.14%
Return on Equity (ROE)	-83.26%	-83.00%	-78.08%	-92.68%	-44.69%	-46.17%	-54.61%	-75.71%	-40.57%	-38.13%	-33.04%
Cash Return on Invested Capital (CROIC)	-179.68%	-186.60%	-168.62%	-165.29%	-111.37%	-73.45%	-61.48%	-59.17%	-37.89%	-50.52%	-58.11%
Operating Return on Assets (OROA)	-42.36%	-37.07%	-28.92%	-25.94%	-17.26%	-18.83%	-19.98%	-24.44%	-23.59%	-20.08%	-15.77%
Return on Assets (ROA)	-50.04%	-45.14%	-37.25%	-33.55%	-30.86%	-23.34%	-25.53%	-29.85%	-29.09%	-25.22%	-21.00%
Return on Common Equity (ROCE)	-83.26%	-83.00%	-78.08%	-92.68%	-44.04%	-45.37%	-53.50%	-75.71%	-40.02%	-37.54%	-32.47%
Return on Equity Simple (ROE_SIMPLE)	-181.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Net Operating Profit after Tax (NOPAT)	-26	-22	-17	-15	-11	-12	-11	-12	-12	-11	-8.59
NOPAT Margin	-91.73%	-78.63%	-58.21%	-51.93%	-38.58%	-37.57%	-37.61%	-42.74%	-42.51%	-34.69%	-25.56%
Net Nonoperating Expense Percent (NNEP)	-15.43%	-20.83%	-29.74%	-59.88%	-22.89%	-15.46%	-21.99%	-42.04%	-9.23%	-10.18%	-10.14%
Return On Investment Capital (ROIC_SIMPLE)	-8.91%	-8.11%	-6.81%	-6.83%	-4.35%	-4.73%	-4.65%	-5.53%	-5.68%	-5.62%	-4.70%
Cost of Revenue to Revenue	70.84%	64.28%	65.74%	63.53%	62.81%	62.23%	60.62%	57.64%	56.59%	58.01%	59.31%
SG&A Expenses to Revenue	40.63%	46.31%	35.24%	31.45%	27.89%	29.16%	28.80%	41.30%	36.31%	35.90%	24.72%
R&D to Revenue	44.86%	35.54%	28.39%	26.77%	18.54%	16.83%	18.27%	17.51%	20.16%	17.23%	17.56%
Operating Expenses to Revenue	160.21%	148.04%	117.42%	110.66%	92.31%	91.45%	93.11%	103.41%	104.13%	91.54%	77.21%
Earnings before Interest and Taxes (EBIT)	-34	-28	-22	-20	-14	-15	-14	-16	-15	-14	-11
Earnings before Interest, Taxes, Depreciation and Amortization (EBITDA)	-34	-28	-21	-19	-14	-14	-14	-16	-15	-14	-11
Valuation Ratios	-	-	-	-	-	-	-	-	-	-	-
Price to Book Value (P/BV)	1.20	2.90	0.74	2.17	0.24	2.26	1.81	0.53	0.63	0.83	0.68
Price to Tangible Book Value (P/TBV)	1.20	2.90	0.74	2.17	0.24	2.26	1.81	0.53	0.63	0.83	0.68
Price to Revenue (P/Rev)	0.89	1.71	0.31	0.51	0.34	2.85	2.09	0.56	0.60	0.68	0.46
Price to Earnings (P/E)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Dividend Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Earnings Yield	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Enterprise Value to Invested Capital (EV/IC)	1.29	2.85	0.82	1.48	0.00	3.89	2.90	0.00	0.20	0.66	0.42
Enterprise Value to Revenue (EV/Rev)	0.65	1.73	0.50	0.85	0.00	2.14	1.43	0.00	0.09	0.27	0.16
Enterprise Value to EBITDA (EV/EBITDA)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to EBIT (EV/EBIT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to NOPAT (EV/NOPAT)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Operating Cash Flow (EV/OCF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Enterprise Value to Free Cash Flow (EV/FCFF)	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00	0.00
Leverage & Solvency	-	-	-	-	-	-	-	-	-	-	-
Debt to Equity	2.11	2.87	4.12	7.36	0.55	0.61	0.67	0.76	0.87	1.03	1.19
Long-Term Debt to Equity	2.11	2.87	4.12	7.36	0.55	0.61	0.67	0.76	0.87	1.03	1.19
Financial Leverage	-0.59	-0.49	-0.38	-0.23	-0.48	-0.39	-0.32	-0.22	-0.55	-0.55	-0.53
Leverage Ratio	2.29	2.58	3.00	3.94	2.46	2.70	3.00	3.51	1.96	2.12	2.25
Compound Leverage Factor	2.69	3.13	3.84	5.10	4.38	3.33	3.74	4.27	2.38	2.62	2.96
Debt to Total Capital	67.86%	74.17%	80.48%	88.04%	35.65%	37.99%	40.15%	43.12%	46.48%	50.63%	54.41%
Short-Term Debt to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Long-Term Debt to Total Capital	67.86%	74.17%	80.48%	88.04%	35.65%	37.99%	40.15%	43.12%	46.48%	50.63%	54.41%
Preferred Equity to Total Capital	0.00%	0.00%	0.00%	0.00%	1.46%	1.54%	1.61%	0.00%	0.00%	0.00%	0.00%
Noncontrolling Interests to Total Capital	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Common Equity to Total Capital	32.14%	25.83%	19.52%	11.96%	62.89%	60.47%	58.23%	56.88%	53.52%	49.37%	45.59%
Debt to EBITDA	-1.29	-1.41	-1.67	-1.92	-1.14	-1.38	-1.57	-1.68	-1.65	-1.69	-1.79
Net Debt to EBITDA	0.20	-0.02	-0.18	-0.38	1.15	1.30	1.37	1.27	1.02	0.83	0.67
Long-Term Debt to EBITDA	-1.29	-1.41	-1.67	-1.92	-1.14	-1.38	-1.57	-1.68	-1.65	-1.69	-1.79
Debt to NOPAT	-1.72	-1.87	-2.19	-2.49	-1.45	-1.72	-1.92	-2.06	-2.06	-2.14	-2.27
Net Debt to NOPAT	0.26	-0.02	-0.24	-0.49	1.46	1.62	1.67	1.56	1.27	1.05	0.85
Long-Term Debt to NOPAT	-1.72	-1.87	-2.19	-2.49	-1.45	-1.72	-1.92	-2.06	-2.06	-2.14	-2.27
Altman Z-Score	-2.79	-3.09	-3.90	-4.29	-3.77	-2.74	-3.45	-4.69	-5.15	-5.45	-5.94
Noncontrolling Interest Sharing Ratio	0.00%	0.00%	0.00%	0.00%	1.46%	1.72%	2.02%	0.00%	1.36%	1.53%	1.70%
Liquidity Ratios	-	-	-	-	-	-	-	-	-	-	-
Current Ratio	6.42	6.80	6.49	5.69	8.37	7.47	7.09	6.67	6.29	5.19	4.86
Quick Ratio	5.20	5.27	4.95	4.28	6.60	5.93	5.65	5.24	4.84	4.02	3.76
Cash Flow Metrics	-	-	-	-	-	-	-	-	-	-	-
Free Cash Flow to Firm (FCFF)	-25	-35	-31	-31	-23	-6.57	-0.95	-1.07	11	6.60	4.54
Operating Cash Flow to CapEx	-12,969.49%	-27,779.17%	-5,207.09%	-38,344.19%	-20,864.23%	-1,651.71%	-3,950.00%	-4,269.51%	-19,760.00%	-8,680.18%	-9,522.02%
Free Cash Flow to Firm to Interest Expense	-4.25	-5.88	-5.14	-5.35	-2.08	-1.89	-0.27	-0.31	3.31	1.92	1.30
Operating Cash Flow to Interest Expense	-7.69	-5.55	-3.39	-2.83	-2.28	-1.39	-1.82	-2.77	-3.81	-2.80	-2.96
Operating Cash Flow Less CapEx to Interest Expense	-7.75	-5.57	-3.45	-2.84	-2.29	-1.47	-1.86	-2.83	-3.83	-2.83	-2.99
Efficiency Ratios	-	-	-	-	-	-	-	-	-	-	-
Asset Turnover	0.35	0.36	0.38	0.39	0.36	0.40	0.42	0.44	0.43	0.44	0.48
Accounts Receivable Turnover	3.53	3.28	3.29	3.31	3.14	3.46	3.57	3.74	3.78	3.67	3.85
Inventory Turnover	1.82	1.58	1.44	1.38	1.32	1.33	1.35	1.36	1.32	1.38	1.50
Fixed Asset Turnover	9.22	9.16	9.86	10.62	12.20	14.00	16.29	18.66	21.35	23.85	27.74
Accounts Payable Turnover	21.52	22.37	22.08	15.51	18.59	22.63	24.85	32.94	53.45	23.26	23.50
Days Sales Outstanding (DSO)	103.29	111.33	110.95	110.12	116.15	105.57	102.17	97.68	96.55	99.33	94.82
Days Inventory Outstanding (DIO)	200.47	231.72	252.76	263.83	275.78	274.09	270.15	268.51	275.62	264.86	243.40
Days Payable Outstanding (DPO)	16.96	16.32	16.53	23.54	19.63	16.13	14.69	11.08	6.83	15.69	15.53
Cash Conversion Cycle (CCC)	286.80	326.73	347.19	350.41	372.30	363.53	357.64	355.11	365.34	348.49	322.69
Capital & Investment Metrics	-	-	-	-	-	-	-	-	-	-	-
Invested Capital	63	71	69	66	75	66	59	54	52	48	46
Invested Capital Turnover	1.98	1.82	1.85	1.97	1.67	1.75	1.87	2.00	1.85	2.08	2.32
Increase / (Decrease) in Invested Capital	-0.46	14	15	16	12	-5.24	-10	-11	-23	-18	-13
Enterprise Value (EV)	81	201	57	97	-51	255	172	-5.36	11	32	19
Market Capitalization	111	199	35	58	40	340	251	67	70	80	56
Book Value per Share	$27.47	$1.33	$0.92	$0.51	$3.08	$8.52	$7.80	$6.99	$6.10	$5.20	$4.43
Tangible Book Value per Share	$27.47	$1.33	$0.92	$0.51	$3.08	$8.52	$7.80	$6.99	$6.10	$5.20	$4.43
Total Capital	290	266	245	224	264	250	238	223	209	195	183
Total Debt	197	197	197	197	94	95	96	96	97	99	99
Total Long-Term Debt	197	197	197	197	94	95	96	96	97	99	99
Net Debt	-30	2.15	22	39	-95	-89	-83	-73	-60	-48	-37
Capital Expenditures (CapEx)	0.35	0.12	0.40	0.04	0.12	0.29	0.16	0.22	0.07	0.11	0.11
Debt-free, Cash-free Net Working Capital (DFCFNWC)	48	57	57	54	63	55	49	44	42	37	35
Debt-free Net Working Capital (DFNWC)	275	252	233	213	252	239	228	213	199	184	172
Net Working Capital (NWC)	275	252	233	213	252	239	228	213	199	184	172
Net Nonoperating Expense (NNE)	14	13	11	10	14	6.74	6.77	7.15	7.13	7.01	6.10
Net Nonoperating Obligations (NNO)	-30	2.15	22	39	-95	-89	-83	-73	-60	-48	-37
Total Depreciation and Amortization (D&A)	-0.12	0.12	0.43	0.58	0.89	0.53	0.32	0.35	0.38	0.24	0.29
Debt-free, Cash-free Net Working Capital to Revenue	38.22%	48.83%	49.87%	47.64%	54.94%	45.75%	41.05%	37.08%	36.06%	31.21%	28.81%
Debt-free Net Working Capital to Revenue	219.64%	216.19%	202.95%	187.22%	218.90%	200.05%	189.83%	178.49%	169.32%	156.16%	140.83%
Net Working Capital to Revenue	219.64%	216.19%	202.95%	187.22%	218.90%	200.05%	189.83%	178.49%	169.32%	156.16%	140.83%
Earnings Adjustments	-	-	-	-	-	-	-	-	-	-	-
Adjusted Basic Earnings per Share	($11.70)	($9.90)	($8.25)	($0.47)	($3.66)	($1.04)	($1.00)	($1.28)	($1.03)	($0.97)	($0.78)
Adjusted Weighted Average Basic Shares Outstanding	3.39M	3.46M	3.37M	51.95M	7.04M	17.74M	17.78M	15.21M	18.37M	18.62M	18.83M
Adjusted Diluted Earnings per Share	($11.70)	($9.90)	($8.25)	($0.47)	($3.66)	($1.04)	($1.00)	($1.28)	($1.03)	($0.97)	($0.78)
Adjusted Weighted Average Diluted Shares Outstanding	3.39M	3.46M	3.37M	51.95M	7.04M	17.74M	17.78M	15.21M	18.37M	18.62M	18.83M
Adjusted Basic & Diluted Earnings per Share	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	$0.00	($1.28)	$0.00	$0.00	$0.00
Adjusted Weighted Average Basic & Diluted Shares Outstanding	3.45M	3.47M	3.50M	53.90M	17.72M	17.77M	18.15M	18.31M	18.54M	18.80M	18.87M
Normalized Net Operating Profit after Tax (NOPAT)	-26	-22	-17	-15	-11	-12	-11	-12	-12	-11	-8.59
Normalized NOPAT Margin	-91.73%	-78.63%	-58.21%	-51.93%	-38.58%	-37.57%	-37.61%	-42.74%	-42.51%	-34.69%	-25.56%
Pre Tax Income Margin	-141.23%	-125.25%	-96.83%	-87.02%	-86.27%	-58.68%	-59.24%	-67.17%	-67.33%	-56.15%	-43.26%
Debt Service Ratios	-	-	-	-	-	-	-	-	-	-	-
EBIT to Interest Expense	-5.67	-4.71	-3.57	-3.40	-1.28	-4.31	-4.02	-4.64	-4.57	-4.16	-3.15
NOPAT to Interest Expense	-4.33	-3.58	-2.75	-2.63	-1.02	-3.40	-3.18	-3.59	-3.52	-3.19	-2.45
EBIT Less CapEx to Interest Expense	-5.73	-4.73	-3.64	-3.41	-1.29	-4.39	-4.06	-4.70	-4.59	-4.19	-3.18
NOPAT Less CapEx to Interest Expense	-4.39	-3.60	-2.82	-2.63	-1.03	-3.48	-3.23	-3.65	-3.53	-3.22	-2.48
Payout Ratios	-	-	-	-	-	-	-	-	-	-	-
Dividend Payout Ratio	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
Augmented Payout Ratio	0.00%	0.00%	0.00%	-0.73%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials Breakdown Chart

Key Financial Trends

Outset Medical’s Q2 2026 results show gradual operational improvement, but the company remains unprofitable and cash-flow negative. Revenue increased to $31.6 million from $27.9 million in Q1 2026 and $31.4 million in Q2 2025. Gross profit rose to $13.3 million, producing a gross margin of approximately 42.0%, compared with 37.8% in Q2 2025 and 35.7% in Q2 2024.

Operating expenses were relatively stable at $29.0 million in Q2 2026, down slightly from $29.7 million in Q2 2025. As a result, the operating loss improved to $15.7 million from $16.9 million a year earlier. Net loss narrowed to $18.0 million, or $0.97 per diluted share, compared with a $18.5 million loss, or $1.04 per share, in Q2 2025. However, the company has not yet reached profitability.

Revenue momentum improved. Q2 2026 revenue rose approximately 13.5% sequentially and was slightly higher than Q2 2025, reversing the weaker revenue trend seen during parts of 2024 and 2025.
Gross margin remains meaningfully better than prior-year levels. The Q2 2026 gross margin was about 42.0%, compared with approximately 35.7% in Q2 2024 and 37.8% in Q2 2025, indicating improved product economics.
Operating losses have narrowed over the longer term. The Q2 2026 operating loss of $15.7 million was substantially better than the $30.8 million loss in Q2 2024 and the $45.5 million loss in Q3 2023.
Operating cash burn improved sequentially. Net cash used in operating activities declined to $9.6 million in Q2 2026 from $12.8 million in Q1 2026 and $33.3 million in Q2 2024.
Liquidity remains substantial. Cash and equivalents totaled $35.0 million at quarter-end, while short-term investments totaled $112.2 million. Combined cash and short-term investments of approximately $147.2 million provide a meaningful liquidity cushion.
Debt is far lower than in 2024. Long-term debt was $97.6 million in Q2 2026, roughly half the $197.0 million reported in Q2 2024, reducing some balance-sheet risk.
Q2 cash increased primarily because of investment activity. Cash and equivalents rose by $4.4 million during the quarter, but this reflected $14.2 million of net investing cash flow, including investment maturities and purchases, rather than positive operating cash flow.
Working capital remains strong but inventory is still significant. Current assets of $227.9 million exceeded current liabilities of $43.9 million by a wide margin, although inventory remained elevated at $47.3 million and could require monitoring if sales growth slows.
Outset Medical continues to report substantial net losses. The company has remained loss-making in every quarter provided, with a $18.0 million net loss in Q2 2026 and accumulated retained earnings of negative $1.21 billion.
Interest expense and ongoing cash burn remain major risks. Q2 2026 interest expense was $3.4 million, and the company used $9.6 million of operating cash despite improved margins. Continued losses could gradually reduce liquidity if profitability is not achieved.
Shareholder dilution is a consideration. Weighted-average diluted shares increased to approximately 18.6 million in Q2 2026 from 17.8 million in Q2 2025, while common stock on the balance sheet also increased. Additional equity financing could dilute existing investors.

Overall, the financial statements indicate a company moving in the right direction operationally: revenue has recovered, gross margins have improved, operating expenses are more controlled, and debt is well below 2024 levels. Nevertheless, Outset Medical still depends on its cash and investment portfolio to fund operations, and the investment case remains dependent on converting revenue growth and margin improvements into positive operating cash flow and eventual profitability.

11/15/26 10:43 AM ETAI Generated. May Contain Errors.

Outset Medical Financials - Frequently Asked Questions

According to the most recent income statement we have on file, Outset Medical's financial year ends in December. Their financial year 2025 ended on December 31, 2025.

Outset Medical's net income appears to be on a downward trend, with a most recent value of -$81.65 million in 2025, falling from -$49.78 million in 2018. The previous period was -$127.98 million in 2024. See Outset Medical's forecast for analyst expectations on what's next for the company.

Outset Medical's total operating income in 2025 was -$66.71 million, based on the following breakdown:

Total Gross Profit: $46.75 million
Total Operating Expenses: $113.46 million

Over the last 7 years, Outset Medical's total revenue changed from $2.01 million in 2018 to $119.48 million in 2025, a change of 5,853.0%.

In the past 12 quarters, Outset Medical's cash and equivalents has ranged from $30.56 million in Q1 2026 to $75.93 million in Q1 2025, and is currently $33.94 million as of their latest financial filing in Q3 2026.

Outset Medical had total debt of $96.24 million at the end of 2025, a 51.2% decrease from 2024, and none in 2018.

Over the last 7 years, Outset Medical's book value per share changed from 0.00 in 2018 to 6.99 in 2025, a change of 699.3%.

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Financial statements for NASDAQ:OM last updated on 11/4/2026 by MarketBeat.com Staff. New filings and market data are monitored continuously.

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Outset Medical (OM) Financials

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Outset Medical (OM) Financials

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Quarterly Cash Flow Statements for Outset Medical

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Quarterly Metrics And Ratios for Outset Medical

Financials Breakdown Chart

Key Financial Trends

Outset Medical Financials - Frequently Asked Questions

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How has Outset Medical's net income changed over the last 7 years?

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How has Outset Medical's revenue changed over the last 7 years?

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How has Outset Medical's book value per share changed over the last 7 years?

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