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Outset Medical, Inc. (OM) stock

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NASDAQ: OM Nasdaq Health Care Equipment Next results ~November 4, 2026

E Fundamentals grade

Outset Medical, Inc. is a US-listed company in the health care equipment industry. Its financial year ends in December.

Stock price today

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Third-party market data · may be delayed

Model estimate per share

~$9.2

Forward price-to-sales vs peers

Base case. Range ~$9.2–$34. Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative.

Price vs value

No Buy/Hold/Sell rating is issued: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Outset Medical, Inc. valuation: adjust assumptions and compare models →

Who’s trading

What company insiders, investment funds and members of Congress have been doing with the stock, from their own filings.

  • Insiders1 buying, 5 selling2 purchases and 23 sales by directors and officers, last 12 monthsInsider trades
  • Funds53 adding, 48 cuttingOf 18 active managers that changed their stake, 9 added; quarter to June 30, 2026Fund buyers and sellers

Value diary

Our note on each quarter Outset Medical files

Where Outset Medical stands after its latest 10-Q

Revenue for the twelve months to June 2026 was $118m, down 1.3% on a year earlier, against growth of 2.0% a quarter earlier. That puts it 51 of 58 for growth among the health care equipment companies we cover. Free-cash-flow margin rose to -33.0% from -57.3% a year earlier. Operating margin widened to -56.1% from -66.2%. The diluted share count is up 311.4% on a year earlier, which dilutes existing holders. Against its peers on growth, profitability, cash generation and balance sheet, it grades E. It passes 2 of our 7 financial-health checks. Our revenue-to-maturity cash-flow model value is $0.92 a share, against a share price of $4.32.

Source: 10-Q filed August 6, 2026 on SEC EDGAR · Financials · Valuation

Written from the company's filings and our models when each quarter's report arrives. Figures in older notes are as published at the time. Not investment advice.

The Fundamentalytics view

Next results ~November 4, 2026 (estimated)

Outset Medical, Inc.'s trailing-twelve-month revenue fell 1.3% year on year, with a free-cash-flow margin of -33.0%. Where it lags: change in share count of 311.4% ranks 115 of 115 health care equipment companies we cover.

Current signal Free cash flow diverging from earnings: TTM free cash flow grew 43.2% while net income grew 24.1%: a 19pp divergence.

Assembled from SEC-filed figures — the full workings are on this page and in our methodology. Observations, not recommendations.

Highlights

How we pick these

Strengths

  • Margins widening. Operating margin is up 10.1 points on a year ago.

Things to watch

  • Revenue shrinking. Revenue fell 1.3% over the last 12 months.
  • Loss-making. Operating margin is -56.1%: costs exceed revenue.
  • Burning cash. Free cash flow was -33.0% of revenue over the last 12 months.
  • Share dilution. Diluted shares rose 311.4% in a year.
  • Volatile shares. Over the past year the shares showed annualised volatility of 101% and a beta of 1.8 against the S&P 500.
  • Growth easing. The growth rate is 3.3 points lower than a quarter earlier.

Latest results: FY2026 Q2

Filed August 6, 2026
Earnings per share
-$0.80 against an average estimate of -$0.72: missed by 11.6%
Revenue
$32m, up 0.7% on a year earlier
Share reaction
-4.3% in the first session after the results on August 6, 2026, against +0.5% for the S&P 500
Next report
November 4, 2026; average EPS estimate -$0.69

Outset Medical's figures from its SEC filings and results release; estimates are the analysts' average. Not a recommendation.

Price chart

  • 1 day-0.2%
  • 1 week-1.5%
  • 1 month+1.5%
  • This year+8.4%
  • 1 year-69.4%
  • 5 years-99.5%
  • S&P 500 this year+11.2%

Closing prices to 2026-11-02. Price change only, dividends excluded.

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Third-party market data · may be delayed

At a glance

Trailing twelve months, from SEC filings

Profitability

Revenue (TTM)
$118M
Operating margin
-56.1%
Net margin
-63.1%
EPS (TTM, diluted)
$-4.07

Growth

Revenue growth
−1.3%
Change in growth rate
−3.3 pts
Share count change
+311.4%

Cash

Free cash flow (TTM)
-$38.9M
FCF margin
-33.0%
Stock pay % of revenue
13.0%

Earnings

Last results
August 6, 2026

News & updates

Updated October 31, 2026

Company announcements, filed results and changes that matter to shareholders.

  1. Leadership
  2. Results

Refreshed hourly when new source data is available. Summaries are checked against company releases and SEC filings. Company announcement headlines are labelled when a checked summary is unavailable.

Valuation

Outset Medical, Inc. valuation models and calculator

Fundamentalytics rating

model v1.6 · 2026-11-03

Not rated: valued with our growth model, which doesn't carry a Buy/Hold/Sell rating yet.

Valuation models

We value Outset Medical, Inc. as an operating company, with every model that fits that kind of business. Cost of equity 12.1%: the 10-year Treasury yield (4.9%) plus a beta of 1.58 times a 4.5% equity risk premium.

Value per share by model
Model Value per share In the combined value?
Growth cash-flow model Revenue for this year and next from analysts' consensus, then growth fading to 2.5%; the operating margin moving to profitable peers'; investment needed per dollar of growth from peers; reduced by a failure probability. For young or fast-growing companies. The starting margin is normalized to between -100% and 60%; net margin is a proxy when operating income is not tagged. Uses analysts' consensus estimates (third-party data), not our forecasts. — Does not apply: the projected cash flows don't support a positive value
Price-to-earnings vs peers Earnings per share times peers' typical (harmonic-mean) price-to-earnings. — Does not apply: no positive earnings in the latest twelve months
Residual income Book value plus the present value of returns above the cost of equity, fading over ten years. — Does not apply: the model gives no positive value
Justified price-to-book Book value times (return on equity - growth) / (cost of equity - growth): steady-state returns. — Does not apply: return on equity is not positive
Forward price-to-sales vs peers Next year's consensus sales per share times peers' typical forward price-to-sales; only when earnings are negative. Uses analysts' consensus estimates (third-party data), not our forecasts. ~$9.2 ~$10–$34 Included, half weight
Revenue-to-maturity model Revenue grown to maturity with the cash margin moving to the industry's; for companies not yet profitable. ~$0.8 ~$0.8–$1.5 Left out: out of range vs price (0.20x)
Combined value Weighted average of the models that apply: the primary model (growth cash-flow model) counts double. Models more than 5x or less than 0.2x the share price, or more than 3x away from the other models' median, are left out. ~$9.2 ~$9.2–$34 1 model

Different models fail in different ways, so where several apply we average them rather than trust one. Peer-based models compare Outset Medical, Inc. with Health Care Equipment in our coverage, using third-party market data. Model values are estimates under stated assumptions, updated as new filings arrive; not price targets or investment advice. How each model works.

Valuation multiples over time Market data may be delayed

At fiscal year end 202020212022202320242025Now
Share price$852.60$691.35$387.30$81.15$16.65$3.71$4.02
Market value$929789$2m$1m$268201$57659$56m$73m
+ Net debt (− = net cash)−$263m−$151m$28m$62m$73m$61m$63m
Enterprise value−$262m−$148m$29m$62m$73m$118m$136m
Multiples
Price / sales 0.0x0.0x0.0x0.0x0.0x0.5x0.6x
Price / earnings ———————
Price / free cash flow ———————
EV / EBITDA ———————

Market value uses the period's diluted share count; figures for each fiscal year use that year's results and the price at year end. "Now" uses today's price and the last twelve months.

Moat

12 /100

Weak moat

How hard Outset Medical's competitive advantage looks for rivals to wear away, judged from 7 years of its own filings: returns on capital, pricing power, profit durability, cash conversion and discipline.

  • Returns on capital 0 / 20

    Cash operating profit has been a median -30.0% of total assets over 6 years.

  • Pricing power 0 / 20

    Gross margin has been a median 18.4%, moving by 31.3 percentage points (standard deviation) across 7 years.

  • Durability 10 / 20

    Operating margin has been a median -129.8%; its worst year was -286.7%.

  • Cash conversion 0 / 20

    Free cash flow was positive in 0 of 6 years, at a median -117.4% of revenue.

AI disruption exposure: Low. In this industry, the business rests on physical assets, regulated networks or products AI itself depends on.

A rules-based reading of reported figures, not a forecast and not investment advice. How the score is built: methodology.

Forecasts and guidance

Next results: November 4, 2026, after the close. Analysts expect revenue of $31m and EPS of −$0.69 (range −$0.77 to −$0.64) for the quarter.

Analysts' consensus

Fiscal yearEPSGrowthRevenueGrowth
Current −$3.08 +28% $126m +5%
Next −$2.29 +26% $139m +10%

How the EPS forecast has moved

The consensus EPS forecast for the current fiscal year is +6.6% on 90 days ago. In the last 30 days, 1 analyst raised Outset Medical, Inc.'s forecast and 0 cut it.

Consensus EPS forecast Outset Medical, Inc., last 90 days
−$4.00 −$3.00 −$2.00 −$1.00 $0.00 90 days ago 60 days ago 30 days ago 7 days ago Now Current fiscal year, 90 days ago: −$2.89 Current fiscal year, 60 days ago: −$2.91 Current fiscal year, 30 days ago: −$3.09 Current fiscal year, 7 days ago: −$3.09 Current fiscal year, Now: −$3.08 −$3.08 Next fiscal year, 90 days ago: −$2.18 Next fiscal year, 60 days ago: −$2.18 Next fiscal year, 30 days ago: −$2.29 Next fiscal year, 7 days ago: −$2.29 Next fiscal year, Now: −$2.29 −$2.29

Average of analysts' published estimates (third-party data).

View chart data
Period Current fiscal yearNext fiscal year
90 days ago −$2.89−$2.18
60 days ago −$2.91−$2.18
30 days ago −$3.09−$2.29
7 days ago −$3.09−$2.29
Now −$3.08−$2.29

Earnings against estimates

Quarter toEstimateActualSurprise
Jun 2026 −$0.72 −$0.80 −11.6%
Mar 2026 −$0.79 −$0.83 −5.1%
Dec 2025 −$0.68 −$0.84 −24.4%
Sept 2025 −$0.66 −$0.69 −5.3%

Adjusted EPS as companies report it, against the average analyst estimate.

Analyst recommendations

3 analysts, Oct 2026
Buy267%
Hold133%
Sell00%

Monthly trend

  1. Oct 2026213
  2. Sep 2026213
  3. Aug 2026213

Counts of recommendations published by analysts covering Outset Medical, Inc., by month. Source: Aggregated broker recommendations (third-party data). Aggregated counts only: we do not reproduce any firm's recommendation or price target, and these are not Fundamentalytics ratings.

Positioning

Short interest
6.7%
of tradable shares
Days to cover
4.78
at average volume
Short interest, 1 month
+5%
to October 15, 2026
Held by institutions
75%
of shares
Held by insiders
5.5%
of shares
Employees
310
full time

Consensus figures average analysts' published estimates (third-party data); guidance is the company's own. Neither is our forecast. Short interest is reported twice a month and lags. Market data may be delayed.

This section is general information, not investment advice or a personal recommendation, and it does not take account of your objectives or circumstances. Forecasts and guidance are estimates, not promises: companies miss their own guidance and analysts' figures are often revised. Prices can fall as well as rise, and you can lose money. See our disclaimer.

Share-price performance

Market data may be delayed

Return and risk by year

Calendar year 202120222023202420252026 to date
Return
OM−19%−44%−79%−80%−78%+8%
Industry peers (median)−7%−37%−8%−19%−16%−15%
S&P 500+29%−18%+26%+25%+18%+11%
Months that ended higher
OM50%50%42%58%33%55%
S&P 50075%42%67%75%75%46%
Largest fall from a high during the year
OM−39%−76%−90%−92%−85%−48%
S&P 500−5%−25%−10%−8%−19%−9%

Worst fall since September 15, 2020: 100% from November 30, 2020 to September 28, 2026. Getting back needed a 32332% gain, and the shares have not yet recovered.

Price behaviour

52-week range
$2.96 – $13.01
From 52-week high
−69.1%
vs 50-day average
+7.9%
vs 200-day average
−3.0%
Volatility (1 year)
101%
Beta vs S&P 500
1.83

Volatility is the annualised standard deviation of daily returns. Beta 1.5 means the shares typically moved 1.5% for each 1% move in the S&P 500 over the past year. Prices to November 2, 2026.

Share price after results

Next day
6 up, 6 down
typical move ±22.9%
After a week
4 up, 8 down
typical move ±31.3%
After a month
2 up, 10 down
typical move ±38.0%
Results releasedNext dayS&P 500 next day5 days21 days
August 6, 2026 −4.3% +0.5% −17.0% −29.9%
June 17, 2026 +14.5% −0.2% +4.1% −7.9%
May 7, 2026 −18.1% +0.5% −15.5% −4.2%
February 11, 2026 −19.1% −1.6% −24.9% −30.7%
January 12, 2026 +12.3% 0.0% +10.7% −0.4%
November 10, 2025 −48.4% +1.8% −59.2% −63.5%
August 6, 2025 +0.6% +0.7% −6.3% −0.6%
May 7, 2025 +37.6% +1.1% +60.3% +81.4%
February 19, 2025 +5.7% −0.2% −15.7% −17.2%
January 6, 2025 −21.4% −0.6% −42.0% −42.9%
November 6, 2024 +23.8% +3.3% +43.5% +91.4%
August 7, 2024 −69.6% +1.6% −76.3% −86.1%

From the close before the release date to the close 1, 5 and 21 trading days after it, so releases before the open and after the close are both captured. Past moves don't predict future ones.

Outset Medical, Inc. in five measures

Fundamentals grade E
Growth Profitability Cash Balance sheet

Growth, profitability, cash generation and balance sheet are percentiles against the companies we cover in the same industry, from SEC filings (100 = best). Value compares the share price with our modelled value range (50 = at our base value; higher = cheaper). A description of reported data and our model — not a quality score or advice.

Fundamentals

Revenue (TTM) Outset Medical, Inc.
$110M $115M $120M $125M $130M $135M FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue (TTM), FY23 Q3: $131.9M Revenue (TTM), FY23 Q4: $130.4M Revenue (TTM), FY24 Q1: $125.1M Revenue (TTM), FY24 Q2: $116.4M Revenue (TTM), FY24 Q3: $114.7M Revenue (TTM), FY24 Q4: $113.7M Revenue (TTM), FY25 Q1: $115.3M Revenue (TTM), FY25 Q2: $119.3M Revenue (TTM), FY25 Q3: $120.1M Revenue (TTM), FY25 Q4: $119.5M Revenue (TTM), FY26 Q1: $117.6M Revenue (TTM), FY26 Q2: $117.8M $117.8M

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue (TTM)
FY23 Q3 $131.9M
FY23 Q4 $130.4M
FY24 Q1 $125.1M
FY24 Q2 $116.4M
FY24 Q3 $114.7M
FY24 Q4 $113.7M
FY25 Q1 $115.3M
FY25 Q2 $119.3M
FY25 Q3 $120.1M
FY25 Q4 $119.5M
FY26 Q1 $117.6M
FY26 Q2 $117.8M
Revenue growth, TTM YoY Outset Medical, Inc.
-20% -10% 0% 10% 20% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Revenue growth, TTM YoY, FY23 Q3: 18.3% Revenue growth, TTM YoY, FY23 Q4: 13.0% Revenue growth, TTM YoY, FY24 Q1: 5.7% Revenue growth, TTM YoY, FY24 Q2: -9.9% Revenue growth, TTM YoY, FY24 Q3: -13.0% Revenue growth, TTM YoY, FY24 Q4: -12.8% Revenue growth, TTM YoY, FY25 Q1: -7.8% Revenue growth, TTM YoY, FY25 Q2: 2.5% Revenue growth, TTM YoY, FY25 Q3: 4.7% Revenue growth, TTM YoY, FY25 Q4: 5.1% Revenue growth, TTM YoY, FY26 Q1: 2.0% Revenue growth, TTM YoY, FY26 Q2: -1.3% -1.3%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Revenue growth, TTM YoY
FY23 Q3 18.3%
FY23 Q4 13.0%
FY24 Q1 5.7%
FY24 Q2 -9.9%
FY24 Q3 -13.0%
FY24 Q4 -12.8%
FY25 Q1 -7.8%
FY25 Q2 2.5%
FY25 Q3 4.7%
FY25 Q4 5.1%
FY26 Q1 2.0%
FY26 Q2 -1.3%
Operating margin (TTM) Outset Medical, Inc.
-150% -100% -50% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 Operating margin (TTM), FY23 Q3: -130.6% Operating margin (TTM), FY23 Q4: -130.2% Operating margin (TTM), FY24 Q1: -130.5% Operating margin (TTM), FY24 Q2: -129.3% Operating margin (TTM), FY24 Q3: -112.3% Operating margin (TTM), FY24 Q4: -99.7% Operating margin (TTM), FY25 Q1: -80.6% Operating margin (TTM), FY25 Q2: -66.2% Operating margin (TTM), FY25 Q3: -59.1% Operating margin (TTM), FY25 Q4: -55.8% Operating margin (TTM), FY26 Q1: -57.2% Operating margin (TTM), FY26 Q2: -56.1% -56.1%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period Operating margin (TTM)
FY23 Q3 -130.6%
FY23 Q4 -130.2%
FY24 Q1 -130.5%
FY24 Q2 -129.3%
FY24 Q3 -112.3%
FY24 Q4 -99.7%
FY25 Q1 -80.6%
FY25 Q2 -66.2%
FY25 Q3 -59.1%
FY25 Q4 -55.8%
FY26 Q1 -57.2%
FY26 Q2 -56.1%
FCF margin (TTM) Outset Medical, Inc.
-150% -100% -50% 0% FY23 Q3 FY24 Q2 FY25 Q1 FY26 Q2 FCF margin (TTM), FY23 Q3: -110.7% FCF margin (TTM), FY23 Q4: -103.4% FCF margin (TTM), FY24 Q1: -108.3% FCF margin (TTM), FY24 Q2: -120.2% FCF margin (TTM), FY24 Q3: -110.0% FCF margin (TTM), FY24 Q4: -103.1% FCF margin (TTM), FY25 Q1: -83.9% FCF margin (TTM), FY25 Q2: -57.3% FCF margin (TTM), FY25 Q3: -44.9% FCF margin (TTM), FY25 Q4: -39.4% FCF margin (TTM), FY26 Q1: -29.1% FCF margin (TTM), FY26 Q2: -33.0% -33.0%

Source: SEC EDGAR filings. Retrieved October 29, 2026.

View chart data
Period FCF margin (TTM)
FY23 Q3 -110.7%
FY23 Q4 -103.4%
FY24 Q1 -108.3%
FY24 Q2 -120.2%
FY24 Q3 -110.0%
FY24 Q4 -103.1%
FY25 Q1 -83.9%
FY25 Q2 -57.3%
FY25 Q3 -44.9%
FY25 Q4 -39.4%
FY26 Q1 -29.1%
FY26 Q2 -33.0%

Data: SEC EDGAR XBRL company facts (as filed in 10-K/10-Q); forms 10-K, 10-Q. Generated November 3, 2026. Definitions in our methodology.

Financial statements

US$ millions unless shown otherwise. Fiscal years, plus the last twelve months (LTM) when newer.

Fiscal year 2018 Dec 2018 2019 Dec 2019 2020 Dec 2020 2021 Dec 2021 2022 Dec 2022 2023 Dec 2023 2024 Dec 2024 2025 Dec 2025 LTM Jun 2026
Income
Revenue 2 15 50 103 115 130 114 119 118
Gross profit −6 −18 −13 8 18 29 39 47 49
EBITDA −45 −69 −114 −125 −156 −164 −108 −62 −63
Operating income −47 −70 −117 −131 −161 −170 −113 −67 −66
Net income −50 −68 −121 −132 −163 −173 −128 −82 −74
Diluted EPS −$1511.25 −$1493.70 −$72.75 −$43.35 −$50.70 −$52.28 −$36.96 −$5.37 −$4.07
Growth (year on year)
Revenue — +651.3% +231.2% +105.5% +12.4% +13.0% −12.8% +5.1% −1.3%
Margins
Gross margin −304.7% −118.1% −26.1% 7.4% 15.5% 22.2% 33.9% 39.1% 41.8%
EBITDA margin <−999% −456.4% −228.9% −122.2% −135.1% −125.8% −94.7% −52.2% −53.2%
Operating margin <−999% −466.3% −235.2% −127.2% −139.6% −130.2% −99.7% −55.8% −56.1%
Net margin <−999% −453.0% −243.3% −128.6% −141.2% −132.5% −112.6% −68.3% −63.1%
Free-cash-flow margin <−999% −488.0% −216.5% −130.0% −133.5% −103.4% −103.1% −39.4% −33.0%
Cash flow
Cash from operations −46 −70 −99 −130 −146 −131 −116 −46 −38
Capital spending 2 3 9 3 8 3 1 1 1
Free cash flow −48 −74 −108 −133 −154 −135 −117 −47 −39
Stock-based pay 1 1 21 17 27 39 29 16 15
Free cash flow after stock pay −49 −74 −130 −151 −181 −173 −147 −63 −54
Balance sheet
Cash — 37 295 182 73 69 124 35 35
Total debt — 29 32 32 101 130 197 96 98
Net debt (negative = net cash) — −8 −263 −151 28 62 73 61 63
Diluted shares — 57m — — — — — 15m 18m

Source: SEC EDGAR XBRL company facts (US and foreign periodic filings); column headings link to the filing. EBITDA is operating income plus depreciation and amortisation. Free cash flow is cash from operations minus capital spending. Growth is left blank when last year's figure was a loss or under 2% of revenue. Share counts and EPS are restated for stock splits. A dash means the company didn't report the figure.

Financial health

2 of 7 checks passed · June 30, 2026
What it owns · $242m
Short-term assets $228mLonger-term assets $15m
What it owes, and who funded it · $242m
Short-term liabilities $44mLonger-term liabilities $102mShareholders' equity $96m
  • Short-term assets cover short-term liabilities $228m of assets due within a year against $44m of liabilities due within a year.
  • Short-term assets cover long-term liabilities $228m short-term assets against $102m of longer-dated liabilities.
  • More cash than debt $35m of cash against $98m of debt.
  • Debt below 40% of shareholders' equity Debt is 101% of equity.
  • Debt burden no higher than five years ago Debt to equity moved from 8% to 101% over five years.
  • A year's operating cash flow covers at least 20% of debt −$38m of operating cash flow against $98m of debt.
  • Operating profit covers interest at least five times over Operating income of −$66m against $14m of interest.

From Outset Medical, Inc.'s latest balance sheet as filed. Checks are fixed, documented rules (methodology), counted only where the company reports the figures — a dot means the filing doesn't break the item out. Descriptions of reported data, not advice.

Dividends, buybacks and capital spending

Diluted share count
+311.4%
year over year
R&D spending
18.3%
of revenue
Days sales outstanding
91 days
receivables vs revenue

Competitors: side by side with peers

Closest by revenue in health care equipment
Last 12 months unless stated OM ANIK OWLT SMTI XTNT BBNX Median
Revenue, last 12 months $118m $121m $115m $110m $110m $127m $99m
Revenue growth, last 12 months −1.3% 5.3% 28.2% 13.0% −14.3% 43.7% 9.2%
Revenue growth, 3-year average −3.1% 0.3% 29.3% 22.6% 17.3% — 13.5%
Revenue growth, latest quarter 0.7% 15.6% 29.9% 9.0% −35.0% 30.3% 10.2%
Gross margin 41.8% 62.2% 54.8% 93.0% 59.4% 58.6% 61.2%
Operating margin −56.1% −4.2% −6.3% 7.7% −9.6% −72.7% −8.5%
Operating margin, 3-year average −83.8% 0.2% −17.9% 2.2% −7.3% — −17.9%
Net margin −63.1% −3.1% −7.7% −29.2% −10.2% −65.3% −12.0%
Cash from operations / revenue −32.5% 5.0% −6.8% 5.2% 0.5% −46.6% −1.9%
Free-cash-flow margin −33.0% 0.5% −7.4% 4.1% −0.6% −51.8% −3.9%
Free-cash-flow margin, 3-year average −70.2% 0.4% −14.1% −0.1% −6.2% — −7.0%
Stock pay / revenue 13.0% 10.9% 11.2% 4.5% 2.7% 18.4% 6.1%
Change in share count 311.4% −4.0% 72.6% 0.3% 4.0% 44.6% 4.0%

Median of all 134 companies we cover in health care equipment. Shaded: best of the six on that line (lowest for stock pay and share-count growth). 3-year figures average the last three 12-month periods; 3-year growth is compound annual. Source: SEC filings.

Peer comparison

134 health care equipment companies
Measure Company Peer median Rank
Revenue growth Growth -1.3% 9.1% 104 of 129
Change in growth rate Growth -3.3pp -0.6pp 95 of 129
Gross margin Profitability 41.8% 61.9% 96 of 123
Operating margin Profitability -56.1% -8.3% 91 of 132
Net margin Profitability -63.1% -12.0% 93 of 133
Free-cash-flow margin Cash generation -33.0% -3.4% 88 of 128
Stock pay as % of revenue Cash generation 13.0% 6.1% 84 of 123
Long-term debt as % of assets Balance sheet 40.3% 24.2% 70 of 87
Change in share count Balance sheet 311.4% 3.3% 115 of 115
Days sales outstanding Balance sheet 91 days 57 days 104 of 118

Rank 1 = best in the group (for spending, debt and dilution, lower ranks first).

Where the revenue comes from

Fiscal year to December 31, 2025
Products and services
Line of business Revenue Share YoY
Products $84.8M 71.0% ▲ 4.7%
Consumables Product $54.1M 63.8% ▲ 5.7%
Consoles Product $30.7M 36.2% ▲ 3.0%
Service and Other Revenue $34.7M 29.0% ▲ 6.0%

From Outset Medical, Inc.'s 10-K filed February 13, 2026, as tagged in the filing. View filing. Indented rows are part of the line above; their share is of that line. In the bars, the faint bar behind is the year before.

Who owns it

Funds buying and selling
Reported value
$61.3M
Institutions reporting
92
Shares held vs prior quarter
▼ 4.0%
Positions opened / closed
21 / 22

Top buyers and sellers, Q2 2026: 53 institutions bought and 48 sold ; the biggest buyer was Bml Capital Management, LLC (+618K shares) and the biggest seller Blackrock, Inc (−845K). See which funds bought and sold →

Largest reported holders, June 30, 2026
Manager Value Shares Share of 13F value Shares QoQ
FMR LLC $11.8M 2.7M 19.3% 0.0%
Bml Capital Management, LLC $10.9M 2.5M 17.8% ▲ 32.5%
AQR Capital Management LLC $4.3M 999K 7.0% ▲ 23.6%
Perceptive Advisors LLC $3.6M 833K 5.9% 0.0%
Vanguard Capital Management LLC $3.4M 780K 5.5% ▲ 2.1%
Assenagon Asset Management S.A. $2.9M 679K 4.8% ▲ 34.7%
Bank Of America Corp $2.9M 666K 4.7% ▼ 29.9%
Pfm Health Sciences, LP $2.5M 582K 4.1% ▼ 2.1%
Ensign Peak Advisors, Inc $1.9M 434K 3.1% ▼ 17.5%
Blackrock, Inc. $1.8M 418K 2.9% ▼ 66.9%
Peapod Lane Capital LLC $1.4M 332K 2.3% New
Marshall Wace, LLP $915,809 212K 1.5% New

From Form 13F filings with the SEC ( quarterly data sets), as reported by each manager for June 30, 2026 and filed up to 45 days later. 13F reports cover long US-listed positions of managers above $100M only, so this is not Outset Medical, Inc.'s complete shareholder register. Values are as reported by the filers .

Insider trading activity

Full insider history and chart
Insider purchases History → $870,260 2 trades by 1 insider, last 12 months Insider sales History → $369,187 23 trades by 5 insiders · 0% under pre-set plans
Net ▲ $501,073 net buying
Insider Date Trade Shares Price Value
Leonard Braden Michael 10% owner October 2, 2026 Buy 16,575 $3.88 $64,241
Leonard Braden Michael 10% owner October 1, 2026 Buy 228,334 $3.53 $806,019
Gaeta Renee Chief Financial Officer August 17, 2026 Sell 4,543 $4.39 $19,944
Brottem John L. General Counsel August 17, 2026 Sell 2,632 $4.39 $11,554
Trigg Leslie Chair and CEO August 17, 2026 Sell 3,437 $4.39 $15,088
Gaeta Renee Chief Financial Officer June 3, 2026 Sell 17,672 $4.94 $87,300
Brottem John L. General Counsel May 15, 2026 Sell 2,638 $3.70 $9,761
Nash Marc EVP Operations R&D & Service May 15, 2026 Sell 1,582 $3.70 $5,853
Trigg Leslie Chair and CEO May 15, 2026 Sell 3,445 $3.70 $12,746
Nash Marc EVP Operations R&D & Service February 17, 2026 Sell 1,817 $3.35 $6,087
Trigg Leslie Chair and CEO February 17, 2026 Sell 3,361 $3.35 $11,259
Brottem John L. General Counsel February 17, 2026 Sell 2,842 $3.35 $9,521

From insiders' Form 4 filings with the SEC. Excludes awards, option exercises and shares withheld for tax. "Pre-set plan" means the filing marks the trade as made under a Rule 10b5-1 plan. See every insider trade since five years ago, on a price chart.

Earnings dates and SEC filings

Results announcements

Next expected around October 15, 2026 estimated from the company's past filing pattern, not announced

  • August 6, 2026
  • June 17, 2026
  • May 7, 2026
  • February 11, 2026
  • January 12, 2026
  • November 10, 2025

Recent SEC filings

Data status

When each part of this page on Outset Medical, Inc. was last updated.

DataLast updatedSource
Share priceExchange closing prices
Financial statementsSEC 10-K and 10-Q filings
News and updatesCompany releases and SEC 8-K filings
Analyst estimatesAggregated analyst estimates
Valuation and scoresOur models, from the filed figures

How we build and check these figures: methodology and data sources.

Outset Medical, Inc. in brief

What does Outset Medical, Inc. do?
Outset Medical, Inc. is a US-listed company in the health care equipment industry. Its financial year ends in December.
What is Outset Medical, Inc.'s stock ticker?
Outset Medical, Inc. trades under the ticker OM on Nasdaq. This page brings together its financial statements, valuation models, ownership and recent company updates.
What is Outset Medical, Inc.'s revenue, and how fast is it growing?
Over its most recent trailing twelve months, Outset Medical, Inc. reported revenue of $118M, 1.3% lower than a year earlier, according to its SEC filings.
What is Outset Medical, Inc.'s free cash flow?
Outset Medical, Inc.'s free-cash-flow margin is -33.0% of revenue over the trailing twelve months, ranking 88 of the 128 health care equipment companies we cover.
Who are Outset Medical, Inc.'s largest institutional shareholders?
By value reported in 13F filings for June 30, 2026, the largest reported holders are FMR LLC, Bml Capital Management, LLC and AQR Capital Management LLC. 13F reports cover long US-listed positions of managers above $100M, filed up to 45 days after quarter end.
What is Outset Medical, Inc.'s market cap?
On November 2, 2026, Outset Medical, Inc.'s market capitalisation was about $73.4M and net debt of $62.6M. Market figures come from third-party market data and may be delayed.
How much debt does Outset Medical, Inc. have?
Outset Medical, Inc.'s debt-to-equity ratio is 101.4%, from its latest balance sheet (8.0% five years earlier). The financial health section below sets out its other solvency checks.
Who are Outset Medical, Inc.'s competitors?
In our Health Care Equipment peer group, the companies closest to Outset Medical, Inc. are Anika Therapeutics, Inc., Owlet, Inc., Sanara Medtech Inc., Xtant Medical Holdings, Inc. and Beta Bionics, Inc. The side-by-side comparison below sets their revenue, margins and growth against Outset Medical, Inc.'s.
Are insiders buying or selling Outset Medical, Inc. stock?
Over the last 12 months, Outset Medical, Inc.'s directors and officers reported 2 open-market purchases and 23 sales on Form 4. The insider trading page charts every trade.
When is Outset Medical, Inc.'s next earnings date?
Around November 4, 2026, estimated from the spacing of its past results announcements (8-K filings). That is an estimate, not a confirmed date — Outset Medical, Inc. announces its own schedule.