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Sep 30, 2024
Outset Medical Q3 2024 Earnings Report
Outset Medical's revenue decreased slightly year-over-year, but showed sequential growth. Gross margin improved compared to the prior year, and recurring revenue reached a record level. The company also increased its full year 2024 revenue guidance.
Key Takeaways
Outset Medical reported a slight decrease in revenue compared to Q3 2023, but experienced sequential growth from Q2 2024. The company saw improvements in gross margin and achieved record recurring revenue. They also increased revenue guidance for the full year.
Revenue for the third quarter was $28.7 million, a 5% increase compared to the second quarter and a 6% decrease from the third quarter of 2023.
Product revenue was $20.3 million, a 6% increase from the second quarter and a 14% decrease from the third quarter of 2023.
Recurring revenue from Tablo cartridges and service reached $21 million, a 4% increase from the second quarter and a 17% increase compared to the prior-year period.
Net loss was $27.9 million, or $(0.55) per share, compared to a net loss of $46.2 million, or $(0.93) per share, for the same period in 2023.
Outset Medical
Outset Medical
Outset Medical Revenue by Segment
Revenue by Segment
Product Revenue
CapyFin.comService and Other Revenue
CapyFin.com Forward Guidance
Outset increased 2024 revenue guidance to approximately $112 million from prior guidance of approximately $110 million, and non-GAAP gross margin guidance to the mid-30% range from the low-to-mid 30% range.
Positive Outlook
- Increased 2024 revenue guidance to approximately $112 million.
- Increased non-GAAP gross margin guidance to the mid-30% range.
Revenue & Expenses
Visualization of income flow from segment revenue to net income