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Dec 31, 2025
Outset Medical Q4 2025 Earnings Report
Outset Medical reported a decrease in revenue and net loss for the fourth quarter of 2025, with an increase in gross profit and gross margin.
Key Takeaways
Outset Medical reported a net loss of $19.5 million on revenue of $28.9 million for the fourth quarter of 2025. While revenue decreased by 2% year-over-year, gross profit increased by 14% and gross margin expanded significantly to 42.4%. The company also reduced operating expenses by 8% and improved its cash position, ending the year with $173 million in total cash.
Net revenue for Q4 2025 was $28.9 million, a 2% decrease compared to Q4 2024.
Gross profit increased by 14% to $12.2 million in Q4 2025, with gross margin expanding to 42.4% (42.9% non-GAAP).
Operating expenses declined by 8% to $29.9 million in Q4 2025, reflecting efforts to streamline operations.
Net loss improved to $19.5 million in Q4 2025, compared to a net loss of $25.6 million in Q4 2024.
Revenue by Segment
Forward Guidance
Outset Medical provided revenue guidance for 2026 between $125 million and $130 million, representing a 5% to 9% increase over 2025. The company also expects non-GAAP gross margin to be in the low to mid-40% range for the year.
Positive Outlook
- Projected revenue growth of 5% to 9% for 2026, indicating continued expansion.
- Anticipated non-GAAP gross margin in the low to mid-40% range for 2026, suggesting sustained profitability improvements.
- Clearance received for the next-generation Tablo platform, expected to launch in Q2 2026, which could drive future growth.
- Strong cash position of $173 million at year-end 2025, providing financial stability.
- Reduced net cash used in operations in 2025 compared to 2024, indicating improved operational efficiency.
Challenges Ahead
- Revenue guidance of $125 million to $130 million for 2026, while an increase, might be below some analyst expectations.
- The company continues to report a net loss, indicating it is not yet profitable.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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