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OM · NASDAQ · Medical - Devices

Outset Medical

Provides the Tablo hemodialysis platform for hospital, clinic, and home care.

$3.91

After-hours close−0.03 (−0.87%)

At close$3.94(−3.67%)

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Profile

Outset Medical, Inc.OMHealth Care

Sells the Tablo hemodialysis system, including consoles, cartridges, accessories, and related service agreements. Its single reportable segment is concentrated in the United States and centers on a platform designed for hospital, clinic, and home use.

Combines water purification, on-demand dialysate production, software, and connectivity in the compact Tablo console. The system is FDA-cleared for hospital, clinic, and home use, while the company also sells cartridges, accessories including TabloCart with Prefiltration, and service agreements.

Operates one reportable segment and derives revenue primarily in the United States. Manufacturing is centered in North America, and the product strategy relies on a single platform spanning acute, in-center, and home hemodialysis workflows.

FDA clearance and product-safety requirements shape the business. TabloCart with Prefiltration distribution resumed after 510(k) clearance, and a Class I correction addressed certain Tablo systems after silicone-tubing concerns.

Company facts

CEOLeslie Trigg

ListedSep 15, 2020

ExchangeNASDAQ

HeadquartersSan Jose, CA

CountryUnited States

Employees310

CIK0001484612

ISINUS6901452069

Key statistics

Market cap$73.0M

EPS (ttm)−$4.09

P/E (ttm)−0.9633

ROE-62.3%

P/B0.7615

P/S0.6200

Dividend yield—

Beta2.15vs XLV −0.20

Year to date +6.5% · Average volume (30d) 130.9K

Analysts

Price target, next 12 months$8.00+103.0%Median of 11 analysts · vs the Aug 28 close

ConsensusBuy7 of 11 analysts rate it buy or better

Ratings

Strong buyBuyHoldSellStrong sell

Target range

Last close $3.94

High$34.00+762.9%

Median$8.00+103.0%

Low$6.00+52.3%

12 months agoNowIn 12 months

Latest analyst notes

Date	Firm	Action	Rating	Prior target	Target
Feb 12, 2026	BTIG	Reiterate	Buy	$37	$15
Jan 7, 2026	Stifel Nicolaus	Target		$14	$8
Dec 17, 2025	RBC Capital	Target		$3	$7
Nov 11, 2025	Stifel Nicolaus	Target		$15	$14

Earnings

EPS

Estimate−$0.67

ReportedDue Nov 9, 2026

Revenue

Estimate$31.4M

ReportedDue Nov 9, 2026

History

Report date	EPS est	EPS	Surprise	Revenue est	Revenue	Surprise	Next session
Aug 6, 2026Q2 FY26	−$0.72	−$0.80	−11.6%	$29.0M	$31.6M	+9.2%	−5.77%
May 7, 2026Q1 FY26	−$0.79	−$0.83	−5.1%	$28.9M	$27.9M	−3.5%	−20.94%
Feb 11, 2026Q4 FY25	−$0.67	−$0.84	−24.7%	$26.6M	$28.9M	+8.4%	−16.30%
Nov 10, 2025Q3 FY25	−$0.66	−$0.69	−5.3%	$30.7M	$29.4M	−4.1%	−48.47%

View details

Financial highlights

	Q1 FY25	Q2 FY25	Q3 FY25	Q4 FY25	Q1 FY26	Q2 FY26
Revenue	$29.8M	$31.4M	$29.4M	$28.9M	$27.9M	$31.6M
Gross profit	$11.1M	$11.9M	$11.6M	$12.2M	$12.1M	$13.3M
Operating income	−$16.4M	−$16.9M	−$15.8M	−$17.6M	−$16.9M	−$15.7M
Net income	−$25.8M	−$18.5M	−$17.8M	−$19.5M	−$19.0M	−$18.0M
Diluted EPS	−$7.44	−$1.04	−$1.00	−$1.09	−$1.03	−$0.97
Gross margin	37.2%	37.8%	39.4%	42.4%	43.4%	42.0%
Operating margin	-55.1%	-53.7%	-53.7%	-61.1%	-60.7%	-49.6%

Fiscal years (4-quarter sums)FY21 $102.6M · FY22 $115.4M · FY23 $130.4M · FY24 $113.7M · FY25 $119.5M

Revenue by product · Q2 FY26

Product$21.9M · 41%

Consumables Product$12.4M · 23%

Service And Other Revenue$9.7M · 18%

Consoles Product$9.5M · 18%

Balance sheet, Jun 30, 2026Cash & short-term investments $147.2M · Total debt $104.4M · Total assets $242.4M · Shareholders' equity $96.3M

Dividends

No dividends on record.

Ownership

Institutions 74.70%13.85M sharesInsiders 5.31%984.9K sharesOther 19.99%3.70M shares

Shares outstanding 18.54M · Float 15.50M · 83.6% free float

Top shareholders13F · 13D/G · Form 4

Holder	Shares	% outstanding	Form	Filed
FMR LLC	2.74M	14.80%	13F	Aug 13, 2026
BML Capital Management, LLC	2.52M	13.59%	13F	Aug 7, 2026
BML Investment Partners, L.P.	2.52M	13.60%	13G	May 18, 2026
Leonard Braden Michael · 10 percent owner	2.52M	13.59%	Form 4	May 18, 2026
Alyeska Investment Group, L.P.	1.70M	9.61%	13G	May 15, 2025

Insider tradesForm 4

Date	Insider	Role	Shares	Avg price
Aug 17, 2026	Leslie Trigg	director, officer: Chair and CEO	−3,437	$4.39
Aug 17, 2026	John L. Brottem	officer: General Counsel	−2,632	$4.39
Aug 17, 2026	Renee Gaeta	officer: Chief Financial Officer	−4,543	$4.39
Jun 3, 2026	Renee Gaeta	officer: Chief Financial Officer	−17,672	$4.94
May 15, 2026	John L. Brottem	officer: General Counsel	−2,638	$3.70