Outset Medical, Inc. (NASDAQ:OM) is one of the 7 most volatile stocks under $5 for day trading. Analyst Sentiment on Outset Medical (OM) Remains Strong Following Q4 Results On February 12, 2026, Outset Medical, Inc. (NASDAQ:OM) shares received fresh support from analysts despite a decline in price targets after fourth-quarter results that largely met expectations. After the company provided what it considered to be a realistic 2026 target, TD Cowen lowered its target to $12 from $15, and BTIG lowered its ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 10-K (Mark One) ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 FOR THE TRANSITION PERIOD FROM TO Commission File Number 001-39513 Outset Medical, Inc. (Exact name of registrant as specified in its charter) Delaware 20-0514392 (State or other jurisdiction of ...

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Trigg said Outset received FDA clearance two weeks prior to the call for a next-generation Tablo platform, which she described as the first dialysis system cleared under the FDA’s 2025 cybersecurity requirements. She said the system includes hardware and software enhancements intended to improve performance and reliability and framed cybersecurity as an increasing priority for hospitals given the prevalence of cyberattacks.Trigg said the company continued to expand its published evidence base around the ben ...

Financial Data and Key Metrics Changes - In Q4 2025, revenue reached $119.5 million, a 5% increase from 2024, setting the stage for anticipated stronger growth in 2026 [5][16] - Non-GAAP gross margin for the year increased by 400 basis points to 39.6%, with expectations to reach the low-to-mid 40% range in 2026 [16][17] - Non-GAAP operating loss decreased by 14% to $13.3 million compared to Q4 2024, and the net loss was 22% lower at $15 million [15][17] Business Line Data and Key Metrics Changes - Product revenue for Q4 was $19.9 million, down from $21 million in the previous year, with console sales growing 11% to $6.4 million [11][16] - Service and other revenue grew 6% to $9 million, while recurring revenue from consumables and services was $22.5 million, showing sequential growth [12][16] Market Data and Key Metrics Changes - Tablo is now utilized in approximately 1,000 acute care sites across the U.S., with significant customer satisfaction scores above 95% [4][6] - The company has expanded its partnerships with acute and post-acute care providers, leading to improved clinical outcomes and operational benefits [6][7] Company Strategy and Development Direction - The company aims to enhance its technology and service leadership while reducing costs, as evidenced by the recent FDA clearance of the next-generation Tablo platform [3][9] - The focus on cybersecurity as a critical patient safety issue is expected to provide a competitive advantage and drive interest among potential customers [9][24] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about 2026, expecting revenue growth between 5% and 9%, with a focus on maintaining operating leverage and reducing cash burn [17][18] - The company is committed to innovation and customer-centric improvements, with plans for further enhancements to the Tablo platform [19][62] Other Important Information - The company ended Q4 2025 with $173 million in cash and equivalents, indicating sufficient resources to reach profitability [15][52] - The next-generation Tablo platform is expected to launch in Q2 2026, with potential impacts on gross margins and sales cycles [9][66] Q&A Session Summary Question: Can you elaborate on the advantages of the Next-Gen Tablo and its market impact? - Management highlighted that the new system meets FDA cybersecurity standards, which is a significant concern for hospitals, potentially attracting more customers [24][25] Question: What is the current state of the sales force and deal pipeline? - The sales leadership team remains stable, and the pipeline has shown growth across key metrics, with a focus on both new and existing customers [27][30] Question: How does the company view capital budgets and backlog? - There have been no significant changes in capital spending among customers, and the backlog remains an important lever for growth [53][54] Question: What are the expectations for gross margins with the new Tablo? - Management anticipates that the new product will provide a tailwind for revenue and gross margins, with a mild impact expected during the transition [67][68]

Financial Data and Key Metrics Changes - Revenue for Q4 2025 was $119.5 million, representing a 5% increase over 2024 [5][15] - Non-GAAP gross margin for the year increased by 400 basis points to 39.6%, with a target of reaching 50% in the future [16][17] - Non-GAAP operating loss decreased by 14% to $13.3 million compared to the previous year [15] Business Line Data and Key Metrics Changes - Product revenue for Q4 was $19.9 million, down from $21 million in the same quarter last year, with console sales growing 11% to $6.4 million [11][12] - Service and other revenue grew by 6% to $9 million, while recurring revenue from consumables and services was $22.5 million [12][16] - Product gross margin exceeded 50% for the first time, reaching 50.7% [14] Market Data and Key Metrics Changes - Tablo is now utilized in approximately 1,000 acute care sites across the U.S., with significant customer satisfaction scores above 95% [4][6] - The company has expanded its partnerships with acute and post-acute care providers, leading to improved clinical outcomes and operational benefits [6][7] Company Strategy and Development Direction - The company aims to enhance its technology and service leadership while reducing costs, as evidenced by the recent FDA clearance of the next-generation Tablo platform [3][9] - The focus is on insourcing dialysis services, which has shown to improve clinical outcomes and operational efficiencies for healthcare providers [6][19] - The company plans to launch the next-generation Tablo platform in Q2 2026, which is expected to provide a competitive advantage due to its compliance with stringent cybersecurity standards [9][10] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about 2026, anticipating revenue growth between $125 million and $130 million, a 5%-9% increase over 2025 [17][18] - The company expects to continue reducing cash usage and improving operating leverage, with operating expense growth anticipated to be half the rate of revenue growth [18][52] - Management highlighted the importance of cybersecurity in healthcare and how the new Tablo platform addresses these concerns, potentially attracting more customers [24][25] Other Important Information - The company ended Q4 with $173 million in cash and equivalents, indicating sufficient liquidity to reach profitability [15][52] - The company has made significant investments in innovation and talent acquisition to strengthen its leadership team [3][4] Q&A Session Summary Question: What advantages will the next-gen Tablo offer and how will it affect market opportunities? - Management indicated that the next-gen Tablo will enhance cybersecurity, which is a growing concern for hospitals, potentially attracting more customers [23][24] Question: What is the current state of the sales force and deal pipeline? - Management reported stability in the sales force and a healthy pipeline, with diversification across new and existing customers [26][30] Question: Can you quantify pipeline growth entering 2025 versus 2026? - Management noted similar growth rates in the pipeline between 2024 and 2025, indicating strong demand for their services [42] Question: What is the timeline for achieving 50% gross margin? - Management confirmed that reaching 50% gross margin is within their planning horizon, but did not specify a formal timeline [51] Question: How is the hospital capital budget environment currently? - Management stated that there have been no material changes in capital spending among their customers for 2026 [53]

Financial Data and Key Metrics Changes - Revenue for Q4 2025 was $119.5 million, a 5% increase from 2024, setting the stage for stronger growth in 2026 [5][14] - Non-GAAP gross margin for the year increased by 400 basis points to 39.6%, with expectations to reach the low-to-mid 40% range in 2026 [15][16] - Non-GAAP operating loss decreased by 14% to $13.3 million compared to Q4 2024, reflecting progress towards profitability [14] Business Line Data and Key Metrics Changes - Product revenue for Q4 was $19.9 million, down from $21 million in the previous year, with console sales growing 11% to $6.4 million [11][12] - Service and other revenue grew by 6% to $9 million, while recurring revenue from consumables and services was $22.5 million, showing sequential growth [12][15] - Product gross margin exceeded 50% for the first time, reaching 50.7%, while service gross margin increased to 25.6% [13] Market Data and Key Metrics Changes - Tablo is now utilized in approximately 1,000 acute care sites across the U.S., with significant partnerships established with major health systems [4][18] - The company reported a strong pipeline of opportunities, with diversification across new and existing customers, including critical access hospitals [31][32] Company Strategy and Development Direction - The company aims to enhance its technology leadership with the FDA clearance of the next-generation Tablo platform, which includes advanced cybersecurity features [8][9] - Focus on insourcing dialysis services is expected to drive growth, with a strong emphasis on clinical and operational benefits [6][18] - The company plans to continue investing in innovation and customer-centric improvements to enhance patient care [60] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about 2026, anticipating revenue growth of 5%-9% and continued operating leverage [16][17] - The company is confident in its cash position, with $173 million available to support operations and reach profitability [51] - Management highlighted the importance of cybersecurity in healthcare, viewing it as a critical patient safety issue that will drive interest in the new Tablo platform [9][23] Other Important Information - The company reduced cash usage by $70 million in 2025 and narrowed its operating loss, indicating improved financial health [6][14] - The next-generation Tablo platform is expected to launch in Q2 2026, with a focus on enhancing customer experience and clinical outcomes [9][66] Q&A Session Summary Question: What advantages will the Next-Gen Tablo offer and how will it affect market opportunities? - Management indicated that the new platform's compliance with FDA cybersecurity standards will attract interest from hospitals concerned about device security, potentially shortening sales cycles [22][24] Question: What is the current state of the sales force and deal pipeline? - Management reported stability in the sales organization and a healthy pipeline, with diversification across hospital sizes and types [26][30] Question: Can you quantify pipeline growth entering 2026? - Management noted that pipeline growth entering 2026 is consistent with previous years, driven by emerging clinical value propositions [41][42] Question: What is the timeline for achieving 50% gross margin? - Management confirmed that reaching 50% gross margin is within planning horizons, though no specific year was provided [50][51] Question: What is the current state of hospital capital budgets? - Management observed no significant changes in capital spending among customers, maintaining a positive outlook for 2026 [52]

Core Insights - Outset Medical, Inc. reported its financial results for Q4 and the full year 2025, highlighting a strong foundation for growth and a differentiated platform in the dialysis market [3][4]. Financial Performance - Q4 2025 revenue was $28.9 million, a decrease of 2% from $29.5 million in Q4 2024. Product revenue was $19.9 million, down from $21 million, while service and other revenue increased by 6% to $9 million [4][9]. - For the full year 2025, total revenue reached $119.5 million, a 5% increase from $113.7 million in 2024. Product revenue also grew by 5% to $84.8 million [9][10]. - Recurring revenue from Tablo consumables and services was $22.5 million in Q4 and grew 6% for the year to $88.7 million [4][9]. Profitability Metrics - Gross profit for Q4 was $12.2 million, up 14% from $10.7 million in Q4 2024, with a gross margin of 42.4%, compared to 36.5% in the prior year [5][11]. - The full year gross margin improved to 39.1%, up from 33.9% in 2024, with a non-GAAP gross margin of 39.6% [11][12]. Operating Expenses - Operating expenses in Q4 2025 were $29.9 million, an 8% decline from $32.6 million in Q4 2024, driven by cost reductions [6][12]. - For the full year, operating expenses totaled $113.5 million, down from $151.9 million in 2024 [12][13]. Net Loss - The net loss for Q4 was $19.5 million, an improvement from a net loss of $25.6 million in Q4 2024. On a non-GAAP basis, the net loss was $15.1 million compared to $19.3 million in the prior year [7][13]. - The full year net loss was $81.7 million, significantly reduced from $128 million in 2024, with a non-GAAP net loss of $65.4 million [13][14]. Cash Position - As of December 31, 2025, total cash, including restricted cash and short-term investments, was $173 million [8][28]. Future Guidance - For 2026, Outset provided revenue guidance of $125 million to $130 million, representing a 5% to 9% increase over 2025, with non-GAAP gross margin expected in the low to mid-40% range [14].

Company Overview - Outset Medical, Inc. (NASDAQ:OM) was founded in 2003 and is headquartered in San Jose, California, focusing on transforming dialysis through innovative technology and North American manufacturing operations [4] Financial Performance - In Q3 2025, Outset Medical reported revenue of $29.4 million, reflecting a 3% year-over-year increase [3] - The company raised its 2025 revenue guidance to a range of $115 million to $120 million [3] - Tablo console sales increased by 8% in the quarter, driven by growing hospital demand and an expanding sales pipeline, with opportunities increasing in size by more than 20% [3] Analyst Insights - Stifel analyst Rick Wise lowered the price target on Outset Medical to $8 from $14 while maintaining a Buy rating, indicating near-term pressures in MedTech following 2025, but a constructive outlook for the sector overall in 2026 [1]

Core Viewpoint - Osisko Metals Incorporated is initiating a re-evaluation of the Gaspé Copper Project's Porphyry Mountain deposit, aiming to outline an NI 43-101 Inferred Mineral Resource Estimate by the end of 2026 through a new deep drill program and re-analysis of historical data [1][6]. Group 1: Project Overview - The Deep Porphyry Exploration Project (DPEX) will include a new deep drill program and re-assaying of historical drill core to assess the potential of the Porphyry Mountain deposit [2][6]. - The Porphyry Mountain deposit was discovered in 1994 and is located approximately 1100 meters northeast of the Gaspé Copper Mountain pit [8]. Group 2: Historical Data and Results - Re-assayed historical core from drill hole DDH 30-0943 returned 852.0 meters averaging 0.70% Cu, 2.92 g/t Ag, and 0.062% Mo, confirming previous results [4][6]. - Historical drilling indicates that the deposit remains open at depth, with many holes stopping in mineralization [5][8]. Group 3: Future Plans and Expectations - The DPEX program aims to establish the true depth and full potential of the Porphyry Mountain deposit, with a maiden Inferred MRE expected by the end of 2026 [6]. - The company anticipates significant depths for the updated GCP Copper Mountain open pit, potentially allowing future access to the deeper DPEX Porphyry Mountain deposit [6]. Group 4: Company Background - Osisko Metals focuses on the critical metals sector, particularly copper and zinc, and acquired a 100% interest in the Gaspé Copper mine in July 2023 [15]. - The Gaspé Copper mine hosts the largest undeveloped copper resource in eastern North America, with current Indicated Mineral Resources of 824 million tonnes averaging 0.34% CuEq [15].