PART I. FINANCIAL INFORMATION [Item 1. Financial Statements (Unaudited)](index=3&type=section&id=Item%201.%20Financial%20Statements%20(Unaudited)) This section presents the unaudited condensed financial statements for Outset Medical, Inc. as of June 30, 2025, and for the three and six-month periods then ended, reflecting revenue growth, improved gross margins, and a reduced net loss compared to the prior year, alongside significant changes in the balance sheet due to recent financing activities, including a new term loan and the issuance of convertible preferred stock [Condensed Balance Sheets](index=3&type=section&id=Condensed%20Balance%20Sheets) As of June 30, 2025, total assets increased to **$288.8 million** from **$275.8 million** at year-end 2024, driven by an increase in short-term investments, while total liabilities decreased significantly to **$134.0 million** from **$249.0 million**, primarily due to debt refinancing, leading to a substantial increase in total stockholders' equity to **$154.8 million** from **$26.8 million** Condensed Balance Sheet Highlights (in thousands) | Account | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | **Total current assets** | $275,578 | $258,221 | | **Total assets** | $288,801 | $275,795 | | **Total current liabilities** | $36,909 | $45,378 | | **Term loans** | $94,814 | $197,375 | | **Total liabilities** | $134,017 | $248,976 | | **Total stockholders' equity** | $154,784 | $26,819 | [Condensed Statements of Operations](index=4&type=section&id=Condensed%20Statements%20of%20Operations) For the second quarter of 2025, total revenue grew to **$31.4 million**, a **15%** increase year-over-year, with gross profit rising to **$11.9 million**, while operating expenses were significantly reduced by **29%** to **$28.7 million**, leading to a substantially smaller loss from operations of **$16.9 million** and a net loss of **$18.5 million** compared to the prior-year period Q2 and H1 2025 vs 2024 Performance (in thousands, except per share amounts) | Metric | Q2 2025 | Q2 2024 | Six Months 2025 | Six Months 2024 | | :--- | :--- | :--- | :--- | :--- | | **Total revenue** | $31,419 | $27,388 | $61,171 | $55,556 | | **Gross profit** | $11,867 | $9,782 | $22,933 | $17,997 | | **Total operating expenses** | $28,732 | $40,546 | $56,197 | $85,673 | | **Loss from operations** | $(16,865) | $(30,764) | $(33,264) | $(67,676) | | **Net loss** | $(18,541) | $(34,454) | $(44,324) | $(74,398) | | **Net loss per share** | $(1.04) | $(9.96) | $(3.57) | $(21.72) | - A loss on extinguishment of term loan of **$7.7 million** was recognized in the first six months of 2025 due to debt refinancing[11](index=11&type=chunk) [Condensed Statements of Cash Flows](index=8&type=section&id=Condensed%20Statements%20of%20Cash%20Flows) For the six months ended June 30, 2025, net cash used in operating activities decreased significantly to **$30.5 million** from **$79.2 million** in the prior year, reflecting a lower net loss and better working capital management, while net cash used in investing activities increased to **$109.2 million** due to higher purchases of investment securities, and net cash provided by financing activities was **$55.3 million** from preferred stock and new term loans, partially offset by prior term loan repayment Six Months Ended June 30 Cash Flow Summary (in thousands) | Activity | 2025 | 2024 | | :--- | :--- | :--- | | **Net cash used in operating activities** | $(30,486) | $(79,247) | | **Net cash used in investing activities** | $(109,241) | $(20,090) | | **Net cash provided by financing activities** | $55,272 | $68,687 | | **Net decrease in cash, cash equivalents and restricted cash** | $(84,455) | $(30,650) | - Financing activities in H1 2025 included **$161.5 million** in proceeds from Series A convertible preferred stock and **$98.3 million** from new term loans, offset by a **$205.0 million** repayment of a prior term loan[22](index=22&type=chunk) [Notes to Unaudited Condensed Financial Statements](index=10&type=section&id=Notes%20to%20Unaudited%20Condensed%20Financial%20Statements) The notes detail significant corporate and financial events, including a **15-for-one reverse stock split** in March 2025, the raising of **$172.7 million** in gross proceeds from a private placement of Series A Convertible Preferred Stock, and securing a new **$125 million** credit facility, alongside disclosures on ongoing litigation, revenue recognition, debt restructuring resulting in a **$7.7 million** loss on extinguishment, and workforce reductions - In March 2025, the company executed a **15-for-one reverse stock split** All share and per-share amounts have been retroactively adjusted[28](index=28&type=chunk)[29](index=29&type=chunk) - To improve liquidity, the company raised **$172.7 million** gross from a private placement of Series A Convertible Preferred Stock and entered a new credit agreement for up to **$125 million**, drawing an initial **$100 million** term loan[31](index=31&type=chunk)[32](index=32&type=chunk) - The company terminated its prior SLR Credit Facility and repaid all amounts due, resulting in a **$7.7 million** loss on extinguishment of debt in H1 2025[55](index=55&type=chunk) - The company is facing stockholder class action and derivative lawsuits filed in late 2024 and 2025, alleging false or misleading statements, and the outcome and potential loss cannot currently be estimated[49](index=49&type=chunk)[50](index=50&type=chunk)[51](index=51&type=chunk) [Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations](index=23&type=section&id=Item%202.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the company's performance, highlighting a **15%** year-over-year revenue increase for Q2 2025 to **$31.4 million** and a gross margin improvement to **37.8%**, attributing positive results to higher sales of consumables and consoles, better average selling prices, and lower unit costs, while noting a **29%** decrease in operating expenses due to cost reduction initiatives, and detailing a successful capital raise of over **$270 million** through debt and equity in early 2025, which provides sufficient liquidity for at least the next **12 months**, alongside the resolution of a prior FDA Warning Letter [Results of Operations](index=28&type=section&id=Results%20of%20Operations) Comparing the three and six months ended June 30, 2025, to the same periods in 2024, total revenue increased by **15%** and **10%**, respectively, with gross margin improving to **37.8%** for Q2 2025 from **35.7%** in Q2 2024, driven by higher average selling prices and lower console unit costs, while total operating expenses saw a significant decrease of **29%** in Q2 and **34%** in H1, primarily due to cost reduction efforts across R&D, Sales & Marketing, and General & Administrative functions, with a one-time loss of **$7.7 million** on debt extinguishment recorded in H1 2025 Revenue Growth (in thousands) | Revenue Type | Q2 2025 | Q2 2024 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Product revenue | $23,082 | $19,238 | $3,844 | 20% | | Service and other revenue | $8,337 | $8,150 | $187 | 2% | | **Total revenue** | **$31,419** | **$27,388** | **$4,031** | **15%** | Gross Margin Improvement | Period | Gross Margin 2025 | Gross Margin 2024 | | :--- | :--- | :--- | | **Three Months Ended June 30** | 37.8% | 35.7% | | **Six Months Ended June 30** | 37.5% | 32.4% | Operating Expense Reduction (in thousands) | Expense Category | Q2 2025 | Q2 2024 | Change ($) | Change (%) | | :--- | :--- | :--- | :--- | :--- | | Research and development | $5,289 | $9,734 | $(4,445) | (46)% | | Sales and marketing | $14,280 | $18,128 | $(3,848) | (21)% | | General and administrative | $9,163 | $12,684 | $(3,521) | (28)% | | **Total operating expenses** | **$28,732** | **$40,546** | **$(11,814)** | **(29)%** | [Liquidity and Capital Resources](index=32&type=section&id=Liquidity%20and%20Capital%20Resources) As of June 30, 2025, the company held **$187.4 million** in cash, cash equivalents, restricted cash, and short-term investments, having significantly bolstered its liquidity in early 2025 by raising **$172.7 million** in gross proceeds from a private placement of convertible preferred stock and securing a new **$100 million** term loan, which management believes, despite a history of net losses, are sufficient to meet anticipated needs for at least the next **12 months** - The company's cash, cash equivalents, restricted cash, and short-term investments totaled **$187.4 million** as of June 30, 2025[125](index=125&type=chunk) - In January and March 2025, the company raised **$172.7 million** in gross proceeds through a private placement of Series A Convertible Preferred Stock[125](index=125&type=chunk) - In January 2025, the company entered into a new credit agreement, securing a **$100 million** 5-year term loan with an option for an additional **$25 million**[126](index=126&type=chunk) - Management believes that existing cash and recent financing proceeds are sufficient to fund operations for at least the next **12 months**[129](index=129&type=chunk) [Item 3. Quantitative and Qualitative Disclosures About Market Risk](index=33&type=section&id=Item%203.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company has indicated that this section is not applicable for this reporting period - The company states this item is 'Not applicable'[136](index=136&type=chunk) [Item 4. Controls and Procedures](index=33&type=section&id=Item%204.%20Controls%20and%20Procedures) Management, including the CEO and CFO, evaluated the company's disclosure controls and procedures and concluded they were effective at a reasonable assurance level as of June 30, 2025, with no material changes to the company's internal control over financial reporting during the quarter - The CEO and CFO concluded that the company's disclosure controls and procedures were **effective** as of the end of the period covered by the report[138](index=138&type=chunk) - No changes in internal control over financial reporting occurred during the most recent fiscal quarter that have materially affected, or are reasonably likely to materially affect, internal controls[139](index=139&type=chunk) PART II. OTHER INFORMATION [Item 1. Legal Proceedings](index=36&type=section&id=Item%201.%20Legal%20Proceedings) The company is currently involved in purported stockholder class action and derivative lawsuits filed in late 2024 and mid-2025, alleging that the company and certain officers and directors made materially false or misleading statements regarding its business and products, with the cases in their early stages and the potential loss currently inestimable - The company is a defendant in stockholder class action lawsuits filed in August and October 2024, and several derivative lawsuits filed between November 2024 and June 2025[49](index=49&type=chunk)[50](index=50&type=chunk) - The lawsuits allege violations of federal securities laws related to statements about the sale and marketing of the Tablo Hemodialysis System[49](index=49&type=chunk) - The litigation is at an early stage, and the company cannot currently estimate the range of possible losses[51](index=51&type=chunk) [Item 1A. Risk Factors](index=36&type=section&id=Item%201A.%20Risk%20Factors) This section updates the company's risk factors, emphasizing the ongoing financial pressures faced by its customers, such as capital budget constraints and staffing shortages, which have elongated sales cycles and may continue to negatively impact revenues, while also highlighting the risks associated with pending litigation, which could adversely affect the business and reputation, and noting uncertainty related to macroeconomic conditions and government policy changes as potential headwinds - Customers are facing financial pressures, including rising interest rates and cautious capital spending, which has led to deferred purchasing decisions and elongated sales cycles since Q3 2023[145](index=145&type=chunk) - Uncertainty from policy changes under the current administration (e.g., trade tariffs, interest rates, government reimbursement) could increase financial strain on customers and adversely impact the company's results[147](index=147&type=chunk) - Ongoing litigation, including stockholder class action and derivative lawsuits, presents a risk that could adversely affect the company's business, financial condition, and reputation[150](index=150&type=chunk) [Item 2. Unregistered Sales of Equity Securities and Use of Proceeds](index=38&type=section&id=Item%202.%20Unregistered%20Sales%20of%20Equity%20Securities%20and%20Use%20of%20Proceeds) The company reported no unregistered sales of equity securities or use of proceeds during the reporting period - None reported[151](index=151&type=chunk) [Item 6. Exhibits](index=39&type=section&id=Item%206.%20Exhibits) This section lists all exhibits filed with the Form 10-Q, including corporate governance documents, material contracts, and certifications by the Principal Executive Officer and Principal Financial Officer as required by the Sarbanes-Oxley Act - A list of exhibits filed with the report is provided, including governance documents, warrant agreements, and required CEO/CFO certifications[156](index=156&type=chunk)

Overview of Second Quarter 2025 Performance Outset Medical achieved strong Q2 2025 financial growth and operational milestones [Financial Performance](index=1&type=section&id=Financial%20Performance) Outset Medical reported strong Q2 2025 financial results, with **revenue up 15%** and **net loss reduced** Q2 2025 Key Financial Metrics (vs. Q2 2024) | Metric | Q2 2025 | Q2 2024 | Change | | :--- | :--- | :--- | :--- | | **Total Revenue** | $31.4M | $27.4M | +15% | | Product Revenue | $23.1M | $19.2M | +20% | | Service & Other Revenue | $8.3M | $8.2M | +2% | | **Gross Profit** | $11.9M | $9.8M | +21% | | Gross Margin | 37.8% | 35.7% | +210 bps | | **Operating Expenses** | $28.7M | $40.5M | -29% | | **Net Loss** | ($18.5M) | ($34.5M) | +46% | - Recurring revenue from Tablo cartridges and services grew **11% year-over-year to $22.5 million**, primarily driven by a **17% increase in consumable revenue**[4](index=4&type=chunk)[9](index=9&type=chunk) - The company significantly reduced its cash usage, using approximately **60% less cash** in the first half of 2025 compared to the same period in 2024[9](index=9&type=chunk) [Operational Highlights](index=1&type=section&id=Operational%20Highlights) The company achieved key commercial milestones, including a new enterprise agreement for Tablo access - Signed a new enterprise agreement with a major national health system, providing Tablo access to over **100 additional facilities**[9](index=9&type=chunk) - The Tablo system is now utilized in over **900 acute and sub-acute care locations** in the United States[9](index=9&type=chunk) [2025 Financial Guidance](index=3&type=section&id=2025%20Financial%20Guidance) Outset Medical raised its full-year 2025 revenue guidance to **$122M-$126M**, reflecting positive outlook Full-Year 2025 Guidance | Metric | Updated 2025 Guidance | Previous 2025 Guidance | | :--- | :--- | :--- | | **Revenue** | $122M - $126M | $115M - $125M | | **Non-GAAP Gross Margin** | High-30% range (reaffirmed) | N/A | | **Cash Usage** | Less than $50M (reaffirmed) | N/A | [Financial Statements](index=6&type=section&id=Financial%20Statements) This section presents the company's detailed financial statements for the reported periods [Condensed Statements of Operations](index=6&type=section&id=Condensed%20Statements%20of%20Operations) Q2 2025 total revenue grew to **$31.4M**, with gross profit increasing and net loss significantly improving Condensed Statements of Operations (in thousands) | Metric | Three Months Ended June 30, 2025 | Three Months Ended June 30, 2024 | | :--- | :--- | :--- | | Total revenue | $31,419 | $27,388 | | Gross profit | $11,867 | $9,782 | | Total operating expenses | $28,732 | $40,546 | | Loss from operations | $(16,865) | $(30,764) | | Net loss | $(18,541) | $(34,454) | - Product gross margin improved to **48.9%** in Q2 2025 from **45.1%** in Q2 2024, while service and other gross margin declined to **6.9%** from **13.6%**[18](index=18&type=chunk) [Condensed Balance Sheets](index=8&type=section&id=Condensed%20Balance%20Sheets) As of June 30, 2025, total assets were **$288.8M**, with cash and investments at **$184.1M** Condensed Balance Sheet Highlights (in thousands) | Metric | June 30, 2025 | December 31, 2024 | | :--- | :--- | :--- | | Cash and cash equivalents | $39,559 | $124,014 | | Short-term investments | $144,531 | $34,671 | | Total current assets | $275,578 | $258,221 | | Total assets | $288,801 | $275,795 | | Term loans | $94,814 | $197,375 | | Total liabilities | $134,017 | $248,976 | | Total stockholders' equity | $154,784 | $26,819 | [Condensed Statements of Cash Flows](index=9&type=section&id=Condensed%20Statements%20of%20Cash%20Flows) Net cash used in operating activities for H1 2025 was significantly reduced to **$(30.5)M** Cash Flow Summary for Six Months Ended June 30 (in thousands) | Metric | 2025 | 2024 | | :--- | :--- | :--- | | Net cash used in operating activities | $(30,486) | $(79,247) | | Net cash used in investing activities | $(109,241) | $(20,090) | | Net cash provided by financing activities | $55,272 | $68,687 | | Net decrease in cash, cash equivalents and restricted cash | $(84,455) | $(30,650) | [Non-GAAP Financial Measures](index=10&type=section&id=Non-GAAP%20Financial%20Measures) This section reconciles GAAP to non-GAAP financial results, adjusting for non-cash items [Reconciliation of GAAP to Non-GAAP Results](index=10&type=section&id=Reconciliation%20of%20GAAP%20to%20Non-GAAP%20Results) Q2 2025 non-GAAP net loss was **$15.0M**, compared to a GAAP net loss of **$18.5M** - Non-GAAP measures are used to assist investors in analyzing operating performance by excluding items like stock-based compensation and severance charges, which management believes are not reflective of current operating performance[12](index=12&type=chunk) GAAP vs. Non-GAAP Reconciliation for Q2 2025 (in thousands) | Metric | GAAP | Adjustments | Non-GAAP | | :--- | :--- | :--- | :--- | | Gross Profit | $11,867 | $186 | $12,053 | | Gross Margin | 37.8% | +0.6% | 38.4% | | Operating Expenses | $28,732 | $(3,310) | $25,422 | | Net Loss | $(18,541) | $3,496 | $(15,045) | [Company Information and Forward-Looking Statements](index=3&type=section&id=Company%20Information%20and%20Forward-Looking%20Statements) This section provides company information and disclosures on forward-looking statements [About Outset Medical](index=5&type=section&id=About%20Outset%20Medical) Outset Medical simplifies dialysis with its FDA-cleared Tablo® Hemodialysis System for all care settings - The company's core technology is the Tablo® Hemodialysis System, an FDA-cleared device designed to simplify the dialysis process for both patients and providers in any care setting[14](index=14&type=chunk) [Forward-Looking Statements](index=3&type=section&id=Forward-Looking%20Statements) This report contains forward-looking statements subject to risks and uncertainties detailed in SEC filings - The report includes projections on revenue, gross margin, cash use, and profitability, which are subject to risks and uncertainties detailed in the company's SEC filings[13](index=13&type=chunk)

Core Insights - Outset Medical, Inc. reported a strong financial performance for Q2 2025, with revenue reaching $31.4 million, a 15% increase from $27.4 million in Q2 2024, driven by a 20% rise in product revenue [4][10] - The company is focused on transforming its commercial organization and has seen growing demand for its Tablo system, which offers clinical and operational benefits [3][10] - Operating expenses decreased by 29% year-over-year, reflecting the company's efforts to streamline operations and move towards profitability [6][10] Financial Performance - Total revenue for Q2 2025 was $31.4 million, up 15% from $27.4 million in Q2 2024, with product revenue at $23.1 million, a 20% increase from $19.2 million [4][10] - Gross profit increased by 21% to $11.9 million, with a gross margin of 37.8%, compared to 35.7% in the same quarter last year [5][10] - Net loss for the quarter was $18.5 million, significantly reduced from a net loss of $34.5 million in Q2 2024 [7][10] Operational Highlights - Recurring revenue from Tablo cartridges and services reached $22.5 million, an 11% increase compared to $20.2 million in the prior-year period [4][10] - The company signed a new enterprise agreement with a major national health system, expanding Tablo's access to over 100 facilities [10] - Tablo is now utilized in more than 900 acute and sub-acute sites across the U.S. [10] Future Guidance - Outset raised its 2025 revenue guidance to a range of $122 million to $126 million, up from the previous estimate of $115 million to $125 million [11] - The company anticipates a non-GAAP gross margin in the high-30% range for 2025 and expects to use less than $50 million in cash, compared to over $100 million in 2024 [11][10]

Accomplished nursing executive to lead Outset's clinical education and support programs for the dialysis nursing community SAN JOSE, Calif., July 30, 2025 (GLOBE NEWSWIRE) -- Outset Medical, Inc. (Nasdaq: OM) ("Outset"), a medical technology company pioneering a first-of-its-kind technology to reduce the cost and complexity of dialysis, today announced Brittni McGill has been named to the newly created role of Chief Nursing Officer where she will apply her extensive nurse executive leadership experience to ...

Core Viewpoint - Osisko Metals has announced significant new drilling results from the Gaspé Copper Project, highlighting the potential for resource expansion with the longest continuous intercept to date of 853 meters averaging 0.20% Cu, 1.43 g/t Ag, and 0.02% Mo (0.30% CuEq) [1][2]. Summary by Relevant Sections New Drill Results - Drill hole 30-1082 reported 853.5 meters of continuous mineralization, including a lower intercept of 424.0 meters averaging 0.21% Cu, 1.33 g/t Ag, and 0.026% Mo, extending mineralization to a vertical depth of 1140 meters [11][12]. - Drill hole 30-1089 intersected 645.0 meters averaging 0.28% Cu, 1.46 g/t Ag, and 0.023% Mo, with a lower intercept of 396.7 meters averaging 0.30% Cu, 1.34 g/t Ag, and 0.023% Mo, extending to a depth of 965 meters [15][16]. - Drill hole 30-1083 showed 427.5 meters averaging 0.26% Cu, 1.54 g/t Ag, with a lower intercept of 328.0 meters averaging 0.24% Cu, 1.43 g/t Ag, extending to a depth of 900 meters [12][13]. Mineral Resource Potential - The current drill program aims to convert the November 2024 Mineral Resource Estimate (MRE) to Measured and Indicated categories and test for deeper and lateral expansions [21][22]. - The Gaspé Copper Project hosts Indicated Mineral Resources of 824 million tonnes averaging 0.34% CuEq and Inferred Mineral Resources of 670 million tonnes averaging 0.38% CuEq [30][31]. Geological Context - Mineralization at the Gaspé Copper Project occurs as disseminations and stockworks of chalcopyrite with pyrite or pyrrhotite, with at least five recognized mineralizing events [19]. - The drilling is focused on defining open-pit resources within the Copper Mountain stockwork mineralization, with significant resource increases noted in the Inferred category [20][31].

Company Overview - Outset Medical, Inc. is a medical technology company focused on pioneering technology to reduce the cost and complexity of dialysis [4] - The company's flagship product, the Tablo Hemodialysis System, is FDA cleared for use in various settings, including hospitals and homes, representing a significant advancement in dialysis technology [4] - Tablo integrates water purification and on-demand dialysate production, functioning as a mobile dialysis clinic with two-way wireless data transmission and a proprietary data analytics platform [4] Financial Results Announcement - Outset Medical will release its financial results for the second quarter of 2025 after the market closes on August 6, 2025 [1] - A conference call will be held on the same day at 2:00 p.m. Pacific time (5:00 p.m. Eastern time) to discuss the financial and operating results [2][3] - Participants interested in the conference call must register online to receive dial-in numbers and a unique pin [3]

Core Insights - Osisko Metals has announced significant new drill results from the Gaspé Copper Project, confirming the large-scale potential of mineralization in the area [2][3] - The company is actively expanding its drilling program, now utilizing nine drill rigs to accelerate resource definition and expansion [3] Drill Results - Drill hole 30-1090 intersected 279.0 metres averaging 0.49% Cu and 3.35 g/t Ag, with a notable second intercept of 108 metres averaging 0.84% Cu and 7.79 g/t Ag [8][9] - Other significant results include: - Drill hole 30-1078: 256.5 metres averaging 0.25% Cu and 1.79 g/t Ag, and 381.0 metres averaging 0.22% Cu and 1.69 g/t Ag [10] - Drill hole 30-1079: 319.5 metres averaging 0.28% Cu and 2.14 g/t Ag, and 180.0 metres averaging 0.37% Cu and 2.54 g/t Ag [11] - Drill hole 30-1081: 301.8 metres averaging 0.41% Cu and 3.36 g/t Ag, and 44.5 metres averaging 0.23% Cu and 1.32 g/t Ag [12] - Drill hole 30-1084: 471.4 metres averaging 0.25% Cu and 1.95 g/t Ag, followed by 55.4 metres averaging 0.33% Cu and 2.64 g/t Ag, and 89.7 metres averaging 0.29% Cu and 1.93 g/t Ag [13] - Drill hole 30-1080: 520.5 metres averaging 0.23% Cu and 1.02 g/t Ag, and 195.0 metres averaging 0.26% Cu and 1.28 g/t Ag [14] Project Overview - The Gaspé Copper Project is located in the Gaspé Peninsula of Eastern Québec and is focused on resource expansion [2][24] - The current Indicated Mineral Resources are 824 million tonnes averaging 0.34% CuEq, while Inferred Mineral Resources are 670 million tonnes averaging 0.38% CuEq [24] - The project is strategically located near existing infrastructure in a mining-friendly province [24] Future Plans - The ongoing drill program aims to convert the November 2024 Mineral Resource Estimate (MRE) to Measured and Indicated categories and to test for further expansion of the mineralization [17][19] - The next MRE update is scheduled for Q1 2026, which will include new mineralized intersections below the current MRE model [19]

Company Overview - Outset Medical, Inc. (NASDAQ: OM) is an innovator in dialysis delivery, focusing on an all-in-one mobile product that automates water treatment and dialysate mixing [1] Challenges - The company has faced difficulties with FDA regulation clearance and has experienced a decline in sales in the past [1]

Company Overview - Outset Medical, Inc. (OM) shares increased by 15% to close at $19.97, with trading volume significantly higher than usual, contrasting with a 3.2% loss over the past four weeks [1][2] Financial Performance - The company reported strong financial results for Q1 2025, driven by optimism regarding its expanding installed base and recurring revenue potential from the Tablo dialysis system [2] - Outset Medical is expected to report a quarterly loss of $1.76 per share, reflecting a year-over-year change of +75%, with revenues projected at $29.77 million, an increase of 8.7% from the previous year [3] Earnings Estimates and Stock Movement - The consensus EPS estimate for Outset Medical has remained unchanged over the last 30 days, indicating that stock price movements may not sustain without trends in earnings estimate revisions [4] - The stock currently holds a Zacks Rank of 3 (Hold), suggesting a neutral outlook [4] Industry Context - Outset Medical is part of the Zacks Medical Info Systems industry, which includes other companies like Senseonics Holdings (SENS), which saw a 1.2% increase in its last trading session [4] - Senseonics has a consensus EPS estimate of -$0.02, representing a year-over-year change of +33.3%, and currently holds a Zacks Rank of 2 (Buy) [5]

Market Overview - The annual spending on U S ESRD (End-Stage Renal Disease) patients is $73 billion, with $41 billion paid by Medicare[13] - Dialysis for ESRD patients accounts for 7% of the entire Medicare budget, while comprising only 1% of the Medicare population[13] - There are 600,000 dialysis patients in the U S receiving 90 million annual dialysis treatments[15] - Outset estimates the U S TAM (Total Addressable Market) for Tablo at $11 4 billion, including $2 5 billion for the acute and post-acute market and $8 9 billion for the home market[35, 65] Tablo System Advantages - Tablo offers potential cost savings of 50% – 80% in dialysis treatment, with a potential payback period of less than 1 year[49] - Tablo reduces the cost of acute dialysis to approximately $300 per treatment[49] - Tablo requires less than 25 hours of training per patient, significantly less than historical devices that require 100 hours[72, 74] - Tablo eliminates dialysate prep time, unlike historical devices that require 16–24 hours of prep time per week[72, 74] Commercial Progress - Outset has trained >10,000 nurses and 1,000 physicians[59] - Outset has secured contracts with 10 of the 10 largest subacute providers and 8 of the 8 top national health systems[56, 58] - Outset has recurring revenue of >60%[85] Financial Position - Outset estimates a cash position of $210 million entering 2025[90] - Outset received $169 million in gross proceeds from a January 2025 equity financing[90]