Outset Medical Reports Fourth Quarter and Full Year 2024 Financial Results

Core Insights - Outset Medical, Inc. reported financial results for Q4 and full year 2024, highlighting a mixed performance with a focus on improving operational efficiency and revenue growth from its Tablo system [1][3]. Financial Performance - Q4 2024 revenue was $29.5 million, a 3% increase from Q3 2024 but a 3% decrease from Q4 2023. Full year revenue was $113.7 million, down 13% from $130.4 million in 2023 [4][11]. - Product revenue for Q4 was $21 million, up 3% from Q3 but down 8% from Q4 2023. Service and other revenue was $8.5 million, stable from Q3 and up 11% from Q4 2023 [4][11]. - Recurring revenue from Tablo cartridges and services reached $23.7 million in Q4, a 13% increase from Q3 and a 17% increase year-over-year [4][10]. Profitability Metrics - Total gross profit for Q4 was $10.7 million, a 39% increase from $7.7 million in Q4 2023, with a gross margin of 36.5%, up from 25.3% in Q4 2023 [5][12]. - For the full year, total gross profit was $38.6 million, compared to $29 million in 2023, with a gross margin of 33.9%, up from 22.2% in 2023 [12]. Operating Expenses - Operating expenses in Q4 were $32.6 million, down 28% from $45.1 million in Q4 2023, driven by cost-cutting measures [6][13]. - R&D expenses were $7.9 million, S&M expenses were $15.5 million, and G&A expenses were $9.3 million for Q4 2024 [6][13]. Net Loss - The net loss for Q4 was $25.6 million, or ($0.49) per share, an improvement from a net loss of $38.6 million, or ($0.77) per share in Q4 2023 [8][15]. - For the full year, the net loss was $128 million, or ($2.46) per share, compared to a net loss of $172.8 million, or ($3.48) per share in 2023 [15]. Cash Position - As of December 31, 2024, total cash, including restricted cash and short-term investments, was $162 million, down from $206.7 million at the end of 2023. Following a financing round in January 2025, cash increased to approximately $210 million [9][28]. Future Guidance - For 2025, Outset Medical provided revenue guidance of $115 million to $125 million and expects non-GAAP gross margin in the high-30% range, with cash usage projected to be less than $50 million [16].