Outset Medical (OM) Earnings Call Presentation

Market Opportunity - The U S End-Stage Renal Disease (ESRD) market represents $73 billion in annual spending, with Medicare paying $41 billion[13] - Dialysis for ESRD patients accounts for 7% of the entire Medicare budget, while these patients comprise only 1% of the Medicare population[13] - The company estimates a $114 billion U S Total Addressable Market (TAM), including $25 billion for the acute and post-acute market and $89 billion for the home market[35, 38, 65] Tablo System Advantages - Tablo enables potential cost savings of 50% – 80% in acute dialysis, with a potential payback period of less than 1 year[49] - One customer projected net savings of $450,000 in the first year and estimated net savings of $550 per treatment using Tablo[52] - Tablo reduces dialysate preparation time to 0 hours, compared to 16–24 hours per week for historical devices in home care[72, 74] Commercial Traction - The company has trained >10,000 nurses and 1,000 physicians[59] - The company has secured contracts with 10 of the 10 largest subacute providers and 8 of the 8 top national health systems[56, 58] - The company has performed >1,000,000 treatments per year[11] Financial Position - The company estimates a cash position of $210 million entering 2025[90] - The company secured $169 million in gross proceeds from a January 2025 equity financing[90] - The company has recurring revenue of >60%, which is expected to grow over time[85]