Outset Medical Reports Unaudited Fourth Quarter and 2023 Revenue, Provides 2024 Revenue and Non-GAAP Gross Margin Guidance
08 Janeiro 2024 - 10:30AM
Business Wire
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 reported
unaudited revenue for the fourth quarter and fiscal year ended
December 31, 2023, and provided 2024 financial guidance.
Unaudited Fourth Quarter and Year End Results, and Recent
Highlights
- Revenue in the fourth quarter totaled $30.5 million, bringing
revenue for 2023 to $130 million, a 13% increase compared to $115
million in 2022.
- Period-end installed base increased 34% year-over-year to
approximately 5,350 Tablo® Hemodialysis Systems, including
approximately 4,050 with acute- and sub-acute care providers and
1,300 with home providers.
- Consumable revenue grew nearly 50% year-over-year driven by
strong utilization of Tablo consoles in the acute and home
settings, and contributing to recurring revenue of more than 50% of
total revenue in 2023.
- On January 2, the Company reported borrowing $66.5 million
under its term loan agreements with SLR Investment Corp., adding to
its balance as of December 31, 2023 of $207 million in cash, cash
equivalents, short-term investments and restricted cash. With this
additional funding, Outset’s cash position is now approximately
$270 million.
“We enter 2024 with a truly differentiated offering, scale in
the acute setting, recurring revenue exceeding 50% of total revenue
for the year and a strengthened balance sheet to fund our continued
growth,” said Leslie Trigg, Chair and Chief Executive Officer of
Outset. “As the only fully integrated mobile dialysis device,
Tablo’s value continues to resonate with providers and patients
from the ICU to the home.”
2024 Guidance
Outset expects 2024 revenue to be between $145 million to $153
million, growing 12% to 18% over unaudited revenue for 2023 based
on the assumptions previously disclosed. Non-GAAP gross margin is
expected to expand to the low-30% range for the full year 2024 and
exit the year in the mid-30% range for the fourth quarter of
2024.
Forward-Looking Statements
This press release contains forward-looking statements within
the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. All statements other than statements of historical fact
are forward-looking statements. Forward-looking statements are
based on management’s current assumptions and expectations of
future events and trends, which affect or may affect the Company’s
business, strategy, operations or financial performance, and actual
results and other events may differ materially from those expressed
or implied in such statements due to numerous risks and
uncertainties. Forward-looking statements include, but are not
limited to, statements about the Company’s unaudited results of
operations, including fourth quarter and full year 2023 revenue,
statements about possible or assumed future results of operations
and financial position, including expectations regarding projected
revenues and non-GAAP gross margin, profitability and outlook;
statements regarding the Company’s overall business strategy, plans
and objectives of management; the Company’s expectations regarding
the market sizes and growth potential for Tablo and the total
addressable market opportunities for Tablo, continued execution of
the Company’s initiatives designed to expand gross margins; the
Company’s ability to respond to and resolve any reports,
observations or other actions by the Food and Drug Administration
or other regulators in a timely and effective manner; as well as
the Company’s expectations regarding the impact of macroeconomic
factors on the Company, its customers and suppliers.
Forward-looking statements are inherently subject to risks and
uncertainties, some of which cannot be predicted or quantified.
Factors that could cause actual results or other events to differ
materially from those contemplated in this press release can be
found in the Risk Factors section of the Company’s public filings
with the Securities and Exchange Commission, including its latest
annual and quarterly reports. Because forward-looking statements
are inherently subject to risks and uncertainties, you should not
rely on these forward-looking statements as predictions of future
events. These forward-looking statements speak only as of their
date and, except to the extent required by law, the Company
undertakes no obligation to update these statements, whether as a
result of any new information, future developments or
otherwise.
Certain financial information contained in this press release is
preliminary, unaudited, and subject to change or adjustment in
connection with the completion of the Company’s quarter and
year-end closing processes and the preparation of its audited
financial statements for the fiscal quarter and year ended December
31, 2023, which will be contained in the Company’s related Annual
Report on Form 10-K.
About Outset Medical, Inc.
Outset is a medical technology company pioneering a
first-of-its-kind technology to reduce the cost and complexity of
dialysis. The Tablo® Hemodialysis System, FDA cleared for use from
the hospital to the home, represents a significant technological
advancement that transforms the dialysis experience for patients
and operationally simplifies it for providers. Tablo serves as a
single enterprise solution that can be utilized across the
continuum of care, allowing dialysis to be delivered anytime,
anywhere and by anyone. The integration of water purification and
on-demand dialysate production enables Tablo to serve as a dialysis
clinic on wheels, with 2-way wireless data transmission and a
proprietary data analytics platform powering a new holistic
approach to dialysis care. Tablo is a registered trademark of
Outset Medical, Inc.
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version on businesswire.com: https://www.businesswire.com/news/home/20240108847708/en/
Jim Mazzola Vice President, Investor Relations
jmazzola@outsetmedical.com
Outset Medical (NASDAQ:OM)
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