Outset Medical More Than Doubles Sales In FY21, Issues Better Than Expected FY22 Outlook

Outset Medical Inc OM recorded Q4 FY21 net revenue of $28.2 million, a 63.2%, beating the consensus of $26.42 million.
Product revenue for the fourth quarter of 2021 was $23.7 million, +79.5%.
The Company achieved a gross margin of 11.8%, compared to 2.4% in the fourth quarter of 2020
Select Development:
- The Company signed agreements with 7 of the 8 largest national health systems and one-third of the largest 100 regional health systems.
- The FDA granted 510(k) clearance for the Tablo Hemodialysis System cartridge, enabling full production in Mexico.
- Leslie Trigg was appointed Chair in addition to her ongoing role as Chief Executive Officer. Former Chairman D. Keith Grossman continues to serve on the board and has been appointed Lead Independent Director.
The Company held $372.8 million in cash, including restricted cash, cash equivalents, and short-term investments.
Guidance: Outset projects FY22 revenue of $142 million - $150 million, +38% - 46%, compared to the consensus of $140.44 million.
Price Action: OM shares traded 5.20% higher at $36.00 during after-hours trading on Wednesday.

Earnings Calendar