Outset Medical reports preliminary Q3 revenue $30.4M, consensus $36.03M

Preliminary revenue for the third quarter was $30.4M, a 9% increase over revenue of $27.8M in the third quarter of 2022. Outset now expects revenue for 2023 to be approximately $130M. Preliminary gross margin for the third quarter was 23.6%, or 25.6% on a non-GAAP basis, compared to 16.4% on a non-GAAP basis in the third quarter of 2022. Total cash, including restricted cash, cash equivalents and short-term investments, was $197M as of Sept. 30, 2023. “Growth in the quarter was dampened by a larger-than-expected impact in the field from the recent FDA warning letter, and early signs of a more cautious outlook on capital spending that we see as a headwind continuing through the fourth quarter,” said Leslie Trigg, Chair and Chief Executive Officer. “Importantly, we did not see deals fall out of our pipeline and our economic value proposition remains resonant and differentiated. Our confidence around generating sustained long-term growth and reaching profitability remains high.”