Outset Medical, Inc.

outsetmedical.com

What Do They Do?

Sells hemodialysis systems, treatment supplies and related services to hospitals, clinics and home-dialysis customers.

How Do They Make Money?

Customers pay for consoles, accessories and consumables when ownership passes to them; service agreements bring in money over the service period.

revenue

Segment	Share	Revenue	How money arrives
Product Revenue Sold outright	71% FY2022: 81%		Sold outright
Service and Other Revenue Recurring	29% FY2022: 19%		Recurring

Who Are Their Customers?

Hospitals and health systems, post-acute providers, and home-dialysis customers are served primarily through Outset’s direct sales organization, with field teams supporting use and service.

Customers above 10% of revenue, FY2025

of revenue from one customer

FY2023: 13% from one customer

Do Revenues Turn Into Profits?

No. It lost $81.7M in FY2025.

Operating income, FY2025

−56% of revenue

▼ −41% (Loss) vs FY2024 (−$113.4M, −100%)

Net income, FY2025

−68% of revenue

▼ −36% (Loss) vs FY2024 (−$128M, −113%)

Free cash flow, FY2025

−39% of revenue

▼ −60% (Loss) vs FY2024 (−$117.2M, −103%)

How Are They Changing?

Since the FY2025 annual report

Latest quarter: Q2 FY2026, the three months to Jun 30, 2026

Revenue: ▲ +1%; vs $31.4M in Q2 FY2025
Net income: ▼ −3% (Loss); vs −$18.5M in Q2 FY2025

Product Revenue share of revenue vs 73.5% in Q2 FY2025

Aug 6, 2026 Reiterated its revenue guidance Outset reiterated 2026 revenue guidance of $125 million to $130 million, a 5% to 9% increase over $119.5 million in 2025.
Jun 17, 2026 Agreed to refresh HCA’s Tablo system fleet HCA committed to purchase new Tablo systems from 2026 through 2028, for an aggregate value of approximately $40 million.

Growing. Revenue grew 16% in 4 years, from $102.6M in FY2021 to $119.5M in FY2025, about 4% a year.

Post-acute reach The older report focused its expansion plans on acute care and described transitional care units as a bridge to home; the latest also aims to expand with skilled nursing, long-term acute care and other post-acute providers.

Revenue over time

Product Revenue Service and Other Revenue

$200M$100M$0

FY2021 FY2022 FY2023 FY2024 FY2025

Who Do They Compete With?

Competes with Fresenius, DaVita, Mozarc Medical, B. Braun, Vantive, and Quanta

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