$OM
Outset Medical, Inc.

2021 Q1 Form 10-Q Financial Statement

#000156459021024269 Filed on May 06, 2021

View on sec.gov

Income Statement

Concept 2021 Q1 2020 Q1
Revenue $22.92M $7.190M
YoY Change 218.72% 188.64%
Cost Of Revenue $22.63M $10.75M
YoY Change 110.41% 38.76%
Gross Profit $289.0K -$3.564M
YoY Change -108.11% -32.22%
Gross Profit Margin 1.26% -49.57%
Selling, General & Admin $22.40M $10.81M
YoY Change 107.21% 84.12%
% of Gross Profit 7749.13%
Research & Development $7.570M $5.838M
YoY Change 29.67% 7.91%
% of Gross Profit 2619.38%
Depreciation & Amortization $1.246M $305.0K
YoY Change 308.52% -19.74%
% of Gross Profit 431.14%
Operating Expenses $29.97M $16.65M
YoY Change 80.01% 47.57%
Operating Profit -$29.68M -$20.21M
YoY Change 46.84% 22.2%
Interest Expense $422.0K $1.001M
YoY Change -57.84% -412.81%
% of Operating Profit
Other Income/Expense, Net $112.0K $460.0K
YoY Change -75.65% 6.98%
Pretax Income -$29.99M -$20.65M
YoY Change 45.21% 25.76%
Income Tax $39.00K $0.00
% Of Pretax Income
Net Earnings -$30.03M -$20.65M
YoY Change 45.4% 25.75%
Net Earnings / Revenue -131.02% -287.2%
Basic Earnings Per Share -$0.70 $0.77
Diluted Earnings Per Share -$0.70 $0.74
COMMON SHARES
Basic Shares Outstanding 42.76M 4.388M
Diluted Shares Outstanding 42.76M 5.630M

Balance Sheet

Concept 2021 Q1 2020 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $277.5M $168.4M
YoY Change 64.79%
Cash & Equivalents $251.8M $158.0M
Short-Term Investments $25.70M $11.10M
Other Short-Term Assets $7.600M $1.700M
YoY Change 347.06%
Inventory $24.60M $3.700M
Prepaid Expenses
Receivables $12.10M $7.000M
Other Receivables $0.00 $0.00
Total Short-Term Assets $321.7M $180.7M
YoY Change 78.03%
LONG-TERM ASSETS
Property, Plant & Equipment $23.60M $9.900M
YoY Change 138.38%
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.240M $800.0K
YoY Change 55.0%
Total Long-Term Assets $58.13M $10.70M
YoY Change 443.26%
TOTAL ASSETS
Total Short-Term Assets $321.7M $180.7M
Total Long-Term Assets $58.13M $10.70M
Total Assets $379.8M $191.4M
YoY Change 98.45%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.651M $3.000M
YoY Change 121.7%
Accrued Expenses $22.30M $7.500M
YoY Change 197.33%
Deferred Revenue $3.540M
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $11.30M
YoY Change
Total Short-Term Liabilities $34.82M $25.00M
YoY Change 39.28%
LONG-TERM LIABILITIES
Long-Term Debt $29.70M $18.00M
YoY Change 64.98%
Other Long-Term Liabilities $8.700M $4.500M
YoY Change 93.33%
Total Long-Term Liabilities $29.70M $22.50M
YoY Change 31.98%
TOTAL LIABILITIES
Total Short-Term Liabilities $34.82M $25.00M
Total Long-Term Liabilities $29.70M $22.50M
Total Liabilities $73.18M $47.50M
YoY Change 54.07%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $306.6M -$308.3M
YoY Change
Total Liabilities & Shareholders Equity $379.8M $191.4M
YoY Change 98.43%

Cashflow Statement

Concept 2021 Q1 2020 Q1
OPERATING ACTIVITIES
Net Income -$30.03M -$20.65M
YoY Change 45.4% 25.75%
Depreciation, Depletion And Amortization $1.246M $305.0K
YoY Change 308.52% -19.74%
Cash From Operating Activities -$38.62M -$24.89M
YoY Change 55.13% 35.36%
INVESTING ACTIVITIES
Capital Expenditures $919.0K $2.799M
YoY Change -67.17% -366.57%
Acquisitions
YoY Change
Other Investing Activities -$5.890M $21.96M
YoY Change -126.82% 114.24%
Cash From Investing Activities -$6.807M $19.16M
YoY Change -135.53% 108.25%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.218M 126.8M
YoY Change -98.25% 84413.33%
NET CHANGE
Cash From Operating Activities -38.62M -24.89M
Cash From Investing Activities -6.807M 19.16M
Cash From Financing Activities 2.218M 126.8M
Net Change In Cash -43.21M 121.0M
YoY Change -135.7% -1438.89%
FREE CASH FLOW
Cash From Operating Activities -$38.62M -$24.89M
Capital Expenditures $919.0K $2.799M
Free Cash Flow -$39.54M -$27.69M
YoY Change 42.77% 59.7%

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CY2021Q1 om Cash Paid For Amounts Included In Measurement Of Operating Lease Liabilities
CashPaidForAmountsIncludedInMeasurementOfOperatingLeaseLiabilities
169000
CY2021Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
238000
CY2020Q1 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
366000
CY2020Q1 om Adjustment To Redemption Value On Redeemable Convertible Preferred Stock
AdjustmentToRedemptionValueOnRedeemableConvertiblePreferredStock
362000
CY2020Q1 us-gaap Stock Issued1
StockIssued1
41763000
CY2020Q4 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
30000000
CY2021Q1 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
304000
CY2020Q1 us-gaap Undistributed Earnings Loss Available To Common Shareholders Diluted
UndistributedEarningsLossAvailableToCommonShareholdersDiluted
774000
CY2020Q4 us-gaap Debt Instrument Unamortized Discount
DebtInstrumentUnamortizedDiscount
326000
CY2021Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
5852000
CY2020Q3 us-gaap Proceeds From Issuance Initial Public Offering
ProceedsFromIssuanceInitialPublicOffering
254800000
CY2020Q3 om Offering Costs Underwriting Discounts And Commissions Expenses
OfferingCostsUnderwritingDiscountsAndCommissionsExpenses
23100000
CY2021Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
3600000
CY2021Q1 dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2003-05-05
CY2021Q1 us-gaap Stockholders Equity Reverse Stock Split
StockholdersEquityReverseStockSplit
In September 2020, the Company’s board of directors and shareholders approved a certificate of amendment to the amended and restated certificate of incorporation to effect a reverse split of shares of the Company’s common stock on a 7.9-for-one basis (the “Reverse Stock Split”) effective as of September 8, 2020.
CY2020Q3 us-gaap Stockholders Equity Note Stock Split Conversion Ratio1
StockholdersEquityNoteStockSplitConversionRatio1
0.126582
CY2021Q1 us-gaap Cash Cash Equivalents And Short Term Investments
CashCashEquivalentsAndShortTermInvestments
277500000
CY2021Q1 om Cash Cash Equivalents Restricted Cash And Short Term Investments
CashCashEquivalentsRestrictedCashAndShortTermInvestments
310800000
CY2020Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
157962000
CY2020Q1 us-gaap Restricted Cash Noncurrent
RestrictedCashNoncurrent
743000
CY2021Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
285078000
CY2020Q1 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalents
158705000
CY2021Q1 om Warranty Period
WarrantyPeriod
P1Y
CY2021Q1 om Capitalized Contract Cost Amortization Period Description
CapitalizedContractCostAmortizationPeriodDescription
The Company applies the practical expedient to expense the commissions as incurred as the expected amortization period is one year or less.
CY2021Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Award Requisite Service Period1
ShareBasedCompensationArrangementByShareBasedPaymentAwardAwardRequisiteServicePeriod1
P3Y
CY2021Q1 us-gaap Change In Accounting Principle Accounting Standards Update Adopted
ChangeInAccountingPrincipleAccountingStandardsUpdateAdopted
true
CY2021Q1 us-gaap Change In Accounting Principle Accounting Standards Update Adoption Date
ChangeInAccountingPrincipleAccountingStandardsUpdateAdoptionDate
2021-01-01
CY2021Q1 us-gaap Change In Accounting Principle Accounting Standards Update Immaterial Effect
ChangeInAccountingPrincipleAccountingStandardsUpdateImmaterialEffect
true
CY2021Q1 us-gaap Accounting Standards Update Extensible List
AccountingStandardsUpdateExtensibleList
us-gaap:AccountingStandardsUpdate201912Member
CY2021Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
4100000
CY2021Q1 us-gaap Revenue Remaining Performance Obligation
RevenueRemainingPerformanceObligation
500000
CY2021Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
P12M
CY2021Q1 us-gaap Revenue Remaining Performance Obligation Expected Timing Of Satisfaction Period1
RevenueRemainingPerformanceObligationExpectedTimingOfSatisfactionPeriod1
CY2021Q1 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
4076000
CY2020Q4 us-gaap Contract With Customer Liability
ContractWithCustomerLiability
3771000
CY2021Q1 us-gaap Contract With Customer Liability Revenue Recognized
ContractWithCustomerLiabilityRevenueRecognized
2400000
CY2021Q1 us-gaap Debt Securities Available For Sale Continuous Unrealized Loss Position12 Months Or Longer
DebtSecuritiesAvailableForSaleContinuousUnrealizedLossPosition12MonthsOrLonger
0
CY2021Q1 us-gaap Other Than Temporary Impairment Loss Debt Securities Available For Sale Recognized In Earnings
OtherThanTemporaryImpairmentLossDebtSecuritiesAvailableForSaleRecognizedInEarnings
0
CY2020Q1 us-gaap Other Than Temporary Impairment Loss Debt Securities Available For Sale Recognized In Earnings
OtherThanTemporaryImpairmentLossDebtSecuritiesAvailableForSaleRecognizedInEarnings
0
CY2021Q1 us-gaap Inventory Raw Materials
InventoryRawMaterials
10852000
CY2020Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
7989000
CY2021Q1 us-gaap Inventory Work In Process
InventoryWorkInProcess
7638000
CY2020Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
6200000
CY2021Q1 us-gaap Inventory Finished Goods
InventoryFinishedGoods
6064000
CY2020Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
4195000
CY2021Q1 om Accrued Inventory Current
AccruedInventoryCurrent
3058000
CY2020Q4 om Accrued Inventory Current
AccruedInventoryCurrent
3576000
CY2021Q1 om Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
98000
CY2020Q4 om Accrued Research And Development Expenses
AccruedResearchAndDevelopmentExpenses
175000
CY2021Q1 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2693000
CY2020Q4 us-gaap Accrued Professional Fees Current
AccruedProfessionalFeesCurrent
2187000
CY2021Q1 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
2334000
CY2020Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
1965000
CY2019Q4 us-gaap Product Warranty Accrual Classified Current
ProductWarrantyAccrualClassifiedCurrent
1702000
CY2021Q1 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
1625000
CY2020 us-gaap Product Warranty Accrual Warranties Issued
ProductWarrantyAccrualWarrantiesIssued
4858000
CY2021Q1 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
1678000
CY2020 us-gaap Product Warranty Accrual Payments
ProductWarrantyAccrualPayments
3647000
CY2021Q1 us-gaap Debt Instrument Face Amount
DebtInstrumentFaceAmount
30000000
CY2020Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
580000
CY2020Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2020Q1 us-gaap Temporary Equity Accretion To Redemption Value Adjustment
TemporaryEquityAccretionToRedemptionValueAdjustment
362000
CY2020Q1 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
18131000
CY2021Q1 us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
-30025000
CY2020Q1 us-gaap Net Income Loss Attributable To Parent Diluted
NetIncomeLossAttributableToParentDiluted
4161000
CY2020Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
1242000
CY2021Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5492000
CY2020Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
28587000

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