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OM · Outset Medical, Inc.

Outset Medical, Inc., a medical technology company, engages in the development of a hemodialysis system for hemodialysis in the United States. The company provides Tablo Hemodialysis System, a compact console with integrated water purification, on-demand dialysate production, and software and connectivity capabilities; and manufactures, supports, and distributes for Tablo console, Tablo cartridge, and other consumables. It also offers Tablo Data Ecosystem, including TabloHub, a consumer-facing portal; MyTablo, a patient-facing portal; and TabloDash, an internal data analytics platform. The company was formerly known as Home Dialysis Plus, Ltd. and changed its name to Outset Medical, Inc. in January 2015. Outset Medical, Inc. was incorporated in 2003 and is headquartered in San Jose, California.

Cap structure and valuation

Cap structure
SP$4.12
SO18.8M
Options0.1M
Warrants0.4M
FD SO19.3M
MC$79.4M
Cash$35.0M
Total debt$99.4M
EV$143.8M
TTM Multiples
EV / Revenue1.2x
EV / EBITDA—
MC / Net Income—
EV / FCF—
MC / FCF—
Ownership & coverage
Institutional73.9%
Insiders5.5%
# Institutions123
Analysts3
ConsensusBuy
Avg target$7.67
Short % float6.4%
Days to cover6.48

MC = SP × FD SO. EV = MC + Debt − Cash. SP = previous yfinance close. Balance-sheet figures as of 2026-08-04. Multiples use TTM (sum of last 4 quarters); shown as "—" when the denominator is zero or negative, or when fewer than four quarters are reported — a partial sum is not a trailing twelve months. Ownership & coverage per Yahoo Finance as of 2026-10-06 — institutional % is 13F-based, so it can lag a quarter and exceed 100% on share-count timing. Short interest per FINRA bi-monthly reporting, as of 2026-09-15; the float denominator can be unreliable on tiny floats.

Financial statements

LTM12/31/2512/31/2412/31/2312/31/22
Total Revenue 117.80119.48113.69130.38115.38
Revenue YoY % (1.4%)5.1%(12.8%)13.0%—
Cost of Revenue 68.6172.7275.12101.3897.54
Gross Profit 49.2046.7538.5629.0017.83
Gross Profit YoY % 5.2%21.2%33.0%62.6%—
Gross Margin % 41.8%39.1%33.9%22.2%15.5%
SG&A 93.7492.22113.54141.46130.00
R&D 21.5021.2338.4057.3148.85
Operating Expense 115.23113.46151.94198.77178.85
Operating Income (66.04)(66.71)(113.38)(169.77)(161.02)
Operating Income YoY % 1.0%41.2%33.2%(5.4%)—
Operating Margin % (56.1%)(55.8%)(99.7%)(130.2%)(139.6%)
EBITDA (62.72)(62.37)(107.65)(163.96)(155.85)
EBITDA Margin % (53.2%)(52.2%)(94.7%)(125.8%)(135.1%)
Interest Expense 13.7313.9523.8712.683.57
Other Income / (Expense) 6.41—9.7610.171.92
Pretax Income (73.36)(80.94)(127.48)(172.27)(162.66)
Tax Provision 0.940.720.490.520.29
Net Income (74.29)(81.65)(127.98)(172.80)(162.96)
Net Margin % (63.1%)(68.3%)(112.6%)(132.5%)(141.2%)
Diluted EPS -$4.00-$5.37-$36.96-$52.28-$3.38
Basic EPS -$4.00-$5.37-$36.96-$52.28-$3.38
Diluted Avg Shares 18.615.23.53.348.2
Basic Avg Shares 18.615.23.53.348.2

Insider activity (last 2 years)

Date Filed Reporter Relationship Trans. Date Code Shares Price Total Value
2026-10-05 Leonard Braden Michael 10% Owner 2026-10-02 P 16,575 $3.88 $64,241
2026-10-05 Leonard Braden Michael 10% Owner 2026-10-01 P 228,334 $3.53 $806,019
2026-08-18 Trigg Leslie Director, Officer (Chair and CEO) 2026-08-17 S (3,437) $4.39 -$15,088
2026-08-18 Brottem John L. Officer (General Counsel) 2026-08-17 S (2,632) $4.39 -$11,554
2026-08-18 Gaeta Renee Officer (Chief Financial Officer) 2026-08-17 S (4,543) $4.39 -$19,944
2026-06-29 Brottem John L. Officer (General Counsel) 2026-06-26 A 59,830 — $0
2026-06-29 Gaeta Renee Officer (Chief Financial Officer) 2026-06-26 A 71,630 — $0
2026-06-29 Trigg Leslie Director, Officer (Chair and CEO) 2026-06-26 A 99,160 — $0
2026-06-05 HACKETT PATRICK T Director 2026-06-04 A 10,667 — $0
2026-06-05 OBOYLE KEVIN C Director 2026-06-04 A 10,667 — $0
2026-06-05 Prange Karen Director 2026-06-04 A 10,667 — $0
2026-06-05 LANG BRENT D. Director 2026-06-04 A 10,667 — $0
2026-06-05 GROSSMAN D KEITH Director 2026-06-04 A 10,667 — $0
2026-06-05 Drexler Karen Director 2026-06-04 A 10,667 — $0
2026-06-05 Gaeta Renee Officer (Chief Financial Officer) 2026-06-03 S (17,672) $4.94 -$87,300
2026-05-19 Trigg Leslie Director, Officer (Chair and CEO) 2026-05-15 S (3,445) $3.70 -$12,746
2026-05-19 Nash Marc Officer (EVP Operations R&D & Service) 2026-05-15 S (1,582) $3.70 -$5,853
2026-05-19 Brottem John L. Officer (General Counsel) 2026-05-15 S (2,638) $3.70 -$9,761
2026-05-18 Leonard Braden Michael 10% Owner 2026-05-15 X 323,000 $5.00 $1,615,000
2026-05-12 Leonard Braden Michael 10% Owner 2026-05-11 X 96,900 $5.00 $484,500
2026-05-12 Leonard Braden Michael 10% Owner 2026-05-08 X 197,600 $5.00 $988,000
2026-04-08 Elliott Derick A. Officer (EVP, Commercial) 2026-04-06 A 96,000 — $0
2026-02-19 Brottem John L. Officer (General Counsel) 2026-02-17 S (2,842) $3.35 -$9,521
2026-02-19 Trigg Leslie Director, Officer (Chair and CEO) 2026-02-17 S (3,361) $3.35 -$11,259
2026-02-19 Nash Marc Officer (EVP Operations R&D & Service) 2026-02-17 S (1,817) $3.35 -$6,087
2026-01-21 Nash Marc Officer (EVP Operations R&D & Service) 2026-01-21 S (980) $4.98 -$4,880
2026-01-21 Brottem John L. Officer (General Counsel) 2026-01-21 S (1,180) $5.01 -$5,912
2026-01-21 Trigg Leslie Director, Officer (Chair and CEO) 2026-01-21 S (2,120) $5.05 -$10,706
2026-01-21 Nash Marc Officer (EVP Operations R&D & Service) 2026-01-20 S (5,375) $5.12 -$27,520
2026-01-21 Brottem John L. Officer (General Counsel) 2026-01-20 S (9,314) $5.12 -$47,688
2026-01-21 Trigg Leslie Director, Officer (Chair and CEO) 2026-01-20 S (11,794) $5.12 -$60,385
2026-01-12 Prange Karen Director 2026-01-09 A 18,667 — $0
2026-01-08 Nash Marc Officer (EVP Operations R&D & Service) 2026-01-07 S (108) $4.27 -$461
2026-01-08 Brottem John L. Officer (General Counsel) 2026-01-07 S (224) $4.27 -$956
2026-01-08 Trigg Leslie Director, Officer (Chair and CEO) 2026-01-07 S (1,795) $4.27 -$7,665
2025-12-02 Drexler Karen Director 2025-12-01 S (1,548) $4.37 -$6,765
2025-11-18 Trigg Leslie Director, Officer (Chair and CEO) 2025-11-17 S (916) $4.60 -$4,214
2025-11-18 Nash Marc Officer (EVP Operations R&D & Service) 2025-11-17 S (247) $4.60 -$1,136
2025-11-18 Brottem John L. Officer (General Counsel) 2025-11-17 S (388) $4.60 -$1,785
2025-08-25 Nash Marc Officer (EVP, R&D, Operations and Serv.) 2025-08-25 A 5,617 — $0
2025-08-18 Trigg Leslie Director, Officer (Chair and CEO) 2025-08-15 S (904) $12.88 -$11,644
2025-08-18 Nash Marc Officer (SVP Operations and R&D) 2025-08-15 S (243) $12.88 -$3,130
2025-08-18 Brottem John L. Officer (General Counsel) 2025-08-15 S (383) $12.88 -$4,933
2025-06-11 Nash Marc Officer (SVP Operations and R&D) 2025-06-10 A 29,676 — $0
2025-06-11 Brottem John L. Officer (General Counsel) 2025-06-10 A 35,993 — $0
2025-06-11 Trigg Leslie Director, Officer (Chair and CEO) 2025-06-10 A 65,103 — $0
2025-06-11 Gaeta Renee Officer (Chief Financial Officer) 2025-06-10 A 131,425 — $0
2025-06-04 Saia Andrea Lynn Director 2025-06-02 A 8,983 — $0
2025-06-04 OBOYLE KEVIN C Director 2025-06-02 A 8,983 — $0
2025-06-04 LANG BRENT D. Director 2025-06-02 A 8,983 — $0
2025-06-04 HACKETT PATRICK T Director 2025-06-02 A 8,983 — $0
2025-06-04 GROSSMAN D KEITH Director 2025-06-02 A 8,983 — $0
2025-06-04 Drexler Karen Director 2025-06-02 A 8,983 — $0
2025-05-16 Trigg Leslie Director, Officer (Chair and CEO) 2025-05-15 S (935) $17.80 -$16,643
2025-05-16 Nash Marc Officer (SVP Operations and R&D) 2025-05-15 S (252) $17.82 -$4,491
2025-05-16 Brottem John L. Officer (General Counsel) 2025-05-15 S (396) $17.82 -$7,057
2025-05-16 Ahmed Nabeel Officer (Chief Financial Officer) 2025-05-15 S (584) $17.81 -$10,401
2025-05-14 OBOYLE KEVIN C Director 2025-05-14 A 15,135 — $0
2025-03-11 Trigg Leslie Director, Officer (Chair and CEO) 2025-03-10 M 625,000 — $0
2025-03-11 Trigg Leslie Director, Officer (Chair and CEO) 2025-03-10 M (2,500) — $-0
2025-03-11 LANG BRENT D. Director 2025-03-10 M 250,000 — $0
2025-03-11 LANG BRENT D. Director 2025-03-10 M (1,000) — $-0
2025-03-11 Drexler Karen Director 2025-03-10 M 31,250 — $0
2025-03-11 Drexler Karen Director 2025-03-10 M (125) — $-0
2025-03-11 GROSSMAN D KEITH Director 2025-03-10 M 187,500 — $0
2025-03-11 GROSSMAN D KEITH Director 2025-03-10 M (750) — $-0
2025-03-11 HACKETT PATRICK T Director 2025-03-10 M 1,250,000 — $0
2025-03-11 HACKETT PATRICK T Director 2025-03-10 M 1,250,000 — $0
2025-03-11 HACKETT PATRICK T Director 2025-03-10 M 625,000 — $0
2025-03-11 HACKETT PATRICK T Director 2025-03-10 M (5,000) — $-0
2025-03-11 HACKETT PATRICK T Director 2025-03-10 M (5,000) — $-0
2025-03-11 HACKETT PATRICK T Director 2025-03-10 M (2,500) — $-0
2025-03-11 Trigg Leslie Director, Officer (Chair and CEO) 2025-03-07 A 2,500 $200.00 $500,000
2025-03-11 LANG BRENT D. Director 2025-03-07 A 1,000 $200.00 $200,000
2025-03-11 Drexler Karen Director 2025-03-07 A 125 $200.00 $25,000
2025-03-11 GROSSMAN D KEITH Director 2025-03-07 A 750 $200.00 $150,000
2025-03-11 HACKETT PATRICK T Director 2025-03-07 A 5,000 $200.00 $1,000,000
2025-03-11 HACKETT PATRICK T Director 2025-03-07 A 5,000 $200.00 $1,000,000
2025-03-11 HACKETT PATRICK T Director 2025-03-07 A 2,500 $200.00 $500,000
2025-02-19 Trigg Leslie Director, Officer (Chair and CEO) 2025-02-18 S (14,611) $0.90 -$13,150
2025-02-19 Nash Marc Officer (SVP Operations and R&D) 2025-02-18 S (4,204) $0.90 -$3,784
2025-02-19 Brottem John L. Officer (General Counsel) 2025-02-18 S (6,145) $0.90 -$5,530
2025-02-19 Ahmed Nabeel Officer (Chief Financial Officer) 2025-02-18 S (8,659) $0.90 -$7,793
2025-01-22 Trigg Leslie Director, Officer (Chair and CEO) 2025-01-21 S (4,403) $0.80 -$3,522
2025-01-22 Trigg Leslie Director, Officer (Chair and CEO) 2025-01-21 S (42,384) $0.80 -$33,907
2025-01-22 Trigg Leslie Director, Officer (Chair and CEO) 2025-01-21 S (18,449) $0.80 -$14,759
2025-01-22 Nash Marc Officer (SVP Operations and R&D) 2025-01-21 S (356) $0.80 -$285
2025-01-22 Nash Marc Officer (SVP Operations and R&D) 2025-01-21 S (21,590) $0.80 -$17,272
2025-01-22 Nash Marc Officer (SVP Operations and R&D) 2025-01-21 S (971) $0.80 -$777
2025-01-22 Nash Marc Officer (SVP Operations and R&D) 2025-01-21 S (304) $0.80 -$243
2025-01-22 Brottem John L. Officer (General Counsel) 2025-01-21 S (777) $0.80 -$622
2025-01-22 Brottem John L. Officer (General Counsel) 2025-01-21 S (29,474) $0.80 -$23,579
2025-01-22 Brottem John L. Officer (General Counsel) 2025-01-21 S (2,679) $0.80 -$2,143
2025-01-22 Ahmed Nabeel Officer (Chief Financial Officer) 2025-01-21 S (907) $0.80 -$726
2025-01-22 Ahmed Nabeel Officer (Chief Financial Officer) 2025-01-21 S (29,474) $0.80 -$23,579
2025-01-22 Ahmed Nabeel Officer (Chief Financial Officer) 2025-01-21 S (3,907) $0.80 -$3,126
2025-01-22 Trigg Leslie Director, Officer (Chair and CEO) 2025-01-17 A 99,419 — $0
2025-01-22 Nash Marc Officer (SVP Operations and R&D) 2025-01-17 A 4,494 — $0
2025-01-22 Nash Marc Officer (SVP Operations and R&D) 2025-01-17 A 1,404 — $0
2025-01-22 Brottem John L. Officer (General Counsel) 2025-01-17 A 9,090 — $0
2025-01-22 Ahmed Nabeel Officer (Chief Financial Officer) 2025-01-17 A 13,256 — $0
2025-01-13 Trigg Leslie Director, Officer (Chair and CEO) 2025-01-13 S (33,227) $0.81 -$26,914
2025-01-13 Nash Marc Officer (SVP Operations and R&D) 2025-01-13 S (15,011) $0.81 -$12,159
2025-01-13 Brottem John L. Officer (General Counsel) 2025-01-13 S (20,492) $0.81 -$16,599
2025-01-13 Ahmed Nabeel Officer (Chief Financial Officer) 2025-01-13 S (29,031) $0.81 -$23,515
2025-01-07 Trigg Leslie Director, Officer (Chair and CEO) 2025-01-07 S (10,227) $1.29 -$13,193
2025-01-07 Nash Marc Officer (SVP Operations and R&D) 2025-01-07 S (720) $1.29 -$929
2025-01-07 Brottem John L. Officer (General Counsel) 2025-01-07 S (1,572) $1.29 -$2,028
2025-01-07 Ahmed Nabeel Officer (Chief Financial Officer) 2025-01-07 S (1,835) $1.29 -$2,367
2024-11-18 Trigg Leslie Director, Officer (Chair and CEO) 2024-11-15 S (5,645) $0.80 -$4,516
2024-11-18 Nash Marc Officer (SVP Operations and R&D) 2024-11-15 S (1,375) $0.80 -$1,100
2024-11-18 Brottem John L. Officer (General Counsel) 2024-11-15 S (3,203) $0.80 -$2,562
2024-11-18 Ahmed Nabeel Officer (Chief Financial Officer) 2024-11-15 S (4,221) $0.80 -$3,377