Outset Medical, Inc. (OM)

Outset Medical's stock has experienced significant volatility and a notable decline over the past year. A one-for-fifteen reverse stock split was implemented on March 20, 2025. In November 2025, Outset Medical reported Q3 2025 revenue of $29.4 million, a 3% year-over-year increase, but revised its full-year 2025 revenue guidance downward to $115-120 million from an earlier range of $122-126 million. On January 12, 2026, the company reported unaudited revenue for the fourth quarter and fiscal year ended December 31, 2025, with Q4 revenue approximately $28.9 million, and full-year 2025 revenue rose to $119.5 million, a 5% increase over $113.7 million in 2024. Analyst sentiment is mixed, with concerns regarding dampened orders for consumables and potential disruptions within the salesforce. Insider activity in the past three months shows more selling transactions than buying, with no insider buying reported.

Based on available data, a reliable seasonal demand pattern for Outset Medical, Inc.'s products and services is not clearly established, as the seasonal timeframe correlates poorly with the period of seasonal strength for the broader Healthcare sector.

Outset Medical, Inc. is a medical technology company specializing in innovative dialysis solutions, with its core business revolving around the development and provision of hemodialysis systems, with its flagship product being the Tablo Hemodialysis System, a compact, mobile, and versatile console designed to simplify dialysis treatment in various settings. The company also manufactures, supports, and distributes Tablo cartridges and other consumables, and provides the Tablo Data Ecosystem, which includes TabloHub, MyTablo, and TabloDash.

Outset Medical, Inc. primarily focuses its operations and development of hemodialysis systems in the United States.

Outset Medical aims to transform the dialysis experience by providing innovative solutions that improve patient care outcomes, reduce costs, and simplify processes compared to traditional dialysis methods. The company's Tablo Hemodialysis System is trusted by over 1,000 U.S. healthcare facilities and has enabled millions of treatments. Positive clinical outcomes, such as a 94% reduction in serious cardiac or respiratory events and a sustained reduction in infections, have been presented at conferences. The company has faced challenges related to its financial performance, including a downward revision of revenue guidance and a decline in consumables revenue due to dampened orders from acute care customers. The departure of the head of sales also raised concerns about potential disruptions within the salesforce.

Outset Medical, Inc. has a mixed ownership structure, with institutional investors holding a significant portion, approximately 67% to 77.28% of the company's stock. Key institutional shareholders include Fmr Llc, PFM Health Sciences, LP, Alyeska Investment Group, L.P., BlackRock, Inc., Vanguard Group Inc, Durable Capital Partners LP, Perceptive Advisors Llc, D1 Capital Partners LP, Assenagon Asset Management S.A., JPMorgan Chase & Co., Millennium Management LLC and Citadel Advisors LLC. D1 Capital Partners LP is noted as the largest individual Outset Medical shareholder, owning 4.58 million shares, representing 25.21% of the company. Insiders collectively hold about 1.95% to 8.16% of the shares, with notable insider shareholders including Leslie Trigg, Marc Nash, and John L. Brottem.