Outset Medical Q1 revenue $28.2M, net loss $(0.78)/share; CTO departs, $3.0M restructuring

Outset Medical, Inc.

2024-Q1 EPS reported -$0.78 revenue$28,168,000

Revenue $28.2M, down 16% YoY; service revenue up 36% to $7.7M, recurring revenue up 24%.
GAAP net loss $(39.9)M ($(0.78)/share); non-GAAP net loss $(29.3)M ($(0.57)/share).
Total gross margin improved to 29.2% from 19.2% YoY; product margin 38.4% from 25.1%.
FY 2024 guidance reaffirmed: revenue $145-153M, non-GAAP gross margin low-30% range.
CTO Jean-Olivier Racine departs May 17; workforce reduction with $3.0M restructuring charge in Q1.

item 2.02 item 5.02 item 8.01 item 9.01

Executive movements

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Departed

Jean-Olivier Racine

Chief Technology Officer

OM · Outset Medical, Inc.

Effective: 2024-05-17
Filed: May 8, 2024, 7:59 PM ET

Jean-Olivier Racine will depart from his role as the Company's Chief Technology Officer, effective May 17, 2024, in connection with the workforce reduction plan described in Item 8.01 below.

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Outset Medical, Inc. reported first quarter ended March 31, 2024 results: net income $(39.9) million, EPS $(0.78) per share.

Period: first quarter ended March 31, 2024
Net income: $(39.9) million
EPS: $(0.78) per share
Result: reported results

Exact text from the filing

Revenue for the first quarter of 2024 was $28.2 million compared to $33.5 million in the first quarter of 2023

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Outset Medical, Inc. reported first quarter ended March 31, 2024 results: net income $(39.9) million, EPS $(0.78) per share.

Period: first quarter ended March 31, 2024
Net income: $(39.9) million
EPS: $(0.78) per share
Result: reported results

Exact text from the filing

Net loss was $(39.9) million, or $(0.78) per share, compared to net loss of $(44.0) million, or $(0.90) per share, for the same period in 2023.

View on SEC.gov

Earnings Releases SEC 8-K Item 2.02 confidence 0.95

Outset Medical, Inc. reported full year 2024 results: revenue $145 million to $153 million. Guidance reaffirmed.

Period: full year 2024
Revenue: $145 million to $153 million
Guidance: reaffirmed
Result: guidance update

Exact text from the filing

Outset reaffirmed its previously provided guidance for 2024 including revenue of $145 million to $153 million, growing 12% to 18% over 2023, and non-GAAP gross margin in the low-30% range for the full year 2024, exiting the year in the mid-30% range for the fourth quarter.

View on SEC.gov

Executive change SEC 8-K Item 5.02 confidence 1.0

Jean-Olivier Racine departed as Chief Technology Officer at Outset Medical, Inc..

Action: departed
Role: Chief Technology Officer

Exact text from the filing

Jean-Olivier Racine will depart from his role as the Company's Chief Technology Officer, effective May 17, 2024, in connection with the workforce reduction plan described in Item 8.01 below.

View on SEC.gov

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Source: SEC EDGAR

accession 0000950170-24-055657

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