Outset Medical secures $168.8M equity private placement and $125M debt facility, reports $113M 2024 revenue

Outset Medical, Inc.

Private placement of 843,908 Series A convertible preferred shares at $200/share for ~$168.8M gross proceeds; insiders to invest additional $3.9M subject to shareholder approval.
New $125M senior secured credit facility from Perceptive Advisors: $100M initial term loan plus up to $25M delayed draw, maturity 2030, SOFR+8% with 2-year PIK component.
Proceeds used to repay in full ~$200M of existing credit facilities (maturing 2027) with SLR Investment and Gemino; expected to have ~$210M cash and $100M debt post-closing.
Preliminary unaudited Q4 2024 revenue of $29M and FY 2024 revenue of $113M, ahead of prior guidance.
Financing led by PFM Health Sciences and Perceptive Advisors; expected to close Jan 8, 2025, and fund operations through cashflow breakeven.

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