Outset Medical reports third quarter 2026 results

On November 4, 2026, Outset Medical, Inc. (the "Company") issued a press release and will hold its third quarter 2026 earnings conference call announcing the Company's financial results for the quarter ended September 30, 2026.¹ A copy of the press release is furnished herewith as Exhibit 99.1 and incorporated herein by reference.²

The information contained in this Item 2.02 and Exhibit 99.1 hereto shall not be deemed "filed" for purposes of Section 18 of the Securities Exchange Act of 1934³, as amended (the "Exchange Act"), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.

(d) Exhibits.

Exhibit

Number

Description

99.1⁴

Press Release entitled "Outset Medical Reports Third Quarter 2026 Results" dated November 4, 2026⁴

104⁴

Cover Page Interactive Data File (embedded within the Inline XBRL document)⁴

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.

Outset Medical, Inc.

Date: November 4, 2026

By:

/s/ Renee Gaeta

Renee Gaeta

Chief Financial Officer

Outset Medical Reports Third Quarter 2026 Results

San Jose, CA – November 4, 2026 – Outset Medical, Inc. (Nasdaq: OM), a medical technology company pioneering a first-of-its-kind technology to improve clinical outcomes in dialysis with less cost and complexity, today reported financial results for the third quarter ended September 30, 2026.

Third Quarter and Recent Highlights

• Net revenue totaled $33.6 million, an increase of 14% compared to the prior-year period and an increase of 6% sequentially.

• Console revenue of $10.5 million, an increase of 26% compared to the prior-year period and an increase of 10% sequentially.

• Recurring revenue, consisting of Tablo consumables and services, was $23.1 million, an increase of 10% compared to the prior-year period and an increase of 4% sequentially.

• Gross margin expanded to 40.7%, an increase of 130 basis points compared to the prior-year period.

• Net cash used during the quarter was $10.3 million, resulting in a total cash, cash equivalents, short-term investments and restricted cash position of $140.7 million at quarter end.

"Third-quarter results demonstrated continued progress against our strategic priorities and solid sales execution across both capital and recurring revenue," said Leslie Trigg, Chair and Chief Executive Officer. "Consistently strong customer satisfaction and retention are expanding adoption of Tablo across our existing customer base and fueling new insourced dialysis partnerships with leading health systems. Advancing our mission to help providers nationwide improve the cost, complexity and clinical outcomes of dialysis continues to position Outset well for sustained long-term growth and value creation."

Third Quarter 2026 Financial Results

Revenue for the third quarter was $33.6 million, an increase of 14% compared to $29.4 million in the third quarter of 2025.⁵ Product revenue of $23.7 million increased 15% from $20.6 million in the third quarter of 2025.^{6 6}Service and other revenue of $9.9 million increased 12% compared to $8.9 million in the third quarter of 2025.⁶ Recurring revenue from the sale of Tablo cartridges and service was $23.1 million compared to $21.1 million in the prior-year period.⁷

Gross profit of $13.7 million increased 18% from $11.6 million in the third quarter of 2025.^{8 8}Gross margin was 40.7%, compared to 39.4% in the third quarter of 2025.⁸ On a non-GAAP basis, gross margin reached 40.8%, as compared to 39.9% in the third quarter of 2025. Product gross profit was $10.5 million compared to $9.4 million in the third quarter of 2025. Product gross margin was 44.2% compared to 45.7% in the third quarter of 2025. Service and other gross profit was $3.2 million, compared to $2.2 million in the third quarter of 2025. Service and other gross margin was 32.4% compared to 24.8% in the third quarter of 2025.

Operating expenses of $25.9 million decreased 5% from the same period in 2025. Research and development (R&D) expenses were $5.9 million, sales and marketing (S&M) expenses were $11.7 million, and general and administrative (G&A) expenses were $8.3 million. This compared to operating expenses of $27.4 million in the third quarter of 2025, including R&D expenses of $5.4 million, S&M expenses of $13.6 million, and G&A expenses of $8.5 million.

Excluding stock-based compensation expense and litigation charges, non-GAAP operating expenses were $24.2 million, including R&D expenses of $5.5 million, S&M expenses of $11.6 million, and G&A expenses of $7.0 million.

Net loss was $14.7 million compared to net loss of $17.8 million in the third quarter of 2025.⁹ On a non-GAAP basis, net loss was $12.9 million compared to net loss of $12.4 million in the third quarter of 2025.

Total cash, including restricted cash, cash equivalents and short-term investments, was $140.7 million as of September 30, 2026.¹⁰

2026 Financial Guidance

Outset reiterated its 2026 revenue guidance of $125 million to $130 million¹⁰ and continues to expect non-GAAP gross margin to be in the low-40% to mid-40% range for the full year.

Conference Call Details

Outset will host a conference call today, November 4, 2026, at 1:30 p.m. PT / 4:30 p.m. ET to discuss third quarter results. Those interested in accessing the live or archived version of the conference call can visit the "Investors" section of the Outset Medical website at https://investors.outsetmedical.com.

Those interested in participating in the call via telephone are encouraged to register more than 15 minutes before the start of the call via the following link: https://register-conf.media-server.com/register/BIf6886fe8d04a44bbbb5a5da8650079ac. Once registered, participants will receive a dial-in number and unique PIN to join the call.

Use of Non-GAAP Financial Measures

The Company may report non-GAAP results for gross profit/loss, gross margin, operating expenses, operating margins, net income/loss, basic and diluted net income/loss per share, other income/loss, and cash flows. These non-GAAP financial measures are in addition to, and not a substitute for or superior to, financial measures calculated in accordance with GAAP. As listed in the itemized reconciliations between GAAP and non-GAAP financial measures included in this press release, the Company's GAAP financial measures include stock-based compensation expense and litigation charges incurred outside of the ordinary course of business