OM earnings analysis
What we found in OM's 10-Q: the parts that mattered, the offsets in the same document, and what the company said about what comes next.
Our reading of the filing · Free to read, no account needed
Outset Medical's Q1 2026 results showed a 6% year-over-year decline in revenue to $27.9 million, which was below estimates. The net loss decreased from $25.8 million in the prior year to $19.0 million. Gross margin improved significantly to 43.4% from 37.2%, indicating operational efficiency despite ongoing challenges.
The parts that mattered.
Pulled out of the filing itself, with the figures the company reported.
- Revenue Decline of 6% YoY
- Total revenue for Q1 2026 was $27.9 million, down from $29.8 million in Q1 2025.
- Improvement in Gross Margin
- Gross margin rose to 43.4% from 37.2% year-over-year, driven by better pricing on consoles.
- Decrease in Net Loss
- Net loss narrowed to $19.0 million from $25.8 million in Q1 2025, showing minor operational efficiency gains.
- Cash and Investments Position
- As of March 31, 2026, cash and short-term investments totaled $160.5 million.
- Positive Operating Cash Flow Turnaround
- Operating cash flow improved, with a cash burn of $12.8 million compared to $25.7 million in the prior year.
And the other side of it.
The offsets in the same document — the things a summary that only listed the good news would have left out.
- Increased Operating Expenses
- Total operating expenses increased to $29.0 million from $27.5 million year-over-year.
- Declining Product Revenue
- Product revenue fell 13% year-over-year, indicating weak demand.
- Future Capital Spending Risk
- Expansion could be hindered by existing covenants and market conditions affecting capital budgets.
What they reported.
What the company itself reported, taken out of the document.
- Earnings per share
- $-0.83
- Gross margin
- 43.4%
What they said about what is next.
2026 revenue guidance remains unchanged, projecting a 5% to 9% increase over 2025.
The filing reads about the same as the one before it.
What came before.
- 10-K · February 13, 2026
- Outset positions Tablo as a single-enterprise hemodialysis solution focused on broad adoption in acute care (primary focus), post-acute and home markets and highlights a connected data ecosystem and manufacturing scale…
- 10-Q · November 10, 2025
- Outset reported third-quarter revenue of $29,431,000, up modestly from $28,666,000 in the year-ago quarter, with gross margin expanding to 39.4% and operating loss narrowing to $15,813,000. Management reduced operating…
- 10-Q · August 8, 2024
- Outset reported Q2 revenue of $27,388,000, down $8,652,000 or 24.0% year-over-year, while gross profit rose to $9,782,000 (35.7% margin) from $7,703,000. Operating loss narrowed to $(30,764,000) from $(43,478,000) and…
- 10-Q · May 9, 2024
- Outset reported Q1 revenue of $28,168,000, down $5,299,000 or 15.8% year-over-year, while gross profit improved to $8,215,000 (29.2% margin) from $6,428,000 a year ago. Operating loss narrowed to $(36,912,000) from…
This is our reading of a public filing, not the filing. Read the original on SEC.gov · Educational only. Nothing here is investment advice.
Read the next one first.
We read every filing OM makes the day it lands, and put it next to what the options market did about it. Members get both, and an alert when a filing arrives.
Cancel anytime · Month to month · Switch tiers whenever