Outset Medical, Inc. (OM) · Nov 4, 2026 · Earnings

Outset Medical earnings beat on Tablo growth, but losses persist

Beat — Revenue $33.6M vs ~$31.4M consensus; non-GAAP EPS $(0.68) vs roughly $(0.72) expected

Outset Medical’s third-quarter earnings beat revenue expectations as console sales and recurring Tablo revenue accelerated, while losses stayed elevated.

Outset is scaling Tablo, its integrated dialysis platform, through hospital and insourced-dialysis partnerships; management entered the quarter with 2026 revenue guidance of $125M–$130M and a recently announced three-year, $40M HCA fleet-refresh agreement.

The quarter cleared the main operating hurdle. Revenue of $33.6M rose 14% year over year and 6% sequentially, ahead of the published consensus near $31.4M; console revenue grew 26%, while recurring revenue reached $23.1M, up 10%.

MetricQ3 2026Q3 2025Consensus / comparison
Revenue (Financial Results)$33.6M (+14%)$29.4M~$31.4M
Non-GAAP EPS (Appendix A)$(0.68)$(0.69)~$(0.72)
Gross margin (Financial Results)40.7%39.4%—
Recurring revenue (Financial Highlights)$23.1M (+10%)$21.1M—
Net loss (Financial Results)$(14.7M)$(17.8M)—

The quality of growth improved, but profitability did not yet turn. Gross margin expanded to 40.7%, helped by service and other margin rising to 32.4%, although product margin slipped to 44.2% from 45.7%. Non-GAAP net loss widened slightly to $12.9M from $12.4M, showing that the revenue ramp is not yet flowing cleanly through to earnings. 〔0〕

The balance sheet remains usable but is moving in the wrong direction. Outset ended September with $140.7M of cash, short-term investments and restricted cash after using $10.3M during the quarter; that is down from $151.0M at June 30, so continued execution still depends on reducing cash burn rather than simply growing sales.

Guidance was reaffirmed, not raised. Keeping the $125M–$130M revenue range is consistent with the prior plan, so the surprise is execution above the quarterly revenue bar rather than a reset of the full-year business outlook.

Bottom line: This was a modest execution win: Tablo adoption and console demand produced a clear revenue beat, but persistent losses, cash usage and unchanged guidance keep it from materially rewriting the story.

What to watch next

Q4 results and 2027 outlook

Original filing on SEC EDGAR

Outset Medical earnings beat on Tablo growth, but losses persist | OM Stock News
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