Outset Medical

起源医疗

(Nasdaq: OM)

（纳斯达克：OM）

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shares got a boost today on fourth-quarter results that topped the consensus forecast on Wall Street.

股价因第四季度业绩超出华尔街共识预期而受到提振。

Shares of OM rose 10% to $1.03 apiece in mid-morning trading today.

今天中午时分，OM的股价上涨了10%，达到每股1.03美元。

The San Jose, California-based home dialysis company reported losses of $25.6 million. That equals 49¢ per share on sales of $29.5 million for the three months ended Dec. 31, 2024.

总部位于加利福尼亚州圣何塞的家庭透析公司报告亏损 2560 万美元。在截至 2024 年 12 月 31 日的三个月内，相当于每股亏损 49 美分，销售额为 2950 万美元。

Outset Medical recorded a $13 million bottom-line gain on a sales decrease of 3.4%.

Outset Medical在销售下降3.4%的情况下，录得1300万美元的净利润。

Adjusted to exclude one-time items, losses per share came in at 37¢. That landed 4¢ ahead of expectations on Wall Street. Sales topped the estimates to as experts projected $27.9 million in revenue.

调整后排除一次性项目，每股亏损为37美分。这比华尔街的预期高出4美分。销售额超过了预期，专家预计收入为2790万美元。

The company reported revenue growth of 13% sequentially from the third quarter consisting of Tablo home hemodialysis consumables and services. Its Tablo installed base reached nearly 6,000 consoles, growing 10% in 2024. This growth came despite a shipping hold earlier in the year related to an FDA warning letter.

公司报告称，第三季度由Tablo家庭血液透析耗材和服务组成的收入环比增长了13%。其Tablo的安装基础达到了近6000台，2024年增长了10%。尽管今年早些时候由于FDA警告信相关的运输暂停，依然实现了这一增长。

However, Outset .

然而，开端。

began selling its TabloCart with Prefiltration

开始销售其带有预过滤功能的TabloCart

in May 2024 and

2024年5月

fully resolved the warning letter last week

上周完全解决了警告信的问题

.

。

“We enter 2025 with positive momentum, having delivered two solid quarters under our transforming commercial organization,” said Leslie Trigg, chair and CEO. “Strong utilization across our Tablo installed base drove another record quarter of recurring revenue, and our strengthened balance sheet positions us through cash flow breakeven.

“我们以积极的势头进入2025年，在转型的商业组织下已经交付了两个坚实的季度，”董事长兼首席执行官莱斯利·特里格表示。“Tablo装机基础的强劲使用率推动了又一个经常性收入的创纪录季度，而我们强化的资产负债表使我们实现了现金流盈亏平衡。”

Our team remains focused on the opportunities ahead—supporting customers, restoring well-being to people with end-stage renal disease and driving meaningful growth.”.

我们的团队仍然专注于未来的机会——支持客户，恢复终末期肾病患者的健康，并推动有意义的增长。”

Outset expects 2025 revenues to land between $115 million adn $125 million. It set its non-GAAP gross margin guidance in the high-30% range. The company also expects less cash burn, projecting less than $50 million used in 2025, compared to $103 million in 2024. It also

Outset预计2025年收入将在1.15亿美元至1.25亿美元之间。其非GAAP毛利率指引设定在30%的高位范围。公司还预计现金消耗将减少，预计2025年使用不到5000万美元，而2024年为1.03亿美元。

brought in $169 million in a financing

融资1.69亿美元

to support operations through cash flow breakeven.

通过现金流收支平衡来支持运营。

The analysts’ take on Outset

分析师对Outset的看法

BTIG analysts Marie Thibault, Sam Eiber and Alexandra Pang were pleased with Outset’s performance, particularly in consumables. However, while encouraging, they say that implied a lighter sales impact from consoles than they forecast.

BTIG分析师玛丽·蒂博、山姆·艾伯和亚历山德拉·庞对Outset的表现感到满意，尤其是在消耗品方面。然而，尽管令人鼓舞，他们表示这暗示了游戏机的销售影响比他们预测的要小。

Still, they maintain a “Buy” rating for outset. They note that the midpoint of the 2025 revenue guidance assumes revenue growth for installed base and recurring revenues of around 10%.

尽管如此，他们对初始阶段仍维持“买入”评级。他们指出，2025年收入指引的中间值假设已安装基础和经常性收入的增长约为10%。

“Expanding the console installed base 10% [year-over-year] seems doable, particularly since OM accomplished this during its challenging 2024,” the analysts wrote. “With what we believe is an achievable sales forecast and continued reductions in spend, we nudge our valuation multiple higher.”

“将游戏机的安装基数每年扩大10%似乎是可以实现的，特别是因为任天堂在面临挑战的2024年也做到了这一点，”分析师写道。“我们认为，基于可实现的销售预测以及持续的成本削减，我们提高了对其估值倍数的预期。”