Published on 10 May 2024 on GuruFocus.com via Yahoo Finance
Outset Medical Inc (OM) Q1 2024 Earnings: Misses Revenue Estimates and Widens Losses
Revenue: Reported $28.2 million, down from $33.5 million in the prior year, falling short of estimates of $30.34 million.Net Loss: Increased to $(39.9) million, or $(0.78) per share, compared to $(44.0) million, or $(0.90) per share year-over-year, but above the estimated $(27.79) million.Gross Margin: Improved significantly to 29.2% from 19.2% in the previous year, indicating enhanced profitability per dollar of revenue.Operating Expenses: Decreased by 10% to $45.1 million, reflecting effective cost management and operational efficiencies.Product Gross Profit: Increased to $7.8 million with a margin of 38.4%, up from $7.0 million and a margin of 25.1% in the prior year, showing strong performance in product sales.Service Revenue: Grew by 36.1% to $7.7 million, demonstrating expanding service capabilities and customer adoption.2024 Full-Year Guidance: Reaffirmed revenue expectations of $145 million to $153 million, projecting a growth of 12% to 18% over 2023, with a non-GAAP gross margin in the low-30% range.
Warning! GuruFocus has detected 6 Warning Signs with OM.