Outset Medical (NASDAQ:OM) shares shot up today on fourth-quarter revenues that beat the consensus forecast.

OM shares were up more than 16% at $39.77 per share by late afternoon trading today. MassDevice’s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was down 1.6%.

The San Jose, California-based dialysis technology developer posted losses of $41.2 million, or 87¢ per share, on sales of $28.2 million for the three months ended Dec. 31, 2021, seeing its bottom line slide further into the red despite sales growth of 63.2%.

Adjusted to exclude one-time items, losses per share were 77¢, 10¢ behind Wall Street, where analysts were looking for sales of $26.4 million.

“Our entire team contributed to an exceptional 2021, driving record revenue growth, meaningful progress toward our long-term gross margin goal and excellent visibility into 2022,” Outset Medical Chair and CEO Leslie Trigg said in a news release. “Our established relationships with seven of the eight largest national health systems and one-third of the largest 100 regional health systems puts us in a strong position for growth this year in both the acute and home settings.”

Outset Medical expects revenues for the full year 2022 to range between $142 million and $150 million, representing growth between 38% and 46% from fiscal 2021. The projection is ahead of the $140.44 million in revenue that Wall Street analysts on average had expected.