Outset Medical (NSDQ:OM) posted first-quarter results that beat the overall consensus on Wall Street and increased its guidance.
The San Jose, Calif.-based Tablo dialysis machine maker reported losses of -$30 million, or -70¢ per share, on sales of $22.9 million for the three months ended March 31, for a sales growth of 218.72% compared with Q1 2020.
Adjusted to exclude one-time items, earnings per share were -56¢, 24¢ ahead of The Street, where analysts were looking for sales of $21.45 million.
“Our first quarter was marked by strong revenue performance, continued operational execution, and substantial progress across our strategic initiatives,” president and CEO Leslie Trigg said in a news release posted yesterday evening.
“Demand for Tablo is both increasing and extending beyond the acute and subacute care settings, with a growing number of customers preparing for home care programs. With a strong interest in Tablo, a robust backlog and clear visibility on the timing of console placements, we are confident in our positioning for consistently strong performance in 2021 and beyond.”
Outset Medical increased its guidance and expects full-year 2021 revenue to be in the range of $92 million to $97 million.
Investors reacted by sending OM shares down nearly –10% to $50 apiece in morning trading today. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down slightly.