Outset Medical (Nasdaq:OM) this week posted third-quarter results that were in line with earnings estimates and beat the revenue consensus on Wall Street.
The San Jose, California-based home hemodialysis device maker reported net losses of $40.8 million, or –85¢ per share, on sales of $27.8 million for the three months ended Sept. 30, for a sales growth of 5.48% compared to Q3 2021. Comparatively, Outset Medical reported net losses of $30.5 million.
Adjusted to exclude one-time items, earnings per share were 70¢, in line with The Street, where analysts were looking for sales of $25.23 million.
“Our third quarter results reflect the value Tablo is delivering in both the acute and home settings, with console shipments exceeding our initial expectations,” CEO Leslie Trigg said in a news release. “While we have seen staffing and inflationary pressures persist for our provider customers, we believe our continued expansion in the acute setting and our strong start to rebuilding the home patient pipeline reflects patient preference for Tablo and strong demand across end markets.”
Outset Medical is raising its fiscal 2022 guidance to be in the range of $111 million to $113 million to represent 8-10% growth over 2021.
Shares in OM were up more than 35% to $15.51 apiece by midday trading today. MassDevice’s MedTech 100 Index, which includes stocks of the world’s largest medical device companies, was up slightly.