Outset Medical (Nasdaq: OM) this week posted first-quarter results that beat the overall consensus on Wall Street.
The San Jose, California-based dialysis company reported profit losses of $43.97 million, or 90¢ per share, on sales of $33.5 million, for the three months ended March 31, for a sales gain of 9.55% compared to Q1 2022. It had a bottom-line less compared to the same time last year when it reported $36.9 million in losses.
Adjusted to exclude one-time items, earnings per share were -72¢, 2¢ ahead of The Street, where analysts were looking for sales of $31.76 million.
“We had a strong start to 2023, with revenue growth ahead of our expectations and gross margins expanding for the 8th consecutive quarter,” CEO Leslie Trigg said in a news release. “The momentum we had exiting 2022 carried through the first quarter of 2023 with the benefits of Tablo continuing to resonate with acute-care and home providers.”
Outset Medical updated its full-year financial guidance. It now projects revenue for 2023 to be in the range of $144 million to $150 million to represent approximately 25% to 30% growth year-over-year.
Shares in OM were up 3.79% to $21.08 apiece at market open. MassDevice’s MedTech 100 Index — which includes stocks of the world’s largest medical device companies — was down slightly.