8-K
Outset Medical, Inc. (OM)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): January 7, 2026
Outset Medical, Inc.
(Exact name of Registrant as Specified in Its Charter)
| Delaware | 001-39513 | 20-0514392 |
|---|---|---|
| (State or Other Jurisdiction<br><br>of Incorporation) | (Commission File Number) | (IRS Employer<br><br>Identification No.) |
| 3052 Orchard Dr.,<br><br>San Jose, California | 95134 | |
| (Address of Principal Executive Offices) | (Zip Code) |
Registrant’s Telephone Number, Including Area Code: (669) 231-8200
Not Applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions:
| ☐ | Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425) |
|---|---|
| ☐ | Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12) |
| ☐ | Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b)) |
| ☐ | Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c)) |
Securities registered pursuant to Section 12(b) of the Act:
| Title of each class | Trading<br><br>Symbol(s) | Name of each exchange on which registered |
|---|---|---|
| Common Stock, $0.001 par value per share | OM | The Nasdaq Stock Market LLC |
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§ 230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§ 240.12b-2 of this chapter).
Emerging growth company ☐
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
Item 2.02 Result of Operations and Financial Condition.
On January 12, 2026, Outset Medical, Inc. (the “Company”) issued a press release announcing, among other items, expected revenue for the fourth quarter and fiscal year ended December 31, 2025. A copy of the press release is furnished herewith as Exhibit 99.1.
Certain financial information contained in Exhibit 99.1 is preliminary, unaudited and subject to change or adjustment in connection with the completion of the Company’s quarter and year-end closing processes and the preparation of its audited financial statements for the fiscal quarter and year ended December 31, 2025, which will be contained in the Company’s related Annual Report on Form 10-K.
Item 5.02 Departure of Directors or Certain Officers; Election of Directors; Appointment of Certain Officers; Compensatory Arrangements of Certain Officers.
Resignation of Director
On January 7, 2026, Andrea Saia, a member of the Company’s Board of Directors (the “Board”), stepped down from the Board, effective January 9, 2026. Ms. Saia’s resignation is not the result of any disagreement with the Company on any matter relating to the Company’s operations, policies or practices.
Appointment of Director
On January 8, 2026, the Board appointed Karen Prange as a new member of the Board and as a member of the Compensation Committee of the Board, with such appointment effective January 9, 2026.
Ms. Prange fills the vacancy created by the resignation of Ms. Saia and her term of office as a class III director will expire at the Company’s 2026 annual meeting of stockholders or until her successor has been elected and qualified or her earlier death, resignation or removal. The Board has determined that Ms. Prange is an “independent director” as defined under the applicable rules and regulations of the Securities and Exchange Commission (“SEC”) and the listing requirements and rules of the Nasdaq stock market.
Ms. Prange has served on the board of directors of Atricure, Inc., a medical device company, since December 2019, and on the board of directors of Embecta Corp., a medical device and technology company, since April 2022. She also currently serves on the board of directors of WS Audiology, a privately held medical device company, and has served as a Senior Advisor at EQT Group, a global investment organization, since March 2020. In her most recent operating role, Ms. Prange was Executive Vice President and Chief Executive Officer for the Global Animal Health, Medical and Dental Surgical Group at Henry Schein, Inc., and a member of its Executive Committee, from May 2016 to April 2018. Prior to that, she was Senior Vice President of Boston Scientific and President of its Urology and Pelvic Health business from June 2012 to May 2016. Earlier in her career, Ms. Prange held various leadership positions at Johnson & Johnson, including sales, marketing, market development and general management roles. She also previously served on the boards of directors of several medical device companies: Nevro Corp. (acquired by Globus Medical, Inc.) from December 2019 to April 2025; ViewRay, Inc. from June 2021 to October 2023; and Cantel Medical Corporation (acquired by STERIS plc) from October 2019 to June 2021. Ms. Prange holds a B.S. from the University of Florida.
Except as described below with respect to Ms. Prange’s equity compensation arrangements, Ms. Prange will be compensated in a manner consistent with the Company’s compensation policy for other non-employee directors, as described under the heading “Non-Employee Director Compensation Policy” in the Company’s definitive proxy statement filed with the SEC on April 11, 2025 (the “Policy”). Pursuant to the Policy, as it was subsequently amended effective January 8, 2026, Ms. Prange will receive an initial equity grant of 18,667 restricted stock units (“RSUs”) under the Company’s 2020 Equity Incentive Plan (the “Plan”) in connection with her initial appointment to the Board, which RSUs will vest quarterly over a three-year period. In addition, Ms. Prange will receive an annual grant of 10,667 RSUs under the Plan on the date of the Company’s Annual Meeting of Stockholders, which RSUs will vest upon the earlier of (i) the one-year anniversary of the date of grant or (ii) the date of the Company’s next Annual Meeting of Stockholders. Ms. Prange will also enter into the Company’s standard director and officer indemnification agreement, the form of which was previously filed by the Company as Exhibit 10.1 to Amendment No. 1 to the Company’s Registration Statement on Form S-1/A (Registration No. 333-248225), filed with the SEC on September 9, 2020. There are no arrangements or understandings between Ms. Prange and any other persons pursuant to which she was appointed as a director. Furthermore, there are no transactions in which Ms. Prange has an interest that would be required to be reported under Item 404(a) of Regulation S-K.
Item 7.01 Regulation FD Disclosure
On January 12, 2026, the Company issued a press release announcing, among other items, the resignation of Ms. Saia and the appointment of Ms. Prange, and posted an updated investor presentation on the investor section of its website at investors.outsetmedical.com. Copies of the press release and presentation are furnished herewith as Exhibits 99.1 and 99.2,
respectively.
The information contained in Items 2.02 and 7.01 (including Exhibits 99.1 and 99.2 attached hereto) shall not be deemed “filed” for purposes of Section 18 of the Securities Exchange Act of 1934, as amended (the “Exchange Act”), or otherwise subject to the liabilities of that section, nor shall it be deemed incorporated by reference into any other filing under the Securities Act of 1933, as amended, or the Exchange Act, except as expressly set forth by specific reference in such a filing.
Forward-Looking Statements
This report and the exhibit attached hereto contain forward-looking statements within the meaning of Section 27A of the Securities Act and Section 21E of the Exchange Act. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements are based on management’s current assumptions and expectations of future events and trends, which affect or may affect the Company’s business, strategy, operations or financial performance, and actual results and other events may differ materially from those expressed or implied in such statements due to numerous risks and uncertainties. Forward-looking statements include, but are not limited to, statements about the Company’s unaudited results of operations, including fourth quarter and full year 2025 revenue, year-end cash position and Tablo console shipments, statements about the Company’s possible or assumed future results of operations and financial position, including expectations regarding projected revenues, recurring revenues, gross margin, operating expenses, capital expenditures, cash use, cash burn, cash position, profitability and outlook; statements about the sufficiency of the Company’s cash balances through cashflow breakeven; statements regarding the anticipated impacts and benefits of the Company’s cost reduction actions, initiatives to optimize the commercial organization and improve forecasting and order visibility, and restructurings; statements regarding the Company’s overall business strategy, plans and objectives of management including expectations regarding new services, technologies and offerings; the Company’s expectations regarding the market sizes and growth potential for Tablo and the total addressable market opportunities for Tablo; continued execution of the Company’s initiatives designed to expand gross margins; the Company’s ability to respond to and resolve any reports, observations or other actions by the Food and Drug Administration or other regulators in a timely and effective manner; as well as the Company’s expectations regarding the impact of macroeconomic factors (including changes in tariff or trade laws and policies) on the Company, its customers and suppliers. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Factors that could cause actual results or other events to differ materially from those contemplated in this press release can be found in the Risk Factors section of the Company’s public filings with the Securities and Exchange Commission, including its latest annual and quarterly reports. Because forward-looking statements are inherently subject to risks and uncertainties, you should not rely on these forward-looking statements as predictions of future events. These forward-looking statements speak only as of their date and, except to the extent required by law, the Company undertakes no obligation to update these statements, whether as a result of any new information, future developments or otherwise.
Item 9.01 Financial Statements and Exhibits.
(d) Exhibits.
| Exhibit<br><br>Number | Description |
|---|---|
| 99.1 | Press Release entitled “Outset Medical Reports Unaudited Fourth Quarter and 2025 Results” dated January 12, 2026 |
| 99.2 | Investor Presentation dated 2026 |
| 104 | Cover Page Interactive Data File (embedded within the Inline XBRL document) |
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
| Outset Medical, Inc. | ||
|---|---|---|
| Date: January 12, 2026 | By: | /s/ Renee Gaeta |
| Renee Gaeta | ||
| Chief Financial Officer |
EX-99.1
Exhibit 99.1
Outset Medical Reports Unaudited Fourth Quarter and 2025 Results
Appoints Medical Technology Veteran Karen N. Prange to Board of Directors
San Jose, CA – Jan. 12, 2026 – Outset Medical, Inc. (Nasdaq: OM), a medical technology company pioneering a first-of-its-kind technology to reduce the cost and complexity of dialysis, today reported unaudited revenue for the fourth quarter and fiscal year ended December 31, 2025, and named Karen N. Prange to its board of directors.
Unaudited Fourth Quarter and 2025 Results
- Revenue in the fourth quarter totaled approximately $28.9 million, bringing revenue for 2025 to approximately $119.5 million, a 5% increase over $113.7 million in 2024.
- Exiting 2025, more than 1,000 sites of care have insourced dialysis with Outset, performing roughly 1 million treatments per year and more than 3 million cumulative treatments on Tablo.
- Year-end cash, including restricted cash, cash equivalents and short-term investments, totaled $173 million. Net cash used in operations in 2025 was below $50 million compared to $116 million in 2024.
“We enter 2026 with a strong backlog, a growing pipeline of new opportunities and a great deal of confidence that the value we deliver for providers and dialysis patients can continue to fuel Outset’s growth for many years to come,” said Leslie Trigg, Chair and Chief Executive Officer. “In 2026, we look forward to building on our innovation track record by delivering new services and technologies that continue to improve patient care outcomes with lower cost and less complexity than traditional dialysis.”
Karen Prange Joins Outset Board
The company also announced the appointment of Karen Prange to its board of directors and its Compensation Committee, replacing Andrea Saia who served on the board since March of 2021.
Ms. Prange currently serves on the boards of AtriCure, Embecta and privately held WS Audiology, in addition to being a Senior Advisor to EQT Group. She previously served on the boards of Cantel Medical, Nevro and ViewRay. In her most recent operating role, she was Executive Vice President and CEO for the $6 billion Global Animal Health, Medical and Dental Surgical Group at Henry Schein. She was previously a Senior Vice President at Boston Scientific and President of its $1 billion Urology and Pelvic Health business. Her earlier career experience included 17 years at Johnson & Johnson in various sales, marketing, market development and general management roles. Ms. Prange earned her B.S. in Business Administration with honors from the University of Florida.
Ms. Trigg said: “Karen brings deep commercial operating experience to our board, with a strong background in sales and go-to-market strategy in the acute-care setting. We are pleased to add an executive of her caliber to our board as we embark on a new year with many exciting opportunities for growth. And on behalf of the entire board, I would like to thank Andrea for her years of service to Outset. Her unique blend of med tech and consumer brand experience were so important to our early success, and we are grateful for her many contributions.”
Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact are forward-looking statements. Forward-looking statements are based on management’s current assumptions and expectations of future events and trends, which affect or may affect the Company’s business, strategy, operations or financial performance, and actual results and other events may differ materially from those expressed or implied in such statements due to numerous risks and uncertainties. Forward-looking statements include, but are not limited to, statements about the Company’s unaudited results of operations, including fourth quarter and full year 2025 revenue, year-end cash position and Tablo console shipments, statements about the Company’s possible or assumed future results of operations and financial position, including expectations regarding projected revenues, recurring revenues, gross margin, operating expenses, capital expenditures, cash use, cash burn, cash position, profitability and outlook; statements about the sufficiency of the Company’s cash balances through cashflow breakeven; statements regarding the anticipated impacts and benefits of the Company’s cost reduction actions, initiatives to optimize the commercial organization and improve forecasting and
order visibility, and restructurings; statements regarding the Company’s overall business strategy, plans and objectives of management including expectations regarding new services, technologies and offerings; the Company’s expectations regarding the market sizes and growth potential for Tablo and the total addressable market opportunities for Tablo; continued execution of the Company’s initiatives designed to expand gross margins; the Company’s ability to respond to and resolve any reports, observations or other actions by the Food and Drug Administration or other regulators in a timely and effective manner; as well as the Company’s expectations regarding the impact of macroeconomic factors (including changes in tariff or trade laws and policies) on the Company, its customers and suppliers. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified. Factors that could cause actual results or other events to differ materially from those contemplated in this press release can be found in the Risk Factors section of the Company’s public filings with the Securities and Exchange Commission, including its latest annual and quarterly reports. Because forward-looking statements are inherently subject to risks and uncertainties, you should not rely on these forward-looking statements as predictions of future events. These forward-looking statements speak only as of their date and, except to the extent required by law, the Company undertakes no obligation to update these statements, whether as a result of any new information, future developments or otherwise.
Certain financial information contained in this press release is preliminary, unaudited, and subject to change or adjustment in connection with the completion of the Company’s quarter and year-end closing processes and the preparation of its audited financial statements for the fiscal quarter and year ended December 31, 2025, which will be contained in the Company’s related Annual Report on Form 10-K.
About Outset Medical, Inc.
Outset is a medical technology company transforming the dialysis experience across the continuum of care with a first-of-its-kind technology. The Tablo® Hemodialysis System, FDA-cleared for use from hospital to home, is trusted by more than 1,000 U.S. healthcare facilities and has enabled millions of treatments delivered by thousands of nurses. Designed to reduce the cost and complexity of dialysis, Tablo combines water purification and on-demand dialysate production into a single, integrated system that connects seamlessly with Electronic Medical Record systems and a proprietary data analytics platform. This enterprise solution empowers providers to develop an in-house dialysis program where they are in control – enabling better operational, clinical, and financial outcomes. Outset is redefining what’s possible in kidney care through innovation, scale, and a relentless commitment to improving the lives of patients and the professionals who care for them. For more information, visit www.outsetmedical.com.
Investor Contact
Jim Mazzola
jmazzola@outsetmedical.com
Outset Medical Investor Presentation 2026
Forward-looking statements and non-GAAP information This presentation and the accompanying oral statements contain forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical fact are forward-looking statements. In some cases, you can identify forward-looking statements by terminology such as “may,” “will,” “should,” “could,” “expect,” “plan,” anticipate,” “believe,” “estimate,” “predict,” “intend,” “potential,” “would,” “continue,” “ongoing” or the negative of these terms or similar expressions. Forward-looking statements are based on management’s current assumptions and expectations of future events and trends, which affect or may affect our business, strategy, operations or financial performance, and actual results and other events may differ materially from those expressed or implied in such statements due to numerous risks and uncertainties. These forward-looking statements include, but are not limited to, statements about our expected results of operations, including 2025 revenue, year-end cash position and Tablo console shipments, statements about our possible or assumed future results of operations and financial position, including expectations regarding projected revenues, recurring revenues, and revenue growth rate, gross margin (including non-GAAP gross margin), operating expenses, capital expenditures, cash use, cash burn, cash position, profitability and outlook, statements regarding the sufficiency of our cash balances through cashflow breakeven; statements regarding the anticipated impacts and benefits of our cost reduction actions, initiatives to optimize the commercial organization and improve forecasting and order visibility, and restructurings; statements regarding our overall business strategy, plans and objectives of management, our expectations regarding the market sizes and growth potential for Tablo and the total addressable market opportunities for Tablo, continued execution of our initiatives designed to expand gross margins, our ability to respond to and resolve any reports, observations or other actions by the Food and Drug Administration (FDA) and other regulators in a timely and effective manner, as well as our expectations regarding the impact of macroeconomic factors on us, our customers and our suppliers. Forward-looking statements are inherently subject to risks and uncertainties, some of which cannot be predicted or quantified, which could cause actual results to differ materially from those expressed or implied in these forward-looking statements. These risks and uncertainties include: our future financial performance, including our expectations regarding our revenues, cost of revenues, operating expenses, gross margin and our ability to achieve and maintain future profitability; continued execution of our initiatives designed to expand gross margins; our ability to attain market acceptance among providers and patients; our ability to manage our growth; our expansion into the home hemodialysis market; our ability to ensure strong product performance and reliability; our relations with third-party suppliers, including contract manufacturers and single source suppliers; our ability to overcome manufacturing disruptions; the impact of epidemics, natural or man-made disasters, and similar events, on our industry, business and results of operations; our ability to offer high-quality support for Tablo; our expectations of the sizes of the markets for Tablo; our ability to innovate and improve Tablo; our ability to effectively manage privacy, information and data security; concentration of our revenues in a single product and concentration of a large percentage of our revenues from a limited number of customers; our ability to compete effectively; our ability to accurately forecast customer demand and manage our inventory; our ability to ensure the proper training and use of Tablo; our compliance with FDA and other regulations applicable to our products and business operations and our ability to respond to and resolve any reports, observations or other actions by the FDA or other regulators in a timely and effective manner; as well as other risks and uncertainties described in the Risk Factors section of our public filings with the SEC, including our most recent Annual Report on Form 10-K and Quarterly Reports on Form 10-Q filed with the Securities and Exchange Commission. Forward-looking statements should be considered in light of these risks and uncertainties, and you should not rely on these forward-looking statements as predictions of future events. These forward-looking statements speak only as of their date and we undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future developments or otherwise. This presentation and the accompanying oral presentation also contain statistical data, estimates and forecasts that are based on independent industry publications or other publicly available information, as well as other information based on our internal sources. This information involves many assumptions and limitations, and you are cautioned not to give undue weight to such information. We have not independently verified the accuracy or completeness of the information contained in the industry publications and other publicly available information. Accordingly, we make no representations as to the accuracy or completeness of that information nor do we undertake to update such information after the date of this presentation. In addition to financial information presented in accordance with U.S. generally accepted accounting principles ("GAAP"), this presentation and the accompanying oral statements include certain non-GAAP financial measures, which may include Non- GAAP gross profit/loss, gross margin, operating expenses, net income/loss, and basic and diluted net income/loss per share. Any non-GAAP measure is presented for supplemental informational purposes only and should not be considered a substitute for or superior to financial information presented in accordance with GAAP. There are limitations related to the use of non-GAAP financial measures because they are not prepared in accordance with GAAP, may exclude significant expenses required by GAAP to be recognized in our financial statements, and may not be comparable to non-GAAP financial measures used by other companies. A reconciliation of these measures to the most directly comparable GAAP measures is included at the end of this presentation.
Dialysis care that improves patient outcomes with lower cost and less complexity.
Investment Highlights ~70+% recurring revenue powered by predictable utilization Enterprise dialysis solution differentiated by expert know-how, trusted technology and exceptional service Strong cash position, capitalized through breakeven More than 1,000 sites of care performing >1,000,000 treatments per year Scale in $2.5B acute/post-acute care market; emerging presence in $8.9B home market1 1. Company estimates based on data contained in USRDS Annual Data Report
5%2 Medicare spend for 1%2 ESRD Patients CURRENT STATE Dialysis is one of the largest, most expensive, least-changed sectors of healthcare $71B1 Annual spending on U.S. ESRD patients $55B1 Paid by Medicare 558,0001 Dialysis patients 90M1 Annual dialysis treatments 1. Company estimates based on data contained in USRDS 2025 Annual Data Report Based on 2023 Medicare spend of $1.03T, Centers for Medicare & Medicaid website; and ESRD population of 831,000, USRDS 2025 Annual Data Report. ~30% 1 2023 2003
CURRENT STATE NEARLY 2X higher ICU admission rate3 About 2.5X HIGHER COST per stay3 Roughly 5-DAY LONGER length-of-stay (LOS)3 $5,000–$25,000: Average loss by hospital for each inpatient stay for renal failure with dialysis2 135,000 NEW ESRD PATIENTS diagnosed annually in the U.S.1 More than 800,000 CHRONIC DIALYSIS PATIENT admissions annually in the U.S.1 Inpatient dialysis is unreimbursed and represents a significant cost burden for acute-care hospitals Company estimates based on data contained in USRDS 2025 Annual Data Report Hickson LJ. Et al. Nephron. 2018. 139(1): 1-12; 2021 Medicare Claims data for MS-DRG 682 and MS-DRG 683 Sg2. (2025c). To outsource or not? A correlative study of In-Hospital dialysis Outcomes and costs
“Outsourcing” the dialysis service line became the historic standard… …leading to unintended consequences 1. Sg2, In-Hospital Dialysis Outcomes & Costs, 2025. 2. Saffer & Mesiwala, Kidney Medicine, 2023 3. Nuermaimaiti et al., Scientific Reports, 2025. 4. Lindsay & Lytle, Applied Clinical Informatics, 2022. 5. Chopra et al., CLABSI Overview, CDC / Univ. of Michigan, 2021. 6. HHS OIG, Medicare Dialysis Provider Compliance Audit, 2022 (https://www.gao.gov/assets/gao-04-63-highlights.pdf). $8.5K AVG. LOSS² per inpatient dialysis stay NURSES SPEND UP TO 40%⁴ of their shift on documentation +1.1% MORTALITY RISK³ for every hour of treatment delay CLABSI CAN COST UP TO $48,000⁵ per event AVG. LOS IS 5.1 DAYS MORE¹ compared to other inpatient stays 15% OF DIALYSIS PROGRAMS⁶ have serious deficiencies per CMS Disclaimer: Clinical and operational impacts shown are based on published research and national benchmarks. Actual results may vary by patient case, hospital environment, and evolving CMS and accreditation standards.
We see a better way forward
Tablo® is a first-of-its- kind technology designed to reduce the cost and complexity of dialysis Connected and intelligent Small and mobile Single device from bedside to ICU
A comprehensive enterprise dialysis solution Data Analytics & Fleet Management EMR Interoperability Implementation Services & Bridge Nursing Advanced Service & Support Tools
Hospitals bringing dialysis in-house are transforming results 1. Nichols et al., Journal of Medical Economics, 2024. 2. Outset Medical, Norman Regional In-House Dialysis Case Study, 2025. 3. Cleveland Clinic, ICU Dialysis Program Case Study, 2021. 36% Reduction in ICU LOS¹ Reduction in CLABSI² COST REDUCTION per treatment hour¹ Reduction in SUPPLY AND LABOR COSTS³ Decrease in THERAPY START DELAYS² Reclaimed NURSING HOURS PER PATIENT¹ Disclaimer: Performance and savings will vary by facility and operational factors. Results described reflect individual customer experiences based on qualitative feedback. 75% 52% 65% 35% +50
INSOURCE WITH OUTSET Experienced partner at scale >1 million treatments Annually 3+ million cumulative treatments >10,000 nurses and 1,000 physicians trained 10 of 10 LARGEST SUBACUTE PROVIDERS ~1,000 UNIQUE ACUTE SITES 8 of 8 TOP NATIONAL HEALTH SYSTEMS Extensive clinical evidence: 70+ abstracts 15+ manuscripts Supported by ~200-person dedicated sales and service organization
The Home market is significantly underpenetrated EMERGING OPPORTUNITY REIMBURSEMENT Medicare reimbursement misaligned with treatment frequency Historical barriers EDUCATION Patient and physician awareness low TECHNOLOGY Cumbersome technology and training
Tablo addresses key barriers to home dialysis adoption and retention HOME CARE 5–6 Treatments per week 100 hours Training per patient 16–24 hours Dialysate prep time per week Historical device 3 Treatments per week <25 hours1 Training per patient 0 hours Dialysate prep time 1 Hemodialysis International, 2020: “Self-care training using the Tablo hemodialysis system,” Plumb, et al
Software Data/analytics EMR interoperability Expanded professional services Consumables Service contracts Powerful recurring revenue model ~70% of total revenue ACUTE $20,000 per console per year HOME $15,000 per console per year Growth potential
Strong financial foundation entering 2026 2025 Revenue1 $119.5M ~70% Percent of revenue from recurring sources 1 Revenue and cash figures are preliminary and unaudited. Cash position includes estimated cash, cash equivalents, restricted cash and short-term investments at Dec. 31, 2025. Figures on slide are rounded. Cash burned in 2025 <$50M Cash position entering 20261 $173M
Outset Medical 3052 Orchard Drive San Jose, CA 95134 outsetmedical.com For Important safety information, please refer to: https://www.outsetmedical.com/indications/