Outset Medical, Inc.

Outset Medical, Inc. designs and commercializes the Tablo hemodialysis system, a dialysis platform used in acute care, post-acute care, and home settings. The company is based in the United States and sells a combination of capital equipment, consumables, service agreements, and related support services.

−52,2 %

39,1 %

−68,3 %

+5,1 %

6.67

5.40

— Outset Medical, Inc.
%
Hemodialysis consoles45% Tablo dialysis machines and related accessories sold to providers and care settings.
Consumables35% Recurring cartridge and other disposable supplies used with Tablo systems.
Service agreements15% Maintenance, repair, training, and software-enabled support contracts.
Leases and other revenue5% Operating lease revenue and shipping/handling or other ancillary items.

Outset Medical sells primarily to hospitals, health systems, and dialysis providers that use Tablo for acute and...

  • Acute care hospitals and health systemsprimary

    Buy Tablo consoles, consumables, and support to run inpatient dialysis programs and insource services.

  • Dialysis providersprimary

    Use Tablo to expand fleet utilization, support outpatient and acute workflows, and manage dialysis delivery.

  • Home hemodialysis programssecondary

    Adopt Tablo for home therapy because of ease of use, training simplicity, and patient support needs.

  • Post-acute facilitiessecondary

    Skilled nursing facilities and LTACHs buy Tablo to support dialysis access in lower-acuity settings.

The business is centered in the United States, where product and service revenue is generated primarily through direct...

  • •United States is the primary revenue and sales market
  • •Direct sales organization covers most major U.S. metropolitan markets
  • •Manufacturing operations are partly outside the United States
  • •Competition includes U.S., European, and Asian dialysis companies
  • •Home and acute adoption depend on local provider networks

Outset Medical’s strategy is to expand Tablo adoption in acute care, post-acute care, and home hemodialysis by proving...

01
Expand Tablo penetration across care settingsmedium-term

Broader adoption increases installed base, consumables pull-through, and recurring service revenue.

02
Increase utilization and fleet expansion at existing customersshort-term

Higher utilization improves revenue per installed system and deepens customer relationships.

03
Strengthen commercial and service infrastructuremedium-term

Dialysis equipment adoption depends on training, field service, and reliable support.

Outset Medical is exposed to concentration risk because revenue is tied to a single main product platform and a limited...

high

Customer concentration

A limited number of customers can cause volatile revenue if orders shift or contracts are lost.

Scope
Largest customer was 15% of 2025 revenue
Materiality
high
high

Single-product dependence

The business is heavily reliant on Tablo, so adoption or performance issues would affect revenue broadly.

Scope
Tablo platform and related consumables/services
Materiality
high
high

Manufacturing and supply chain disruption

International operations and third-party suppliers can be affected by labor, logistics, or trade issues.

Scope
Manufacturing outside the United States; single-source suppliers
Materiality
high
medium

Customer budget and staffing pressure

Hospitals and providers may delay capital spending and installations when labor or budgets are tight.

Scope
Acute care and health system customers
Materiality
medium
medium

Competitive pressure

Larger dialysis companies have greater resources and installed relationships, which can slow market share gains.

Scope
U.S., Europe, and Asia dialysis markets
Materiality
medium
Revenue recognition mix
Affects quarterly comparability and the mix between product and recurring revenue
Inventory valuation and excess/obsolete reserves
Can materially affect cost of product revenue
Warranty accruals
Affects gross margin and operating expense timing
Lease accounting
Can shift revenue recognition over the lease term

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: 29/04/2026