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Outset Medical, Inc. has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing includes financial statements for the quarter, showing a decrease in total revenue to $28.7 million from $30.4 million in the same quarter the previous year. This decrease is attributed to a reduction in product revenue, which fell to $20.3 million from $23.5 million.
Service and other revenue increased to $8.4 million from $6.8 million, reflecting growth in the company's console installed base.
The company reported a gross profit of $9.8 million for the quarter, compared to $7.2 million in the previous year, with an improvement in gross margin to 34.3% from 23.6%.
Research and development expenses decreased to $8.1 million from $16.1 million, while sales and marketing expenses decreased to $15.4 million from $24.7 million, reflecting cost reduction efforts.
General and administrative expenses were $10.1 million, down from $11.8 million in the previous year.
Net loss for the quarter was $27.9 million, compared to $46.2 million in the previous year.
Cash used in operating activities was $99.8 million for the nine months ended September 30, 2024, compared to $106.9 million in the previous year.
Outset Medical had cash, cash equivalents, restricted cash, and short-term investments of $179.0 million as of September 30, 2024.
The company is addressing a Nasdaq listing compliance issue related to its stock price and is taking steps to maintain its listing.
Outset Medical is involved in ongoing litigation, including two stockholder class action lawsuits filed in the U.S. District Court for the Northern District of California.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the Outset Medical Inc. quarterly 10-Q report dated November 7, 2024. To report an error, please email earnings@qz.com.