Outset Medical reports second-quarter 2022 financial results
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Outset Medical reported a decrease revenue growth in its second-quarter 2022 financial results, according to a company press release.
The company reported a second-quarter revenue of $25.1 million, a decrease on a reported basis from $25.2 million in revenue for the second quarter of 2021. Additionally, product revenue dropped 4.9% from the second quarter of 2021 to 2022. However, the total gross profit of the second quarter of 2022 was $3.8 million, compared with $1.1 million for the second quarter of 2021.
As Healio previously reported, the FDA placed a hold on Outset Medical Tablo home dialysis machines that negatively impacted earnings and brought the stock down to $13.25 on the day after Outset Medical announced the shipment hold, after reaching a high of $40.51 in May.
However, the hold was released in August, and Outset Medical has resumed shipments.
“As we look to the second half of the year, we see no change in underlying demand for Tablo,” Leslie Trigg, chair and CEO of Outset Medical, said in the press release. “However, we have reflected in our guidance the staffing and inflationary pressures our provider customers are facing, as well as the work we need to do to regain commercial momentum following release of the Tablo ship hold.”
Editor’s note: An addition was made to clarify that the FDA hold on Tablo shipments was released.
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