Outset Medical (NASDAQ:OM) stock is taking a beating on Thursday after the medical technology company announced earnings results for the second quarter of the year.
The Outset Medical earnings report starts with an adjusted EPS of -47 cents. That’s worse than the -43 cents per share that Wall Street was expecting. That’s despite it being better than the -69 cents per share from the same period of the year prior.
On top of that, Outset Medical posted revenue of $27.39 million during the quarter. That’s another miss compared to analysts’ estimate of $31.37 million for the period. It’s also a drop year-over-year from $36.04 million.
Leslie Trigg, chairman and CEO of Outset Medical, said the following about the earnings results.
“During the quarter, the number of treatments performed each month on Tablo continued at record levels, as utilization remained high and gross margin materially expanded as it has each quarter for more than 3 years. At the same time, new console placements were below our expectations and will be lower than we originally forecasted for the year.”
What’s Next for OM Stock
Things aren’t looking good for Outset Medical after it cut its guidance for 2024. It now expects its revenue for the year to come in at approximately $110 million. Prior to that, it was expecting revenue of $145 million to $153 million. It’s also worth mentioning that Wall Street’s estimate for the year is $146.41 million in revenue.
OM stock is down 33.5% as of Thursday morning.
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On the date of publication, William White did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.
