In a recent filing with the Securities and Exchange Commission, Nash Marc, Senior Vice President of Operations and R&D at Outset Medical (TASE:PMCN), Inc. (NASDAQ:OM), reported selling 15,011 shares of the company's common stock. The shares were sold at a price of $0.81 each, totaling $12,158. Following this transaction, Marc holds 222,291 shares of Outset Medical. The sale was conducted to cover tax withholding obligations related to the vesting of restricted stock units and was not a discretionary trade. InvestingPro data reveals the company maintains a strong liquidity position with a current ratio of 6.49, though it faces challenges with cash burn. InvestingPro subscribers have access to 13 additional key insights about Outset Medical's financial health and market position.
In other recent news, Outset Medical, Inc. has made significant financial strides. The medical technology company recently announced the closure of a private placement offering and the issuance of Series A Non-Voting Convertible Preferred Stock. This move comes as a response to the company's rapid cash burn, with the new financing expected to bolster its operations. Concurrently, Outset Medical secured a $100 million initial term loan from Perceptive Credit Holdings IV, LP, which it used, in combination with its cash reserves, to repay existing debts.
Outset Medical also reported robust Q3 2024 results, with revenue reaching $28.7 million, surpassing guidance. The company saw a 14% increase in treatment revenue and a 22% rise in service revenue. Despite a net loss of $20.2 million for the quarter, this was an improvement from the previous year, and the company's gross margin improved to 36.4%. It also raised its 2024 revenue guidance to approximately $112 million.
These developments are part of Outset Medical's ongoing strategic financial restructuring aimed at supporting its continued growth. The company is optimistic about its long-term growth, with a strong order pipeline and nearly half of its deals in advanced sales stages. However, no specific guidance for 2025 was provided.
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