2.56% +0.09

Outset Medical Inc (OM)

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Why is Outset Medical Inc (OM) Stock down?

We've noticed a 6.12% decline in Outset Medical Inc (OM) stock during the 2024-05-10 trading session. While this could be attributed to normal volatility or various internal and external factors, please be aware that we are actively monitoring the situation, and we'll provide timely updates as soon as possible!

13 Oct, 2023:

Outset Medical Inc Stock (OM) dropped by 49.93% from $6.77 to $3.39 in the trading on Friday October 13, 2023. The reason why OM stock down today is due to the Preliminary Q3 Results.

2023 revenue outlook slash to $130M, lower than the market consensus of $144.62M, and its prior outlook of $144M- $150M due to a greater impact from the FDA warning letter.
Q3 preliminary revenue to $30.4M, below market consensus of $36.03M.
Preliminary non-GAAP gross margin for Q3 is 25.6%.

11 Oct, 2023:

Shares of Outset Medical (OM) dropped by 21.21% from $9.69 to $7.64 in the trading on Wednesday, October 11, 2023. The reason why OM stock down is due to a competitor's successful kidney disease prevention drug. However, the stock drop was not exclusive to Fresenius, as some other dialysis companies like DaVita and Baxter International also suffered losses. This market turbulence was triggered by Novo Nordisk's early termination of a phase 3 trial for Ozempic (semaglutide), which showed remarkable effectiveness in slowing kidney disease progression in type 2 diabetes and chronic kidney disease patients, potentially disrupting the need for dialysis. This setback compounded Outset Medical' existing struggles, now that the announcement by Novo Nordisk hurts kidney dialysis provider.