Outset Medical, Inc.
Outset Medical, Inc.’s revenue for fiscal 2025 (year ended December 2025) was $119.5 million, up 5.09% from fiscal 2024. In the quarter to June 2026, revenue was flat, EPS grew 6.73%, free cash flow fell 90.5% and total debt rose 4.20%, each against the same quarter a year earlier. Operating cash flow growth for three consecutive years; insiders bought in the last twelve months.
Follow OM
Outset Medical, Inc. (OM) Beneish M-score
Outset Medical, Inc.'s Beneish M-score for fiscal 2025 is −3.25; values above −1.78 are the model's flag for possible earnings manipulation — a statistical screen, not a finding.
Beneish M-score, annual
Embed this chart
Annual newest first
| Period | Beneish M-score | Change (points) |
|---|---|---|
| FY2025 | −3.25 | (0.25) |
| FY2024 | −3.00 | 0.25 |
| FY2023 | −3.25 | 0.25 |
| FY2022 | −3.50 | (0.31) |
| FY2021 | −3.18 | — |
How fiscal 2025’s score is made up
| Component | This year | Year before | Result | Points |
|---|---|---|---|---|
| Days’ sales in receivables index | 0.76 | — | 0.70 | |
| Gross margin index | 0.87 | — | 0.46 | |
| Asset quality index | 0.99 | — | 0.40 | |
| Sales growth index | 1.05 | — | 0.94 | |
| Depreciation index | 0.36 | — | 0.04 | |
| SG&A index | 0.77 | — | −0.13 | |
| Total accruals to total assets | (0.13) | — | −0.62 | |
| Leverage index | 0.58 | — | −0.19 | |
| Beneish M-score | Low — no pattern the model associates with manipulation | −3.25 | ||
How the Beneish M-score works
M = −4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI (Beneish, 1999): eight changes in the accounts from one fiscal year to the next, which the model weighs for the pattern seen in companies that later restated their earnings. Higher is worse.
| below −2.22 | Low — no pattern the model associates with manipulation |
|---|---|
| −2.22 to −1.78 | Elevated |
| above −1.78 | Flagged by the model |
−1.78 is the cut-off usually quoted from the paper, −2.22 a common conservative one. A statistical screen, not a finding of wrongdoing.
When asset quality, depreciation or SG&A cannot be worked out, that index is set to 1, as Beneish did, and the breakdown says so; with all three missing there is no score. Depreciation includes amortisation, and asset quality leaves out securities. Not worked out for banks, insurers and REITs.
Beneish M-score against peers
| Company | Beneish M-score |
|---|---|
| ZOMDF Zomedica Corp. compare | −5.0× |
| ECOR electroCore, Inc. compare | −4.5× |
| LNSR LENSAR, Inc. compare | −4.3× |
| HYPR Hyperfine, Inc. compare | −3.5× |
| LUNG Pulmonx Corporation compare | −3.4× |
| OM Outset Medical, Inc. | −3.3× |
| APYX Apyx Medical Corporation compare | −2.6× |
| SERA Sera Prognostics, Inc. compare | — |
| LUCD Lucid Diagnostics Inc. compare | — |
What Beneish M-score is
The Beneish M-Score combines eight year-on-year changes in the accounts into a statistical screen for patterns seen in companies that overstated earnings.
−4.84 + 0.920 × DSRI + 0.528 × GMI + 0.404 × AQI + 0.892 × SGI + 0.115 × DEPI − 0.172 × SGAI + 4.679 × TATA − 0.327 × LVGI