Not to shabby
$Outset Medical (OM.US)$ Revenue for the third quarter of $28.7 million increased 5% compared to $27.4 million in the second quarter and declined 6% from $30.4 million in the third quarter of 2023. Product revenue of $20.3 million rose 6% from $19.2 million in the second quarter and declined 14% from $23.5 million in the third quarter of 2023. Service and other revenue was $8.4 million, roughly even with $8.2 million in the second quarter and an increase of 22% compared to $6.8 million in the third quarter of 2023. Recurring revenue from the sale of Tablo cartridges and service reached $21 million, an increase of 4% from the second quarter and 17% as compared to the prior-year period.
Total gross profit of $9.8 million was even with the second quarter and up 37% from $7.2 million for the third quarter of 2023. Total gross margin of 34.3% declined 1.4 percentage points from 35.7% in the second quarter and rose nearly 11 percentage points compared to 23.6% in the third quarter of 2023. On a non-GAAP basis, gross margin of 36.4% declined less than 1 percentage point from 37.3% in the second quarter and rose nearly 11 percentage points from 25.6% in the third quarter of 2023. Product gross profit of $8.8 million increased 1% from $8.7 million in the second quarter and 31% compared to $6.7 million in the third quarter of 2023. Product gross margin of 43.2% declined 1.9 percentage points from 45.1% in the second quarter and increased nearly 15 percentage points from 28.4% in the third quarter of 2023. Service and other gross profit of $1.0 million was roughly even with the second quarter and doubled from $0.5 million in the third quarter of 2023. Service and other gross margin of 12.5% declined 1.1 percentage points compared to 13.6% in the second quarter and increased 5.7 percentage points from 6.8% in the third quarter of 2023.
Operating expenses of $33.7 million declined nearly 17% from the second quarter and 36% from the prior-year period. Research and development (R&D) expenses were $8.1 million, sales and marketing (S&M) expenses were $15.4 million, and general and administrative (G&A) expenses were $10.1 million. This compared to operating expenses of $52.6 million in the third quarter of 2023, including R&D expenses of $16.1 million, S&M expenses of $24.7 million, and G&A expenses of $11.8 million.
Excluding stock-based compensation expense and severance and related charges, net of adjustments to compensation accrual, non-GAAP operating expenses were $26.5 million, including R&D expenses of $6.6 million, S&M expenses of $13.6 million, and G&A expenses of $6.3 million.
Net loss was $27.9 million, or $(0.55) per share, compared to net loss of $46.2 million, or $(0.93) per share, for the same period in 2023. On a non-GAAP basis, net loss was $20.2 million, or $(0.39) per share, compared to non-GAAP net loss of $35.3 million, or $(0.71) per share for the same period in 2023.
Total cash, including restricted cash, cash equivalents and short-term investments, was $179.0 million as of September 30, 2024.
Total gross profit of $9.8 million was even with the second quarter and up 37% from $7.2 million for the third quarter of 2023. Total gross margin of 34.3% declined 1.4 percentage points from 35.7% in the second quarter and rose nearly 11 percentage points compared to 23.6% in the third quarter of 2023. On a non-GAAP basis, gross margin of 36.4% declined less than 1 percentage point from 37.3% in the second quarter and rose nearly 11 percentage points from 25.6% in the third quarter of 2023. Product gross profit of $8.8 million increased 1% from $8.7 million in the second quarter and 31% compared to $6.7 million in the third quarter of 2023. Product gross margin of 43.2% declined 1.9 percentage points from 45.1% in the second quarter and increased nearly 15 percentage points from 28.4% in the third quarter of 2023. Service and other gross profit of $1.0 million was roughly even with the second quarter and doubled from $0.5 million in the third quarter of 2023. Service and other gross margin of 12.5% declined 1.1 percentage points compared to 13.6% in the second quarter and increased 5.7 percentage points from 6.8% in the third quarter of 2023.
Operating expenses of $33.7 million declined nearly 17% from the second quarter and 36% from the prior-year period. Research and development (R&D) expenses were $8.1 million, sales and marketing (S&M) expenses were $15.4 million, and general and administrative (G&A) expenses were $10.1 million. This compared to operating expenses of $52.6 million in the third quarter of 2023, including R&D expenses of $16.1 million, S&M expenses of $24.7 million, and G&A expenses of $11.8 million.
Excluding stock-based compensation expense and severance and related charges, net of adjustments to compensation accrual, non-GAAP operating expenses were $26.5 million, including R&D expenses of $6.6 million, S&M expenses of $13.6 million, and G&A expenses of $6.3 million.
Net loss was $27.9 million, or $(0.55) per share, compared to net loss of $46.2 million, or $(0.93) per share, for the same period in 2023. On a non-GAAP basis, net loss was $20.2 million, or $(0.39) per share, compared to non-GAAP net loss of $35.3 million, or $(0.71) per share for the same period in 2023.
Total cash, including restricted cash, cash equivalents and short-term investments, was $179.0 million as of September 30, 2024.
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