Outset Medical falls on 2023 revenue forecast cut

Outset Medical

12/10/2023 22:24

** Shares of medtech co Outset Medical  OM.O  fall 33.38%
to $4.51 after the bell
    ** Co lowers 2023 revenue outlook to about $130 million from
a prior forecast of $144 million to $150 million
    ** Analysts estimate $144.62 million, per LSEG data
    ** Co adds prelim Q3 rev. was $30.4 million, analysts
estimate $36.03 million 
    ** Growth in the quarter was dampened by a
larger-than-expected impact from the recent FDA warning letter,
and early signs of a more cautious outlook on capital spending
that may affect through Q4 - CEO Leslie Trigg
    ** Shares of the dialysis provider also took a hit on
Wednesday after Novo Nordisk's  NOVOb.CO  Ozempic showed early
success in kidney trial
    ** Stock down 73.8% YTD

 (Reporting by Sriparna Roy in Bengaluru)
 ((Sriparna.Roy@thomsonreuters.com;))