OM: Highlights from the RBC Healthcare Conference

研报英文原文证据摘录

OM: Highlights from the RBC Healthcare Conference

EQUITY RESEARCH QUICK TAKE

RBC Capital Markets, LLC

Shagun Singh (Analyst)

Kendall Au (AVP)

RBC Dominion Securities Inc.

Moe Mansour (Associate)

May 19, 2026

Outset Medical, Inc.

Highlights from the RBC Healthcare Conference

NASDAQ: OM | USD 3.72 | Sector Perform | Price Target USD 7.00

Sentiment: Positive

Our view: On 5/19, we hosted Leslie Trigg, Chair and CEO of Outset Medical, and Renee Gaeta, CFO, for a fireside chat at the

2026 RBC Global Healthcare Conference. Our key takeaways are as follows: (1) management reiterated confidence in its 2026

sales guidance of $125-130MM (up 5-9% y/y with a modest sequential step up into Q2- we think LSD-MSD is reasonable); (2)

the pipeline continues to grow sequentially (positive indicator) and is robust across all key dimensions (size, depth, diversity, deal

size mix, and maturity), with several large new deals in late stages expected to close in 2026 (OM noted today that there is no

change in the capital spending environment i.e. it remains steady); (3) OM discussed an emerging refresh opportunity with existing

customers who have older Tablo fleets (potential capital refresh opportunity includes an installed base of 2.6k during 2019-21)

that is not factored into its 2026 guidance; (4) OM also discussed the potential with its next-generation Tablo, which OM noted

is the first dialysis system cleared under the FDA's 2025 cybersecurity requirements, and is in limited release extending into Q3

with a full launch planned for 2H; management expects it to be a demand driver given strong early customer reception; OM also

expects it to aid the refresh opportunity, driving potential upgrades, and to be offered at a price premium-we believe it could be