Ahmed Nabeel, the Chief Financial Officer of Outset Medical (TASE:PMCN), Inc. (NASDAQ:OM), recently reported a series of stock transactions in a filing with the Securities and Exchange Commission. The company's stock, currently trading at $0.78, has experienced significant volatility, declining nearly 80% over the past year according to InvestingPro data. On January 17, 2025, Nabeel acquired 13,256 shares of common stock at no cost, granted as performance-based restricted stock units (PSUs) upon the satisfaction of specific performance criteria.
On January 21, 2025, Nabeel sold a total of 34,288 shares of common stock, valued at approximately $27,430, at a price of $0.8 per share. These transactions were conducted to cover tax withholding obligations related to previously vested performance stock units and were not discretionary trades by Nabeel. Following these transactions, Nabeel's direct ownership stands at 258,869 shares.
In other recent news, Outset Medical has been making significant financial moves. Recently, the company's Q3 revenue surpassed expectations, reaching $28.7 million, with treatment revenue up by 14% and service revenue by 22%. Despite a net loss of $20.2 million for the quarter, this was an improvement from the previous year, and the company's gross margin improved to 36.4%. The company has also adjusted its 2024 revenue guidance to approximately $112 million.
Outset Medical also recently closed a private placement offering and issued Series A Non-Voting Convertible Preferred Stock. This was complemented by a $100 million initial term loan from Perceptive Credit Holdings IV, LP, which, in combination with cash reserves, was utilized to repay existing debts. A warrant for the purchase of over 5 million shares of common stock was also issued.
In analyst news, BTIG analyst Maria Thibault revised the price target for Outset Medical to $3.00, down from the previous $4.00, while maintaining a Buy rating for the stock. This adjustment was prompted by recent financial developments, including the aforementioned private placement and the company's robust Q3 results. These are recent developments that investors should be aware of.
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