An Unexpected Plunge in Outset Medical, Inc. Stocks
On August 7, 2024, Outset Medical released its second quarter 2024 financial results, significantly missing consensus estimates and lowering its full year 2024 outlook. The Company stated that the “changes [it] needs to make are entirely in [its] control” and will require “shifts and adjustments” to its sales team, sales processes, pipeline management, and deal control. As a result, the Company will be significantly restructuring and unable to deliver on a ramp of TabloCart as previously forecast.
This dire turn of events led to Outset Medical’s stock price plummeting by $2.33, or 68.5%, to close at $1.07 per share on August 8, 2024.
Investors were left reeling from the substantial drop, exacerbating the financial losses incurred.
The company’s unexpected downward spiral left investors grasping for explanations and recourse.
Whistleblower Notice: Persons with non-public information regarding Outset should consider their options to aid the investigation or take advantage of the SEC Whistleblower Program. Under the program, whistleblowers who provide original information may receive rewards totaling up to 30 percent of any successful recovery made by the SEC. For more information, reach out to the appropriate channels.
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