Outset Medical, Inc. — Earnings Quality Grade F
OM · Healthcare
Major red flags
Screening Summary
管理层信号
Financial Trends
Revenue & Net Income ($B)
Margins (%)
18-Point Screening
Revenue Quality
DSO 87 days, change -28 days YoY
AR growth -20.5% vs revenue growth 5.1%
Revenue 5.1%, CFFO 60.2%. Cash follows revenue
Expense Quality
Inventory -19.8% vs COGS -3.2%. Normal
CapEx growth -12.5% vs revenue 5.1%. Normal
SG&A/Gross Profit = 197.3%, exceeds 70%
Gross margin swung +5.2pp (33.9% → 39.1%)
Cash Flow Quality
CFFO < Net Income for 3 consecutive years
Small-cap context: Small-cap CFFO/NI often diverges from working-capital swings, not necessarily manipulation.
FCF is negative ($-0.0B)
Accruals ratio = -13.4%. Low accruals
Cash $0.2B covers debt $0.1B
Balance Sheet Health
No goodwill. Clean balance sheet
Interest coverage = -4.8x (<2x). Financial stress
Other assets -24.6% vs revenue 5.1%. Normal
No write-off data
Acquisition Risk
FCF after acquisitions negative for 3 years
Small-cap context: A single acquisition on a small balance sheet can trip serial-acquirer logic.
No goodwill
Manipulation Score
M-Score = -3.26 (< -2.22). Unlikely manipulator
Beneish M-Score
Altman Z-Score
Generated from public financial data using forensic accounting frameworks. Not investment advice. Data: Yahoo Finance · 2026-04-25