UPDATE: Wells Fargo Starts Outset Medical Inc. (OM) at Overweight
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Wells Fargo initiates coverage on Outset Medical Inc. (NASDAQ: OM) with a Overweight rating and a price target of $63.00.
The analyst comments "Outset Medical is a rapidly growing medical device company that others dialysis for the treatment of patients with kidney failure. It is pioneering a first-of-its kind technology that uniquely helps reduce the cost and complexity of dialysis, which we expect to drive rapid adoption and position the company among the fastest growth medical device companies. We project a 3- and 5-year revenue CAGR of 61% and 52% vs. the peer group median in the mid-30s and high 20s, respectively, and market growth of 6-8%. Outset Medical also has a clear path to profitability and is fully funded to cash flow breakeven in 2024E. Our price target of $63 is based on 18x our 2022E revenue estimate of $136MM. Our 21-22E revenue estimate is $93.0MM and $135.8MM, respectively."
Shares of Outset Medical Inc. closed at $53.90 yesterday.
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