Outset Medical, Inc. (NASDAQ:OM) Q1 2023 Results Conference Call May 3, 2023 5:00 PM ET
Company Participants
Jim Mazzola - Head, IR
Leslie Trigg - Chair and CEO
Nabeel Ahmed - CFO
Conference Call Participants
Rick Wise - Stifel
Travis Steed - BofA Securities
Shagun Singh - RBC Capital Markets
Suraj Kalia - Oppenheimer
Josh Jennings - TD Cowen
Drew Ranieri - Morgan Stanley
Operator
Good day, and thank you for standing by. Welcome to the Outset Medical's First Quarter 2023 Earnings Call. [Operator Instructions] Please be advised that today's conference is being recorded.
I would now like to hand the conference over to your speaker today, Jim Mazzola, Head of Investor Relations.
Jim Mazzola
Good afternoon, everyone, and welcome to our first quarter 2023 earnings call. Here with me today are Leslie Trigg, Chair and Chief Executive Officer; and Nabeel Ahmed, Chief Financial Officer. During the call, we will discuss our first quarter 2023 operational and financial results, and host a question-and-answer session.
We issued a news release after the close of market today and updated our investor presentation, both of which can be found on the Investor Relations pages of outsetmedical.com. This call is being recorded and will be archived in the Investors section of our website.
It is our intent that all forward-looking statements made during today's call will be protected under the Private Securities Litigation Reform Act of 1995. These statements relate to expectations or predictions of future events, are based on our current estimates and various assumptions and involve material risks and uncertainties that could cause actual results or events to materially differ from those anticipated or implied. Outset assumes no obligation to update these statements. For a list and description of the risks and uncertainties associated with our business, please refer to the Risk Factors section of Outset's public filings with the Securities and Exchange Commission, including our latest annual and quarterly reports.
With that, I'll now turn the call over to Leslie.
Leslie Trigg
Thanks, Jim. Good afternoon, everyone, and thank you for joining us. We had a strong start to 2023 with revenue growing ahead of our original expectations and margins expanding for the eighth consecutive quarter, also ahead of our plan. The momentum we had exiting 2022 carried through the first quarter and positions us well for continued revenue growth and margin expansion through the remainder of the year.
Specifically, revenues for the first quarter were $33.5 million, representing approximately 10% growth year-over-year and approximately 5% growth sequentially. While we did see some of the capital equipment purchasing seasonality we had anticipated on our Q4 call, Tablo uptake remains strong, our installed base grew in both the acute care and home markets, and we benefited from strong mix and pricing across the board.