<SEC-DOCUMENT>0000950170-25-072729.txt : 20250515
<SEC-HEADER>0000950170-25-072729.hdr.sgml : 20250515
<ACCEPTANCE-DATETIME>20250515163010
ACCESSION NUMBER:		0000950170-25-072729
CONFORMED SUBMISSION TYPE:	SCHEDULE 13G/A
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20250515
DATE AS OF CHANGE:		20250515

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Outset Medical, Inc.
		CENTRAL INDEX KEY:			0001484612
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTROMEDICAL & ELECTROTHERAPEUTIC APPARATUS [3845]
		ORGANIZATION NAME:           	08 Industrial Applications and Services
		EIN:				200514392
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	005-91699
		FILM NUMBER:		25954062

	BUSINESS ADDRESS:	
		STREET 1:		3052 ORCHARD DRIVE
		CITY:			SAN JOSE
		STATE:			CA
		ZIP:			95134
		BUSINESS PHONE:		669-231-8200

	MAIL ADDRESS:	
		STREET 1:		3052 ORCHARD DRIVE
		CITY:			SAN JOSE
		STATE:			CA
		ZIP:			95134

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Home Dialysis Plus, Ltd.
		DATE OF NAME CHANGE:	20100219

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			PERCEPTIVE ADVISORS LLC
		CENTRAL INDEX KEY:			0001224962
		ORGANIZATION NAME:           	
		EIN:				000000000
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		SCHEDULE 13G/A

	BUSINESS ADDRESS:	
		STREET 1:		51 ASTOR PLACE, 10TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10003
		BUSINESS PHONE:		646-205-5300

	MAIL ADDRESS:	
		STREET 1:		51 ASTOR PLACE, 10TH FLOOR
		CITY:			NEW YORK
		STATE:			NY
		ZIP:			10003
</SEC-HEADER>
<DOCUMENT>
<TYPE>SCHEDULE 13G/A
<SEQUENCE>1
<FILENAME>primary_doc.xml
<TEXT>
<XML>
<?xml version="1.0" encoding="UTF-8"?><edgarSubmission xmlns="http://www.sec.gov/edgar/schedule13g" xmlns:xsd="http://www.w3.org/2001/XMLSchema" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance">
  <headerData>
    <submissionType>SCHEDULE 13G/A</submissionType>
    <filerInfo>
      <filer>
        <filerCredentials>
          <cik>0001224962</cik>
          <ccc>XXXXXXXX</ccc>
        </filerCredentials>
      </filer>
      <liveTestFlag>LIVE</liveTestFlag>



    </filerInfo>
  </headerData>
  <formData>
    <coverPageHeader>
      <amendmentNo>1</amendmentNo>
      <securitiesClassTitle>Common Stock, $0.001 par value per share</securitiesClassTitle>
      <eventDateRequiresFilingThisStatement>03/31/2025</eventDateRequiresFilingThisStatement>
      <issuerInfo>
        <issuerCik>0001484612</issuerCik>
        <issuerName>Outset Medical, Inc.</issuerName>
        <issuerCusip>690145206</issuerCusip>
        <issuerPrincipalExecutiveOfficeAddress>
          <street1 xmlns="http://www.sec.gov/edgar/common">3052 Orchard Dr.</street1>
          <city xmlns="http://www.sec.gov/edgar/common">San Jose</city>
          <stateOrCountry xmlns="http://www.sec.gov/edgar/common">CA</stateOrCountry>
          <zipCode xmlns="http://www.sec.gov/edgar/common">95134</zipCode>
        </issuerPrincipalExecutiveOfficeAddress>
      </issuerInfo>
      <designateRulesPursuantThisScheduleFiled>
        <designateRulePursuantThisScheduleFiled>Rule 13d-1(c)</designateRulePursuantThisScheduleFiled>
      </designateRulesPursuantThisScheduleFiled>
    </coverPageHeader>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Perceptive Advisors LLC</reportingPersonName>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>1208334</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>1208334</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>1208334</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>6.7</classPercent>
      <typeOfReportingPerson>IA</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Joseph Edelman</reportingPersonName>
      <citizenshipOrOrganization>X1</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>1208334</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>1208334</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>1208334</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>6.7</classPercent>
      <typeOfReportingPerson>IN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>


      <reportingPersonName>Perceptive Credit Advisors, LLC</reportingPersonName>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>1208334</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>1208334</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>1208334</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>6.7</classPercent>
      <typeOfReportingPerson>CO</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <coverPageHeaderReportingPersonDetails>

      <reportingPersonName>Perceptive Credit Holdings IV, LP</reportingPersonName>
      <citizenshipOrOrganization>DE</citizenshipOrOrganization>
      <reportingPersonBeneficiallyOwnedNumberOfShares>
        <soleVotingPower>0</soleVotingPower>
        <sharedVotingPower>1208334</sharedVotingPower>
        <soleDispositivePower>0</soleDispositivePower>
        <sharedDispositivePower>1208334</sharedDispositivePower>
      </reportingPersonBeneficiallyOwnedNumberOfShares>
      <reportingPersonBeneficiallyOwnedAggregateNumberOfShares>1208334</reportingPersonBeneficiallyOwnedAggregateNumberOfShares>
      <aggregateAmountExcludesCertainSharesFlag>N</aggregateAmountExcludesCertainSharesFlag>
      <classPercent>6.7</classPercent>
      <typeOfReportingPerson>PN</typeOfReportingPerson>
    </coverPageHeaderReportingPersonDetails>
    <items>
      <item1>
        <issuerName>Outset Medical, Inc.</issuerName>
        <issuerPrincipalExecutiveOfficeAddress>3052 Orchard Dr., San Jose, CA 95134</issuerPrincipalExecutiveOfficeAddress>
      </item1>
      <item2>
        <filingPersonName>The names of the persons filing this report (collectively, the "Reporting Persons") with respect to shares of Common Stock, par value $0.001 per share (the "Common Stock") of Outset Medical, Inc. (the "Issuer") are:

(i) Perceptive Advisors LLC ("Perceptive Advisors")
(ii) Joseph Edelman ("Mr. Edelman")
(iii) Perceptive Credit Advisors LLC ("Perceptive Credit")
(iv) Perceptive Credit Holdings IV, LP (the "Credit Fund")</filingPersonName>
        <principalBusinessOfficeOrResidenceAddress>The address of the principal business office of each of the Reporting Persons is:

51 Astor Place, 10th Floor, New York, NY 10003</principalBusinessOfficeOrResidenceAddress>
        <citizenship>Perceptive Advisors is a Delaware limited liability company.
Mr. Edelman is a United States citizen.
Perceptive Credit is a Delaware limited liability company.
The Credit Fund is a Delaware limited partnership.</citizenship>
      </item2>
      <item3>
        <notApplicableFlag>Y</notApplicableFlag>
      </item3>
      <item4>
        <amountBeneficiallyOwned>The information required by this item with respect to each Reporting Person is set forth in Rows 5 through 9 of the cover pages to this Schedule 13G. The ownership percentages reported are based on 17,722,310 shares of Common Stock outstanding as of May 2, 2025, as reported in the Issuer's Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on May 8, 2025 and give effect to the exercise of the Warrants (as defined below).

The Credit Fund directly holds 833,334 shares of Common Stock and warrants to purchase 375,000 shares of Common Stock (the "Warrants"). The Warrants may not be exercised if the Reporting Persons would beneficially own more than 9.99% of the Issuer's outstanding shares of Common Stock after giving effect to such exercise.

Perceptive Credit serves as the investment manager to the Credit Fund and as relying advisor under Perceptive Advisors. Perceptive Credit Opportunities GP, LLC serves as the general partner of the Credit Fund. Mr. Edelman is the managing member of Perceptive Advisors.</amountBeneficiallyOwned>
        <classPercent>Perceptive Advisors: 6.7%
Mr. Edelman: 6.7%
Perceptive Credit: 6.7%
The Credit Fund: 6.7</classPercent>
        <numberOfSharesPersonHas>
          <solePowerOrDirectToVote>Perceptive Advisors: 0
Mr. Edelman: 0
Perceptive Credit: 0
The Credit Fund: 0</solePowerOrDirectToVote>
          <sharedPowerOrDirectToVote>Perceptive Advisors: 1,208,334
Mr. Edelman: 1,208,334
Perceptive Credit: 1,208,334
The Credit Fund: 1,208,334</sharedPowerOrDirectToVote>
          <solePowerOrDirectToDispose>Perceptive Advisors: 0
Mr. Edelman: 0
Perceptive Credit: 0
The Credit Fund: 0</solePowerOrDirectToDispose>
          <sharedPowerOrDirectToDispose>Perceptive Advisors: 1,208,334
Mr. Edelman: 1,208,334
Perceptive Credit: 1,208,334
The Credit Fund: 1,208,334</sharedPowerOrDirectToDispose>
        </numberOfSharesPersonHas>
      </item4>
      <item5>
        <notApplicableFlag>Y</notApplicableFlag>
      </item5>
      <item6>
        <notApplicableFlag>Y</notApplicableFlag>
      </item6>
      <item7>
        <notApplicableFlag>Y</notApplicableFlag>
      </item7>
      <item8>
        <notApplicableFlag>Y</notApplicableFlag>
      </item8>
      <item9>
        <notApplicableFlag>Y</notApplicableFlag>
      </item9>
      <item10>
        <notApplicableFlag>N</notApplicableFlag>
        <certifications>By signing below I certify that, to the best of my knowledge and belief, the securities referred to above were not acquired and are not held for the purpose of or with the effect of changing or influencing the control of the issuer of the securities and were not acquired and are not held in connection with or as a participant in any transaction having that purpose or effect, other than activities solely in connection with a nomination under ?? 240.14a-11.</certifications>
      </item10>
    </items>
    <signatureInformation>
      <reportingPersonName>Perceptive Advisors LLC</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Joseph Edelman</signature>
        <title>Joseph Edelman, Managing Member</title>
        <date>05/15/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Joseph Edelman</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Joseph Edelman</signature>
        <title>Joseph Edelman</title>
        <date>05/15/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Perceptive Credit Advisors, LLC</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Joseph Edelman</signature>
        <title>Joseph Edelman, Managing Member</title>
        <date>05/15/2025</date>
      </signatureDetails>
    </signatureInformation>
    <signatureInformation>
      <reportingPersonName>Perceptive Credit Holdings IV, LP</reportingPersonName>
      <signatureDetails>
        <signature>/s/ Joseph Edelman</signature>
        <title>Joseph Edelman, Managing Member</title>
        <date>05/15/2025</date>
      </signatureDetails>
    </signatureInformation>
  </formData>
</edgarSubmission>
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</DOCUMENT>
</SEC-DOCUMENT>
