On May 5, 2022, the Company disclosed negative results for 1Q2022, which, among other things, analysts attributed to the untested nature of Tablo, its flagship product which is a dialysis machine that purifies tap water and then artificially purifies and removes toxins from the blood of patients suffering from kidney failure. On this news, shares of Outset fell more than 40% over the three trading days that followed, from a closing price of $39.94 per share on May 4, 2022, to a closing price of $23.06 per share on May 9, 2022.

Then, on June 13, 2022, the Company disclosed a hold on all shipments of Tablo for home use by the FDA until proper regulatory clearance was received. The Company subsequently disclosed that the “ship hold” had been in place for weeks before investors were informed and that as a result of the hold, the Company was “suspending our prior full-year and long-term guidance.”.  On this news, shares of Outset fell another 33%, from a closing price of $20.41 per share on June 13, 2022, to a closing price of $13.46 per share on June 14, 2022.