# EDGAR Filing Document

**Accession Number:** 0001442756
**File Stem:** 0001104659-26-016354
**Filing Date:** 2026-2
**Character Count:** 17632
**Document Hash:** 8d61090efe0b6a7fd038f2e5fc9a4c20
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001104659-26-016354.hdr.sgml**: 20260217

**ACCESSION NUMBER**: 0001104659-26-016354

**CONFORMED SUBMISSION TYPE**: SCHEDULE 13G/A

**PUBLIC DOCUMENT COUNT**: 1

**FILED AS OF DATE**: 20260217

**DATE AS OF CHANGE**: 20260217

**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:** 26640723

**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:** PFM Health Sciences, LP
- **CENTRAL INDEX KEY:** 0001442756

**ORGANIZATION NAME:**
- **EIN:** 262000428
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** SCHEDULE 13G/A

**BUSINESS ADDRESS:**
- **STREET 1:** 50 CALIFORNIA STREET
- **STREET 2:** SUITE 2650
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94111
- **BUSINESS PHONE:** 415-281-1000

**MAIL ADDRESS:**
- **STREET 1:** 50 CALIFORNIA STREET
- **STREET 2:** SUITE 2650
- **CITY:** SAN FRANCISCO
- **STATE:** CA
- **ZIP:** 94111

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Partner Fund Management, L.P.
- **DATE OF NAME CHANGE:** 20080812

### UNITED STATES SECURITIES AND EXCHANGE COMMISSION
**Washington, D.C. 20549**

## SCHEDULE 13G

### Under the Securities Exchange Act of 1934

**(Amendment No. 1)**

**Issuer:** Outset Medical, Inc.

**Title of Class of Securities:** Common Stock, par $0.001 per share (the "Shares")

**CUSIP Number:** 690145107

**Date of Event Which Requires Filing of this Statement:** 12/31/2025

**Check the appropriate box to designate the rule pursuant to which this Schedule is filed:**

- [ ] Rule 13d-1(b)

- [x] Rule 13d-1(c)

- [ ] Rule 13d-1(d)

---

| 1. | Names of Reporting Persons<br>PFM Health Sciences, LP | Names of Reporting Persons<br>PFM Health Sciences, LP |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>530796.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>530796.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>530796.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>530796.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>2.9% | Percent of Class Represented by Amount in Row (9)<br>2.9% |
| 12. | Type of Reporting Person (See Instructions)<br>IA, PN | Type of Reporting Person (See Instructions)<br>IA, PN |

**Comment for Type of Reporting Person:** The percentages reported in this Schedule 13G are based upon 18,153,090 Shares outstanding as of November 6, 2025 (according to the issuer's Form 10-Q as filed with the Securities and Exchange Commission on November 10, 2025). All of the other numbers and percentages reported in this Schedule 13G are as of 9:00 a.m. (ET) on the date of filing.

---

| 1. | Names of Reporting Persons<br>PFM Health Sciences GP, LLC | Names of Reporting Persons<br>PFM Health Sciences GP, LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>530796.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>530796.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>530796.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>530796.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>2.9% | Percent of Class Represented by Amount in Row (9)<br>2.9% |
| 12. | Type of Reporting Person (See Instructions)<br>HC, OO | Type of Reporting Person (See Instructions)<br>HC, OO |

---

| 1. | Names of Reporting Persons<br>PFM Healthcare Growth Equity I GP, LLC | Names of Reporting Persons<br>PFM Healthcare Growth Equity I GP, LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>530796.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>530796.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>530796.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>530796.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>2.9% | Percent of Class Represented by Amount in Row (9)<br>2.9% |
| 12. | Type of Reporting Person (See Instructions)<br>OO | Type of Reporting Person (See Instructions)<br>OO |

---

| 1. | Names of Reporting Persons<br>Partner Asset Management, LLC | Names of Reporting Persons<br>Partner Asset Management, LLC |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>DE | Citizenship or Place of Organization<br>DE |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>530796.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>530796.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>530796.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>530796.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>2.9% | Percent of Class Represented by Amount in Row (9)<br>2.9% |
| 12. | Type of Reporting Person (See Instructions)<br>HC, OO | Type of Reporting Person (See Instructions)<br>HC, OO |

---

| 1. | Names of Reporting Persons<br>Brian D. Grossman | Names of Reporting Persons<br>Brian D. Grossman |
|:---|:---|:---|:---|
| 2. | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] | Check the Appropriate Box if a Member of a Group (See Instructions)<br>(a) [ ] (b) [ ] |
| 3. | SEC Use Only | SEC Use Only |
| 4. | Citizenship or Place of Organization<br>X1 | Citizenship or Place of Organization<br>X1 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 5. | Sole Voting Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 6. | Shared Voting Power<br>530796.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 7. | Sole Dispositive Power<br>0.00 |
| Number of<br>Shares<br>Beneficially<br>Owned by<br>Each<br>Reporting<br>Person<br>With | 8. | Shared Dispositive Power<br>530796.00 |
| 9. | Aggregate Amount Beneficially Owned by Each Reporting Person<br>530796.00 | Aggregate Amount Beneficially Owned by Each Reporting Person<br>530796.00 |
| 10. | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] | Check if the Aggregate Amount in Row (9) Excludes Certain Shares (See Instructions) [ ] |
| 11. | Percent of Class Represented by Amount in Row (9)<br>2.9% | Percent of Class Represented by Amount in Row (9)<br>2.9% |
| 12. | Type of Reporting Person (See Instructions)<br>HC, IN | Type of Reporting Person (See Instructions)<br>HC, IN |

---

**Item 1(a). Name of Issuer:**
Outset Medical, Inc.

**Item 1(b). Address of Issuer's Principal Executive Offices:**
3052 Orchard Drive, San Jose, CA 95134

**Item 2(a). Name of Person Filing:**
This Schedule 13G is being jointly filed by PFM Health Sciences, LP ("PFM"), PFM Health Sciences GP, LLC ("PFM-GP"), PFM Healthcare Growth Equity I GP, LLC ("HCG-GP"), Partner Asset Management, LLC ("PAM"), and Brian D. Grossman ("Grossman" and, collectively with PFM, PFM-GP, HCG-GP, and PAM, the "Reporting Persons") with respect to shares of common stock of the above-named issuer owned by PFM Healthcare Growth Equity Fund I, LP, a Delaware limited partnership ("HCG").

PFM is the investment advisor for HCG. HCG-GP is the general partner of HCG. PAM is the member manager of HCG-GP. PFM-GP is the general partner of PFM and the manager of PAM. Grossman is the sole member of PFM-GP.

The filing of this statement shall not be construed as an admission that any of the Reporting Persons is the beneficial owner of any securities covered by the statement other than the securities actually owned by such person (if any).

**Item 2(b). Address of Principal Business Office:**
The address of the principal business office of each of the Reporting Persons is c/o PFM Health Sciences, LP, 50 California Street, Suite 2650, San Francisco, California 94111.

**Item 2(c). Citizenship:**
PFM is organized as a limited partnership under the laws of the State of Delaware. Each of PFM-GP, HCG-GP and PAM is organized as a limited liability company under the laws of the State of Delaware. Grossman is a U.S. citizen.

**Item 2(d). Title of Class of Securities:**
Common Stock, par $0.001 per share (the "Shares")

**Item 2(e). CUSIP Number:**
690145107

**Item 3. If this statement is filed pursuant to §§ 240.13d-1(b) or 240.13d-2(b) or (c), check whether the person filing is a:**

(a) [ ] Broker or dealer registered under section 15 of the Act (15 U.S.C. 78o).

(b) [ ] Bank as defined in section 3(a)(6) of the Act (15 U.S.C. 78c).

(c) [ ] Insurance company as defined in section 3(a)(19) of the Act (15 U.S.C. 78c).

(d) [ ] Investment company registered under section 8 of the Investment Company Act of 1940 (15 U.S.C. 80a-8).

(e) [ ] An investment adviser in accordance with § 240.13d-1(b)(1)(ii)(E);

(f) [ ] An employee benefit plan or endowment fund in accordance with § 240.13d-1(b)(1)(ii)(F);

(g) [ ] A parent holding company or control person in accordance with § 240.13d-1(b)(1)(ii)(G);

(h) [ ] A savings associations as defined in Section 3(b) of the Federal Deposit Insurance Act (12 U.S.C. 1813);

(i) [ ] A church plan that is excluded from the definition of an investment company under section 3(c)(14) of the Investment Company Act of 1940 (15 U.S.C. 80a-3);

(j) [ ] A non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), if filing as a non-U.S. institution in accordance with § 240.13d-1(b)(1)(ii)(J), please specify the type of institution:

(k) [ ] Group, in accordance with Rule 240.13d-1(b)(1)(ii)(K).

**Item 4. Ownership:**

**(a) Amount beneficially owned:**

1. Each of PFM Health Sciences, LP, PFM Health Sciences GP, LLC and Partner Asset Management, LLC may be deemed to beneficially own  530,796 Shares.
2. PFM Healthcare Growth Equity I GP, LLC may be deemed to beneficially own  530,796 Shares.
3. Mr. Grossman may be deemed to beneficially own  530,796 Shares.

**(b) Percent of class:**

1. The number of Shares that each of PFM Health Sciences, LP, PFM Health Sciences GP, LLC and Partner Asset Management, LLC may be deemed to beneficially own constitutes 2.9% of the Shares outstanding.
2. The number of Shares that PFM Healthcare Growth Equity I GP, LLC may be deemed to beneficially own constitutes 2.9% of the Shares outstanding.
3. The number of Shares that Mr. Grossman may be deemed to beneficially own constitutes 2.9% of the Shares outstanding.

**(c) Number of shares as to which the person has:**

**(i) Sole power to vote or to direct the vote:**

1. Each of PFM Health Sciences, LP, PFM Health Sciences GP, LLC and Partner Asset Management, LLC: 0
2. PFM Healthcare Growth Equity I GP, LLC: 0
3. Mr. Grossman: 0

**(ii) Shared power to vote or to direct the vote:**

1.  Each of PFM Health Sciences, LP, PFM Health Sciences GP, LLC and Partner Asset Management, LLC:  530,796
2.  PFM Healthcare Growth Equity I GP, LLC:  530,796
3. Mr. Grossman:  530,796

**(iii) Sole power to dispose or to direct the disposition of:**

1. Each of PFM Health Sciences, LP, PFM Health Sciences GP, LLC and Partner Asset Management, LLC: 0
2. PFM Healthcare Growth Equity I GP, LLC: 0
3.  Mr. Grossman: 0

**(iv) Shared power to dispose or to direct the disposition of:**

1. Each of PFM Health Sciences, LP, PFM Health Sciences GP, LLC and Partner Asset Management, LLC:  530,796
2. PFM Healthcare Growth Equity I GP, LLC:  530,796
3. Mr. Grossman:  530,796

**Item 5. Ownership of Five Percent or Less of a Class.**

[ ] If this statement is being filed to report the fact that as of the date hereof the reporting person has ceased to be the beneficial owner of more than five percent of the class of securities, check the following.

**Item 6. Ownership of More than 5 Percent on Behalf of Another Person.**

Not Applicable

**Item 7. Identification and Classification of the Subsidiary**

Not Applicable

**Item 8. Identification and Classification of Members of the Group**

Not Applicable

**Item 9. Notice of Dissolution of Group**

Not Applicable

**Item 10. Certification:**

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.

### SIGNATURE

After reasonable inquiry and to the best of my knowledge and belief, I certify that the information set forth in this statement is true, complete and correct.

**PFM Health Sciences, LP**

**Date:** 02/17/2026

**By:** /s/ Darren Mooney

**Name & Title:** Darren Mooney, Authorized Signatory

**PFM Health Sciences GP, LLC**

**Date:** 02/17/2026

**By:** /s/ Darren Mooney

**Name & Title:** Darren Mooney, Authorized Signatory

**PFM Healthcare Growth Equity I GP, LLC**

**Date:** 02/17/2026

**By:** /s/ Darren Mooney

**Name & Title:** Darren Mooney, Authorized Signatory

**Partner Asset Management, LLC**

**Date:** 02/17/2026

**By:** /s/ Darren Mooney

**Name & Title:** Darren Mooney, Authorized Signatory

**Brian D. Grossman**

**Date:** 02/17/2026

**By:** /s/ Darren Mooney

**Name & Title:** Darren Mooney, attorney-in-fact*