Outset Medical, Inc. (Nasdaq: OM)(“Outset”), a medical technology company pioneering a first-of-its-kind technology to reduce the cost and complexity of dialysis, today announced that it has entered into two senior secured credit facilities with investment affiliates managed by SLR Capital Partners, LLC (“SLR”) which collectively provide for borrowings of up to $300 million, comprising up to a $250 million term loan facility and up to a $50 million asset-based revolving credit facility.

At the 2004 Athens Olympics, American air-rifle shooter Matt Emmons, the reigning world champion in the 50-meter three-position event, held a seemingly insurmountable lead.  Going into his final shot, Emmons was in first place and needed only a mediocre score to win gold.  Emmons aimed, fired, and hit his target – the wrong target, one lane over.  He received no score for that shot and finished in eighth place.  

Emmons’ mistake illustrates the importance of aiming at the right target.  In April of 2020, amid the COVID-19 pandemic, the Federal Reserve and the Treasury Department announced the Main Street Loan Program (the “MSLP”), which was designed to provide emergency liquidity to small and mid-sized businesses.  Although well-intentioned, the MSLP, like Emmons, was aimed at the wrong target, and ultimately missed the mark.