SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549

SCHEDULE 13G

UNDER THE SECURITIES EXCHANGE ACT OF 1934

(Amendment No. 1)

Outset Medical, Inc.

(Name of Issuer)

Common Stock, par $0.001 per share (the "Shares")

(Title of Class of Securities)

690145107

(CUSIP Number)

12/31/2025

(Date of Event Which Requires Filing of this Statement)

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

Rule 13d-1(b)

Rule 13d-1(c)

Rule 13d-1(d)

SCHEDULE 13G

CUSIP No.

690145107

Names of Reporting Persons

PFM Health Sciences, LP

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 530,796.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 530,796.00

Aggregate Amount Beneficially Owned by Each Reporting Person

530,796.00

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in row (9)

2.9 %

Type of Reporting Person (See Instructions)

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.

SCHEDULE 13G

CUSIP No.

690145107

Names of Reporting Persons

PFM Health Sciences GP, LLC

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 530,796.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 530,796.00

Aggregate Amount Beneficially Owned by Each Reporting Person

530,796.00

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in row (9)

2.9 %

Type of Reporting Person (See Instructions)

HC, OO

SCHEDULE 13G

CUSIP No.

690145107

Names of Reporting Persons

PFM Healthcare Growth Equity I GP, LLC

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 530,796.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 530,796.00

Aggregate Amount Beneficially Owned by Each Reporting Person

530,796.00

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in row (9)

2.9 %

Type of Reporting Person (See Instructions)

SCHEDULE 13G

CUSIP No.

690145107

Names of Reporting Persons

Partner Asset Management, LLC

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

DELAWARE

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 530,796.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 530,796.00

Aggregate Amount Beneficially Owned by Each Reporting Person

530,796.00

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in row (9)

2.9 %

Type of Reporting Person (See Instructions)

HC, OO

SCHEDULE 13G

CUSIP No.

690145107

Names of Reporting Persons

Brian D. Grossman

Check the appropriate box if a member of a Group (see instructions)

(a)

(b)

Sec Use Only

Citizenship or Place of Organization

UNITED STATES

Number of Shares Beneficially Owned by Each Reporting Person With:

5	Sole Voting Power 0.00
6	Shared Voting Power 530,796.00
7	Sole Dispositive Power 0.00
8	Shared Dispositive Power 530,796.00

Aggregate Amount Beneficially Owned by Each Reporting Person

530,796.00

Check box if the aggregate amount in row (9) excludes certain shares (See Instructions)

Checkbox not checked

Percent of class represented by amount in row (9)

2.9 %

Type of Reporting Person (See Instructions)

HC, IN

SCHEDULE 13G

Item 1.

(a)

Name of issuer:

Outset Medical, Inc.

(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).

(b)

Address or principal business office or, if none, residence:

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.

(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.

(d)

Title of class of securities:

Common Stock, par $0.001 per share (the "Shares")

(e)

CUSIP No.:

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 5 Percent or Less of a Class.

Ownership of 5 percent or less of a class

Item 6.

Ownership of more than 5 Percent on Behalf of Another Person.

Not Applicable

Item 7.

Identification and Classification of the Subsidiary Which Acquired the Security Being Reported on by the Parent Holding Company or Control Person.

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.

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.

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

Signature:	/s/ Darren Mooney
Name/Title:	Darren Mooney, Authorized Signatory
Date:	02/17/2026

PFM Health Sciences GP, LLC

Signature:	/s/ Darren Mooney
Name/Title:	Darren Mooney, Authorized Signatory
Date:	02/17/2026

PFM Healthcare Growth Equity I GP, LLC

Signature:	/s/ Darren Mooney
Name/Title:	Darren Mooney, Authorized Signatory
Date:	02/17/2026

Partner Asset Management, LLC

Signature:	/s/ Darren Mooney
Name/Title:	Darren Mooney, Authorized Signatory
Date:	02/17/2026

Brian D. Grossman

Signature:	/s/ Darren Mooney
Name/Title:	Darren Mooney, attorney-in-fact*
Date:	02/17/2026

Comments accompanying signature: * Darren Mooney is signing on behalf of Brian Grossman as attorney-in-fact pursuant to a power of attorney dated February 1, 2024, and incorporated by reference herein. The power of attorney was filed as an attachment to a filing by certain of the Reporting Persons on Schedule 13G/A for Praxis Precision Medicines, Inc. on February 14, 2024.

Amendment: SEC Form SCHEDULE 13G/A filed by Outset Medical Inc.