Name: Renee Gaeta
New title: CFO, Outset Medical
Previous title: CFO, Shockwave Medical
Outset Medical has hired Renee Gaeta as CFO, effective immediately. The former Shockwave Medical executive has replaced Nabeel Ahmed who is leaving the company to pursue other opportunities.
The hemodialysis system manufacturer disclosed the appointment Tuesday. Gaeta’s last role was a brief stint at Shockwave, which named her CFO two months before accepting Johnson & Johnson’s $13.1 billion takeover offer. J&J closed the acquisition of Shockwave at the end of May 2024. Gaeta left Shockwave after J&J closed the takeover.
RBC Capital Markets analysts said in a note to investors that Outset’s appointment of a new CFO “comes as somewhat of a surprise to us as we thought Nabeel was doing a good job in his position.” The analysts named margin expansion, cost containment and refinancing as areas where Outset made progress under its former CFO. Yet, the analysts also see the rationale for appointing Gaeta.
“The transition was internally planned and well-thought-out as the company looked to position itself for future success as a public company,” the analysts said. “The company/board believed the timing was right post the completion of the recapitalization to test the market for new talent, and prepare the company for its next phase of growth and profitability.”
Gaeta’s appointment is a positive development for Outset, the analysts said, because of her experience at public companies and on boards of directors. The experience includes the sale of Shockwave to J&J and scaling manufacturing. Gaeta’s role at Outset includes responsibility for the company’s information technology and human resources organizations.
BTIG analysts called Gaeta a “strong addition” to Outset.
The company reiterated its financial guidance in the statement to disclose the CFO appointment. Outset expects revenue of $115 million to $125 million this year. The company reported revenue of $113.7 million last year, down from $130.4 million in 2023.
