08:34 AM EDT, 03/15/2021 (MT Newswires) -- Desktop Metal(DM) , a producer of turnkey additive manufacturing products, reported Monday a Q4 loss of $25.4 million.
Revenue was $8.4 million for the quarter, up from $2.5 million in Q3. Analysts polled by Capital IQ projected $9.4 million.
In December 2020, the company completed its merger with blank-check firm Trine Acquisition Corp. It began trading on the New York Stock Exchange on Dec. 10.
At the end of 2020, the company had $595.4 million in cash, cash equivalents, and short-term investments.
Price: 20.65, Change: +0.21, Percent Change: +1.03
March 15, 2021
· Began trading on the NYSE as the world’s first and only public company focused on Additive Manufacturing 2.0 (AM 2.0)
· Commenced global shipments of the Shop System – our binder jetting platform focused on flexible, mid-volume production in job and machine shops
· Commenced global shipments of the Production System P-1 – our binder jetting development platform featuring breakthrough Single Pass Jetting™ technology
· Fourth quarter 2020 revenue of $8.4 million, up from $2.5 million in the third quarter of 2020
· Robust liquidity position with cash and cash equivalents and short-term investments of $595.4 million as of December 31, 2020 to support organic and inorganic growth opportunities
· Entered photopolymer additive manufacturing market through EnvisionTEC acquisition, which closed in the first quarter of 2021
BOSTON -- Desktop Metal, Inc. (NYSE: DM), (“Desktop Metal” or “the Company”), a leader in mass production and turnkey additive manufacturing solutions, today announced its financial results for the fourth quarter and full year ended December 31, 2020.
“The fourth quarter of 2020 was transformative for our Company as we became the only publicly traded pure-play AM 2.0 company.” said Ric Fulop, CEO and co-founder of Desktop Metal. “We achieved key milestones in our path to driving adoption of additive manufacturing with the global shipments of our Shop System and Production System P-1 solutions. Our acquisition of EnvisionTEC in February strengthens our market position by adding a compelling lineup of production-focused photopolymer printers and over 190 qualified materials to our portfolio. We are excited to continue building on our strong momentum by capitalizing on both high levels of customer interest and inorganic opportunities in the space as we enter this next chapter of our growth story.”
Fourth Quarter 2020 Business Highlights:
· Completed business combination between Trine Acquisition Corp. and Desktop Metal, Inc. to become the world’s first publicly traded, pure-play AM 2.0 company
· Received multi-million dollar award from the United States Department of Defense for the development of a high-volume manufacturing process to mass produce Cobalt-free hardmetal parts
· Launched Live Sinter, a new process simulation software for powder metallurgy-based additive manufacturing
· Commenced global shipments of Shop System, which became the #1 metal binder jetting system by unit share within its first quarter of salesi
· Commenced global shipments of the Production System P-1
Fourth Quarter and Full Year 2020 Financial Highlights:
· Fourth quarter revenue of $8.4 million, up from $2.5 million in the third quarter of 2020
· Fourth quarter net loss of $25.4 million
· Full year revenue of $16.5 million
· Full year net loss of $90.4 million
· Full year Adjusted EBITDA of $(73.5) million
· Robust liquidity position with cash, cash equivalents and short-term investments of $595.4 million as of December 31, 2020
Recent Business Highlights:
· Acquired EnvisionTEC, a leading global provider of volume production photopolymer 3D printing solutions for end-use parts, in February 2021, creating a comprehensive product portfolio across metals, polymers, composites, and biocompatible materials while strengthening our global distribution channel
· Enhanced senior management team
o Appointed James Haley as Chief Financial Officer, effective February 12, 2021
o Appointed Arjun Aggarwal as Chief Product Officer, effective February 9, 2021
· Announced and commenced global shipments of Studio System 2, a second generation of our office-friendly metal 3D printing platform that offers customers an accessible way to print metal parts in low volumes with a simplified two-step process
· Streamlined capital structure and enhanced cash position by beginning the redemption process for DM public warrants, providing significant financial flexibility to invest in organic and inorganic growth opportunities with an additional $137 million in cash provided through March 10, 2021
Desktop Health:
In a separate press release issued today, Desktop Metal announced the launch of Desktop Health™, a new business dedicated to redefining patient-specific healthcare. Lead by healthcare industry executive, Michael Jafar, who brings nearly 20 years of experience creating and scaling breakthrough healthcare products, Desktop Health’s mission is to change the way patients experience personalized healthcare, through innovation and science-based solutions. The business will leverage Desktop Metal’s comprehensive portfolio of additive manufacturing solutions in combination with its extensive library of advanced materials for current and future applications spanning dentistry, orthodontics, dermatology, orthopedics, cardiology, plastic surgery and printed regenerative tissues and grafts. Additional details on this launch can be found in the separate press release, accessible on the Investor Relations section of Desktop Metal’s website, ir.desktopmetal.com.
Revenue was $8.4 million for the quarter, up from $2.5 million in Q3. Analysts polled by Capital IQ projected $9.4 million.
In December 2020, the company completed its merger with blank-check firm Trine Acquisition Corp. It began trading on the New York Stock Exchange on Dec. 10.
At the end of 2020, the company had $595.4 million in cash, cash equivalents, and short-term investments.
Price: 20.65, Change: +0.21, Percent Change: +1.03
March 15, 2021
· Began trading on the NYSE as the world’s first and only public company focused on Additive Manufacturing 2.0 (AM 2.0)
· Commenced global shipments of the Shop System – our binder jetting platform focused on flexible, mid-volume production in job and machine shops
· Commenced global shipments of the Production System P-1 – our binder jetting development platform featuring breakthrough Single Pass Jetting™ technology
· Fourth quarter 2020 revenue of $8.4 million, up from $2.5 million in the third quarter of 2020
· Robust liquidity position with cash and cash equivalents and short-term investments of $595.4 million as of December 31, 2020 to support organic and inorganic growth opportunities
· Entered photopolymer additive manufacturing market through EnvisionTEC acquisition, which closed in the first quarter of 2021
BOSTON -- Desktop Metal, Inc. (NYSE: DM), (“Desktop Metal” or “the Company”), a leader in mass production and turnkey additive manufacturing solutions, today announced its financial results for the fourth quarter and full year ended December 31, 2020.
“The fourth quarter of 2020 was transformative for our Company as we became the only publicly traded pure-play AM 2.0 company.” said Ric Fulop, CEO and co-founder of Desktop Metal. “We achieved key milestones in our path to driving adoption of additive manufacturing with the global shipments of our Shop System and Production System P-1 solutions. Our acquisition of EnvisionTEC in February strengthens our market position by adding a compelling lineup of production-focused photopolymer printers and over 190 qualified materials to our portfolio. We are excited to continue building on our strong momentum by capitalizing on both high levels of customer interest and inorganic opportunities in the space as we enter this next chapter of our growth story.”
Fourth Quarter 2020 Business Highlights:
· Completed business combination between Trine Acquisition Corp. and Desktop Metal, Inc. to become the world’s first publicly traded, pure-play AM 2.0 company
· Received multi-million dollar award from the United States Department of Defense for the development of a high-volume manufacturing process to mass produce Cobalt-free hardmetal parts
· Launched Live Sinter, a new process simulation software for powder metallurgy-based additive manufacturing
· Commenced global shipments of Shop System, which became the #1 metal binder jetting system by unit share within its first quarter of salesi
· Commenced global shipments of the Production System P-1
Fourth Quarter and Full Year 2020 Financial Highlights:
· Fourth quarter revenue of $8.4 million, up from $2.5 million in the third quarter of 2020
· Fourth quarter net loss of $25.4 million
· Full year revenue of $16.5 million
· Full year net loss of $90.4 million
· Full year Adjusted EBITDA of $(73.5) million
· Robust liquidity position with cash, cash equivalents and short-term investments of $595.4 million as of December 31, 2020
Recent Business Highlights:
· Acquired EnvisionTEC, a leading global provider of volume production photopolymer 3D printing solutions for end-use parts, in February 2021, creating a comprehensive product portfolio across metals, polymers, composites, and biocompatible materials while strengthening our global distribution channel
· Enhanced senior management team
o Appointed James Haley as Chief Financial Officer, effective February 12, 2021
o Appointed Arjun Aggarwal as Chief Product Officer, effective February 9, 2021
· Announced and commenced global shipments of Studio System 2, a second generation of our office-friendly metal 3D printing platform that offers customers an accessible way to print metal parts in low volumes with a simplified two-step process
· Streamlined capital structure and enhanced cash position by beginning the redemption process for DM public warrants, providing significant financial flexibility to invest in organic and inorganic growth opportunities with an additional $137 million in cash provided through March 10, 2021
Desktop Health:
In a separate press release issued today, Desktop Metal announced the launch of Desktop Health™, a new business dedicated to redefining patient-specific healthcare. Lead by healthcare industry executive, Michael Jafar, who brings nearly 20 years of experience creating and scaling breakthrough healthcare products, Desktop Health’s mission is to change the way patients experience personalized healthcare, through innovation and science-based solutions. The business will leverage Desktop Metal’s comprehensive portfolio of additive manufacturing solutions in combination with its extensive library of advanced materials for current and future applications spanning dentistry, orthodontics, dermatology, orthopedics, cardiology, plastic surgery and printed regenerative tissues and grafts. Additional details on this launch can be found in the separate press release, accessible on the Investor Relations section of Desktop Metal’s website, ir.desktopmetal.com.
Last edited: