Desktop Metal, Inc. (NYSE: DM) announced its financial results for the quarter ended March 31, 2022.
“Following a revolutionary year in which we made significant progress building a foundation of AM 2.0 technologies to achieve our goal of double-digit share of the additive market by the end of the decade, we are off to a great start to 2022,” said Ric Fulop, Founder and CEO of Desktop Metal. “We delivered strong topline growth of 286% year-over-year as we continue to capture market share and rapidly grow revenue at scale. With several exciting product launches to kick off the year, and demand as strong as ever for our broad portfolio of AM 2.0 solutions, we are well-positioned for outsized growth and margin expansion through the balance of 2022.”
First Quarter 2022 and Recent Business Highlights:
- Commenced shipments of Production System™ P-50
- Installed initial Production System™ P-1 in China at a hyperscale account with technical and commercial developments across multiple sizable opportunities
- Launched the all-new S-Max Flex® for affordable and scalable digital sand casting, integrating Desktop Metal Single Pass Jetting™ technology with ExOne sand binder jetting process and materials expertise
- Awarded a major sub-contract through the Defense Logistics Agency (DLA) of the Department of Defense
- Significant uptick in demand to support onshoring projects and help customers respond to supply chain disruption
- Launched Einstein™ series of high-precision 3D printers designed for volume production of dental and healthcare parts
- Launched Flexcera™ Smile Ultra+, a hybrid nanoceramic resin for permanent restorations and one of the strongest dental resins in the market
First Quarter 2022 Financial Highlights:
- Revenue of $43.7 million, up 286% from first quarter 2021 revenue of $11.3 million, including broad-based growth and contributions from acquisitions
- GAAP gross margin of (3.0)%; non-GAAP gross margin of 17.1%, increasing more than 1,150 basis points from 5.5% in first quarter 2021
- Net loss of $69.9 million, including $9.8 million in amortization of acquired intangible assets
- Adjusted EBITDA of $(41.6) million
- Cash, cash equivalents, and short-term investments of $206.5 million as of March 31, 2022
Outlook for Full Year 2022:
- Reaffirming revenue expectation of approximately $260 million for 2022, representing 131% growth from 2021
- Reaffirming adjusted EBITDA expectation of approximately $(90) million for 2022
Conference Call:
Desktop Metal hosted a conference call on Tuesday, May 10, 2022 at 8:00 a.m. EST to discuss first quarter 2022 results. A simultaneous webcast of the conference call and the accompanying summary presentation may be accessed online at the Events & Presentations section of https://ir.desktopmetal.com. A replay is available after the conclusion of the conference call at the same website.
For more information, visit www.desktopmetal.com.
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