TechDogs-"Desktop Metal Announces Second Quarter 2023 Financial Results"

Manufacturing Technology

Desktop Metal Announces Second Quarter 2023 Financial Results

By Business Wire

Business Wire
Overall Rating
  • Revenue of $53.3 million, up 29% sequentially
  • GAAP gross margin of 11%; non-GAAP gross margin of 31%
  • Best quarter of adjusted EBITDA since going public
  • Year-over-year improvements to non-GAAP gross margins, operating expenses, adjusted EBITDA, and operating cash flow in second quarter 2023
  • Cash, cash equivalents, and short-term investments closed second quarter 2023 at $127.6 million, down $22.2 million from the close of first quarter 2023
  • Reaffirming full year 2023 guidance of revenue between $210 to $260 million, and adjusted EBITDA between $(50) to $(25) million, with expectation to achieve adjusted EBITDA breakeven before year end 2023
  • Announced definitive agreement to combine with Stratasys in an approximately $1.8 billion all-stock transaction

BOSTON--(BUSINESS WIRE)--#3Dprinting--Desktop Metal, Inc. (NYSE: DM) today announced its financial results for the second quarter ended June 30, 2023.

“We are very pleased with our operational execution this quarter as we delivered strong sequential revenue growth, driving significant gross margin expansion and the best adjusted EBITDA since going public,” said Ric Fulop, Founder and CEO of Desktop Metal. “Desktop Metal continues to execute on our cost reduction plans, and with strong growth drivers and customer demand trends entering second half 2023, we are confident in our growth projections, improving margin profile, and adjusted EBITDA commitments.”

Fulop continued, “We also recently signed a definitive agreement to combine with Stratasys in an approximately $1.8 billion all-stock transaction, establishing a powerhouse in global industrial additive manufacturing. We are very committed to this combination as we believe the combined company’s scale, complementary portfolio with minimal overlap, and enhanced growth and profitability are well-positioned to serve the evolving needs of customers in manufacturing.”

Second Quarter 2023 and Recent Business Highlights:

  • Continued execution of cost reduction plans with year-over-year improvements to non-GAAP gross margins, operating expenses, adjusted EBITDA, and operating cash flow in second quarter 2023
  • Production System™ P-50 continues strong commercial progress in consumer electronics
  • New Production System™ P-50 order from Ryerson (NYSE: RYI) targeting heavy equipment, transportation, industrial, energy, medical, and aerospace and defense value-added parts
  • Progress on monetizing DLP intellectual property portfolio, including signed commercial supply agreement of Flexcera™ materials for Carbon 3D
  • Desktop Health introduced PrintRoll™ rotating build platform for the 3D-Bioplotter®, a first-of-its-kind bioprinting tool to develop tubular solutions for vascular, digestive, respiratory, and other channels
  • Successfully showcased the leadership of our ExOne digital casting brand at GIFA, the world's leading foundry trade fair held every four years in Germany, where our S-Max printer brand dominates digital casting market share

Second Quarter 2023 Financial Highlights:

  • Revenue of $53.3 million, up 29.0% from first quarter 2023 revenue of $41.3 million
  • GAAP gross margin of 11.4%; non-GAAP gross margin of 31.0%, an improvement of 1,300 basis points from first quarter 2023, and 435 basis points from second quarter 2022
  • GAAP net loss of $49.7 million, including $10.5 million amortization of acquired intangibles; non-GAAP net loss of $19.3 million
  • Adjusted EBITDA of $(15.0) million, an improvement of $12.5 million from second quarter 2022, and the best quarter of adjusted EBITDA since going public
  • Cash, cash equivalents, and short-term investments of $127.6 million as of June 30, 2023, down $22.2 million from the close of first quarter 2023

Financial Outlook:

  • Reaffirming revenue expectation of between $210 to $260 million for full year 2023
  • Reaffirming Adjusted EBITDA expectation of between $(50) to $(25) million for full year 2023, with expectation to achieve Adjusted EBITDA breakeven before year end 2023

Desktop Metal has not provided a reconciliation of its Adjusted EBITDA outlook to net income because estimates of all of the reconciling items cannot be provided without unreasonable efforts. See “Non-GAAP Financial Information.”

Combination with Stratasys:

  • As announced on May 25, 2023, Stratasys and Desktop Metal entered into a definitive agreement whereby the companies will combine in an all-stock transaction valued at approximately $1.8 billion. The proposed agreement has been unanimously approved by the Boards of Directors of both companies, and is expected to close during the fourth quarter of 2023, subject to customary closing conditions, including regulatory and shareholder approval of both companies
  • Under the terms of the agreement, Desktop Metal stockholders will receive 0.123 ordinary shares of Stratasys for each share of Desktop Metal Class A common stock. Following the closing of the transaction, legacy Desktop Metal stockholders will own approximately 41% of the combined company, and existing Stratasys shareholders will own approximately 59% of the combined company, in each case, on a fully diluted basis

Conference Call Information:

Desktop Metal will host a conference call on Thursday, August 3, 2023 to discuss second quarter 2023 results. Participants may access the call at 1-888-999-3182, international callers may use 1-848-280-6330, and request to join the Desktop Metal financial results conference call. A simultaneous webcast of the conference call and the accompanying summary presentation may be accessed online at the Events & Presentations section of ir.desktopmetal.com. A replay will be available shortly after the conclusion of the conference call at the same website.

About Desktop Metal:

Desktop Metal (NYSE:DM) is driving Additive Manufacturing 2.0, a new era of on-demand, digital mass production of industrial, medical, and consumer products. Our innovative 3D printers, materials, and software deliver the speed, cost, and part quality required for this transformation. We’re the original inventors and world leaders of the 3D printing methods we believe will empower this shift, binder jetting and digital light processing. Today, our systems print metal, polymer, sand and other ceramics, as well as foam and recycled wood. Manufacturers use our technology worldwide to save time and money, reduce waste, increase flexibility, and produce designs that solve the world’s toughest problems and enable once-impossible innovations. Learn more about Desktop Metal and our #TeamDM brands at www.desktopmetal.com.

Forward-looking Statements:

This press release contains forward-looking statements within the meaning of the federal securities laws. All statements other than statements of historical facts contained in these communications, including statements regarding Desktop Metal’s future results of operations and financial position, financial targets, business strategy, plans and objectives for future operations, and statements relating to the proposed transaction between Stratasys Ltd. (“Stratasys”) and Desktop Metal, including statements regarding the benefits of the transaction and the anticipated timing of the transaction, are forward-looking statements. Forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to: risks associated with the integration of the business and operations of acquired businesses; Desktop Metals’ ability to realize the benefits from cost saving measures; supply and logistics disruptions, including shortages and delays, the ultimate outcome of the proposed transaction between Stratasys and Desktop Metal, including the possibility that Stratasys or Desktop Metal shareholders will reject the proposed transaction; the effect of the announcement of the proposed transaction on the ability of Desktop Metal to operate its business and retain and hire key personnel and to maintain favorable business relationships; the timing of the proposed transaction; the occurrence of any event, change or other circumstance that could give rise to the termination of the proposed transaction; the ability to satisfy closing conditions to the completion of the proposed transaction (including any necessary shareholder approvals); other risks related to the completion of the proposed transaction and actions related thereto. For more information about risks and uncertainties that may impact Desktop Metal’s business, financial condition, results of operations and prospects generally, please refer to Desktop Metal’s reports filed with the SEC, including without limitation the “Risk Factors” and/or other information included in the Form 10-Q filed with the SEC on August 3, 2023, and such other reports as Desktop Metal has filed or may file with the SEC from time to time. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Desktop Metal, Inc. assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

Risks related to the proposed transaction are included in the registration statement on Form F-4, including the preliminary joint proxy statement/prospectus, that has been filed with the Securities and Exchange Commission (“SEC”) in connection with the proposed transaction. While the list of factors presented here is, and the list of factors presented in the registration statement on Form F-4 are, considered representative, no such list should be considered to be a complete statement of all potential risks and uncertainties. For additional information about other factors that could cause actual results to differ materially from those described in the forward-looking statements, please refer to Stratasys’ and Desktop Metal’s respective periodic reports and other filings with the SEC, including the risk factors identified in Stratasys’ and Desktop Metal’s Annual Reports on Form 20-F and Form 10-K, respectively, and Stratasys’ most recent Form 6-K report that published its quarterly results, and Desktop Metal’s most recent Quarterly Reports on Form 10-Q. The forward-looking statements included in this press release are made only as of the date hereof. Neither Stratasys nor Desktop Metal undertakes any obligation to update any forward-looking statements to reflect subsequent events or circumstances, except as required by law.

No Offer or Solicitation

This press release is not intended to and shall not constitute an offer to buy or sell or the solicitation of an offer to buy or sell any securities, or a solicitation of any vote or approval, nor shall there be any sale of securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. No offering of securities shall be made, except by means of a prospectus meeting the requirements of Section 10 of the U.S. Securities Act of 1933, as amended.

Additional Information about the Transaction and Where to Find It

In connection with the proposed transaction, Stratasys filed with the SEC a registration statement on Form F-4 that includes a joint proxy statement of Stratasys and Desktop Metal and that also constitutes a prospectus of Stratasys. Each of Stratasys and Desktop Metal may also file other relevant documents with the SEC regarding the proposed transaction. This document is not a substitute for the joint proxy statement/prospectus or registration statement or any other document that Stratasys or Desktop Metal may file with the SEC. The registration statement has not yet become effective. After the registration statement is effective, the definitive joint proxy statement/prospectus will be mailed to shareholders of Stratasys and Desktop Metal. INVESTORS AND SECURITY HOLDERS ARE URGED TO READ THE REGISTRATION STATEMENT, THE JOINT PROXY STATEMENT/PROSPECTUS AND ANY OTHER RELEVANT DOCUMENTS THAT MAY BE FILED WITH THE SEC, AS WELL AS ANY AMENDMENTS OR SUPPLEMENTS TO THESE DOCUMENTS, CAREFULLY AND IN THEIR ENTIRETY IF AND WHEN THEY BECOME AVAILABLE BECAUSE THEY CONTAIN OR WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED TRANSACTION. Investors and security holders will be able to obtain free copies of the registration statement and definitive joint proxy statement/prospectus (if and when available) and other documents containing important information about Stratasys, Desktop Metal and the proposed transaction, once such documents are filed with the SEC through the website maintained by the SEC at http://www.sec.gov. Copies of the documents filed with, or furnished, to the SEC by Stratasys will be available free of charge on Stratasys’ website at https://investors.stratasys.com/sec-filings. Copies of the documents filed with the SEC by Desktop Metal will be available free of charge on Desktop Metal’s website at https://ir.desktopmetal.com/sec-filings/all-sec-filings.

Participants in the Solicitation

Stratasys, Desktop Metal and certain of their respective directors and executive officers may be deemed to be participants in the solicitation of proxies in respect of the proposed transaction. Information about the directors and executive officers of Stratasys, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in Stratasys’ proxy statement for its 2023 Annual General Meeting of Shareholders, which was filed with the SEC on July 12, 2023, and Stratasys’ Annual Report on Form 20-F for the fiscal year ended December 31, 2022, which was filed with the SEC on March 3, 2023. Information about the directors and executive officers of Desktop Metal, including a description of their direct or indirect interests, by security holdings or otherwise, is set forth in Desktop Metal’s proxy statement for its 2023 Annual Meeting of Stockholders, which was filed with the SEC on April 25, 2023 and Desktop Metal’s Annual Report on Form 10-K for the fiscal year ended December 31, 2022, which was filed with the SEC on March 1, 2023. Other information regarding the participants in the proxy solicitation and a description of their direct and indirect interests, by security holdings or otherwise, is contained in the joint proxy statement/prospectus and other relevant materials filed with the SEC regarding the proposed transaction. Investors should read the joint proxy statement/prospectus carefully before making any voting or investment decisions. You may obtain free copies of these documents from Stratasys or Desktop Metal using the sources indicated above.

DESKTOP METAL, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(in thousands, except share and per share amounts)

June 30,

December 31,

2023

2022

Assets

Current assets:

Cash and cash equivalents

$

121,660

$

76,291

Current portion of restricted cash

824

4,510

Short‑term investments

5,933

108,243

Accounts receivable

41,235

38,481

Inventory

100,330

91,736

Prepaid expenses and other current assets

17,041

16,325

Assets held for sale

830

Total current assets

287,023

336,416

Restricted cash, net of current portion

612

1,112

Property and equipment, net

42,307

56,271

Goodwill

112,741

112,955

Intangible assets, net

199,609

219,830

Other noncurrent assets

34,806

27,763

Total Assets

$

677,098

$

754,347

Liabilities and Stockholders’ Equity

Current liabilities:

Accounts payable

$

25,041

$

25,105

Customer deposits

9,275

11,526

Current portion of lease liability

5,931

5,730

Accrued expenses and other current liabilities

28,724

26,723

Current portion of deferred revenue

12,799

13,719

Current portion of long‑term debt

389

584

Total current liabilities

82,159

83,387

Long-term debt, net of current portion

187

311

Convertible notes

112,199

111,834

Lease liability, net of current portion

23,196

17,860

Deferred revenue, net of current portion

3,711

3,664

Deferred tax liability

8,060

8,430

Other noncurrent liabilities

3,127

1,359

Total liabilities

232,639

226,845

Commitments and Contingencies (Note 17)

Stockholders’ Equity

Preferred Stock, $0.0001 par value—authorized, 50,000,000 shares; no shares issued and outstanding at June 30, 2023 and December 31, 2022, respectively

Common Stock, $0.0001 par value—500,000,000 shares authorized; 322,656,280 and 318,235,106 shares issued at June 30, 2023 and December 31, 2022, respectively, 322,630,201 and 318,133,434 shares outstanding at June 30, 2023 and December 31, 2022, respectively

32

32

Additional paid‑in capital

1,893,548

1,874,792

Accumulated deficit

(1,411,323)

(1,308,954)

Accumulated other comprehensive loss

(37,798)

(38,368)

Total Stockholders’ Equity

444,459

527,502

Total Liabilities and Stockholders’ Equity

$

677,098

$

754,347

See notes to condensed consolidated financial statements.

DESKTOP METAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

(in thousands, except per share amounts)

Three Months Ended

Six Months Ended

June 30,

June 30,

2023

2022

2023

2022

Revenues

Products

$

47,398

$

52,672

$

84,095

$

92,148

Services

5,888

5,002

10,507

9,232

Total revenues

53,286

57,674

94,602

101,380

Cost of sales

Products

43,224

44,913

82,115

86,815

Services

3,973

4,364

7,762

7,496

Total cost of sales

47,197

49,277

89,877

94,311

Gross profit

6,089

8,397

4,725

7,069

Operating expenses

Research and development

21,223

31,370

44,367

55,975

Sales and marketing

10,440

20,406

20,047

40,070

General and administrative

22,944

19,691

41,145

43,573

Goodwill impairment

229,500

229,500

Total operating expenses

54,607

300,967

105,559

369,118

Loss from operations

(48,518

)

(292,570

)

(100,834

)

(362,049

)

Interest expense

(1,109

)

(633

)

(1,920

)

(601

)

Interest and other (expense) income, net

(78

)

(5,013

)

(149

)

(6,766

)

Loss before income taxes

(49,705

)

(298,216

)

(102,903

)

(369,416

)

Income tax benefit (expense)

(23

)

944

534

2,200

Net loss

$

(49,728

)

$

(297,272

)

$

(102,369

)

$

(367,216

)

Net loss per share—basic and diluted

$

(0.15

)

$

(0.95

)

$

(0.32

)

$

(1.17

)

Weighted average shares outstanding, basic and diluted

321,655,818

313,556,886

320,382,809

312,798,328

See notes to condensed consolidated financial statements.

DESKTOP METAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(UNAUDITED)

(in thousands)

Three Months Ended

Six Months Ended

June 30,

June 30,

2023

2022

2023

2022

Net loss

$

(49,728

)

$

(297,272

)

$

(102,369

)

$

(367,216

)

Other comprehensive loss, net of taxes:

Unrealized gain (loss) on available-for-sale marketable securities, net

148

(41

)

337

(29

)

Foreign currency translation adjustment

(1,316

)

(27,411

)

233

(38,458

)

Total comprehensive loss, net of taxes of $0

$

(50,896

)

$

(324,724

)

$

(101,799

)

$

(405,703

)

See notes to condensed consolidated financial statements.

DESKTOP METAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(UNAUDITED)

(in thousands, except share amounts)

Three Months Ended June 30, 2023

Accumulated

Other

Common Stock

Additional

Comprehensive

Total

Voting

Paid‑in

Accumulated

(Loss)

Stockholders’

Shares

Amount

Capital

Deficit

Income

Equity

BALANCE—April 1, 2023

320,401,389

$

32

$

1,883,764

$

(1,361,595

)

$

(36,630

)

$

485,571

Exercise of Common Stock options

472,235

560

560

Vesting of restricted Common Stock

50,218

Vesting of restricted stock units

1,266,620

Repurchase of shares for employee tax withholdings

(5,054

)

(11

)

(11

)

Issuance of Common Stock related to settlement of contingent consideration

444,793

797

797

Stock‑based compensation expense

8,438

8,438

Net loss

(49,728

)

(49,728

)

Other comprehensive income (loss)

(1,168

)

(1,168

)

BALANCE—June 30, 2023

322,630,201

$

32

$

1,893,548

$

(1,411,323

)

$

(37,798

)

$

444,459

Six Months Ended June 30, 2023

Accumulated

Other

Common Stock

Additional

Comprehensive

Total

Voting

Paid‑in

Accumulated

(Loss)

Stockholders’

Shares

Amount

Capital

Deficit

Income

Equity

BALANCE—January 1, 2023

318,133,434

$

32

$

1,874,792

$

(1,308,954

)

$

(38,368

)

$

527,502

Exercise of Common Stock options

968,111

1,157

1,157

Vesting of restricted Common Stock

75,593

Vesting of restricted stock units

3,075,042

Repurchase of shares for employee tax withholdings

(66,772

)

(109

)

(109

)

Issuance of Common Stock related to settlement of contingent consideration

444,793

797

797

Stock‑based compensation expense

16,911

16,911

Net loss

(102,369

)

(102,369

)

Other comprehensive income (loss)

570

570

BALANCE—June 30, 2023

322,630,201

$

32

$

1,893,548

$

(1,411,323

)

$

(37,798

)

$

444,459

See notes to condensed consolidated financial statements.

DESKTOP METAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(in thousands)

Six Months Ended June 30,

2023

2022

Cash flows from operating activities:

Net loss

$

(102,369

)

$

(367,216

)

Adjustments to reconcile net loss to net cash used in operating activities:

Depreciation and amortization

26,965

25,602

Stock‑based compensation

19,016

26,917

Goodwill impairment

229,500

Amortization (accretion) of discount on investments

(484

)

390

Amortization of deferred costs on convertible notes

365

39

Provision for bad debt

962

554

Provision for slow-moving, obsolete, and lower of cost or net realizable value inventories, net

Loss on disposal of property and equipment

496

156

Net increase (decrease) in accrued interest related to marketable securities

238

917

Net unrealized (gain) loss on equity investment

148

5,080

Net unrealized (gain) loss on other investments

800

Deferred tax benefit

(534

)

(2,188

)

Change in fair value of contingent consideration

4

Foreign currency transaction (gain) loss

97

430

Changes in operating assets and liabilities:

Accounts receivable

(3,661

)

8,250

Inventory

(8,760

)

(25,384

)

Prepaid expenses and other current assets

(675

)

(2,994

)

Other assets

1,595

1,117

Accounts payable

(407

)

(2,767

)

Accrued expenses and other current liabilities

1,097

(7,337

)

Customer deposits

(2,322

)

(1,412

)

Deferred revenue

(918

)

(70

)

Change in right of use assets and lease liabilities, net

(3,110

)

(1,467

)

Other liabilities

1,767

30

Net cash used in operating activities

(70,494

)

(111,049

)

Cash flows from investing activities:

Purchases of property and equipment

(1,305

)

(6,747

)

Proceeds from sale of property and equipment

9,942

6

Purchase of marketable securities

(4,973

)

(126,771

)

Proceeds from sales and maturities of marketable securities

107,719

177,150

Cash paid for acquisitions, net of cash acquired

(500

)

(23

)

Net cash provided by investing activities

110,883

43,615

Cash flows from financing activities:

Proceeds from the exercise of stock options

1,157

1,266

Payment of taxes related to net share settlement upon vesting of restricted stock units

(108

)

(191

)

Repayment of loans

(328

)

(231

)

Proceeds from issuance of convertible notes

115,000

Costs incurred in connection with the issuance of convertible notes

(3,619

)

Net cash provided by financing activities

721

112,225

Effect of exchange rate changes on cash, cash equivalents and restricted cash

73

(819

)

Net increase (decrease) in cash, cash equivalents, and restricted cash

41,183

43,972

Cash, cash equivalents, and restricted cash at beginning of period

81,913

68,258

Cash, cash equivalents, and restricted cash at end of period

$

123,096

$

112,230

Supplemental disclosures of cash flow information

Reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total shown in the condensed consolidated statements of cash flows:

Cash and cash equivalents

$

121,660

$

107,966

Restricted cash included in other current assets

824

3,152

Restricted cash included in other noncurrent assets

612

1,112

Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows

$

123,096

$

112,230

Supplemental cash flow information:

Interest paid

$

$

Taxes paid

$

$

Non‑cash investing and financing activities:

Net unrealized (gain) loss on investments

$

(337

)

$

29

Common Stock issued for settlement of contingent consideration

$

797

$

500

Deferred contract costs

$

$

1,341

Additions to right of use assets and lease liabilities

$

8,489

$

7,784

Purchase of property and equipment included in accounts payable

$

365

$

1,022

Purchase of property and equipment included in accrued expense

$

32

$

Transfers from property and equipment to inventory

$

841

$

1,954

Transfers from PP&E to Asset Held-For-Sale

$

$

Transfers from inventory to property and equipment

$

1,345

$

1,531


Contacts

Investor Relations:
Jay Gentzkow
(781) 730-2110
jaygentzkow@desktopmetal.com

Media Relations:
Sarah Webster
(313) 715-6988
sarahwebster@desktopmetal.com

Read full story here

First published on Fri, Aug 4, 2023

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