Desktop Metal Announces First Quarter 2021 Financial Results
Desktop Metal, Inc. (NYSE: DM) today announced its financial results for the first quarter ended March 31, 2021.
“We are pleased with the strong start to the year. Revenue growth accelerated as we captured strong organic momentum and inorganic opportunities,” said Ric Fulop, Founder and CEO of Desktop Metal. “Continued innovation in our core business, coupled with our inorganic strategy, strengthens our ability to grow our product portfolio, expand the high-volume applications we can offer customers, and increase our category leadership. We are well positioned to execute on our long-term growth strategy focused on Additive Manufacturing 2.0 for high-volume, end-use parts.”
First Quarter 2021 and Recent Business Highlights:
- Expanded materials portfolio to over 225 materials across metals, composites, polymers, ceramics, biocompatible materials, and now wood and elastomers
- Accelerated customer adoption, adding more customers in the first quarter of 2021 than all of 2020 combined
- Introduced Forust process for high-volume, printed wood parts leveraging existing metal binder jetting printer technology
- Launched Flexcera as the first major product line for dental applications from Desktop Health and received FDA 510(k) clearance for Flexcera Base
- Acquired Adaptive3D, a category-leader in printable elastomers and rubber materials, adding to our growing materials portfolio
- Closed EnvisionTEC acquisition and began shipping two new area-wide photopolymer printers: the Xtreme 8K and Envision One HT
-
Completed redemption of all outstanding public warrants in first quarter of 2021 to streamline capital structure and enhance cash position, contributing
$170.7 million to our cash position - Grew Desktop Metal team to over 470 employees today, up from 180 employees in May 2020
First Quarter 2021 Financial Highlights:
-
Revenue of
$11.3 million , up35% from the fourth quarter of 2020 and up234% from the first quarter of 2020 -
Net Loss of
$59.1 million , including the non-cash negative change in fair value of warrant liability of$56.6 million and an income tax benefit of$27.9 million -
Non-GAAP Gross Profit of
$0.6 million , an improvement of$3.3 million from the first quarter of 2020 -
Adjusted EBITDA of
$(19.4) million -
Strong liquidity position with cash, cash equivalents and short-term investments of
$572.2 million as of March 31, 2021
Outlook for Full Year 2021:
-
Reiterating expectation of over
$100 million of revenue for 2021, exiting the year with an annualized revenue run rate of$160 million -
Adjusted EBITDA in the range of
$(60) –(70) million
Conference Call Information:
Desktop Metal will host a conference call on May 17, 2021 at 4:30 p.m. EDT to discuss first quarter 2021 results. Participants may access the call at 1-877-300-8521, international callers may use 1-412-317-6026, 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 from a link in the Events & Presentations section of https://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, Inc., based in Burlington, Massachusetts, is accelerating the transformation of manufacturing with an expansive portfolio of 3D printing solutions, from rapid prototyping to mass production. Founded in 2015 by leaders in advanced manufacturing, metallurgy, and robotics, the company is addressing the unmet challenges of speed, cost, and quality to make additive manufacturing an essential tool for engineers and manufacturers around the world. Desktop Metal was selected as one of the world’s 30 most promising Technology Pioneers by the World Economic Forum and named to MIT Technology Review’s list of 50 Smartest Companies.
For more information, visit www.desktopmetal.com.
Forward-looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws. Forward-looking statement 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 the risks and uncertainties set forth in Desktop Metal, Inc.'s filings with the U.S. Securities and Exchange Commission. 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.
DESKTOP METAL, INC. CONDENSED CONSOLIDATED BALANCE SHEETS (UNAUDITED) (in thousands, except share and per share amounts) |
||||||||
|
|
|
|
|
|
|
||
|
|
March 31, |
|
December 31, |
||||
|
|
2021 |
|
2020 |
||||
Assets |
|
|
|
|
|
|
||
Current assets: |
|
|
|
|
|
|
||
Cash and cash equivalents |
|
$ |
416,379 |
|
|
$ |
483,525 |
|
Short-term investments |
|
|
155,847 |
|
|
|
111,867 |
|
Restricted cash |
|
|
1,021 |
|
|
|
— |
|
Accounts receivable |
|
|
9,234 |
|
|
|
6,516 |
|
Inventory |
|
|
20,837 |
|
|
|
9,708 |
|
Prepaid expenses and other current assets |
|
|
18,657 |
|
|
|
976 |
|
Total current assets |
|
|
621,975 |
|
|
|
612,592 |
|
Restricted cash |
|
|
776 |
|
|
|
612 |
|
Property and equipment, net |
|
|
12,331 |
|
|
|
12,160 |
|
Capitalized software, net |
|
|
268 |
|
|
|
312 |
|
Goodwill |
|
|
201,308 |
|
|
|
2,252 |
|
Intangible assets, net |
|
|
144,103 |
|
|
|
9,102 |
|
Other noncurrent assets |
|
|
6,826 |
|
|
|
4,879 |
|
Total Assets |
|
$ |
987,587 |
|
|
$ |
641,909 |
|
Liabilities and Stockholders’ Equity |
|
|
|
|
|
|
||
Current liabilities: |
|
|
|
|
|
|
||
Accounts payable |
|
$ |
5,227 |
|
|
$ |
7,591 |
|
Customer deposits |
|
|
2,792 |
|
|
|
1,480 |
|
Current portion of lease liability |
|
|
1,639 |
|
|
|
868 |
|
Accrued expenses and other current liabilities |
|
|
15,324 |
|
|
|
7,565 |
|
Deferred revenue |
|
|
3,405 |
|
|
|
3,004 |
|
Current portion of long-term debt, net of deferred financing costs |
|
|
11,019 |
|
|
|
9,991 |
|
Total current liabilities |
|
|
39,406 |
|
|
|
30,499 |
|
Warrant liability |
|
|
— |
|
|
|
93,328 |
|
Long-term debt, net of deferred financing costs |
|
|
163 |
|
|
|
— |
|
Lease liability, net of current portion |
|
|
3,248 |
|
|
|
2,157 |
|
Deferred tax liability |
|
|
5,206 |
|
|
|
— |
|
Total liabilities |
|
|
48,023 |
|
|
|
125,984 |
|
Commitments and Contingencies |
|
|
|
|
|
|
||
Stockholders’ Equity |
|
|
|
|
|
|
||
Preferred Stock, |
|
|
— |
|
|
|
— |
|
Common Stock, |
|
|
25 |
|
|
|
23 |
|
Additional paid-in capital |
|
|
1,326,945 |
|
|
|
844,188 |
|
Accumulated deficit |
|
|
(387,385 |
) |
|
|
(328,277 |
) |
Accumulated other comprehensive income (loss) |
|
|
(21 |
) |
|
|
(9 |
) |
Total Stockholders’ Equity |
|
|
939,564 |
|
|
|
515,925 |
|
Total Liabilities and Stockholders’ Equity |
|
$ |
987,587 |
|
|
$ |
641,909 |
|
DESKTOP METAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (UNAUDITED) (in thousands, except per share amounts) |
||||||||
|
|
|
|
|
|
|
||
|
|
Three Months Ended |
||||||
|
|
March 31, |
||||||
|
|
2021 |
|
2020 |
||||
Revenues |
|
|
|
|
|
|
||
Products |
|
$ |
10,311 |
|
|
$ |
2,694 |
|
Services |
|
|
1,002 |
|
|
|
691 |
|
Total revenues |
|
|
11,313 |
|
|
|
3,385 |
|
Cost of sales |
|
|
|
|
|
|
||
Products |
|
|
10,487 |
|
|
|
5,041 |
|
Services |
|
|
1,413 |
|
|
|
1,163 |
|
Total cost of sales |
|
|
11,900 |
|
|
|
6,204 |
|
Gross margin |
|
|
(587 |
) |
|
|
(2,819 |
) |
Operating expenses |
|
|
|
|
|
|
||
Research and development |
|
|
10,858 |
|
|
|
12,340 |
|
Sales and marketing |
|
|
5,449 |
|
|
|
4,494 |
|
General and administrative |
|
|
13,846 |
|
|
|
2,625 |
|
Total operating expenses |
|
|
30,153 |
|
|
|
19,459 |
|
Loss from operations |
|
|
(30,740 |
) |
|
|
(22,278 |
) |
Change in fair value of warrant liability |
|
|
(56,576 |
) |
|
|
— |
|
Interest expense |
|
|
(73 |
) |
|
|
(104 |
) |
Interest and other income, net |
|
|
361 |
|
|
|
578 |
|
Loss before income taxes |
|
|
(87,028 |
) |
|
|
(21,804 |
) |
Income tax benefit |
|
|
27,920 |
|
|
|
— |
|
Net loss |
|
$ |
(59,108 |
) |
|
$ |
(21,804 |
) |
Net loss per share—basic and diluted |
|
$ |
(0.25 |
) |
|
$ |
(0.14 |
) |
DESKTOP METAL, INC. CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (UNAUDITED) (in thousands) |
||||||||
|
|
|
|
|
|
|
||
|
|
Three Months Ended |
||||||
|
|
March 31, |
||||||
|
|
2021 |
|
2020 |
||||
Net loss |
|
$ |
Desktop Metal, Inc.
NYSE:DMDM RankingsDM Latest NewsDM Stock Data
198.24M
226.67M
23.29%
48%
19.78%
Other Industrial Machinery Manufacturing
Manufacturing
United States of America
BURLINGTON
About DMdesktop metal is reinventing the way design and manufacturing teams produce metal parts - from prototyping through mass production. our team is built around the disciplines of materials science, hardware and software engineering, and design. we have raised $212 million in equity funding with investment from technology leaders including google, bmw, lowe’s, and kleiner perkins caufield & byers. in 2017, the company was selected as one of the world’s 30 most promising technology pioneers by world economic forum, and was recently named to mit technology review’s list of 50 smartest companies. located just outside of boston we are assembling a team of experts and are looking to hire curious and driven engineers, scientists, and designers.
| |||||