Welcome to our dedicated page for Desktop Metal news (Ticker: DM), a resource for investors and traders seeking the latest updates and insights on Desktop Metal stock.
Desktop Metal, Inc. (NYSE: DM) regularly issues news that reflects its role in Additive Manufacturing 2.0 and the industrial 3D printing market. Company announcements cover topics ranging from corporate strategy and legal developments to product qualifications, technology showcases, and sector-specific applications in areas such as dental, automotive, and industrial manufacturing.
Recent news has focused heavily on the proposed merger between Desktop Metal and Nano Dimension Ltd. Desktop Metal has disclosed multiple legal actions in the Delaware Court of Chancery, alleging breaches of the merger agreement and seeking specific performance to require Nano Dimension to obtain regulatory approvals and complete the transaction. Updates include the granting of an expedited trial and a later court ruling that, according to Desktop Metal, found Nano Dimension in material breach and ordered steps intended to allow the merger to close.
Beyond corporate and legal news, Desktop Metal frequently highlights developments in its product and materials portfolio. Examples include qualification of a 100% recycled nickel-based superalloy from Continuum Powders for use on its metal binder jet 3D printers, as well as the showcasing of technologies such as the Figur G15 Pro Digital Sheet Forming system, the Studio System, Shop System, InnoventX, and the PureSinter Furnace at major industry events like IMTS.
Desktop Health, the company’s dental and medical brand, also generates news through validations of Flexcera nanoceramic resins for additional 3D printer platforms and clinical indications, including implant-supported denture provisionals. Visitors to this news page can review these updates to understand how Desktop Metal is positioning its technologies, how its merger process is progressing, and how its materials and systems are being adopted across different applications.
Desktop Metal (NYSE: DM) announced a new cost-reduction initiative aimed at achieving $100 million in annual savings by 2023, building on a previous goal of $50 million established in June 2022. The plan involves consolidating four facilities in the U.S. and a workforce reduction of approximately 15%. The restructuring is expected to enhance profit margins, lower costs of goods sold, and operational expenses, positioning Desktop Metal as a leader in Additive Manufacturing 2.0. CEO Ric Fulop emphasized the importance of these actions for driving profitability and ensuring agility within the organization.
Desktop Metal announced the installation of over 1,100 3D printing systems globally, highlighting the rapid adoption of its binder jet technology. The company offers 30 metal alloys for its printing systems, showcasing flexibility in manufacturing. An open house is scheduled for January 25 to demonstrate the high-speed Production System P-50, which is recognized as the fastest binder jet metal 3D printer. The company aims to enhance mass production capabilities while addressing challenges in speed, cost, and quality in additive manufacturing.
Desktop Metal (NYSE: DM) has secured a $9 million order from a major German automaker for binder jet additive manufacturing systems designed for mass production of powertrain components. This order marks the second from this automaker in under a year, totaling $16.9 million in system orders for a popular vehicle line. CEO Ric Fulop emphasized the growth of the additive manufacturing industry and the company's collaboration with global automotive OEMs to revolutionize production methods.
Desktop Metal has secured a multimillion-dollar, three-year contract with the Veterans Health Administration to develop and manufacture 3D printed healthcare products using their innovative FreeFoam material. The initial contract is worth $2 million, with potential growth to $7 million based on successful project phases. FreeFoam allows products to be compactly shipped and expanded on-demand, enhancing logistics and reducing storage costs. This project supports the VA's aim to utilize advanced manufacturing for improved healthcare services.
Desktop Metal (NYSE: DM) reported third quarter 2022 revenue of $47.1 million, marking an 85% increase from $25.4 million in Q3 2021. The company announced a strategic collaboration with Align Technology to enhance digital dentistry solutions and initiated a cost optimization initiative to drive margin expansion. Despite progress, the company faced macroeconomic challenges that led to delayed customer purchases, resulting in a GAAP net loss of $60.8 million. Looking forward, revenue for Q4 2022 is expected between $51 million and $62 million.
Align Technology and Desktop Metal have announced a strategic collaboration to enhance digital restorative dentistry. Align will supply its iTero Element™ Flex intraoral scanners to Desktop Labs, connecting general dentists with a premium lab network in the U.S. This exclusive partnership aims to streamline workflow and improve patient care by enabling dentists to perform full arch scans and send files directly to labs. The collaboration reflects Align's commitment to advancing digital dentistry and improving treatment efficiencies.
Align Technology and Desktop Metal have announced a strategic collaboration to integrate iTero Element Flex intraoral scanners into the Align Digital Platform. This partnership aims to enhance digital restorative dentistry by connecting general dentist locations with Desktop Labs' extensive lab network. The iTero scanner will facilitate better workflows for dentists, enabling efficient communication with labs and quicker patient evaluations. The collaboration signifies a substantial step toward advancing digital dentistry and improving patient care.
Desktop Metal, a leader in additive manufacturing, launched Desktop Labs, a digital network connecting dental practices with premium dental laboratories. This integrated technology will streamline workflows, enabling dentists to transition to digital dentistry using the iTero Element™ Flex scanners. With a customer base exceeding 12,000 practices, Desktop Labs aims to improve efficiency, reduce turnaround times, and enhance patient experiences. The initiative reflects Desktop Metal's commitment to transforming dental practices through advanced manufacturing solutions.
Desktop Metal (NYSE: DM) has appointed Jason Cole as CFO, bolstering its leadership team with over 20 years of finance and technology expertise. Previously, Cole was CFO at Analog Devices, focusing on global finance operations and M&A. His appointment comes after an extensive search, highlighting his capability to lead Desktop Metal’s next-generation financial platform and support its profitable hyper-growth strategy. Jeff Christian, CEO of Christian & Timbers, emphasized Cole's experience in driving efficient growth, positioning him as a strong asset for the company.
Desktop Metal (NYSE: DM) has announced the global launch of the Shop System Forust Edition, the first 3D printing system to utilize upcycled sawdust for producing functional wood parts. The system, which builds upon the successful Shop System platform, is equipped with Fabricate MFG software and features advanced binder jetting technology for high-speed production. The Forust Edition is ideal for architects and manufacturers, allowing for the creation of custom wood designs suitable for various applications. The printer will be showcased at Formnext 2022 in Frankfurt, Germany from Nov. 15-18.