Desktop Metal Posts Strong Revenue Growth in Q2 2023

For several months at the top of the global 3D printing industry there has been a gigantic commotion around the attempts to take over the current market leader Stratasys by 3D Systems and Nano Dimension (which recently officially dropped out of the race). In the flood of subsequent information on this subject, the story that actually started this process, i.e. the announcement of the acquisition of Desktop Metal by Stratasys, has faded into the background. Today, in the face of advanced talks with 3D Systems, this scenario seems far from a reality and Desktop Metal’s position has been reduced to “one of many companies operating in the industry”. Meanwhile, as the latest financial results of the company show – it is doing better and better, achieving quite good results.

In the second quarter of this year, Desktop Metal managed to increase sales by +29% compared to the previous quarter, reaching a revenue of USD 53.3 million. According to the company’s general manager – Ricaa Fulop, the second quarter was very successful in terms of operations and, in addition to the increase in sales, we managed to significantly improve the gross margin on products to 31%.

However, the company still generates large net losses – this time in the amount of -19.3 million dollars. The good news, however, is that in the same quarter last year, the deficit was much higher at -$27.8 million. However, while Desktop Metal is limiting losses, it is still not profitable yet.

According to Fulop, Desktop Metal is consistently implementing its cost-cutting plans. For the entire 2023, it still expects sales of USD 210-260 million with a balanced operating result. He also continues to believe in the success of the merger with Stratasys.

Source: www.desktopmetal.com