Desktop Metal publishes financial results for the third quarter of 2023, failing to meet sales expectations…

Desktop Metal presented its financial results for the third quarter of 2023, reporting weaker-than-expected results. Product sales were down compared to the same period last year – the company generated revenue of $42.8 million compared to $47.1 million a year earlier. The main reason is said to be lower sales as well as concentration on products with higher margins. The company also continues to generate losses – this time in the amount of -46.4 million dollars.

The only “positive” news is the faster-than-planned completion of the $100 million restructuring plan announced last summer. Gross margin and operating cash flow also improved. Desktop Metal currently expects to break even on an EBITDA basis in the fourth quarter of this year.

For all of 2023, Desktop Metal revised its sales forecasts to $187-207 million, which is a significant decline from the previously forecast $260-300 million. The company also expects its operating result to end in a loss of -70/-50 million dollars loss.

Desktop Metal was involved in merger talks with Stratasys for several months, but the signed agreement was terminated due to the lack of consent from Stratasys shareholders. The company remains focused on its path to profitability, with improvements in gross margin, operating expenses, adjusted EBITDA and operating cash flow expected to continue through the end of the year.

Source: www.desktopmetal.com