Desktop Metal records record revenues in 2022

Desktop Metal published financial results for 2022, recording record revenues and growth of +86% year-on-year. The company generated $209 million, of which $60.6 million in the fourth quarter of the year alone. At the same time, the restructuring of employment and consolidation of departments, which began a year ago, is to allow Desktop Metal to save USD 100 million in 2023.

Last year, Desktop Metal announced a strategic partnership with Align Technology – Align’s iTero intraoral scanners will be offered to dentists as a hassle-free managed subscription service with recurring revenue. The company has started deliveries of 3D Production System P-50 printers, signing, among others, framework agreement with one of the largest consumer electronics companies in the world. It also launched a new model of the S-Max Flex 3D printer for sand 3D printing, using Single Pass Jetting technology. It presented FreeFoam – a revolutionary, expandable 3D printing resin designed for the mass production of foam parts. Finally, it launched Figur G15 – the first commercial platform to shape standard sheet metal on demand using patent-pending Digital Sheet Forming (DSF) technology. In total, Desktop Metal boasts of installing 1,100 metal 3D printers.

Despite high revenues of $209.0 million, Desktop Metal generated a net loss of -$740.3 million, including -$498.8 million in goodwill impairment and -$38.7 million in amortization of acquired intangible assets. Non-GAAP net loss was -$130.7 million.

Cash, cash equivalents and short-term investments at the end of 2022 amounted to USD 184.5 million. In 2023, the company expects to generate revenues of USD 210 – 260 million. Expected Adjusted EBITDA of USD (50) to (25) million USD for full year 2023, with the expectation to reach the adjusted EBITDA break-even point before the end of 2023.

Source: www.desktopmetal.com