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Desktop Metal reports FY 2021 revenue of $112.4 million, up 583%

Giant growth due primarily to acquisitions but group integration is coming along well

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Desktop Metal reported the unaudited results for its first full fiscal year since going public. Total revenue for FY 2021 was $112 million: that’s 583% growth from 2020. While the result is without a doubt very impressive, it is of course due to the company’s multiple acquisitions of other more established AM companies such as ExOne and EnvisionTEC (rebranded to ETEC) during the fiscal year. In Q4, revenue amounted to $56.7 million, up 123% sequentially from the third quarter of 2021, and up 577% year-over-year from the fourth quarter of 2020

Ric FulopDesktop Metal reports FY 2021 revenue of $112.4 million, up 583% due primarily to acquisitions but group integration is coming along well
Ric Fulop, Founder and CEO at Desktop Metal, and serial AM industry entrepreneur.

“With record total revenue, organic revenue, and gross margins, the fourth quarter was an exceptional finish to a revolutionary year for Desktop Metal,” said Ric Fulop, CEO and co-founder of Desktop Metal. “We also recently commenced shipments of our flagship Production System P-50, a major milestone for Desktop Metal and the additive manufacturing industry.”

Mr. Fulop continued, “In addition to the team’s achievement on P-50, we’re entering 2022 with considerable tailwinds toward another year of record growth including continued momentum from the best quarter in company history, robust customer demand across our unmatched AM 2.0 solutions portfolio, and favorable market conditions as the additive market inflects. We believe our strategic priorities in 2022 will ensure continued success toward achieving our goal of double-digit share of the over $100 billion additive manufacturing market by the end of the decade.”

Desktop Metal also reported that revenue excluding ExOne amounted to $96.9 million (which is a bit odd, since ExOne used to generate about $60 million yearly, prior to acquisition), still up 488% from 2020 and includes primarily Desktop Metal’s own activities and, primarily, sales of EnvisionTEC products. This is not to diminish what Desktop Metal has achieved: along with launching its own high potential products (the Production and Shop system lines of products), the Group has integrated two companies with solid and well-established technologies, by rebranding EnvisionTEC (to ETEC) and ExOne’s products (now X-Series). This will allow these brands to exploit synergies and also scale their sales and production capabilities. Being part of a public company will also enable the market to follow and assess their progress more accurately and transparently.

Desktop Metal reports FY 2021 revenue of $112.4 million, up 583% due primarily to acquisitions but group integration is coming along well
The new Production System P-50

Organic revenue growth from metal offerings was also up significantly, by 163% from 2020, with GAAP gross margin of 16%; non-GAAP gross margin of 27% and a net loss of $240.3 million, including $56.6 million of changes in fair value of warrant liability and $25.6 million of in-process research and development assets related to acquisitions.

Along with above-mentioned launches of the Production System P-50 and rebranding of X-Series and ETEC, during FY 2021, Desktop Metal also launched the Einstein series of high-precision 3D printers designed for volume production of dental and healthcare parts, the Flexcera Smile Ultra hybrid nanoceramic resin for permanent restorations and one of the strongest dental resins on the market

Desktop metal now expects revenue of approximately $260 million for full FY 2022, representing 131% growth from 2021

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Davide Sher

Since 2002, Davide has built up extensive experience as a technology journalist, market analyst and consultant for the additive manufacturing industry. Born in Milan, Italy, he spent 12 years in the United States, where he completed his studies at SUNY USB. As a journalist covering the tech and videogame industry for over 10 years, he began covering the AM industry in 2013, first as an international journalist and subsequently as a market analyst, focusing on the additive manufacturing industry and relative vertical markets. In 2016 he co-founded London-based 3dpbm. Today the company publishes the leading news and insights websites 3D Printing Media Network and Replicatore, as well as 3D Printing Business Directory, the largest global directory of companies in the additive manufacturing industry.

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