Revenue up 68% from the first quarter of 2021 to $19.0 million
GAAP gross margin of 12%; non-GAAP gross margin of 25%
Customer adoption momentum as new customers grew 44% sequentially from the first quarter of 2021
Accelerating metal systems shipments, including strong growth across Production System P-1, Shop System, and Studio System 2
Acquired Aerosint, adding multi-material capabilities to AM 2.0 portfolio
Acquired Beacon Bio, adding PhonoGraft biofabrication platform to Desktop Health portfolio
Robust liquidity position with cash, cash equivalents and short-term investments of $514.5 million as of June 30, 2021
Desktop Metal enters into definitive agreement to acquire The ExOne Company
Desktop Metal, Inc. (NYSE: DM) today announced its financial results for the second quarter ended June 30, 2021.
“I’m proud of the team’s performance in the quarter delivering strong revenue growth and meaningfully expanding gross margins as our customer install base continues to grow,” said Ric Fulop, Founder and CEO of Desktop Metal. “We continue to see significant opportunities to gain share in the additive manufacturing market by leveraging our industry leading product portfolio and diversified materials platform. The Company is firing on all cylinders as we make rapid progress delivering on our vision to accelerate the adoption of AM 2.0.”
Second Quarter 2021 and Recent Business Highlights:
Customer adoption momentum as new customers grew 44% sequentially from the first quarter of 2021
Accelerating metal systems shipments, including strong growth across Production System P-1, Shop System, and Studio System 2
Production System P-50 on track to begin shipments in fourth quarter of 2021
Continued material portfolio expansion including cobalt chrome on Shop System, titanium Ti64 on Studio System 2, 4140 low-alloy steel and 316L stainless steel on Production System, and Flexcera Smile and FDA-cleared Flexcera Base on EnvisionTEC platforms
Forust product launch exceeded all expectations with overwhelming demand
Acquired Aerosint, adding multi-material capabilities to AM 2.0 portfolio
Acquired Beacon Bio, adding PhonoGraft biofabrication platform to Desktop Health portfolio
Closed Adaptive3D acquisition, bringing best-in-class elastomers to market alongside our EnvisionTEC platforms like the Xtreme 8K
Grew Desktop Metal team to over 500 employees today, up from 171 employees in August 2020
Second Quarter 2021 Financial Highlights:
Revenue of $19.0 million, up 68% from the first quarter of 2020, and up 767% from the second quarter of 2020
Net loss of $43.2 million, including in-process research and development assets acquired of $10.4 million related to the Beacon Bio acquisition
GAAP gross margin of 12%; non-GAAP gross margin of 25%, up from 5% in the first quarter of 2021
Adjusted EBITDA of $(24.5) million
Strong liquidity position with cash, cash equivalents and short-term investments of $514.5 million as of June 30, 2021
Outlook for Full Year 2021:
Reiterating expectation of over $100 million of revenue for 2021, exiting the year with an annualized revenue run rate of $160 million, excluding the effects of acquiring ExOne
Adjusted EBITDA in the range of $(70)–(80) million, excluding the effects of acquiring ExOne
www.desktopmetal.com
