BOSTON–(BUSINESS WIRE)–Desktop Metal, Inc. (NYSE: DM), a global leader in Additive Manufacturing 2.0 technologies for mass production, today announced its financial results for the first quarter ended March 31, 2024.
“We started 2024 on a solid foot, despite persistent challenges across the capital investment backdrop, which has been a headwind to our overall demand function. The DM team has shown a continued ability to improve operational performance as we decrease our operating expenses for the ninth consecutive quarter,” said Ric Fulop, Founder and CEO of Desktop Metal.
“We are continuing to see strong demand for our production binder jet systems that produce metal, sand and ceramic parts, as well as a constructive environment for the value of Additive Manufacturing 2.0 systems. Looking ahead to the balance of 2024, we are confident in achieving positive adjusted EBITDA in the second half of 2024. Given our strategic cost-outs, we expect strong leverage as sales growth returns.”
First Quarter 2024 Recent Business Highlights:
Corporate
- Continued execution of cost reduction plans with expectation of positive adjusted EBITDA in the second half of 2024
Product Performance
- Desktop Health launches ScanUp™ digital dentistry adoption subscription program to modernize dental practice efficiency and patient care
- Desktop Metal and Evonik expand partnership, announce qualification of INFINAM® ST 6100 L on large format Additive Manufacturing 2.0 systems for high-performance, high-temperature products
- Desktop Health™ announces Flexcera™ Base Ultra+ dental resin for stronger, more comfortable 3D Printed dentures
First Quarter 2024 Financial Highlights
- Revenue of $40.6 million, down from $41.3 million in the same quarter a year ago.
- GAAP gross margin of (5.4)%; Non-GAAP gross margin of 30.5%, a year-over-year improvement of 69.9%. GAAP gross margins impacted by one-time noncash charges related to accelerated amortization and depreciation on certain intangible and fixed assets
- 1Q 2024 net loss of $(52.1) million, impacted by one-time noncash charges related to accelerated amortization and depreciation on certain intangible and fixed assets
- Adjusted EBITDA of $(13.6) million, a year-over-year improvement of 44.3%
- Cash, cash equivalents, and short-term investments closed first quarter 2024 at $66.3 million, as rate of cash consumption declined 47% compared to the same year-ago quarter
Financial Outlook
Reaffirm 2024 full year guidance of:
- Revenue expectation of between $175 million to $215 million for 2024
- Adjusted EBITDA of between $(30) million to $(10) million for full-year 2024
Desktop Metal has not provided a reconciliation of its Adjusted EBITDA outlook to net income because estimates of all of the reconciling items cannot be provided without unreasonable efforts. See “Non-GAAP Financial Information.”
About Desktop Metal:
Desktop Metal (NYSE:DM) is driving Additive Manufacturing 2.0, a new era of on-demand, digital mass production of industrial, medical, and consumer products. Our innovative 3D printers, materials, and software deliver the speed, cost, and part quality required for this transformation. We’re the original inventors and world leaders of the 3D printing methods we believe will empower this shift, binder jetting and digital light processing. Today, our systems print metal, polymer, sand and other ceramics, as well as foam and recycled wood. Manufacturers use our technology worldwide to save time and money, reduce waste, increase flexibility, and produce designs that solve the world’s toughest problems and enable once-impossible innovations. Learn more about Desktop Metal and our #TeamDM brands at www.desktopmetal.com.
