Larry Dignan
for Between the Lines
| November 15, 2021
| Topic: 3D Printing
Desktop Metal’s third quarter showed strong revenue growth but fell short of expectations. The 3D printing company said it was optimistic it would begin to scale at a rapid clip.
The company reported third quarter revenue of $25.4 million, up 907% from a year ago, with a net loss of $66.9 million. Wall Street was looking for a third quarter net loss of $30 million on revenue of $27.1 million.
Also: The best 3D printers in 2021: Expert reviews of top brands
Desktop Metal has been acquiring companies to grow since it went public via a special purpose acquisition corporation (SPAC) deal. Desktop Metal recently closed its ExOne acquisition and acquired Meta Additive and Aidro.
Ric Fulop, CEO of Desktop Metal, said the company’s core metals business was strong. Fulop said the company was bullish on demand for the Production System P-50, which will ship in the fourth quarter.
Nevertheless, Desktop Metal remains a work in progress. Fulop said the company is “extremely well positioned” entering its second year as a public company. The company needs to integrate ExOne along with other purchases, scale its P-50 system, and develop Desktop Health, which focuses on dental and biofabrication parts.
Also: Desktop Metal forms Desktop Health, aims to expand into healthcare
For 2021, Desktop Metal said revenue will be between $92 million to $102 million excluding ExOne. Adjusted EBITDA will be a loss of $80 million to $90 million excluding ExOne.
Desktop Metal’s CEO on future of additive manufacturing, going public via SPAC
Watch Now
Tech Earnings
Rackspace posts solid Q3, signs large deal in Q4
Desktop Metal Q3 revenue light, aims to scale its 3D printing systems
Opendoor shares surge 21%: ‘We’re very good at this,’ says CFO
Fiverr beats Wall Street estimates, brings in $74.3 million in Q3
Coinbase posts lower-than-expected Q3 earnings, profits up nearly 400% from last year
Palantir sees Q4, 2021 revenue ahead of expectations
Broadcom beats Wall Street expectations for Q3, touts success with Fortune 500 ties
PayPal adds 13.3 million new accounts in Q3, reports revenue of $6.18 billion
Hardware
|
Innovation
|
Digital Transformation
|
Reviews
|
Printers