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Desktop Metal Announces Major Contract with the U.S. Department of Veterans Affairs for Variety of 3D Printed FreeFoam™ Products
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Rhea-AI Summary
Desktop Metal has secured a multimillion-dollar, three-year contract with the Veterans Health Administration to develop and manufacture 3D printed healthcare products using their innovative FreeFoam material. The initial contract is worth $2 million, with potential growth to $7 million based on successful project phases. FreeFoam allows products to be compactly shipped and expanded on-demand, enhancing logistics and reducing storage costs. This project supports the VA's aim to utilize advanced manufacturing for improved healthcare services.
Positive
Contract awarded by the VA worth $2 million, potentially increasing to $7 million.
Introduction of FreeFoam material that minimizes storage needs and enhances logistics.
Innovative 3D printing technology supports decentralized manufacturing in healthcare.
Negative
None.
Multimillion-dollar contract awarded by the VA supports the development, testing and manufacturing of seat cushions, mattresses, and patient positioning devices, such as splints, that will also enable the VA to “make products at a fraction of their final size, minimizing storage and warehouse needs”
FreeFoam is a revolutionary new family of photopolymer resins from Desktop Metal containing heat-activated foaming agents that are 3D printed with Digital Light Processing (DLP). After printing, FreeFoam parts are briefly put into an oven where the foaming agent creates closed cells inside the material in a tightly controlled process
This innovative material can be programmed to expand a specific amount between 2 to 7 times its original printed size – allowing FreeFoam parts to be shipped in a compact form and expanded on-demand in an oven close to the final point of use or assembly, saving shipping and inventory expenses
The VA contract notes the project involves a new form of manufacturing that will drive “innovations in both logistics and volume-based manufacturing at the point of care”
BOSTON--(BUSINESS WIRE)--
Desktop Metal, Inc. (NYSE: DM), a global leader in additive manufacturing technologies for mass production, today announced a three-year, multimillion-dollar contract with the Veterans Health Administration to develop, test, and manufacture a variety of 3D printed healthcare products with a revolutionary new FreeFoam™ material.
Under a contract with the Veterans Health Administration, Desktop Metal will develop, test, and manufacture a variety of 3D printed healthcare products with a revolutionary new FreeFoam™ material. Shown here, FreeFoam parts can be 3D printed at a fraction of their final desired size and expanded when ready for use, minimizing storage and warehouse needs and allowing for custom foam products. (Photo: Business Wire)
FreeFoam is currently being printed exclusively on the ETEC Xtreme 8K top-down DLP printing system, with broad commercial availability slated for 2023. ETEC is Desktop Metal’s industrial polymer brand.
The VA will receive an Xtreme 8K, as well as a variety of other equipment, in addition to development and design support for the project. The initial contract award, for $2 million, has the potential to grow to $7 million after successful phase-gate deliveries.
“Desktop Metal is proud to partner with the Veterans Health Administration on this visionary project to advance health care, logistics, and decentralized manufacturing with our new 3D printing technology at production volumes,” said Ric Fulop, Founder and CEO of Desktop Metal. “Our team is passionate about using Additive Manufacturing 2.0 technology such as our ETEC Xtreme 8K and FreeFoam material to transform the way manufacturing is done to deliver all-new benefits at scale.”
The project is part of a strategic effort by the Office of Advanced Manufacturing (OAM) within the Veterans Health Administration (VHA) to guide the utilization of advanced manufacturing (AM) technologies, like 3D printing, in health care applications. OAM is building digital and physical infrastructure to bring medical device innovation and manufacturing back onto VA soil, so that Veterans are first in line to receive innovative products and services. OAM is currently focused on expanding product lines available to Veterans and is building a portfolio of technology capabilities to support this work. This requires investment into equipment, materials and research and development activities that align with OAM’s mission to advance point of care manufacturing to benefit Veterans’ health.
About Desktop Metal
Desktop Metal, Inc., based in Burlington, Massachusetts, is accelerating the transformation of manufacturing with an expansive portfolio of 3D printing solutions, from rapid prototyping to mass production. Founded in 2015 by leaders in advanced manufacturing, metallurgy, and robotics, the company is addressing the unmet challenges of speed, cost, and quality to make additive manufacturing an essential tool for engineers and manufacturers around the world. Desktop Metal was selected as one of the world’s 30 most promising Technology Pioneers by the World Economic Forum and named to MIT Technology Review’s list of 50 Smartest Companies. For more information, visit www.desktopmetal.com.
Forward-looking Statements
This press release contains certain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks, uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to, the risks and uncertainties set forth in Desktop Metal, Inc.'s filings with the U.S. Securities and Exchange Commission. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Desktop Metal, Inc. assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.
What is the value of Desktop Metal's contract with the VA?
Desktop Metal's contract with the Veterans Health Administration is initially valued at $2 million, with potential growth to $7 million.
What is FreeFoam and how does it benefit Desktop Metal's contract with the VA?
FreeFoam is a new family of 3D printable materials that allows for compact shipping and on-demand expansion, improving logistics and reducing storage costs for healthcare products.
How long is the contract between Desktop Metal and the VA?
The contract is for three years.
What types of products are being developed under the VA contract?
The contract involves developing 3D printed healthcare products such as seat cushions and positioning devices.
What manufacturing technology is being utilized in the VA contract?
The project employs advanced 3D printing technology through Desktop Metal's ETEC Xtreme 8K and FreeFoam material.
