Desktop Metal, Inc. - DM STOCK NEWS

Desktop Metal (NYSE: DM) has successfully qualified 304L stainless steel for use on its Shop System™ binder jet printer, alongside other materials including 17-4PH and 316L. This material is recognized for its high tensile strength and corrosion resistance, making it suitable for applications in food processing and the energy sector. The collaboration with CETIM focuses on developing 304L for critical parts, enhancing production efficiency by reducing lead times and costs. The addition of 304L marks the fifth material qualified for printing on the Shop System, expanding options for manufacturers.

Desktop Metal (NYSE: DM) has launched Live Suite, a comprehensive software package designed for users of its 3D printing systems, enhancing build preparation and management in a single cloud-based hub. The suite includes tools such as Live Sinter, a simulation software that utilizes advanced algorithms for precise 3D printing of metal and polymers. By integrating this package with its existing hardware, Desktop Metal aims to streamline user experience while eliminating additional software costs. CEO Ric Fulop emphasized the software’s role in making additive manufacturing accessible and intuitive, promising high-quality results and a user-friendly interface.

Desktop Metal reported record revenue of $60.6 million for the fourth quarter of 2022, reflecting a 6.8% increase year-over-year, and full-year revenue of $209.0 million, up 86.0% from 2021. The company aims for 2023 revenue between $210 million and $260 million while targeting $100 million in annualized cost savings. Despite a GAAP net loss of $312.4 million in Q4 and a full-year loss of $740.3 million, Desktop Metal emphasizes a focus on profitability and growth, including a strategic collaboration with Align Technology for digital dentistry solutions.

Desktop Metal (NYSE: DM) will release its financial results for Q4 and full-year 2022 on March 1, 2023, after the market closes. A summary presentation will be available on their Investor Relations website. A conference call will follow at 4:30 p.m. ET, accessible at 1-877-407-4018 (or 1-201-689-8471 for international callers). This call will include discussions on the financial results and a simultaneous webcast will also occur. Desktop Metal is a leader in Additive Manufacturing 2.0, offering advanced 3D printing technologies for metal, polymer, and more, aimed at improving production efficiency.

Desktop Health has launched the Einstein Pro XL, a production-grade 3D printer tailored for dental labs and medical device manufacturers. Priced under $40,000, it features HyperPrint™ technology, allowing speed enhancements, capable of printing over 330 crowns in just 30 minutes. The printer's unique capability to handle Flexcera Smile Ultra+, an FDA-cleared material for durable dental restorations, sets it apart. The Einstein Pro XL will be showcased at LMT Lab Day in Chicago and the International Dental Show in Cologne, Germany, in February and March 2023, respectively.

Desktop Metal (NYSE: DM) announced a new cost-reduction initiative aimed at achieving $100 million in annual savings by 2023, building on a previous goal of $50 million established in June 2022. The plan involves consolidating four facilities in the U.S. and a workforce reduction of approximately 15%. The restructuring is expected to enhance profit margins, lower costs of goods sold, and operational expenses, positioning Desktop Metal as a leader in Additive Manufacturing 2.0. CEO Ric Fulop emphasized the importance of these actions for driving profitability and ensuring agility within the organization.

Desktop Metal announced the installation of over 1,100 3D printing systems globally, highlighting the rapid adoption of its binder jet technology. The company offers 30 metal alloys for its printing systems, showcasing flexibility in manufacturing. An open house is scheduled for January 25 to demonstrate the high-speed Production System P-50, which is recognized as the fastest binder jet metal 3D printer. The company aims to enhance mass production capabilities while addressing challenges in speed, cost, and quality in additive manufacturing.

Desktop Metal (NYSE: DM) has secured a $9 million order from a major German automaker for binder jet additive manufacturing systems designed for mass production of powertrain components. This order marks the second from this automaker in under a year, totaling $16.9 million in system orders for a popular vehicle line. CEO Ric Fulop emphasized the growth of the additive manufacturing industry and the company's collaboration with global automotive OEMs to revolutionize production methods.

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.