Welcome to our dedicated page for Desktop Metal news (Ticker: DM), a resource for investors and traders seeking the latest updates and insights on Desktop Metal stock.
Desktop Metal, Inc. (DM) is revolutionizing the way design and manufacturing teams produce metal parts, covering the entire process from prototyping to mass production. The company leverages advancements in materials science, hardware and software engineering, and design to provide an innovative 3D printing solution for both metal and carbon fiber. This accessibility allows engineers, designers, and manufacturers to efficiently create complex parts.
Founded with a strong vision and supported by significant investments amounting to $212 million from industry leaders like Google, BMW, Lowe’s, and Kleiner Perkins Caufield & Byers, Desktop Metal has established itself as a frontrunner in the 3D printing industry. In recognition of its potential and innovative approach, the company was listed among the world’s 30 most promising technology pioneers by the World Economic Forum in 2017 and was also included in MIT Technology Review’s list of the 50 smartest companies.
Headquartered just outside of Boston, Desktop Metal is on a mission to assemble a team of experts. The company actively seeks curious and driven engineers, scientists, and designers to push the boundaries of what's possible in additive manufacturing.
Desktop Metal's 3D printing technologies are pivotal in the design and development of automotive parts, consumer goods, industrial equipment, and mechanical systems. Their products are shipped globally, covering markets in the Americas, Europe Middle East and Africa (EMEA), and Asia Pacific (APAC), with the Americas being their largest revenue source.
Continuously striving for excellence, the company has made significant strides in the healthcare sector through Desktop Health, showcasing their versatile and expansive application of 3D printing technology.
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.
Desktop Metal (NYSE: DM) reported third quarter 2022 revenue of $47.1 million, marking an 85% increase from $25.4 million in Q3 2021. The company announced a strategic collaboration with Align Technology to enhance digital dentistry solutions and initiated a cost optimization initiative to drive margin expansion. Despite progress, the company faced macroeconomic challenges that led to delayed customer purchases, resulting in a GAAP net loss of $60.8 million. Looking forward, revenue for Q4 2022 is expected between $51 million and $62 million.
Align Technology and Desktop Metal have announced a strategic collaboration to enhance digital restorative dentistry. Align will supply its iTero Element™ Flex intraoral scanners to Desktop Labs, connecting general dentists with a premium lab network in the U.S. This exclusive partnership aims to streamline workflow and improve patient care by enabling dentists to perform full arch scans and send files directly to labs. The collaboration reflects Align's commitment to advancing digital dentistry and improving treatment efficiencies.
Align Technology and Desktop Metal have announced a strategic collaboration to integrate iTero Element Flex intraoral scanners into the Align Digital Platform. This partnership aims to enhance digital restorative dentistry by connecting general dentist locations with Desktop Labs' extensive lab network. The iTero scanner will facilitate better workflows for dentists, enabling efficient communication with labs and quicker patient evaluations. The collaboration signifies a substantial step toward advancing digital dentistry and improving patient care.
Desktop Metal, a leader in additive manufacturing, launched Desktop Labs, a digital network connecting dental practices with premium dental laboratories. This integrated technology will streamline workflows, enabling dentists to transition to digital dentistry using the iTero Element™ Flex scanners. With a customer base exceeding 12,000 practices, Desktop Labs aims to improve efficiency, reduce turnaround times, and enhance patient experiences. The initiative reflects Desktop Metal's commitment to transforming dental practices through advanced manufacturing solutions.
Desktop Metal (NYSE: DM) has appointed Jason Cole as CFO, bolstering its leadership team with over 20 years of finance and technology expertise. Previously, Cole was CFO at Analog Devices, focusing on global finance operations and M&A. His appointment comes after an extensive search, highlighting his capability to lead Desktop Metal’s next-generation financial platform and support its profitable hyper-growth strategy. Jeff Christian, CEO of Christian & Timbers, emphasized Cole's experience in driving efficient growth, positioning him as a strong asset for the company.
Desktop Metal (NYSE: DM) has announced the global launch of the Shop System Forust Edition, the first 3D printing system to utilize upcycled sawdust for producing functional wood parts. The system, which builds upon the successful Shop System platform, is equipped with Fabricate MFG software and features advanced binder jetting technology for high-speed production. The Forust Edition is ideal for architects and manufacturers, allowing for the creation of custom wood designs suitable for various applications. The printer will be showcased at Formnext 2022 in Frankfurt, Germany from Nov. 15-18.
Desktop Metal (NYSE: DM) announces the appointment of Jason Cole as Chief Financial Officer, effective November 10. Cole, who has 18 years of experience at Analog Devices, will report to CEO Ric Fulop. His expertise in M&A integration and operational efficiency is expected to drive revenue growth and profitability. Cole holds a B.S. from Bentley University and an MBA from Cornell University. Current CFO, James Haley, will transition to an advisory role. This leadership change is aimed at enhancing the company's position in Additive Manufacturing 2.0.
Desktop Metal, Inc. (NYSE: DM) will report its financial results for the third quarter ending September 30, 2022, after market close on November 9, 2022. A conference call is scheduled for the same day at 4:30 p.m. ET, which can be accessed via phone or online. Desktop Metal, recognized for its innovative 3D printing solutions, aims to transform manufacturing by addressing challenges in speed, cost, and quality. Further details, including a summary presentation, will be available on their Investor Relations website.
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