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OFFON

DESKTOP METAL, INC.

(DM)
  Report
Delayed Quote. Delayed Nyse - 06/11 04:10:00 pm
12.96 USD   +0.78%
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Desktop Metal : Fourth Quarter and Full Year 2020 Financial Results Conference Call

03/17/2021 | 08:46am EDT

Fourth Quarter and Full Year 2020 Investor

Presentation

March 15, 2021

Disclaimers

Cautionary Note Regarding Forward-Looking Statements

Desktop Metal, Inc.'s fourth quarter 2020 earnings press release and schedules, earnings presentation, conference call webcast and related communications contain forward-looking statements within the meaning of

Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical facts contained in these communications, including statements regarding Desktop Metal's future results of operations and financial position, financial targets, business strategy, plans and objectives for future operations, are forward-looking statements. These statements involve known and unknown risks, uncertainties and other important factors that may cause actual results, performance or achievements to be materially different from any future results, performance or achievements expressed or implied by the forward-looking statements. In some cases, you can identify forward-looking statements by terms such as "may," "will," "should," "expect," "plan,"

"anticipate," "could," "intend," "target," "project," "contemplate," "believe," "estimate," "predict," "potential" or "continue" or the negative of these terms or other similar expressions. The forward-looking statements in this communication are only predictions. Desktop Metal has based these forward-looking statements on current information and management's current expectations and beliefs. These forward-looking statements speak only as of the date of this communication and are subject to a number of significant risks and uncertainties, including, without limitation, risks associated with our newly-launched Desktop Health business and the extensive regulatory schemes to which it may be subject. For additional information about other risks and uncertainties of Desktop Metal's business, financial condition, results of operations and prospects generally, please refer to Desktop Metal's reports filed with the Securities Exchange Commission ("SEC"), including without limitation the "Risk Factors" and/or other information included in the Forms 8-K and 10-K filed with the SEC on March 15, 2021, the S-1 Registration Statement filed with the SEC on December 23, 2020, as amended, and such other reports as Desktop Metal has filed or may file with the SEC from time to time. Although we believe that expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, performance, or achievements. The events and circumstances reflected in our forward-looking statements may not be achieved or occur, and actual results could differ materially from those projected in the forward-looking statements. Moreover, we operate in an evolving environment. New risk factors and uncertainties may emerge from time to time, and it is not possible for management to predict all risk factors and uncertainties. As a result of these factors, we cannot assure you that the forward-looking statements in these communications will prove to be accurate. Except as required by applicable law, we do not plan to publicly update or revise any forward-looking statements contained herein, whether as a result of any new information, future events, changed circumstances, or otherwise. We qualify all of our forward-looking statements by these cautionary statements.

Non-GAAP Financial Information

This presentation contains non-GAAP financial measures, including EBITDA and Adjusted EBITDA. EBITDA is GAAP net income (loss) excluding interest, income taxes and depreciation and amortization expense. Adjusted EBITDA is EBITDA excluding stock-based compensation and warrant expenses. In addition to Desktop Metal's results determined in accordance with GAAP, Desktop Metal's management uses this non-GAAP financial information to evaluate the Company's ongoing operations and for internal planning and forecasting purposes. We believe that this non-GAAP financial information, when taken collectively, may be helpful to investors in assessing Desktop Metal's operating performance.

We believe that the use of EBITDA and Adjusted EBITDA provides an additional tool for investors to use in evaluating ongoing operating results and trends because it eliminates the effect of financing, capital expenditures, and non-cash expenses such as stock-based compensation and warrants and provides investors with a means to compare Desktop Metal's financial measures with those of comparable companies, which may present similar non-GAAP financial measures to investors. However, investors should be aware that when evaluating EBITDA and Adjusted EBITDA, we may incur future expenses similar to those excluded when calculating these measures. In addition, our presentation of these measures should not be construed as an inference that our future results will be unaffected by unusual or non-recurring items. Our computation of these measures, especially Adjusted EBITDA, may not be comparable to other similarly titled measures computed by other companies because not all companies calculate these measures in the same fashion.

Because of these limitations, EBITDA and Adjusted EBITDA should not be considered in isolation or as a substitute for performance measures calculated in accordance with GAAP. We compensate for these limitations by relying primarily on our GAAP results and using EBITDA and Adjusted EBITDA on a supplemental basis. Investors should review the reconciliation of net loss to EBITDA and Adjusted EBITDA and not rely on any single financial measure to evaluate our business.

Desktop Metal investment highlights

  • 04 Compelling economics & financial profile:

    • AM market estimated to grow > 11x from $12B to $146B by 2030(1), propelled by a shift from prototyping to mass production applications

    • Strong, long-term secular tailwinds around onshoring and supply chain flexibility

    • Mass production solutions with speeds up to 100x those of legacy technologies(2) and a comprehensive product portfolio across polymers, metals, composites, and biocompatible resins including 190+ qualified materials

    • Defensible, technology platform including printers, software, and materials with 260+ patents issued & pending

    • Prolific, global distribution in 68 countries with 200+ channel partners

    • Combination of horizontal and vertical focus caters to array of industries - healthcare and dental, automotive, aerospace, consumer products, and oil & gas

    • High-margin recurring revenue streams including consumables and services drive multiple of revenue and gross profit after initial sale

    • Gross margin improvements and operating leverage drive profitability over time

    • Robust liquidity position provides opportunity to accelerate growth

    • Capture growing share of final part value by focusing on building parts business focused on killer apps on top of a differentiated printers and materials technology infrastructure

    • 1. Source: Wohlers Report 2020 (2000 actuals - 2029 forecast); 2030 figure based on management calculations.

    • 2. Based on published speeds of binder jetting and laser powder bed fusion systems comparable to the Production System™ available as of August 25, 2020 and using comparable materials and processing parameters.

A small percentage of the spend in a program goes to prototypes, tooling and jigs & fixtures

This is an excerpt of the original content. To continue reading it, access the original document here.

Disclaimer

Desktop Metal Inc. published this content on 15 March 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 March 2021 13:17:02 UTC.


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Financials (USD)
Sales 2021 102 M - -
Net income 2021 -76,8 M - -
Net cash 2021 704 M - -
P/E ratio 2021 -39,3x
Yield 2021 -
Capitalization 3 312 M 3 312 M -
EV / Sales 2021 25,6x
EV / Sales 2022 13,4x
Nbr of Employees 202
Free-Float 77,3%
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Technical analysis trends DESKTOP METAL, INC.
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Income Statement Evolution
Consensus
Sell
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Mean consensus OUTPERFORM
Number of Analysts 5
Average target price 17,00 $
Last Close Price 12,96 $
Spread / Highest target 69,8%
Spread / Average Target 31,2%
Spread / Lowest Target -15,1%
EPS Revisions
Managers and Directors
NameTitle
Ric Fulop Chairman & Chief Executive Officer
Steve Billow President
James Haley Chief Financial Officer & Treasurer
Jonah Myerberg Chief Technology Officer
Bilal Zuberi Independent Director
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