Industrial 3D printer manufacturerDesktop Metalhas announced a strategic integration and cost optimization initiative that will generate at least $100 million of aggregate cost savings over the next 24 months.
As part of the initiative, the company is planning to lay off around 12% of its global workforce, citing productivity gains as a result of the integration of the businesses it acquired last year.
“In 2021, we demonstrated significant growth, expanding our portfolio of products into new markets and innovative materials,” said Ric Fulop, Founder and CEO of Desktop Metal. “While the acquisitions we completed in 2021 contributed to this growth and to our total market opportunity as we focused initially on harvesting product and go-to-market synergies, they also increased our cost base and global facilities footprint.
“Today’s announcement of our strategic integration and cost optimization initiative is the result of a comprehensive portfolio and business operations review conducted across all functions at Desktop Metal.”
Desktop Metal’s rapid expansion
Since在纽约证券交易所公开in December 2020, Desktop Metal has established a foundation upon which it can “rapidly scale”, Fulop said at the time of announcing the firm’sQ1 2022 financials。
除了扩大其医疗投资组合establishment of its Desktop Healthsubsidiary, and setting up its wood3D printing Forust subsidiary在过去的18个月中，该公司进行了许多收购。该公司购买了DLP系统和材料生产商EnvisionTecin January 2021, which it最近重新命名为ETEC，，，，before捕获树脂供应商Adaptive3D，，，，Recoater系统开发人员Aerosint，，，，andhydraulic and fluid power system developer Aidroa few months later.
In August 2021, Desktop Metal announced it had entered into an agreement toacquire fellow binder jet 3D printer OEM ExOnefor $575 million, a deal that whenapproved in November看到3D打印最大的粘合剂喷气系统制造商合作了两家。
尽管该公司似乎仍然忠于它FY 2022 outlook and making a strong start to the year with a286% revenue rise during Q1 2022，，，，Desktop Metal’s shares nosedived by 65%, potentially reflecting investor response to the firm’s current high rate of cash burn. Operating losses spiraled up to $69.5 million during the period, likely a key contributor to the announcement of the firm’s new cost optimization initiative.
成本优化计划
从本质上讲，桌面金属希望其新的成本优化计划将为盈利能力铺平道路，提供简化的运营结构，合并的全球设施足迹和减少支出，这将支持该公司在未来两年内的持续收入增长。
Broken down, the initiative is expected to result in $40 million of annualized run rate non-GAAP cost savings, $20 million of which will be realized in H2 2022. In total, the initiative will culminate in at least $100 million of aggregate cost savings over the next 24 months.
截至2022年3月31日，该公司的现金超过3.17亿美元，预计成本优化计划将在2023年底完成之前产生1400万美元。据报道，倡议将使该公司处于“ Stong流动性地位”，即使在调整后的EBITDA基础上破裂并为其长期增长轨迹提供资金。
Fulop说：“正如先前的财务业绩概述所述，我们一直致力于确定在维持增长机会的同时确定优化我们的费用结构的机会。”“我们认为，这一倡议是基于2021年下半年开始采取的步骤以整合我们的团队，将桌面金属定位以满足我们的近期和长期财务承诺，并支持我们的盈利道路。”
Reducing global workforce
不过，这项计划的伤亡是桌面金属的全球劳动力，该公司将被12％削减，因为该公司致力于巩固其设施并简化其产品开发计划。该计划的关键部分是使公司及其收购品牌的运营结构保持一致，从而在台式金属公司的公司伞下巩固所有工程，制造，市场，金融，法律，人力资源和客户服务功能。
In particular, the company will focus on prioritizing near-term revenue and margin expansion across high-growth applications with the aim of delivering a “more efficient and effective” operating model. The company announced the impact on its US workforce to its employees yesterday and said it will continue to review international workforce changes.
Fulop补充说：“我们期待将行业领先的创新与纪律处分的成本管理相结合，以推动股东的价值，因为我们继续在十年末获得迅速增长的增材制造市场的两位数份额。”
“We value the dedicated team at Desktop Metal, including our departed colleagues, for all their hard work and contributions towards this goal.”
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Featured image showsDesktop Metal’s new ExOne S-Max Flex 3D printer. Photo via Desktop Metal.
