Desktop Metalhas entered into a definitive agreement to acquire fellow binder jet 3D printer manufacturerExone。
在预计将在第4季度最终确定的交易中，桌面金属将向Exone股东支付1.92亿美元现金和3.83亿美元的股票，以5.75亿美元的价格估值。根据Exone首席执行官John Hartner的说法，对于台式金属，该协议认为它获得了其主要的粘合剂喷射竞争对手之一，该交易还可以通过推动该技术更广泛的采用来证明对该行业有益。
由于投资者遇到了收购的风，桌面金属的股票下跌了6％，尽管预计它们在清晨交易中收回了2％，而Exone的股票下跌了5％，但预计也将上涨35％的前市场。
“I’m very excited about this combination, which I believe will dramatically accelerate the adoption of production metal additive manufacturing,” explained Hartner. “This combination brings together two of the industry’s leaders, that combined, will solve customers’ challenges faster and bring the reality of production metal additive forward by years.”
A binder jetting convergence
Desktop Metal对ExOne的收购使3D打印最大的粘合剂喷气系统制造商中有两个合作，以建立更广泛的投资组合，可以更好地满足客户的需求。实际上，桌面金属打算通过完全控制其竞争对手，支付8.50美元的现金和17.00美元的股票来实现这一目标，以股东股东以每股25.50美元的价格估价该公司。
该价格因素在2021年8月11日的股票收盘价溢价47.6％，其收购倍数为6.4 x 2021，其共识收入估算值为6.4 x 2021。此举还受到“项圈机制”的约束，该机制将看到授予的桌面金属股票的价值基于“加权平均价格”，这意味着它可以投降3950万股至4,830万股。
一旦完成，该交易将设定为桌面金属股东保留了公司股票的85-88％，Exone的支持者持有剩余的12-15％。尽管这一举动已获得Exone董事会的批准，但它仍然得到其股东的批准，以及对习惯关闭条件的满意。
In terms of the deal’s wider impact, Desktop Metal CEO Ric Fulop said on the firm’s earnings call, that he expects it to help “increase the penetration of binder jetting,” by enabling both companies to pool their materials, reduce any overlap and harness the synergies between their technologies, to make their offering more attractive to large-volume clients.
Fulop说：“将像Exone这样的公司纳入像桌面金属这样的富裕企业，有助于[驱动]大型公司采用技术，这些公司希望在非常非常大的计划上做出决策。”“他们现在可以对大型技术团队背后的资产负债表和资源更加自信。它[交易]应该加速整个粘合剂喷射。”
Desktop Metal’s Q2 2021 results
除了宣布其Exone收购之外，桌面金属还发布了其第二季度的2021年财务，表明它的收入为1900万美元。该数字代表于第二季度2020年报告的220万美元增长764％，并反映了该公司产品组合的迅速扩张went public on the NYSEin December last year.
The company reports its revenue across ‘Products’ and ‘Services’ divisions, with the former being its primary source of income. During Q2 2021, Desktop Metal’s Products brought in $17.5 million, a 70% rise on the $10.3 million reported in Q1 2021, while its Services segment grew steadily from $1 million to $1.4 million over the same period.
在公司的收益电话中，Fulop将其快速收入增长归因于其客户安装基础的增加，该基础在第1季度至2221年之间增长了44％。Fulop还引用了该公司的强劲表现Shop Systemand工作室系统2sales for its rising income, before adding that its P-50 machine should begin shipping in Q4 2021, further bolstering its Product sales numbers.
| DM收入（$） | Q2 2020 | Q2 2021 | 不同之处 （％） | Q1 2021 | Q2 2021 | 不同之处 （％） |
| Products | 1.5m | 17.5m | +1100 | 103m | 17.5m | +70 |
| 服务 | 0。7m | 1.4m | +100 | 1m | 1.4m | +40 |
| Total | 2.2m | 19m | +764 | 11.3m | 19m | +68 |
同样，桌面金属在过去六个月中投入了大量投资，以扩大其医疗投资组合，首先建立桌面健康， 然后获取Beacon Bio以及其“ Phonogropt”生物打印技术。尽管目前尚不清楚该公司的临床组合迄今为止产生了多少收入，但Fulop坚持认为，它最终将“补充其工业业务并加速增长”。
在第二季度2021年，该公司还建立了木材3D printing Forust subsidiary据富洛普（Fulop）称，“经历了压倒性的需求”，他认为这项技术与Exone的大型系统具有潜在的协同作用。
在其他地方，桌面金属的扩展已经看到了acquire EnvisionTEC for $300 million, andbuy up Adaptive3D同样，在一项策略中，它在H1 2021期间提高了3.88亿美元的投资账单，但该公司的CFO James Haley表示，它“剩下很多干粉”，以继续采取这种方法前进。
海莉说：“我们完成了第2季度的现金，现金同等和短期投资的北部，因此我们的资本丰富。”“随着我们继续发展和扩展业务，我们正在通过现金燃烧，并查看未来几年收益的机会。但是，我们对自己所处的位置感到非常满意，并且不预见到任何跑道问题。”
Exone的第二季度2021财务
Conveniently, ExOne has also published its Q2 2021 financials at the same time, providing Desktop Metal with the ideal opportunity to size-up the potential of its prospective purchase. At first glance, the firm is being bought at an ideal time, given that it reported the highest backlog in its history during Q2 2021, in addition to record revenue of $18.9 million.
This figure represents a 69% rise on the $11 million ExOne generated in Q2 2020, and a 24% increase compared to the $15.3 million it brought in during a pre-COVID Q2 2019. On a joint earnings call with Desktop Metal’s Fulop, Hartner explained that the firm’s revenue jump was the result of rising 3D printing machine sales from recurring clientele, which in turn, was fuelled by its broadened material portfolio.
地理上,Hartner补充说,ExOne的企业s grew in all regions during Q2 2021, but its demand was particularly strong from Asian and American markets, where it grew 92% year-on-year. Over the same period, the company’s backlog rose 27% to $49 million as well, thus Desktop Metal effectively stands to inherit some of the revenue from these orders, once its acquisition is completed in Q4 2021.
| ExoneRevenue ($) | Q2 2020 | Q2 2021 | 不同之处 （％） | Q2 2019 | Q2 2021 | 不同之处 （％） |
| 3D Printing Machines | 4.9m | 10.5m | +114 | 9.3m | 10.5m | +13 |
| 其他产品，材料和服务 | 6.2m | 83m | +34 | 6m | 83m | +55 |
| Total | 11m | 189m | +69 | 153m | 189m | +24 |
Additionally, ExOne has been on somewhat of an expansion drive itself over the last six months,acquiring the ‘AMClad’ assetsof新生3D，目的是为全球航空客户扩展技术，并启动其金属DesignLab 3D打印机, as part of a deal that provided it with first refusal over any futureRapidiatakeover.
The firm has also worked with福特到develop anew aluminum binder jetting process, andcelwise到3D print tooling out of wood-based materials, both technologies which should now be added to Desktop Metal’s portfolio in Q4.
在未来的收入方面，海莉（Haley）在盈利电话中结束了自己的一部分，说桌面金属将为2021财年产生“超过1亿美元”，同时实现连续的季度增长。尽管这一数字不包括收购Exone的影响，但分析师在电话中表明，两家公司的总收入可能在2021财年的1.72亿美元上升，到2022财年上涨至3亿美元。
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Featured image shows a 3D printed ExOne logo on display at one of the company’s facilities. Photo via ExOne.
