Manufacturing. Accelerated. slide image

Manufacturing. Accelerated.

Select peers operational benchmarking Advanced manufacturing Tech-enabled industrials 87% 71% CY'19A- CY'21E Revenue CAGR CY'21E 19-21E 21-25E AM average: 3% 16% 16% 15% 12% 7% 5% 1% 3% 94% AM average: 52% Gross margin 53% 54% 53% 51% CY'21E EBITDA margin(2) 2024E 2025E 28% 23% AM average: 19% 36% 25% 13% TE average: 9% Legacy AM LAM average: (9%) Overall average (1): 8% (3%) (7%) (10%) TE average: 69% 76% 76% 75% 61% 18% 49% N.A. 32% 30% 25% LAM average: 46% Overall average (1): 65% 49% 35% 43% TE average: 31% LAM average: 10% Overall average (1): 29% 29% 11% 9% 2024E 2025E UNIVERSAL DISPLAY CORPORATION PROTOLABS materialise A AUTODESK AXON Manufacturing. Accelerated. ptc COGNEX RENISHAW. AMETEK® stratasys 3D SYSTEMS D Desktop Metal innovators you can count on 1. Overall average excludes Legacy AM players. D Desktop Metal 2. Presented financial data not inclusive of estimated public company-related costs of approximately $6M per year. 3. Source: Desktop Metal projections based on management estimates; peer projections based on company filings and FactSet as of August 25, 2020. 34 4. Peers are ordered in descending CY'19A — CY'21E revenue CAGR. 5. N.A. denotes "not available" due to limited disclosure on broker estimates.
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