Nano Dimension Mergers and Acquisitions Presentation Deck
Desktop Metal has a Track Record of Failing to Meet Projections and
Destroying Shareholder Value
Desktop Metal has underperformed on targets it presented to investors in the August 2020 de-SPAC presentation
Observations
Acquisitions used to mask weak
underlying organic performance
Gross margin remains
significantly below guidance
Burning cash at a rate more than
17x estimates
Desktop Metal 2020
de-SPAC Presentation
$166 million
2022E Organic Revenue
Estimate Per 2020 de-SPAC
Presentation
42.3%
2022E Gross Margin Estimate
Per 2020 de-SPAC Presentation
($11) million
2022E Free Cash Flow Estimate
Per 2020 de-SPAC
Presentation (2)(3)
2022 Results
$49 million
Estimated 2022
Organic Revenue(1)
7.2%
2022A
Gross Margin
($193) million
2022A
Free Cash Flow(2)
Source: Desktop Metal SEC filings, Equity research, Desktop Metal Investor Presentation
Note: (1) Based on William Blair estimates, Desktop Metal acquired -$150mm annual revenue between ExOne, EnvisionTEC and Dental Arts Labs, and another -$10mm of revenue from several smaller acquisitions during 2021, leading to
organic revenue estimated at $49mm for 2022A; (2) Free Cash Flow equals Cash Flow from Operations less Capital Expenditures; (3) Not inclusive of estimated public company-related costs of approximately $6 million per year
NANODIMENSION
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