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Home/Trends 2023/Desktop Metal to lay off 160 staff, WSJ reports
Financial ReportsMoney & FundingTrends 2023


DESKTOP METAL TO LAY OFF 160 STAFF, WSJ REPORTS

VoxelMattersJune 14, 2022
1 minute read
Desktop Metal's Production System based on its Single Pass Jetting technology
Stay up to date with everything that is happening in the wonderful world of AM
via our LinkedIn community.

According to a story that we first saw on MarketWatch, authored by WSJ
journalist Will Feuer, production AM hardware manufacturer Desktop Metal will
lay off 160 staff, which is about 12% of its current workforce, as it seeks to
control costs after a string of acquisitions last year.

While Desktop Metal acquired several young startups (Aerosint, Meta Additive,
Forust) and smaller strategic companies (Aidro) to further develop their
technologies and applications know-how, the main redundancies are likely to be
found in the larger acquisition, ExOne and EnvisionTEC (rebranded ETEC), as the
company has been implementing a streamlining strategy along with brand
coordination.

According to Feuer, the company, which offers additive manufacturing
technologies focused on the production of end-use parts, said it expects to take
a one-time charge tied to termination benefits of about $14 million, most of
which are expected in the second quarter of 2022. That doesn’t include
lease-termination costs, the company said.

(Image: Desktop Metal)

While it is true that Desktop Metal stocks have lost over 80% of their value
since the initial listing (via SPAC merger), and is very far from its peak value
of $31 (something not entirely uncommon for 3D printing-related stocks, which
are among the most volatile that exist), such cost reduction initiatives are
likely relatively standard consequence of a very complex merger, between
multiple companies operating in the same or similar segments.

Desktop Metal said it expects its cost-optimization plan to be substantially
complete by the end of 2023. The plan is expected to result in about $40 million
of annualized run-rate adjusted cost savings, and at least $100 million of
aggregate cost savings over the next 24 months.

Desktop Metal Chief Executive Ric Fulop said the company’s 2021 acquisitions
increased its cost base and global facilities footprint. He said the
optimization plan is the result of a comprehensive operations review.

The company is still reviewing international workforce changes, it said, though
the impact to the US workforce will be announced to employees Monday. As of
March 31, Desktop Metal had more than $317 million in cash, cash equivalents and
short-term investments, the company said.

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VoxelMattersJune 14, 2022
1 minute read


RESEARCH

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VOXELMATTERS

3D Printing Media Network is the online trade media portal published by 3dpbm, a
leading marketing and market research firm specializing in the AM industry.
3dpbm also publishes the 3D Printing Business Directory, the AM Focus eBook
series and the 3dpbm Research AM Market Reports. 3D Printing Media Network was
founded with the goal to provide the latest industry news, insights and opinions
to a global audience of professionals and decision makers.
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