Mission Statement, Vision, & Core Values (2024) of Desktop Metal, Inc. (DM)

An Overview of Desktop Metal, Inc. (DM)

General Summary of Desktop Metal, Inc. (DM)

Desktop Metal, Inc. (DM) was founded in 2015 and is headquartered in Burlington, Massachusetts. The company specializes in metal additive manufacturing, providing innovative solutions for 3D printing technologies. Its primary products include the Studio System, Production System, and various materials for metal 3D printing.

As of 2024, Desktop Metal reported total sales of approximately $115.9 million for the nine months ended September 30, 2024, which reflects a decrease of 16% from $137.4 million in the same period of 2023. The revenue decline was primarily attributed to a reduction in units shipped due to challenging macroeconomic conditions impacting the additive manufacturing industry.

Company's Financial Performance in the Latest Financial Reports

For the nine months ended September 30, 2024, Desktop Metal reported a net loss of $190.986 million, compared to a net loss of $148.742 million for the same period in 2023. The gross profit for this period was ($31.2 million), a significant decrease from a gross profit of $6.6 million in 2023.

The breakdown of revenue streams for the nine months of 2024 was as follows:

During the three months ended September 30, 2024, Desktop Metal’s revenue totaled $36.4 million, a decrease of 15% from $42.8 million in the same quarter of 2023. The company saw a gross profit of $3.2 million for the third quarter of 2024, up from $1.9 million in the prior year, driven by reduced payroll expenses and cost savings initiatives.

Introduction to Desktop Metal as a Leader in the Industry

Desktop Metal is recognized as a leader in the additive manufacturing sector, particularly in metal 3D printing technologies. The company has established a strong global distribution network covering over 40 countries, allowing it to effectively market and sell its products across various industries. Desktop Metal has focused on expanding its sales capacity and enhancing its manufacturing capabilities to meet increasing market demand for innovative 3D printing solutions.

Notably, Desktop Metal is involved in high-value production applications, including medical and dental devices, which leverage its advanced manufacturing capabilities. This focus on specialized applications positions the company for growth and success in a competitive market.

To further understand the dynamics of Desktop Metal’s operations and its competitive edge in the industry, readers are encouraged to explore the detailed sections below.

Mission Statement of Desktop Metal, Inc. (DM)

Company's Mission Statement Overview

Desktop Metal, Inc. (DM) operates with a clear mission statement that emphasizes its commitment to transforming the manufacturing landscape through innovative additive manufacturing solutions. The mission statement serves as a guiding framework for the company's strategic objectives and long-term goals, ensuring alignment across all levels of the organization.

Core Component 1: Innovation

The first core component of Desktop Metal's mission statement focuses on innovation. The company aims to lead the industry in developing advanced manufacturing technologies that enhance efficiency and reduce costs. For instance, during the nine months ended September 30, 2024, Desktop Metal reported a total revenue of $115.9 million, with products revenue accounting for $98.9 million, demonstrating the successful implementation of innovative solutions in their offerings.

Core Component 2: Quality

The second component is centered on quality. Desktop Metal is dedicated to delivering high-quality products and services that meet the rigorous demands of various industries, including aerospace, automotive, and healthcare. In the same period, the company's service revenue increased by 8% compared to the previous year, indicating a strong commitment to maintaining high standards in customer support and product reliability.

Core Component 3: Sustainability

The third core component emphasizes sustainability. Desktop Metal is focused on minimizing environmental impact through its manufacturing processes. The company has initiated programs aimed at reducing waste and energy consumption. For example, Desktop Metal's recent initiatives are projected to result in annualized cost savings of at least $50 million, which includes operational efficiencies that contribute to a more sustainable business model.

Vision Statement of Desktop Metal, Inc. (DM)

Vision Statement of Desktop Metal, Inc. (DM)

Desktop Metal, Inc. (DM) envisions a future where additive manufacturing is seamlessly integrated into production processes across various industries. Their vision emphasizes innovation, sustainability, and accessibility, aiming to revolutionize how products are designed and manufactured.

At the heart of Desktop Metal's vision is a commitment to innovation. The company aims to lead in the development of advanced 3D printing technologies that enhance manufacturing capabilities. In 2024, Desktop Metal reported a total revenue of $115.9 million for the nine months ended September 30, a decrease of 16% from $137.4 million in the same period in 2023. The revenue breakdown shows that products accounted for $98.98 million (85%) while services contributed $16.96 million (15%).

Desktop Metal is focused on creating sustainable manufacturing solutions. The company has pledged to reduce waste and energy consumption through its innovative additive manufacturing processes. As of September 30, 2024, Desktop Metal had cash and cash equivalents of $30.6 million, down from $83.8 million at the end of 2023, indicating a strategic focus on optimizing operational efficiencies.

The vision also includes making advanced manufacturing technologies accessible to a broader audience. Desktop Metal's products aim to democratize 3D printing, allowing businesses of all sizes to leverage these technologies. The company operates in over 40 countries, supported by a hybrid distribution network that enhances its market reach and customer engagement.

Desktop Metal is dedicated to providing tailored solutions that meet the unique needs of its customers. The company reported a gross profit of $3.16 million for the three months ended September 30, 2024, compared to $1.92 million in the same period in 2023, reflecting its focus on improving customer satisfaction and service offerings.

Strategic partnerships are also integral to Desktop Metal's vision, as the company collaborates with various entities to enhance its technological capabilities. The proposed merger with Nano Dimension Ltd. on July 2, 2024, is expected to strengthen Desktop Metal's position in the market.

Looking ahead, Desktop Metal aims to continue its trajectory of growth and innovation, aspiring to redefine the manufacturing landscape. The company anticipates achieving significant cost savings from its 2024 Initiative, which includes workforce reductions and facility consolidations, expected to yield at least $50 million in annualized savings.

Core Values of Desktop Metal, Inc. (DM)

Core Value: Innovation

Innovation is at the heart of Desktop Metal's operations, driving the development of cutting-edge 3D printing technologies. The company has committed significant resources to research and development (R&D), with total R&D expenses amounting to $48.5 million for the nine months ended September 30, 2024.

In 2024, Desktop Metal launched several new products, enhancing its portfolio with advanced additive manufacturing solutions. This includes the introduction of the Desktop Binder Jetting System, which has been designed to improve efficiency in manufacturing processes.

Core Value: Sustainability

Desktop Metal prioritizes sustainability in its manufacturing processes, aiming to reduce waste and energy consumption. The company has implemented initiatives to assess and minimize the environmental impact of its operations. For instance, their products are designed to use less material compared to traditional manufacturing methods, contributing to lower waste output.

In 2023, Desktop Metal reported a reduction in energy usage by 15% across its facilities, showcasing its commitment to sustainable practices.

Core Value: Customer Focus

Customer focus is a core value that guides Desktop Metal in its product development and service delivery. The company has established a robust support and installation service that has seen an 8% increase in revenue from services, indicating strong customer engagement and satisfaction.

Desktop Metal maintains a distribution network covering over 40 countries, allowing it to respond effectively to customer needs in diverse markets. This commitment is further evidenced by their strategic partnerships aimed at enhancing support for customers in various sectors.

Core Value: Integrity

Integrity is fundamental to Desktop Metal's corporate culture and business practices. The company emphasizes ethical behavior and transparency in all its operations. In 2024, Desktop Metal has faced challenges regarding its financial performance, reporting a net loss of $190.9 million for the nine months ended September 30, 2024. Despite these challenges, the company has remained committed to maintaining open communication with stakeholders about its financial status and strategic initiatives.

Core Value: Collaboration

Collaboration within teams and with external partners is essential to Desktop Metal's innovation strategy. The company has a hybrid distribution model that combines internal sales efforts with external partnerships, enhancing its market reach and operational efficiency.

In 2024, Desktop Metal initiated a strategic integration and cost optimization initiative, which included collaboration with Schaeffler AG to develop binder jet 3D printing technology, demonstrating the company's commitment to collaborative innovation.

Article updated on 8 Nov 2024

Resources:

• Desktop Metal, Inc. (DM) Financial Statements – Access the full quarterly financial statements for Q3 2024 to get an in-depth view of Desktop Metal, Inc. (DM)' financial performance, including balance sheets, income statements, and cash flow statements.
• SEC Filings – View Desktop Metal, Inc. (DM)' latest filings with the U.S. Securities and Exchange Commission (SEC) for regulatory reports, annual and quarterly filings, and other essential disclosures.