3D Printing Company Desktop Metal Slashes FY23 Revenue Outlook, Misses Q3 Earnings Expectations
Portfolio Pulse from Akanksha Bakshi
Desktop Metal Inc (NYSE:DM) reported a 9.2% YoY decline in Q3 FY23 revenue to $42.75 million, missing the consensus of $49.77 million. The company also missed Q3 earnings expectations with an adjusted net loss per share of $(0.08), against the consensus of $(0.05). Despite the disappointing results, the company's adjusted EBITDA improved by $7.7 million from 3Q22. The company has also lowered its FY23 revenue outlook to $187 million-$207 million from the previous $210 million-$260 million.
November 09, 2023 | 4:43 pm
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Desktop Metal Inc reported lower than expected Q3 FY23 revenue and earnings, and has lowered its FY23 revenue outlook. However, the company's adjusted EBITDA improved and it expects to reach breakeven by the end of 2023.
Desktop Metal Inc reported lower than expected Q3 FY23 revenue and earnings, which is likely to negatively impact investor sentiment and potentially the company's stock price in the short term. However, the company's improved adjusted EBITDA and expectation to reach breakeven by the end of 2023 may mitigate some of this negative impact.
CONFIDENCE 90
IMPORTANCE 80
RELEVANCE 100