WALTHAM, Mass. - Nano Dimension Ltd . (NASDAQ:NNDM), a provider of additive manufacturing solutions, announced preliminary third-quarter revenue of $14.7 million, marking a 21% increase compared to the same period last year. The unaudited financial results reflect the company's performance up to September 30, 2024.
CEO Yoav Stern highlighted the importance of the company's core business amidst recent acquisition agreements with Desktop Metal, Inc. (NYSE: DM) and Markforged Holding Corporation (NYSE: MKFG). Stern emphasized the team's dedication to revenue generation and value delivery to customers, ensuring shareholders of the company's continued focus.
Nano Dimension's success is attributed to its innovative approach to the electronics and mechanical manufacturing sectors, aiming to revolutionize the industry with environmentally friendly and economically efficient precision additive electronics and manufacturing. The company's strategy leverages deep learning-based AI to enhance manufacturing capabilities through self-improving systems and cloud-based distributed manufacturing networks.
The company has catered to over 2,000 customers across various industries, including aerospace, defense, automotive, industrial, medical technology, and academia. Nano Dimension's product range includes Additive Electronics and Additive Manufacturing 3D printing machines, as well as consumable materials for High-Performance-Electronic-Devices (Hi-PED®s) and applications involving metal, ceramic, and specialty polymers.
The preliminary financial estimates are subject to change, with final results potentially varying from the initial figures. This announcement is based on a press release statement from Nano Dimension.
In other recent news, Desktop Metal, a leader in the additive manufacturing sector, has reported a decrease in its Q2 2024 revenue to $38.9 million, primarily due to reduced hardware sales. Despite this, the company has improved its adjusted EBITDA by $1.8 million compared to the same quarter in the previous year. Simultaneously, Desktop Metal and Nano Dimension Ltd. are making significant progress in their proposed merger, having recently cleared the U.S. antitrust hurdle. This merger, expected to be finalized in the fourth quarter of 2024, is subject to Desktop Metal's shareholders' approval and other standard closing conditions.
In other developments, Desktop Metal's Flexcera family resins have been qualified for use with LuxCreo 3D printing systems. This allows LuxCreo's dental 3D printers to produce a variety of dental prosthetics using Flexcera's FDA 510(k) cleared nanoceramic polymers. The partnership with Glidewell, the world's largest dental lab, enables LuxCreo's systems to offer Flexcera resins, potentially benefiting more patients.
These recent developments highlight Desktop Metal's strategic steps within the growing dental 3D printing industry and its ongoing merger process with Nano Dimension Ltd. However, due to the pending acquisition, Desktop Metal has ceased providing financial guidance for the rest of 2024. Investors are advised to refer to official communications for further details.
InvestingPro Insights
While Nano Dimension Ltd. (NASDAQ:NNDM) reports positive revenue growth, its acquisition target Desktop Metal, Inc. (NYSE: DM) faces significant challenges according to recent InvestingPro data. Desktop Metal's revenue for the last twelve months as of Q2 2023 stood at $174.63 million, with a concerning revenue decline of 13.66% over the same period.
InvestingPro Tips highlight that Desktop Metal is "quickly burning through cash" and "may have trouble making interest payments on debt." These factors could potentially impact the acquisition dynamics and future performance of the combined entity. Additionally, the tip indicating that "analysts anticipate sales decline in the current year" for Desktop Metal aligns with the reported revenue contraction.
It's worth noting that Desktop Metal's stock price has fallen significantly over the last year, with a one-year price total return of -64.85% as of the latest data. This market performance, coupled with the company's financial challenges, may influence the terms and potential synergies of the acquisition by Nano Dimension.
Investors seeking a more comprehensive analysis can access 13 additional InvestingPro Tips for Desktop Metal, offering deeper insights into the company's financial health and market position.
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