NORTH BETHESDA, Md. - Xometry, Inc. (NASDAQ:XMTR), a global marketplace for manufacturing services, announced the appointment of James Miln as its new Chief Financial Officer, effective March 1, 2024. Miln, a seasoned finance executive, joins Xometry from Yelp Inc. (NYSE:YELP), where he served as Senior Vice President of Finance and Investor Relations.
Miln's career spans significant roles at notable tech and consumer companies, including eBay (NASDAQ:EBAY), Yahoo!, and Unilever (LON:ULVR). His experience in financial planning, operations, and investor relations is expected to contribute to Xometry's ongoing growth and profitability. At Yelp, Miln was instrumental in guiding the company through a phase of product-driven growth and the rollout of new AI-powered search functionalities.
He steps into the role following the retirement of Jim Rallo, who has been CFO since April 2020. Rallo, recognized for leading Xometry's NASDAQ public offering, will stay on as an advisor for a 60-day transition period to support Miln's takeover.
Xometry's CEO, Randy Altschuler, expressed confidence in Miln's ability to support the company's operational excellence and drive towards long-term margin targets. Miln himself is eager to contribute to Xometry's digital transformation of manufacturing, aiming to enhance operational leverage and efficiency during the company's rapid expansion.
Miln, a Chartered Management Accountant, holds a B.A. in Classics from Cambridge University and has earned the Investor Relations Charter. His appointment is part of Xometry's strategic move to strengthen its leadership team as it continues to scale and expand globally.
Xometry's platform is known for its role in the digital transformation of the $2 trillion manufacturing industry, offering a two-sided marketplace that facilitates efficient connections between buyers and suppliers. The company also operates the Thomasnet industrial sourcing platform and provides a suite of cloud-based tools, including Xometry Teamspace for project management.
This leadership change is based on a press release statement from Xometry, Inc.
InvestingPro Insights
As James Miln transitions from his role at Yelp Inc. to his new position as CFO of Xometry, it's worth noting Yelp's strong financial health during his tenure. With a market capitalization of approximately $2.57 billion and a P/E ratio standing at a modest 20.7 for the last twelve months as of Q1 2023, Yelp has demonstrated a sound balance between market valuation and earnings.
InvestingPro Tips highlight that Yelp has been proactive in its capital management, with aggressive share buybacks and a balance sheet that holds more cash than debt. This conservative financial strategy may have contributed to Yelp's impressive gross profit margins, which were reported at 91.46% over the last twelve months as of Q1 2023. These metrics not only reflect a company that is well-managed but also one that is prepared for sustainable growth.
Moreover, Yelp's stock price has experienced volatility and has seen a decline over the past month, with a 14.02% decrease in the one-month price total return. Despite this, analysts remain optimistic about the company's profitability for the current year, and the stock is trading at a low P/E ratio relative to near-term earnings growth, indicating potential value for investors.
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