Why Desktop Metal Shares Are Soaring Today

Desktop Metal DM shares are trading higher after the company reported better-than-expected fourth-quarter sales results.

What Happened: On Wednesday after market closure, Desktop Metal reported its fourth-quarter and full-year results for the period ended Dec. 31, 2022. The company also provided guidance for full-year 2023.

Desktop Metal announce quarterly earnings (losses) of $(0.08) compared to the analyst consensus estimate of $(0.09), representing an earnings surprise of 11.1%. The company announced record quarterly sales of $60.60 million compared to the analyst consensus estimate of $54.38 million, indicating an earnings surprise of 11.4%.

Desktop metal announced yearly sales of $209.02 million compared to yearly sales of $112.40 million in 2021.

Desktop Metal also provided guidance for 2023, expecting sales in the range of $210-$260 million and adjusted EBITDA in the range of $(50)-$(25) million.

"Desktop Metal delivered record revenue for fourth quarter and full year 2022, fueled by our differentiated portfolio of AM 2.0 mass production solutions, our strong market position, and the team's solid execution amidst an unsteady macro environment," said Ric Fulop, Founder and CEO of Desktop Metal.

Desktop Metal is driving Additive Manufacturing 2.0, a new era of on-demand, digital mass production of industrial, medical, and consumer products. Our innovative 3D printers, materials, and software deliver the speed, cost, and part quality required for this transformation.

According to data from Benzinga Pro, Desktop Metal shares were up 25.3%, trading at $1.89 at the time of publication. The stock has a 52-week high of $5.28 and a 52-week low of $1.13.