Business

桌面金属以5.75亿美元的价格抢购粘合剂喷气机3D打印竞争对手ExOne

桌面金属has entered into a definitive agreement to acquire fellow binder jet 3D printer manufacturerExOne.

In a transaction that’s expected to be finalized in Q4 2021, Desktop Metal is set to pay ExOne shareholders $192 million in cash and $383 million in shares, valuing the firm at $575 million. For Desktop Metal, the agreement sees it acquire one of its key binder jetting rivals, according to ExOne’s CEO John Hartner, the deal could also prove beneficial for the sector by driving the technology’s wider adoption.

由于投资者遇到了收购的风,桌面金属的股票下跌了6%,尽管预计它们在清晨交易中将恢复2%,而Exone的股票下跌了5%,但预计预计将上涨35%。

Hartner解释说:“我对这种组合感到非常兴奋,我相信这将极大地加速生产金属添加剂制造。”雷电竞充值“这种组合汇集了两名行业领导者,它们结合在一起,将使客户的挑战更快地解决,并将生产金属添加剂的现实带入了多年。”

Exone在2020年代第二季度的收入下降了27%。照片通过Exone。
桌面金属’s acquisition values the shares of ExOne at $25.50, a 47.6% premium on their previously traded price. Photo via ExOne.

粘合剂喷射收敛

桌面金属’s acquisition of ExOne sees two of 3D printing’s biggest binder jet system manufacturers join forces, to build a broader portfolio that’s better capable of addressing their clients’ needs. In practice, Desktop Metal intends to achieve this by taking full control over its competitor, paying $8.50 in cash and $17.00 in stock to ExOne shareholders, in a deal valuing the company at $25.50 per share.

This price factors in a 47.6% premium on the closing price of ExOne’s stock on August 11, 2021, and an acquisition multiple of 6.4 x 2021 on its consensus revenue estimates. The move is also subject to a ‘collar mechanism,’ which will see the value of the Desktop Metal stock awarded is based on a ‘weighted average price,’ meaning that it could surrender anything from 39.5 million to 48.3 million shares.

Once completed, the transaction is set to see Desktop Metal shareholders retain 85-88% of the company’s stock, with ExOne’s backers holding the remaining 12-15%. While the move has been approved by ExOne’s Board of Directors, it still remains subject to approval by its shareholders, as well as the satisfaction of customary closing conditions.

In terms of the deal’s wider impact, Desktop Metal CEO Ric Fulop said on the firm’s earnings call, that he expects it to help “increase the penetration of binder jetting,” by enabling both companies to pool their materials, reduce any overlap and harness the synergies between their technologies, to make their offering more attractive to large-volume clients.

Fulop说:“将像Exone这样的公司纳入像桌面金属这样的富裕企业中,有助于[驱动]大型公司采用技术,他们希望在非常非常大的计划上做出决策。”“他们现在可以对大型技术团队背后的资产负债表和资源更加自信。它[交易]应该加速整个粘合剂喷射。”

The Desktop Metal Shop System. Image via Desktop Metal.
桌面金属部分将其Q2 2021收入增长归因于其商店系统的销售额增加。通过桌面金属图像。

桌面金属的Q2 2021结果

除了宣布其Exone收购之外,桌面金属还发布了其第二季度的2021年财务,表明它的收入为1900万美元。该数字代表于第二季度2020年报告的220万美元增长764%,反映了该公司产品组合的迅速扩张在纽约证券交易所公开去年12月。

The company reports its revenue across ‘Products’ and ‘Services’ divisions, with the former being its primary source of income. During Q2 2021, Desktop Metal’s Products brought in $17.5 million, a 70% rise on the $10.3 million reported in Q1 2021, while its Services segment grew steadily from $1 million to $1.4 million over the same period.

在公司的收益电话中,Fulop将其快速收入增长归因于其客户安装基础的增加,该基础在第1季度至22021年之间增长了44%。Fulop还引用了该公司的强劲表现Shop SystemStudio System 2收入上升的销售额在补充说其P-50机器应在第4季度开始运输之前,进一步加强了其产品销售数字。

DM收入($) Q2 2020 Q2 2021 不同之处 (%) Q1 2021 Q2 2021 不同之处 (%)
产品 1.5m 17.5m +1100 10.3米 17.5m +70
Services 0.7m 1.4m +100 1m 1.4m +40
Total 2.2m 19m +764 11.3m 19m +68

Likewise, Desktop Metal has invested heavily in expanding its medical portfolio over the last six months, first建立桌面健康, then获取Beacon Bio以及其“ Phonogropt”生物打印技术。尽管目前尚不清楚该公司的临床组合迄今为止产生了多少收入,但Fulop坚持认为,它最终将“补充其工业业务并加速增长”。

在第二季度2021年,该公司还建立了木材3D打印福斯特子公司, which according to Fulop, is “experiencing overwhelming demand,” and he sees potential synergy for the technology with the ExOne’s large-frame systems.

Elsewhere, Desktop Metal’s expansion has seen it以3亿美元的价格收购EnvisionTec, 和购买Adaptive3D同样,在一项策略中,它在H1 2021期间涉及到3.88亿美元的投资账单,但该公司的首席财务官詹姆斯·海利(James Haley)表示,它“剩下很多干粉”,以继续采取这种方法前进。

海莉说:“我们完成了第2季度的现金,现金同等和短期投资的北部,因此我们的资本丰富。”“随着我们继续发展和扩展业务,我们正在通过现金燃烧,并查看未来几年收益的机会。但是,我们对自己所处的位置感到非常满意,并且不会预见到任何跑道问题。”

Following the conclusion of its merger with Trine, Desktop Metal has now gone live on the NYSE. Photo via Desktop Metal.
在与Trine收购合并结束后,桌面金属去年在纽约证券交易所上市。通过桌面金属照片。

Exone的第二季度2021财务

方便的是,Exone还同时发布了其第二季度2021财务,为桌面金属提供了理想的机会,可以扩大其潜在购买潜力。乍一看,该公司在理想的时期购买了该公司,因为它报告了2021年第二季度历史上最高的积压,此外还记录了1890万美元的收入。

This figure represents a 69% rise on the $11 million ExOne generated in Q2 2020, and a 24% increase compared to the $15.3 million it brought in during a pre-COVID Q2 2019. On a joint earnings call with Desktop Metal’s Fulop, Hartner explained that the firm’s revenue jump was the result of rising 3D printing machine sales from recurring clientele, which in turn, was fuelled by its broadened material portfolio.

哈特纳(Hartner)在地理上补充说,Exone的业务在2021年第2季度的所有地区都在增长,但是从同比增长92%的亚洲和美国市场的需求尤其强劲。在同一时期,该公司的积压也增长了27%,至4,900万美元,因此,一旦收购在第4季度2021年完成,桌面金属有效地从这些订单中继承了一些收入。

EXONE收入($) Q2 2020 Q2 2021 不同之处 (%) 2019年第2季度 Q2 2021 不同之处 (%)
3D打印机 4.9m 10.5m +114 9.3m 10.5m +13
其他产品,材料和服务 6.2m 8.3m +34 6m 8.3m +55
Total 11m 189m +69 15.3m 189m +24

Additionally, ExOne has been on somewhat of an expansion drive itself over the last six months,获取“ AMCLAD”资产Freshmade 3D,目的是为全球航空客户扩展技术,并启动其Metal Designlab 3D printer,作为一项交易的一部分,该交易在任何未来都拒绝了Rapidia接管。

The firm has also worked with福特to develop a新的铝制粘合剂喷射过程, 和celwiseto3D打印木材的工具基于材料,这两种技术现在都应添加到第四季度的桌面金属投资组合中。

在未来的收入方面,海莉(Haley)在盈利电话中结束了自己的一部分,说桌面金属将为2021财年的桌面金属“超过1亿美元”,同时实现顺序增长。尽管这一数字不包括收购Exone的影响,但分析师在电话中表明,两家公司的总收入可能在2021财年超过1.72亿美元,而到2022财年,该公司的收入可能会增加到3亿美元。

提名2021 3D印刷行业奖are now open. Who do you think should make the shortlists for this year’s show? Have your say now.

要了解最新的3D印刷新闻,请不要忘记订阅3D打印行业newsletter或跟随我们推特或喜欢我们的页面Facebook.

要深入研究添加剂制造,您现在可以订阅我们的雷电竞充值YouTubechannel, featuring discussion, de-briefs and shots of 3D printing in-action.

Are you looking for a job in the additive manufacturing industry? Visit3D Printing Jobsfor a selection of roles in the industry.

Featured image shows a 3D printed ExOne logo on display at one of the company’s facilities. Photo via ExOne.