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Desktop Metal (DM)

Participants
Arjun Aggarwal Chief Product Officer
Ric Fulop Chief Executive Officer, Chairman and Co-Founder
James Haley Chief Financial Officer
Shannon Cross Cross Research
Greg Palm Craig-Hallum
Josh Sullivan Benchmark Company
Noelle Dilts Stifel
Jim Ricchiuti Needham & Company
Call transcript
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Operator

Greetings and welcome to Desktop Metal’s Fourth Quarter and Full Year 2020 Financial Results Conference. At this time, all participants are in a listen-only mode. A brief question-and-answer session will follow the formal presentation. [Operator Instructions] As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr. Officer. Product Chief Aggarwal, Arjun Thank you, sir. Please go ahead.

Arjun Aggarwal

are Desktop and for Desktop available Haley, you CFO Metal earnings an call. the Relations of of quarter and our which thanks on This on Chairman being can’t today’s the today, our the full Metal. of made and business Metal. and to website today overview us is James press of provides financial conference call for on me Desktop joining reproduced live for consent. With webcast the Fulop, a highlights call prior Metal’s and property XXXX be Investor for issued release fourth and CEO slides Desktop a call be and webcast of following everyone Relations year accompanying XX Thank Ric XXXX. full fourth will Desktop available Investor content Earlier and replay the Metals and Co-Founder we It quarter slide transcribed presentation for year written The without or is our months this call. website,

risks disclaimer. reflect Before vary call statements. expectations we based like to Harbor of our uncertainties. may materially today, and include refer and will would of only Desktop statements on March presentation, Metal’s which of begin, views These results our as Safe to forward-looking Slide forward-looking contains a XXXX actual you I X Today’s and number XX,

company’s to XX-K We with to filed filings business SEC. forward-looking the risk assume the of more that financial For factors risk the the refer Form statements. to the no in that addition with Report Desktop information about the we on obligation the SEC Annual and impact update prior factors results, please may Metal’s section

may non-GAAP in performance intended measures refer not during presentation including we with supplement, and adjusted Q&A GAAP. These to accordance for measures or the measures, calculated are EBITDA. EBITDA to this but session, Additionally, following substitute

other I With turn and over as reconciliation like discussed the quantitative measures. today information a to contains the well to release that, financial to as would non-GAAP earnings Our of to be Ric. it GAAP

Ric Fulop

Thank everyone. you, Arjun. day, Good

a strategy. would business started to Desktop an our Exchange We call and are to today financial our like Desktop XXXX the start story, and guidance the has core to achieved for several to began some discuss we quarter In between public will our After that products my the providing public our alone, fourth first going strategy in are results and some the fourth our to of growth cover milestones fourth remarks, I transaction provide sheet the the months company. welcome Metal, and for completed by company, our been quarter fund to overview quarter York long-term evolution year for balance of ending discuss for our our roadmap, past The about on key James forward. full new $XXX of trading a Metal. over New transformational year those several XXXX. Stock China new the with on and the to excited million as shipping you earnings we

an the First, is manufacturing only Metal pure-play with business, X. Slide our company. Desktop X.X of investment highlights overview on our additive starting

tooling shift applications tailwind $XX opportunity go cost from supply from billion products chain additive onshoring in to billion mass conventional The around processes. secular XXXX. XXXX with in $XXX to generation roughly prototyping production the has new the products flexibility. We and are and make by is strong to growing a end-use technologies businesses of sustainably pioneering market and is help faster, a of a competitive more by volume into and manufacturing focused industry performance propelled being about expected This on and growth a that’s XXx production significant additive manufacturing high manufacturing

We with use biocompatible metals, has the that composites qualified end volume production resins. XXX manufacturing X.X of and across growing focused and capabilities on over additive think ceramics, portfolio across we materials industry of portfolio, leading polymers, parts solutions have a price performance

and with products XK Our some of DLP we product than in technology and fastest P-XX. the times cycles faster HT about Envision got System are the printer part have with future. include in Production metal the systems market the of the the largest One Xtreme XXX It’s the and fastest generation market a

also are shortly. by software series discuss This That that backed over of and patents we a differentiated printers, developing biofabrication got is technology businesses modes. in in issued XXX or portfolio as to have will includes We going I composites expand materials pending.

now second a the have we countries XXX around over around mode have XX in major And world. distribution. partners We

We combination are of horizontal vertical doubling and on focus. a down

are markets. channel go We to the a variety after of

and we oil We and healthcare, and business gas. verticals have our solid got into a continue and will such as jewelry dental to aerospace focus automotive, expand

products upfront of very The highlighted high gross profit got and margin profile. the from and revenue a generate system. revenue the I have of a have multiple each over financial the We which recurring compelling receivables streams earlier service, lifetime

a whole, gross margin in the improvements we time. significant And inorganic have team with anticipate significant and over revenue we a operating finally, transactions. believe And executing we we scale the business. upside experience there leverage On as got is potential

end to additive of expect the look with activities, add use small business we back, in to vast the year the And to tooling These in really the called profile. enabling additive. design with prototypes, in and use prototyping, the parts capabilities jigs but an percentage strategic focus the the a fixtures. the killer X, generate a industry spending use focused majority and manufacturing on a has be apps to a today, return as program whole been a fund manufacturing. also very on program spend a but ended used traditionally we production. as actually Slide line cases in at robust additive This step to to goes goes liquidity rapid of you for this industry a a strategy have organic Taking of We

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gradually parts use the similar market properties at, point level you printing, not is been the historically The we thermoplastics. since from emitted also primarily key parts. has widely metal been through needed with cleared finally, innovation area continuous beads increasing And in parts AM achieve available that where Material technology advances metal time each high to addressing where systems we the a a in of materials hurdle have because with about now of production AM are story cost which throughput side, to have patented and and cost where use effective. can speed XXXX have is and or AM, they can DM, recent multicolor reaching now you exceed these over photopolymer enable resins, So, very volumes. The bars. the now are and finish accuracy making go of which

the XX we on productivity drives in semiconductor X, The processes we to that to scaling the market. engine got with inkjet, has Turning in focused over loss. to every systems fastest improve metals, roughly Slide are binder which time, the throughput doubled months. continues print throughput that In writing have XX jetting is

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our XX. to business quarter turning Now, on Slide highlights fourth

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Defense. and the our binder jetting printing discuss live and Steve CFO over for We Directors up significant James beefed solutions and our addition With of to our of turn James? sintering going Scott of who Nigro, awards from imaging also to the to using that, We received President of software with simulation be highlights. as HP’s it Veteran launched business. center, is Department who Dussault financial Board used

James Haley

we NYSE net and $XXX the a The Slide Corp for trading completed approximately found concurrently on Acquisition XXXX, with fourth summary fundraise will aggregate December begin proceeds DM. a CFO am Desktop Haley, and the XXXX XX. and balance which under results our time can as X the XXXX new of results company’s on Desktop ticker was to pleased year guidance recap for agreement be sheet. of business to quarter today. began business PIPE combination a symbol, the on that again for We to us with combination opportunity closing I a provided million financial Metal’s of for the in successful with August those announced definitive thanks to providing James for full share Desktop joining first Metal public before Metal. a and Ric quick company. for the I this on Trine everyone XX, with XXth on Thanks, am I

Net sharp fourth a represents quarter This quarter insurance. XXXX with fixed transaction products. which shift XX%. $X.X We for was negative sequential Moving as includes are scale million of from fourth the Casting the the of quarter generated of our inflection out $X.X well successfully acceleration. several an margin a XXXX, with resulting for audit, of from fourth becoming began new was of point expectation higher loss quarter including we quarter pleased improvement up margin our our commenced $XX.X functions, of a to which as the corporate our for gross and million, XXXX, Trine we in services for costs $XX year shipments our G&A third fourth the public of and company, to products. the to and quarter increased million third of fourth business as results, revenue full financial legal, in related towards revenue expenses as and headcount professional overhead our additional in results quarter with reflected in million line sales in we

$XX.X announced We at investments the including December the proceeds Trine fiscal remaining public $XX.X outstanding resulting we warrants year exercised with the XXXX, million for cash March the with of public with Looking in million revenue February $XX.X short-term exercised, public XXXX, overall, cash, XX% redemption million. negative XXXX. EBITDA XX, XX, balance $XXX.X Through the equivalents On year of were $XXX.X Net warrants. more transaction of ended from XXXX warrants were XX, than was a of of adjusted million. already fiscal $XX.X cash, million negative non-GAAP respectively. for and the for well-capitalized as million and and year sheet, loss

our robust ahead make to growth with Looking position, on inorganic and to to continue substantial hit capital XXXX organic and will we opportunities. in we plan both investments accelerator the

organic few sales Ric well initiatives, growth. we months, and out fast M&A track inorganic are we have to Over are the which earlier. we teams expanded building to significantly administrative marketing, our internal engineering Further, capabilities growth spoke past multiple the positioned support to and to ensure

launches various year system half, effect year growth least new EnvisionTEC. more and take HT to annualized fourth run-rate anticipate the the the a substantial XXXX, revenue production quarter at $XXX the an One the following full commercial in in million, of additional of as second the exit beginning revenue the Envision and half COVID XK contribution from solutions sequential excess we second steam. and year in EnvisionTEC the expect We this pickup initiatives acceleration with relatively modest launches in product followed growth mirror first including from with P-XX For in quarter in and these with right to be rearview we by as first quarter, Xtreme generate to million plan multiple $XXX the

range as the to to Turning organic continue With we negative million of Ric? the million a non-GAAP in to to this and adjusted Ric. I that, call $XX to on we growth. turn expect inorganic invest be basis, in EBITDA will over $XX

Ric Fulop

you, Thank James.

to as on engaging we our We are new shareholders embark journey. be excited this with public

and our our as are platform We building cost. competitive and to our all volume promise board you to our AM supply manufacturing. freedom for at additive businesses With a going design be is the and shareholders. Thank production, to experience this revolution. massive at support. a everyone of Reengineered Metal over realize empowering are And that, I James digital industrial leading now and and X.X happy to questions. the Increasingly, transformation and will the are I next thrilled take chains, forefront our We are we business your the manufacturing the leadership public at decade. for prepared remarks. for team of finally Desktop with full long-term way conclude listening view localized aligned landscape fourth in

Operator

of Shannon first [Operator go Instructions] you. coming Cross Thank is ahead. from Cross Please Our Research. question

Shannon Cross

What terms the in are back be market or cautious million was launches? an Good expected from X point, just the a I Can you to seeing was faced? the about Ric, revenue we that thereafter? think last what bit I bit ramp guess you. what’s you wondering, you are with in leading you first talk transaction And more headwinds morning. in of X Thank quarter million of reception at a the – some which at to to $XX XXXX. since I looking guidance $XX and for announced you at now months

Ric Fulop

Hey, Shannon. Thank you question. for the

potential not. different of that locked would down companies results limitations given so to pretty We didn’t Overall, the funnel get all think of of probably supply to that challenges with chain traditional great until we traditional half happy places get know to the middle all we be and spaces or we our a second they have are going thing I we System Shop didn’t around faced resurgence the get prevent I building products world. the And that to programs, Shop people System on for I moving or thing, are us that ship we delivered execute that’s to world, our things did did manufacturing fourth to was we but around and our COVID going think for a related products. global think which so. continents, to we back our labs their strategic pandemic, as going see and some quarter come the and out launch the whether in great

Shannon Cross

of products about year, to ramp are quarter? figure and trying of starting sort maybe shows we I second appreciate think the through what the and the need builds am itself acceleration out that. if we the upon And the sort to watch? quarter just what first But I that key

Ric Fulop

Right HT the our to funnel a it’s on a pick particularly now, up. Envision how Envision we’ve think One continues number of One I system and exciting Yes, of it’s got reflection building. products

System pretty on to P-Xs well. are that it’s develop happy now acceleration with continue way starting and We the studios ship and as Shop continued to

So product describing. that it’s been the we have

progression you our landmark that’s to year, is usually of and QX QX quarters is probably I through a additive in the what rest the think as we see from refresh and of which the then the similar industry, we the QX in go will beginning have a year.

a So along. how based feel and to that on that’s funnel are things of our reflection year we progress just how going coming is

James Haley

Xtreme one on point HT, guess are that planning I too would to that is I Envision launch we XK. add the One

the certainly out strong the seeing demand in for are those we be And coming P-XX We half. already. will that second system have

is for QX, pipeline here. the mean, but Ric really So, we the on what now, very developing the about the remainder of are from headwinds year. optimistic see I we touched

Shannon Cross

EnvisionTEC? is an your initiatives? the and Okay, about healthcare if And expense to marketing talk where team expanding you can from sales dollars, how of is that’s some maybe you just then you much perspective, this you. much incremental a this How how and talked of of funneling your helpful. bit new of much maybe because related then about Thank are

Ric Fulop

you continued question. are EnvisionTEC and growth are dry nearly to team, then certainly mean, building I future million $XXX marks, of We we accelerator inorganic looking we I the development marketing, we Great and an looking are of to certainly was at are and substantial. I numbers integration well we be capability, in team, sitting organic multiple are public Sure. in when numbers products achieved certainly with something particular, on Those substantial. on multiple efforts are various opportunities that at will out in insurance our trying expenses research some professional at. add the fees, our look certainly of and mean going and prior. with sort hit certainly I powder. as the fees, all stated the of on as that’s on market cost-down here And various prepared our company not initiatives touched Really, organic sales cap, too contemplated as they sales opportunities. internal M&A certainly the registration

Shannon Cross

you. Thank Great.

Operator

you. Thank

from Craig-Hallum. of is Greg go Please Our next ahead. coming Palm question

Greg Palm

guess or am curious And starting of production. in us raking in order maybe is Desktop, thus all the launch, I looking am morning think for Yes, on thanks. achievements that this that help I versus if far. at at some revenue ‘XX and just understand Good the a of but event? more of and shop importance specific to level a we I you fiscal the high contribution P-XX just kind is product versus kind congrats timing of portfolio something really expect should that studio year about

Ric Fulop

as of we and P-XX continues from in And be our schedule. they this very systems some on portfolio the mass our that be product are well expect as Shop the year to about as our second product Shop are is excited X. are a will important finished. to it Studio and System contribution definitely production System. No, has Studio P-X that parts half

On adoption is products all of the for hit to the traction see much the we in Envision chairside extremely photopolymer and and and are – a segments the as on fantastic. dental market labs we side, it’s very well the think One doing in for is it as the particularly significant DXK in product. It well continue

about to scale on we year excited are planning the Xtreme XK goes as that are ramp. and So,

Greg Palm

the it. on guess I And back just am to bit commentary the Got going still. confused a I just QX assumptions, little

what new in push-outs still So, looking introductions, product EnvisionTEC quantified QX, just the maybe from or it that seasonality? given I least headwinds and I you timing in matter really there of have terms were have some contribution would then jump of related means, of thought timing, and that obviously, but guess, jumped some revenue revenue guess you like guy those have maybe sequentially. I haven’t kind some at sounds modest of at got revenue more COVID suggested a would guide, the

Ric Fulop

entire have some Yes, you those feeling as but about on the heading good are is we we industry. nailed really going COVID well. well, QX. on QX We quarter the for it do traditionally we as very of challenges the head. QX, Certainly, experienced challenges challenging as Certainly, into a are

Greg Palm

to then expected one, you M&A? inorganic, in But have you this in acquisition just marketplace the you terms how active reports are to understood. And of given M&A additional last week, address rumors I that Okay, completed in EnvisionTEC terms the don’t around those were of of expect specifically. floating some be there last

James Haley

reiterate and to be earlier just we have to mean, strategy we I in M&A. roadshow plan continue laid our we active got a it, out original during

consumables where enabling that into However, strategy materials a in or materials, then particular selectively. And new vertically things specialized it the us we require got use, integrated their volume processing AM to killer in high is that production significant margin acquire something applications. have our on that or manufacture modalities side, do which We well or markets. X.X either systems high print printing we give to as for as product IP apps of difficult capabilities

that to uncommon see in went opportunities. And transactions the would we It’s as on. just would not for are you we what transactions. in to so that accretive in and execute we have can we selective things the so things very – say, I we to going business that and a actually about through of lot we lot went a continue we companies that are at see looked future got do move we front goes of are with, very forward of us but through excited think and what

Greg Palm

Alright. Understand. Appreciate the Thanks. color.

James Haley

Thank you.

Operator

Please of Instructions] from ahead. next Our question Josh Benchmark coming Company. Sullivan is [Operator go

Josh Sullivan

first here. Ric, morning, on the James, good quarter Arjun. Congrats Hey, public

Ric Fulop

you. Thank

Josh Sullivan

of focusing we a the vertical be go-to-market force, the or First, portfolio? of should here so? in maybe dedicated how what’s two have Desktop strategy think launch we what or Health and are then are on here, next on sales three the should primary We to going products year the over this the

Ric Fulop

Absolutely.

are used parts of Today, dentistry, that So, the in healthcare are for the patients. patient hand by specific, exception made health most the not opportunity massive. where are with is clips

healthcare trauma, a a partners a with that’s world try and very surgeons of we in at probably traditionally So, sizes something to that or unique based it’s at was I that, as business time everything the an this industry core that I think develop X, to patient on two that class going when go-to-market it be develop presents think as the from in and you or competency XX help technology will graft But a inventory. buy real-time needs everything, of opportunity team the specific or our producing which scale. are and implant, now, a X decade And surgery. products the then to clear well the match building exception adopt

to to in bring share very be going am excited that are to types partners to we help a long be as to those to of be evolve of our it’s it, I we our of a are it business expect going in least part We run. going products vibrant business, the the at creative I market. And I third but our think very

a industry think will I over can where very products use next the healthcare scale you it’s great the see at area additive end So, And adopt well. do decade.

Josh Sullivan

what of pipeline this to systems how the just those Thanks. the then production And the about the additional Just then P-XX how with like And be development launch like curious – together? for talk look P-XX? does working may the what just can two that’s does the one system, the P-X, maybe point? just you on are of pipeline led at

Ric Fulop

grow. to continues it Yes,

to I have synergy our think P-XX. we a a Most customers and between P-X P-XX. a buy P-X great no have longer want that

an that was P-XX in but It actually a it’s materials do machine get need from to qualification of So, P-XX, to a with major order a customer bought concert in to platform. like a in developed pulled of sort having who machine our and P-X on-ramp type components. production to a without qualify order parts

the settings are you same modules a have systems, So, if have the need if P-X you inkjet qualify got got XX/X. same to those you recording are that to while XXX% the we X,XXX on And would doing translate between you the or are P-XX. that’s print, going have to those you They qualification to SKUs large architectures, large how produce, SKUs, to you CapEx company, XX,XXX see two a synergy want a process. the mass printing platform that same you and

some machine. customers and I installed it’s and much with P-XX think a small validated beta of our one-to-one that received have of And we is that a both that P-X. So, have the P-X

deploy, to help the by great year. we later high point easier and platform, to technology the deploy into this install it’s us you market it’s to your that got So, have where a the it’s mature OEE it’s P-XX going but time

systems So, excited play about we are how those together. two

Josh Sullivan

don’t regard every the EnvisionTEC lot do here, to the update want targets? with just to the additional long-term might you then do some long-term acquisition guys execute think I understand And you maybe us we targets we subsequent to you M&A. how acquisitions dry versus here of a have quarter, about you of How think of got powder are inorganic those should pursuing? opportunities but

Ric Fulop

do are I obviously, I to we models would update transactions. mean, – when have think the there you the

we sort technology are of would acquire Some us on of more capabilities and the that products. have to to are future companies technically our going oriented allow

like them of to have help an additional that companies provide some distribution we base are some EnvisionTEC or and And scale are then faster. us going installed that scale

So, I we think several transaction. that on. are the working depends And that on have we things

explain tooling to there as did, rapid X.X would is thing what So of type of One is and then do to we or in on mass grew technologies world pictures sort and not company that prototyping AM we the going execute on into are acquisitions opportunity tooling AM think a parts. production think end I sort things use of us great a X.X. we did is opportunity consider market I or our our mean, we is them, a we market. XXX% focus take some the any of that bringing we why and would in love I focused of

there for version fixtures. that there is helped patents, to of sort FDM lot So tooling a this example, the like that One market. develop folks there is is and modern to a jigs and same claim that’s a and would of smaller like that more take but technology is playing like of markets two for of thing, ways

we additive at issue call at you to conventional Another production we is are additive than driver. focused mass X.X, do manufacturing, one the go tackle is the which the scale, XXX% economics on really structure and of to AM the where with how cost at of parts are lower a production scale what

the is additive cost cost effective systems So, per The that’s and much on today cost to to effective. basis. part bring older a XXX% and on focus making all the too technologies market strategies M&A execution geared company and focus is of towards not our cost

you the on go of that of is and So, material you give with actually properties accuracy, focus combination throughput, finish, the market the XD so techniques a can printing. company to XXX% combination surface on

James Haley

we first question intact point responsibly. is part The we is that is and the to accelerate of are one add the can everything would I long-term doing your thesis and it

accretion. technology going So, Ric’s in I us are our in that’s highlight short-term point, really the we long-term business to and mean, revenue help to of acquiring

some time be in it. So, hopefully a QX, position year, as think to the right to but model, don’t sit later longer term it’s we this the exiting will we we provide updates on here do

Josh Sullivan

it. Got time. you. the Appreciate Thank

Operator

you. Thank

is coming Dilts from question go next Noelle of Please Our Stifel. ahead.

Noelle Dilts

for my taking thanks Hey, and question. Ric

So, of I just either question, into trying talking XXXX but last ties the of the the time am this we kind are to about the the reconcile, guidance fact.

was look of going guidance at so bridge, kind if sort And think some of including look versus loss, from just COVID continued with I is as public you versus understand associated how of the I EnvisionTEC that trying around costs provided. roughly we coming headwinds from to company $XX some those much million from of that you

think how just help that? understand you could So, about to me

James Haley

Sure.

substantially cost, company than first So the I what certainly, higher mentioned, we public I are as thought. think

could to leave with the stated go those term near funds as view are additional of some really as when everything bank near quo dry and we in financial longer their investment targets. accelerate that, interest. But we instead, really powder, million $XXX status the – Beyond in we of I I I doing business, it can zero mean, essentially just

So, that about would it. I is how be thinking

you good also primary we well. good line to healthy get not EnvisionTEC, some and did certainly bottom focus of transaction technology if no, with it’s as terms that. a a will, on as really I EnvisionTEC, that revenues In drain a that, mentioned, is acquire stable We is got EBITDA, our

So, the story. really, it’s more growth accelerating about

Noelle Dilts

time Okay, if point worked of say you started understand I kind the of but talked or about could longer in next related question, point of you question, you maybe sure kind talking about with maybe if where not you the maybe X you growth more kind about years? are of term about And how comfortable the EnvisionTEC you are And then talk you just but profitability? when are you models, thinking said, hitting a the and growth last maybe acquisition, to, business that. the EBITDA the kind the are and make speak about in the going could obviously, contributions, wanted maybe understood you a about generally over be to back have then, is to would breakeven Thanks. lot thinking thinking you profile to change the I efficient any of there how company an if at

Ric Fulop

Sure.

So, trying as sales and we channels continue day, can. on development strategies integrate businesses year to different and think about we contributions to really really as every we the the leverage are we

if I in going year, going going full going forward, that organic really be sales, products it’s about to as for to not on EnvisionTEC. That something about are you to our will. talk revenue side as really we teams we plan with these integrated are maximize fully to I to be and today be be sit As is DM the think roughly XX% said would the XX% say would

In can a terms those are position are update in of not the other the are they in. longer what to say to really – timelines pull we term doing today targets, we than we to

Noelle Dilts

you much. Okay, very thank

Ric Fulop

Yes.

Operator

you. Thank

question from Ricchiuti of coming ahead. next Please is Needham Our Jim Company. & go

Jim Ricchiuti

Alright, thank you. Good morning.

Just DM of provide I Thanks. overlap, what representing am partners, and investments presentation and of I partners, sales references network, color XXXX, expansion could your EnvisionTEC? you those direct contemplate XXX that terms am does both your OpEx Just your question and much in on on is represents the for there also if of whether partner wondering efforts? EnvisionTEC that wondering wondering among XXX any partners if percent

Ric Fulop

Yes.

transaction a there or significant strategy expansion and go-to-market is the they successful say channel dental our we and have when integration vertical So, – continued between to in XX into into and over did we EnvisionTEC. very XXX at vertical significant our from have channels we partners channel acquired about jewelry. built our synergies I the went would in that

area participated markets, getting before. EnvisionTEC those are and well is as an they industrial the where much Health leverage to which We hadn’t as as to planning

question. answers hopefully that So, your

Jim Ricchiuti

and And again, R&D versus in OpEx ‘XX have plan but is on of you investments there just I the looking and at your and flavor wondering could for then terms sales I may go-to-market? helps. marketing it, if missed It provide am the any enhancing

Ric Fulop

investment we R&D. that Well, I’d in besides say areas have increased of variety a

activities applications go-to-market investments also in product We have new related engineering, development. and

Jim Ricchiuti

Thanks a lot.

Operator

At turn management Thank time, this to any or the you. I would for like additional floor comments. back over to closing

Ric Fulop

to excited we mass if be post manufacturing your solutions am to produce you around look has with Thank the all for additive call very at world. additional questions. bringing support and be you very I to this you make products scale to talking connecting and much and volume And are people parts today. excited to forward anybody accentuate

James Haley

Have Thank day. a great you.

Operator

gentlemen, your participation Metal. for thank and Desktop you and in Ladies interest

the and day. webcast and wonderful lines have your off time a disconnect may this You at log