Printing Money Printing Money

The Q4 earnings season is a wrap, and to put a bow on it here is Episode 16 of Printing Money, with Troy Jensen (Cantor Fitzgerald) returning to join Danny and review the quarter and year that was. Danny and Troy discuss the expectations they had for Q4 based in part on their impressions of the various additive manufacturing (AM) CEOs that attended February’s AMS New York City conference.  Then, they dive in.



In under 40 minutes Troy and Danny cover all the AM Q4 and annual earnings reports, and analyze what’s driving the numbers, the outlooks and the strategies.  Nobody is officially calling a “Haines Bottom” for the public 3D printing companies, but there are reasons to hope. Please enjoy Episode 16!

Timestamps:

00:23    Welcome Troy Jensen back to Printing Money



00:50    AMS 2024, and framing the Q4 3DP/AM industry earnings



02:40    The drive to profitability; specialization vs. scale



04:30    Brigitte de Vet: “It’s a slow revolution but the potential for AM remains large.”



06:36    Stratasys (SSYS)



08:55    Consumables, margins, and DMG Mori (6141:TSE)



10:25    Stratasys acquires Arevo IP



11:20    NNDM most recent offer to acquire SSYS hangs out there



12:38    3D Systems (DDD)



15:53    What of Cubicure, Align, and 3D Systems?



18:18    3D Systems’ regenerative medicine strategy



19:43    Markforged (MKFG)



22:44    Desktop Metal (DM)



27:05    Nano Dimension (NNDM)



27:22    Proto Labs (PRLB)



28:05    Materialise (MTLS)



31:15    Fathom (FATH) going private



31:35    Voxeljet delisting in the US (VX8:FRA)



32:48    Velo3D (VLD)



34:55    Nikon SLM Solutions (7731:TSE)



35:13    Xometry (XOM)



35:28    Is this the bottom?



36:23    HP (HPQ)



37:17    Closing remarks, and see you at RAPID in June!

Printing Money returns with Episode 15! This month, NewCap Partners' Danny Piper is joined by Scott Dunham, Executive Vice President of Research at Additive Manufacturing (AM) Research, and Matthias Schmidt-Lehr, Executive Partner at AMPOWER.  Last month, we zoomed out with The Association for Manufacturing Technology’s Chris Chidzik and examined the broader manufacturing market. This month, we zoom back in with two of the leading AM market analysts.



Scott and Matthias took part in a market data panel at the 2024 Additive Manufacturing Strategies business summit earlier this month, and continue the conversation here. Danny queries Matthias and Scott on their respective market tracking methodologies and gets their views on global and regional trends across metals, polymers, hardware and services.



The second part of Episode 15 takes a look at notable deals and market activity in the last month, including news from Wayland Additive, Desktop Metal, CORE Industrial, SOLIZE, Prototal, and others. Enjoy Episode 15 and stay tuned for more!  

Time Stamps:

00:16 Danny introduces our guests



01:35 Meet Scott Dunham, EVP Research at AM Research



02:42 Meet Matthias Schmidt-Lehr, Executive Partner, AMPOWER



04:22 Wall Street research analysts vs. market research analysts



05:18 AM Research data methodology



07:18 AMPOWER data methodology



09:39 AM market trends: A regional discussion



14:01 Print services market trends: Specialized versus broader approach



18:38 OEM market trends: Does Chris Chidzik's broader manufacturing view apply to AM?



22:41 Build size: Is bigger better?



27:36 AMPOWER:  AM Ventures venture capital market study



32:25 Wayland Additive raises GBP 4.2M



37:38 More construction 3DP raises: Azure raises $5M & Black Buffalo raises $4.25M



39:48 Desktop Metal files $250M mixed shelf offering with Cantor Fitzgerald



40:20 CORE Industrial raises $887M



40:57 SOLIZE IPOs in Japan



42:16 Prototal acquires CA Models



44:53 NUBURU (NASD: BURU) seeking strategic alternatives



46:23 RIP 3D Printing: Arevo assets up for sale, Uniformity Labs equipment auction, Shapeways liquidating Desktop Metal hardware, Morf3D being phased out



48:59 Thanks to Scott and Matthias!



This content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing stated on this podcast constitutes a solicitation, recommendation, endorsement, or offer by the hosts, the organizer or any third-party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction.  The information on this podcast is of a general nature that does not address the circumstances and risk profile of any individual or entity and should not constitute professional and/or financial advice. Referenced transactions are sourced from publicly available information.

For Printing Money's first episode in 2024, Danny is joined by returning guest Dayton Horvath, Director of Emerging Technology at AMT, and by Dayton's colleague, Chris Chidzik, Principal Economist at AMT.  First, we zoom out and look with Chris at the manufacturing sector as a whole. Then we zoom back in with Dayton, and focus on the additive manufacturing (AM) market activity in the last month. Any market knowledge of the 3D printing industry is incomplete without a grasp on the larger manufacturing industry, and Dayton, Chris, and AMT are the perfect combination to address this topic.  You will learn about utilization, machinery orders vs tooling orders, the market effects of interest rates and geopolitics, and of course all the deals and AM analysis Printing Money listeners love to hear about.



If Episode 14 doesn't sate your manufacturing market appetite, we recommend attending the AMT Winter Economic Forum webinar on Friday January 26.  Also, Dayton, Danny, and many of the people and companies mentioned in this episode will be on-site at AMS NYC, this February 6-8.  Come meet us!



00:25   Introduction



01:20   Meet Chris Chidzik, Principal Economist, AMT



02:08   Meet Dayton Horvath, Director of Emerging Technology, AMT



02:35   Historical look at the manufacturing equipment market



09:40   Looking forward to the 2024 manufacturing equipment market



11:15   Interest Rates as a market driver



13:45  Geopolitics and reshoring as a market driver



17:59  AMT Winter Economic Forum Webinar



19:49  AMS NYC conference



21:16  Synopsys to acquire Ansys



24:01  Accuron to acquire WAAM3D



28:13  Nano Dimension (NNDM) makes new offer to buy Stratasys (SSYS)



31:05  Align Technology closes Cubicure acquisition and Nexa closes Essentium acquisition



32:10  3DEO receives investment from Seiko Epson, FusionX, and Bank of Japan



37:03  Velo3D $18M direct offering



39:15  Red Wolf Technology raises $2.5M for 3D printing mobile phone cases



41:30  3DK Tech raises seed round of around $2.5M from investors including HAX/SOSV



45:48  AMufacture raises around $1M



47:08  Closing remarks



This content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing stated on this podcast constitutes a solicitation, recommendation, endorsement, or offer by the hosts, the organizer or any third-party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction.  The information on this podcast is of a general nature that does not address the circumstances and risk profile of any individual or entity and should not constitute professional and/or financial advice. Referenced transactions are sourced from publicly available information.

Happy holidays to our esteemed Printing Money listeners. Alex re-joins for this episode, and we also welcome back Arno Held from AM Ventures. There have been a number of thought provoking 3DP/AM transactions and impressive venture rounds since we last covered these topics in Episode 11.  Danny, Alex and Arno have you covered with a wealth of knowledge about all of it.  We begin with some ruminations and reminiscence on Formnext 2023, then we cover M&A and VC, and dive a bit into the private financing environment. Along the way you'll notice some interesting themes including corporate streamlining, and an educational and entertaining ode to tungsten!



0:13   Introductions



0:51   Formnext 2023 impressions



4:35   Cumberland Additive acquires Stratasys Direct division



9:43   3D Systems likely selling Oqton?



10:47 Nexa acquires Essentium



13:05 BigRep buys HAGE3D, and pursues German SPAC



17:05 Desktop Metal sells Aerosint to Schaeffler



22:00 Sandvik acquires Buffalo Tungsten



23:48 6K Additive purchases Global Metal Powders



26:27 Vectoflow closes €4M Series A



31:15 Divergent closes $230M Series D, and buys Sigma Additive's IP



33:41 Immensa lands $20M Series B



37:07 Precipart takes growth equity from KKR



39:12 Cognitive Designs raises €2M



41:15 Lithoz invests in Amarea



43:00 Multi-material printing



45:45 Norsk Titanium secures €2M bridge loan



This content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing stated on this podcast constitutes a solicitation, recommendation, endorsement, or offer by the hosts, the organizer or any third-party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction.  The information on this podcast is of a general nature that does not address the circumstances and risk profile of any individual or entity and should not constitute professional and/or financial advice. Referenced transactions are sourced from publicly available information.



 



 

Episode 12 of Printing Money brings with it a slightly different approach, as Alex Kingsbury sits this one out while Danny runs the show.  Equity research analyst Troy Jensen, now of Cantor Fitzgerald, joins Danny for this episode, with a slew of Q3 2023 quarterly reports to consider.  Danny and Troy review earnings from the majority of publicly listed 3D printing hardware and services companies.  Along the way, we highlight some takeaways from Formnext 2023 in Frankfurt last month, and some interesting transactions as they relate to the quarterly earnings, including General Motors' purchase of Tooling & Equipment International (TEI), and CORE Industrial Partners' offer to buyout Fathom.  All signs point to the business of AM coalescing with that of traditional manufacturing.





Also note: you can meet Alex, Danny, Troy, and CEOs from many of the companies mentioned in today's episode all at Additive Manufacturing Strategies, this February 6-8 in New York City.  We hope to meet you in-person!





0.00:   Danny's intro, and where is Alex?

2:15:   Troy has a new job, at Cantor Fitzgerald

3:05:   The role of an equity research analyst vs. the investment banker

6:35:   Disclaimer on our use of Pitchbook and other publicly available information

8:15:   Reviewing Q3 2023 public company reporting, from the perspective of 9 months over 9 months growth rates

8:45:   Velo3D (VLD)

11:45: Chinese Metal 3D Printing at Formnext 2023

12:38: voxeljet (VJET), and GM buys TEI

14:33: Markforged (MKFG)

17:08: Stratasys (SSYS)

19:39: Desktop Metal (DM)

22:50: 3D Systems (DDD)

25:42: Xometry (XMTR)

27:37: Materialise (MTLS)

30:28: Proto Labs (PRLB)

32:15: Shapeways (SHPW)

33:57: Fathom (FATH), and buyout offer from CORE Inudstrial Partners

37:07: Nano Dimension (NNDM) and Prodways (PWG.PA)

37:40: Wrap-up





This content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing stated on this podcast constitutes a solicitation, recommendation, endorsement, or offer by the hosts, the organizer or any third-party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction.  The information on this podcast is of a general nature that does not address the circumstances and risk profile of any individual or entity and should not constitute professional and/or financial advice. Referenced transactions are sourced from publicly available information.

Start-up advisor and corporate strategy consultant Tali Rosman joins Alex and Danny for this episode packed with M&A deals and VC financings. The trio start with a conversation on M&A activity around service bureaus with metal bureau provider i3D MFG being acquired by ERA Industries, then onto polymers withy Rapid processing Solutions being acquired by GoEngineer. Some encouraging activity is happening in the VC world with Mighty Buildings raising $52m in their Series B, to name a few. Finally, some less good news in the public markets, with voxeljet and SmileDirectClub reevaluating their current positions while facing an unclear future.

0.00: Meet Tali Rosman, including background and pedigree in 3D printing

3.35: i3D MFG acquired by ERA Industries

7.30: Rapid Processing Solutions acquired by GoEngineer

10.51: Interfacial Consultants acquires 3D printing group of M. Holland

11.44: Stratasys (NASDAQ: SSYS) sells urethane manufacturing assets

25.00: restor3D raises $29m and closes Conformis acquisition

26.35: TrioLabs raises $2.13m in venture funding

30.26: Haddy raises $3.5m in venture funding

31.36: Mighty Buildings raises $52m in Series B

34.04: voxeljet (NASDAQ: VJET) to review strategic alternatives. Update since recording: voxeljet awarded contract by GE.

37.20: SmileDirect Club (OTCMKTS: SDCCQ) files for Chapter 11 bankruptcy

41.12: Stratasys-Desktop Metal merger terminated

44.16: Wrap-up and acknowledgement of Israel

This content is for informational purposes only, you should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing stated on this podcast constitutes a solicitation, recommendation, endorsement, or offer by the hosts, the organizer or any third-party service provider to buy or sell any securities or other financial instruments in this or in any other jurisdiction in which such solicitation or offer would be unlawful under the securities laws of such jurisdiction.  The information on this podcast is of a general nature that does not address the circumstances and risk profile of any individual or entity and should not constitute professional and/or financial advice. Referenced transactions are sourced from publicly available information.