reports
- Richard Williamson
Nano Dimension - Scaling up
Nano Dimension has agreed to acquire Markforged, a specialist in additive manufacturing (AM) for metal and advanced composites, for cash of $115m. The deal requires regulatory and Markforged shareholder approval, which, if granted, should allow the deal to close by the end of Q125. The combination of Nano Dimension, Desktop Metal (acquisition process underway) and Markforged had pro forma revenue of $340m in FY23. This deal further broadens the product portfolio with the addition of a new printi...
- Richard Williamson
Nano Dimension - Creating a leader in additive manufacturing
Nano Dimension reported record revenue of $15.0m in Q224, slightly higher year-on-year and 12% higher quarter-on-quarter. The Reshaping Nano initiative continued to reduce cash burn, which was down 64% y-o-y in Q224 and 69% in H124, before share buybacks. Management is focused on completing the Desktop Metal (DM) acquisition by the end of the year. The combined entity will have a broad product offering, supporting the entire value chain from prototyping through to volume manufacturing, along wit...
- Richard Williamson
Nano Dimension - Agreement to acquire Desktop Metal
Nano Dimension has entered into a definitive agreement to acquire Desktop Metal (DM) in an all-cash deal worth $185m ($5.50 per DM share), with potential adjustments that could reduce it to $135m ($4.07 per share). The deal is subject to regulatory approvals and DM shareholder approval and is expected to close in Q424. With complementary product lines, the combined entity will offer a broad range of additive manufacturing solutions covering multiple verticals and materials, supporting the entire...
- Richard Williamson
Nano Dimension - Material reduction in cash burn
Nano Dimension’s Q124 results confirmed that the Reshaping Nano initiative has made good progress, with significant reductions in operating costs and improved adjusted gross margins materially reducing the adjusted EBITDA loss and cash burn compared to Q123. The company bought back $52m worth of shares in Q124 and expects to continue to do so while the shares trade at a discount to book value. M&A is still firmly on the radar and discussions with potential targets are ongoing.
- Richard Williamson
Nano Dimension - Growth in a tough market
Nano Dimension made good progress growing revenue and gross margins in FY23. The company is now focused on reducing cash burn and moving to profitability, via its Reshaping Nano initiative, and is simultaneously looking to acquire in the additive manufacturing space to consolidate its position. Nano Dimension continues to buy back shares while they trade at a discount to book value.
- Richard Williamson
Nano Dimension - Share buyback underway
Nano Dimension has provided a business update that highlights a major R&D milestone, a system sale to a defence customer and the start of a $200m share buyback programme. Management is focused on optimising capital allocation, balancing value enhancing acquisitions, the return of cash to shareholders and R&D investment.
- Richard Williamson
Nano Dimension - New offer for Stratasys
Nano Dimension has made a non-binding proposal to acquire the 86% of Stratasys that it does not own for $16.50 per share in cash. The deal would be financed mainly from existing cash, with discussions for additional financing currently underway. Stratasys is reviewing the proposal as part of its ongoing strategic review.
- Richard Williamson
Nano Dimension - Outlining the path to profitabililty
Nano Dimension reported Q323 year-on-year revenue growth of 21.6%, an adjusted gross margin of 48.0% (+20.4pp y-o-y) and an adjusted EBITDA loss of $30.1m. Despite the Israeli/Palestinian conflict, Nano Dimension maintains its outlook for FY23 and has launched an initiative to improve company profitability. It has also made improvements to corporate governance. With a substantial net cash balance and a material stake in Stratasys, the company is focused on optimising capital allocation, balancin...
- Richard Williamson
Nano Dimension - Strengthening the product portfolio
Nano Dimension reported Q223 revenue growth of 33% year-on-year and maintained its adjusted EBITDA at a similar level to Q123, reflecting continued investment in R&D. No longer looking to acquire a majority stake in Stratasys, the company is considering its options regarding its 14% holding and continues to seek alternative targets, recently making a small technology acquisition in the design software market.
- Richard Williamson
Nano Dimension - Tender offer for Stratasys withdrawn
Nano Dimension has withdrawn its tender offer for Stratasys, stating that it would not be able to complete the transaction due to Stratasys’s shareholder rights plan. It has also withdrawn its proposal to replace Stratasys directors at its upcoming AGM. The company intends to review its investment in Stratasys, with the sale of its stake on the open market an option, and expects to pursue the backlog of alternative M&A opportunities.
- Richard Williamson
Nano Dimension - Tender offer for Stratasys extended again
Nano Dimension has raised its tender offer for Stratasys again, increasing its cash offer from $24 to $25 per share and extending the closing date to 31 July. If successful, it plans to explore options for further consolidation of the industry. If unsuccessful, it will review its Stratasys investment and may sell its stake on the open market.
- Richard Williamson
Nano Dimension - Tender offer for Stratasys revised up again
Nano Dimension has amended its special tender offer for Stratasys again, increasing its cash offer from $20.05 to $24.00 per share. It has also stated its willingness to explore a potential combination of Stratasys with 3D Systems. Nano Dimension’s resolution proposing to replace the majority of Stratasys’ board will be voted on at Stratasys’ AGM on 8 August.
- Richard Williamson
Nano Dimension - Record quarter for revenue
For Q123, Nano Dimension reported good progress in revenue, up 43.5% y o-y and 23.6% q-o-q to $15.0m. Continued investment in R&D resulted in an adjusted EBITDA loss of $23.7m. Revaluation of the company’s stake in Stratasys and interest income earned on cash resulted in net income of $22.2m for the quarter. With net cash of $974m at quarter end, the company is well-funded to pursue its acquisition strategy.
- Richard Williamson
Nano Dimension - Revised tender offer for Stratasys
Nano Dimension has extended its special tender offer for Stratasys, increasing its cash offer from $18.00 to $20.05 per share and extending the deadline to 24 July. It has reduced the number of shares it is seeking to acquire, from up to 27.926m to up to 25.266m, to achieve a holding of 46–51% including the 9.7m shares it already owns. On the same day, Stratasys received a revised bid from 3D Systems (offering a mix of cash and shares) and it is currently reviewing both revised bids.
- Richard Williamson
Nano Dimension - Tender offer for Stratasys launched
As previously flagged, Nano Dimension has launched a tender offer at $18/share to buy up to 40.8% of Stratasys shares, with the aim of taking its stake to 55%. This would cost up to $502.7m in cash; we note that Nano Dimension had cash and short-term deposits of $957m at 21 May. On the same day the tender offer was launched, Stratasys announced plans to merge with Desktop Metal.
- Richard Williamson
- Richard Williamson
Nano Dimension - Creating additive manufacturing industry leader
Nano Dimension has made a formal, non-binding offer to acquire Stratasys (Nasdaq: SSYS) for US$18.00 per share in cash. Under the terms of the proposal, Nano Dimension, which has been the largest shareholder of Stratasys since July 2022 and currently owns approximately 14.5% of the company’s outstanding shares, would acquire the remaining shares of Stratasys for a total consideration of c US$1.1bn in cash. The offer price reflects a premium of 36% to the closing trading price on 1 March 2023, an...
Unfortunately, this report is not available for the investor type or country you selected.
Report is subscription only.
Thank you, your report is ready.
Thank you, your report is ready.