Greetings, and welcome to Desktop Metal's Fourth Quarter and Full Year 2020 Financial Results Conference. At this time, all participants are on a listen only mode. A brief question and answer session will follow the formal presentation. If anyone should require operator assistance during the conference, please press star zero on your telephone keypad. As a reminder, this conference is being recorded. I would now like to turn the conference over to your host, Mr. Arjun Aggarwal, Chief Product Officer. Thank you, Sir. Please go ahead. Thank you, and thanks to everyone for joining us today for Desktop Metal's fourth quarter and full year 2020 earnings conference call. With me on the call are Ric Fulop, CEO, Chairman, and Co-founder of Desktop Metal, and James Haley, CFO of Desktop Metal. Earlier today, we issued a press release and made a slide presentation available on our investor relations website, which provides an overview of our business and financial highlights for the fourth quarter and full year 2020. This call is being webcast live on Desktop Metal's investor relations website, and the webcast and the accompanying slides will be available for replay for 12 months following this call. The content of today's call is the property of Desktop Metal. It can't be reproduced or transcribed without our prior written consent. Before we begin, I would like to refer you to slide two of our presentation, which contains our safe harbor disclaimer. Today's call will include forward-looking statements. These forward-looking statements reflect Desktop Metal's views and expectations only as of today, March 15th, 2021, and actual results may vary materially based on a number of risks and uncertainties. For more information about the risk factors that may impact Desktop Metal's business and financial results, please refer to the Risk Factors section of the annual report on Form 10-K that we filed with the SEC, in addition to the company's prior filings with the SEC. We assume no obligation to update the forward-looking statements. Additionally, during this presentation or the following Q&A session, we may refer to non-GAAP measures, including EBITDA and adjusted EBITDA. These measures are intended to supplement, but not substitute, for performance measures calculated in accordance with GAAP. Our earnings release contains the financial and other quantitative information to be discussed today, as well as a reconciliation of the GAAP to non-GAAP measures. With that, I'd like to turn it over to Ric. Thank you, Arjun. Good day, everyone. We're excited to welcome you to our first earnings call as a public company. The past several months has been transformational for Desktop Metal. In the fourth quarter alone, we completed the transaction between Trine and Desktop Metal, started trading on the New York Stock Exchange, and began shipping several new products core to our long-term roadmap, ending the year with over $595 million on the balance sheet to fund our growth strategy. I'd like to start today by providing an overview of our business for those that are new to our story, highlight some of the key milestones we achieved in the fourth quarter, and discuss some of our strategy going forward. After my remarks, James will cover our evolution to a public company, discuss our financial results for the fourth quarter and full year 2020, and provide guidance for 2021. First, an overview of our business, starting with our investment highlights on slide three. Desktop Metal is the only pure-play additive manufacturing 2.0 company. We're pioneering a new generation of additive manufacturing technologies focused on the production of end-use parts to help businesses make high-performance products faster, more sustainably, and at cost and volume competitive with conventional manufacturing processes. The additive manufacturing market is a significant and growing opportunity that's expected to go from roughly $12 billion in 2019 to about $146 billion by 2030. This 11x growth is being propelled by a shift from prototyping and tooling into mass production applications, and the industry has strong secular tailwinds around onshoring and supply chain flexibility. We have a growing portfolio of additive manufacturing 2.0 solutions focused on volume production of end-use parts that we think has industry-leading price performance and capabilities across the portfolio, with over 190 materials qualified across polymers, metals, ceramics, composites, and biocompatible resins. Our products include some of the largest and fastest DLP systems in the market with the Envision One HT and the Xtreme 8K. We've got the fastest metal printer in the market with the Production System P-50. It's about 100 x faster than prior generation technologies like laser powder bed fusion. We've also got a series of developing businesses in composites and biofabrication that we're going to expand, as I'll discuss shortly. This portfolio is backed by differentiated technology moats. That includes printers, software, materials, and over 260 patents issued or pending. We have a second major moat around distribution, and we now have over 250 partners in 68 countries around the world. We're doubling down on a combination of horizontal and vertical focus for the channel to go after a variety of markets. We've got a solid dental and jewelry business, and we'll continue to expand our focus into verticals such as healthcare, automotive, aerospace, and oil and gas. We've got a very compelling financial profile. The products I highlighted earlier each have high margin recurring revenue streams from consumables and service, which generate a multiple of the upfront revenue and gross profit over the lifetime of the system. On the whole, we anticipate significant gross margin improvements and operating leverage as we scale revenue over time. Finally, we believe there's a significant inorganic upside potential in the business, and we've got a team with experience executing transactions. We've ended the year with a very robust liquidity profile, and we expect to use this to fund organic activities, but also generate a return as we add strategic capabilities to the business. In line with a strategy focused on enabling killer apps for additive. Taking a step back to look at the additive manufacturing industry as a whole on slide four. Today, a small percentage of the spend in a program goes to design prototypes, tooling, and jigs and fixtures. These use cases has traditionally been the focus of additive manufacturing. This actually used to be an industry called rapid prototyping. The vast majority of the spending in a program really goes to the end-use parts in production. Turning to slide five, to take additive manufacturing, or AM, to mass production, there's four key hurdles. Each has a high bar, given the maturity of conventional manufacturing processes. In the polymer space, for example, surface finish has traditionally been a barrier, having parts that look and feel like end-use parts. Photopolymer AM has cleared this hurdle, but for a long time, the parts didn't have the required accuracy. Today, there are resins available that fully cure during printing, you can achieve the finish and accuracy needed to go to market with AM parts. Material properties is also a recent area of innovation with multi-cure resins, which now enable making parts from materials that rival or exceed widely available thermoplastics. Finally, speeds have gradually been increasing since about 2011, primarily through continuous printing, which we patented. They are now reaching a point where you can use photopolymer AM production in high volumes. The story is very similar on the metal side, where over time, technology advances have cleared each of these bars. The key hurdle we at DM are now addressing is speed and cost, where throughput has historically limited the use of metal AM because parts and systems have not been cost-effective. Turning to slide six, we're focused on print processes with productivity that continues to improve over time, riding semiconductor scaling laws. In metals, we've got the fastest binder jetting systems in the market. The engine that drives the throughput is inkjet, which has doubled in throughput every roughly 18-24 months for the past 20 years by improving nozzle density and droplet firing frequency. Whereas vector-based print processes typically require more time or more cost to scale throughput. An area-wide process that gains efficiencies over time, like our proprietary Single Pass Jetting technology, drives the economics of additive down the cost curve to make it competitive with conventional manufacturing at volumes up to hundreds of thousands of units per day, and even larger volumes as a new generation print engine is introduced. On slide seven, we see the same thing happening in photopolymers, with the move to UV diodes as a light source for curing. EnvisionTEC photopolymer printers have scaled speed roughly every 24 months as new generations of diodes come out. You've got their new patented approach called projection arrays, which multiplies improvements in power output, enables print speeds to scale even faster. Resolution has also had scaling with rapid advancements in underlying image projection technology. This allows you to have larger build platforms with more parts. The result of all this is that our photopolymer printers can now use these improvements in power and resolution to shift further the cost curve, making at-scale printing of end-use polymer parts viable. With this focus on technologies that ride third-party improvements in efficiency and power, we have the wind behind our sails, and we anticipate growing more competitive with conventional manufacturing each year. Turning to slide eight, Additive Manufacturing 2.0, or AM 2.0, represents this next generation of technologies that enables volume production of end-use parts with finish, accuracy, properties, and economics that are actually competitive with conventional manufacturing. The AM market has compounded at 20% annually over the last decade to $12 billion by 2019. In the last three years before 2019, it actually compounded at 25% annually. We think the market overall exhibited a strong bounce back from COVID-19 in the fourth quarter, and that points to a promising year ahead. The industry is expected to continue to compound at roughly 25% over the next decade to get to $146 billion by 2030. This inflection is really being driven by more and more businesses shifting towards end-use parts powered by AM 2.0. That $146 billion only represents 1% penetration of the overall $12 trillion in the global manufacturing industry. There's plenty of room to continue to grow. Turning to slide nine, the reason so many businesses are looking to use additive for end-use parts is that it eliminates the need for tooling, which has created significant pain points in conventional manufacturing. For example, long lead times, minimum volume requirements, time-sensitive machine programming, and significant material waste. Conventional manufacturing also creates design limitations that can negatively impact performance and cost in favor of manufacturability. Additive enables benefits like the ability to design complex parts using generative design tools that optimize for real-world physics. Assembly consolidation, which takes many components and prints them as a single part with dramatic efficiencies in weight or performance. Mass customization of parts to particular markets or environments. Finally, re-engineering supply chains around the on-demand, flexible manufacturing capacity and digital inventories where businesses ship files across borders for local manufacturing. There's a dramatic opportunity to reshape global commerce and improve CO2 footprints as we develop more efficient ways to mass produce and ship products to consumers. These are key long-term tailwinds for AM 2.0. I'd like to spend some time to highlight some exciting initial applications that are becoming cost-effective with our AM 2.0 solutions. In the past, you've probably heard of additive being used for very high-end, very low-volume parts like jet engine components. I think one of the problems with additive is it costs too much to be used at scale in larger markets. One of the more exciting things about our solutions is that we can now use AM 2.0 technologies to make hundreds of thousands of parts in applications that you never would have considered using additive for in the past. On slide 10, you can see one of our customers, for example, a company called EAC in France. They're a major supplier of metal accessories for swimwear, cosmetics, and luxury goods for companies such as Chanel and Louis Vuitton. More and more, they're using our Shop System to mass produce pieces that can end up in stores that you, as a consumer, could go to and purchase. That is a fantastic development for additive. They received their system middle of last quarter, and it's already making parts in high volume. The Shop System helped EAC increase their leather hardware production from 10,000 pieces per week to more than 70,000 parts per week. Those are real manufacturing numbers, 10s of thousand pieces per week. Shop System also allows them to create volume quantities of these accessories with significantly reduced lead times, which is important in the fashion industry, and minimal to no manual assembly required. This is a game changer for an SME business like this, that's supplying end-use parts to a market. It illustrates several core benefits of the Shop System binder jetting solution. Turnkey flexible manufacturing, volume production of real end-use parts with faster time to market, and the ability to get up and running quickly with minimal prior binder jetting experience. As a plug-and-play solution, it's extremely easy to install and deploy. On slide 11, another exciting case study is with one of our P-1 customers, FreeFORM Technologies. They've got a very experienced team in Pennsylvania and are dedicating themselves to making parts with metal binder jetting. With the P-1, the part quality and throughput has enabled them to continually gain business with their customers, fulfilling small quantities of parts at first, and then growing to a large volume. Because it's a digital manufacturing process, they can economically turn around thousands of parts in one to two weeks, versus two to three months with conventional manufacturing or older generation AM systems. A 75%-90% reduction in lead time. On top of supporting direct material and process transfers to production P-50, the P-1 is a great tool for high-speed serial production of small and complex parts. Turning to slide 12. Since the fourth quarter, we also entered a fast-growing photopolymer additive market with our acquisition of EnvisionTEC, the original inventor of digital light processing, or DLP printing, an area-wide photopolymer 3D printing process. They have significant blocking IP in this segment, which has bolstered our DM patent portfolio. Together, we create a one-stop shop for AM 2.0 solutions across polymers and metals. What we're excited about with EnvisionTEC is that their solutions have been used to produce end-use parts at scale, with over 10 million parts in 2020 alone. They're a market leader in fast-growing segments like dental, where sales of their Envision One platform grew over 3x in 2020, despite the challenges from COVID-19. EnvisionTEC gives us a fantastic platform as we expand the business to reach a whole new set of verticals and applications that benefit from polymer parts and volume. On top of this, we grow our channel in both number and geographic reach, with great opportunity for cross-selling metal and polymer solutions. Looking at the product portfolio as a whole, on slide 13, we feel it's the most compelling and diverse set of AM 2.0 solutions in the market, and it can cater to metals, composites, ceramics, photopolymers, and even include digital casting and bioprinting capabilities. What's great is that it can address use cases across a product life cycle from pre-production all the way to volume end-use parts. This is a killer product lineup. Almost all of these products have been refreshed and released within the last year, and we believe they can take us to significant scale. They're backed by a very strong IP portfolio of over 260 issued and pending patents and supported by a library of over 190 materials. To build these products, we've really had to pioneer a set of disruptive technologies. On slide 14 now, Single Pass Jetting is the patent-pending technology that powers our Production System platform. Unlike competitive binder jetting systems, which typically require 20-30 seconds to print a layer, the Production System P-1 and P-50 can print a layer in under three seconds. This equates to build speeds that are up to 100 x faster than powder bed fusion and significantly faster than conventional binder jetting. The P-50 can support production of up to millions of parts annually at costs that are competitive with conventional manufacturing at reasonable volumes. This is really key, because businesses won't adopt additive if it can't compete on cost. The Production System platform offers the only inert processing environment in the market, so we're actually able to print reactive materials via binder jet. As an example, we had a great announcement last week on a breakthrough in the development of aluminum for binder jetting, where we've collaborated with our partners to achieve extremely promising results of over 99% dense 6061 aluminum material with properties better than wrought with comparable heat treatment. On the metal side, we've also got advanced sintering technology we've developed in-house to be affordable and easy to install. It makes binder jetting an accessible turnkey solution that can be adopted rapidly by businesses and individuals without experience with printing or metallurgy. Both of these technologies are enabled by Live Sinter, our proprietary sintering simulation software designed to improve part accuracy and eliminate the trial and error for powder metallurgy-based additive manufacturing. It dynamically simulates the sintering step of the binder jetting process to predict shrinkage and distortion, and corrects geometries before printing to minimize any deviations from the intended design of the final part. This software, too will be a key enabler for broader adoption of binder jetting. Turning to slide 15. On the photopolymer side, we have a unique patented technology in continuous digital light manufacturing. This is an extremely cost-effective solution for mass production of photopolymer parts that uses proprietary domeless basin technology to provide higher accuracy prints than membrane alternatives. The Envision One HD, which began shipping in the first quarter of 2021, is the only commercially available high temperature, high viscosity photopolymer system shipping in volume today. We think this is the future in photopolymer AM. This technology allows businesses to achieve properties on par or exceeding conventional thermoplastics. These systems are doing extremely well. On the right here is the new Xtreme 8K solution, which uses patented projection array technology to achieve native 8K resolution and effective 16K resolution at very high speeds. It's the most advanced polymer AM system in the market. Compared to an industrial Fortus 450mc FDM printer from Stratasys, this system's up to 100 x faster with a build envelope that's roughly the same size. It offers superior price performance to comparable industrial polymer AM systems. Just like the Envision One HD, it supports high temperature, high viscosity resins to enable a wide variety of industrial commercial applications. Digging into our go-to-market on slide 16, we've got a leading global distribution network today with over 200 partners that can sell and service our solutions in over 68 countries around the world. Our partners address a wide variety of markets and include vertically focused players as well as the ones focused on general industrial businesses. They can support a variety of business models and product offerings, whether it's low touch, high volume, or high touch, high value. We think this is one of the differentiating assets of DM as a company, and we believe this will be a key factor in accelerating our growth to achieve global scale and launch new products efficiently. Turning to slide 17, we've got a very broad adoption of our AM 2.0 technologies across a variety of industries in both polymers and metals, healthcare, automotive, aerospace, oil and gas, and consumer products, diversified manufacturers and machine shops. We're excited to expand this user base to more blue-chip customers and SMEs as we continue to ramp production and distribution of our newer solutions. Turning to slide 18, the unit economics of these products are fantastic. The two examples here are the Production System P-50 and the Xtreme 8K. The lifetime revenue and gross profit of each system is a multiple of the initial sale, roughly 3x to $6.5 million in the case of a P-50, and upwards of 10x to $1.5 million with the Xtreme 8K. Recurrent contribution comes from the sale of high-margin consumables and services, which result in strong gross margin profiles over the life of the system. They really demonstrate a pretty attractive razor, razorblade model, where the initial sale generates a profit as well. Turning for a moment to our strategy related to inorganic growth on slide 19. There's an opportunity here as we continue to build out a strong distribution channel to bring new technologies on the printer side that are focused on AM 2.0. There's a lot of innovation in the private sector, and we look forward to adding new print capabilities to our company to enable a wider set of applications and use cases. Our second vector for inorganic growth is materials, where we see a huge opportunity to benefit from vertical integration. We've already built vertically integrated structure for materials in the photopolymer side, where we also have an open certified materials business model to work with partners with unique materials outside our moat to offer validated third-party solutions to customers. On the metal side, vertically integrating into advanced materials difficult for conventional manufacturing could uplift the lifetime value of a P-50 customer by up to 2x-6x. The third vector for inorganic growth is building a strong parts offering around killer apps for additive, where our focus is to incorporate businesses and segments with high margin, high barriers to entry. You'll see more about our strategy in this area as the year progresses and we execute some of these transactions. We believe this can be very accretive to the company and provide a strong return on capital, as in the case of EnvisionTEC. Now, there are already several markets which have been quick to adopt AM at scale, and we're going to focus on building go-to-market strategies around each of these segments. Hearing aids, for example, is an application that has almost fully crossed over into additive. The same goes for jewelry, where AM is used widely for creating lost wax molds for casting, and now is starting to be used for direct metal printing. Turning to slide 20. Today, we are announcing the creation of a new business called Desktop Health, focused on patient-specific additive manufacturing solutions for the healthcare and dental markets. To help lead this initiative, we're bringing on board Mike Jafar, with a storied career at Evolus and Allergan, launching some of the best-known brands in the healthcare space. We feel there are commercial-ready applications in dental, orthopedics, audiology, and surgical instruments, but there's also a lot of exciting potential in other untapped categories. We look forward to working with Mike and his team to develop solutions for these applications and bring them to the market using our DLP high-speed metal binder jetting in BioPlotter solutions. Our vision here is that today you've got more than $85 billion of medical implants annually, and they're mostly produced in standard manufactured sizes. We think that's going to change over the next decade or two, where most of these parts will become patient specific, and that's a major opportunity for additive manufacturing across metals, polymers, ceramics, and other materials. On slide 21, dental is one of the killer apps for additive manufacturing. It's a segment that has been patient specific for some time now, since every part is custom. It's a market that's both growing and adopting additive quite rapidly. However, with more than $30 billion in annual parts spent in dental, only a small percentage of that total is printed. Most dental parts today are still milled or made by hand in a lab. We see an excellent opportunity for additive to reach up to 75% by 2025, and we plan to be a major enabler of AM adoption in the ortho, lab, and chairside dental markets. Materials are key to enabling applications in this market. You can see how many different use cases for AM there are in polymers, metals, and ceramics. We've got several materials that have either received FDA 510(k) or are in process, including proprietary materials for permanent crowns and full arch implant dentures with industry-leading performance. Turning onto slide 22. We believe the future is through prostheses that take less time, where you can remove the temporary setups. An example is full arch implant dentures, which is a procedure that today takes on average three weeks from beginning to end. Enabled by our breakthrough proprietary materials and combined with our high-speed printers, we developed with our partners a revolutionary same-day digital workflow for full arch implant dentures. This new 3D printed smile takes place in a single day under the comfort of IV sedation. This will be one of several initial solutions that we'll bring to market with Desktop Health. Our materials and process have been tested in a clinical study conducted in coordination with leading partners in the field, and participation from roughly 900 patients since March 2000. Since then, there have been no failures with our printed implant dentures, and the results overall have been excellent. This application is part of roughly $4 billion dental implant market, where we feel there's potential to completely revolutionize how patients are treated, and this is all enabled by a combination of advanced materials in both metals and polymers with really high-quality properties and AM technology suitable for end-use part production. We look forward to building a best-in-class team in healthcare and dental to work with our partners in industry to bring patient-specific solutions to the market at scale. Not just in dental, but also across cardiology, orthopedics, ophthalmology, dermatology, and plastic surgery. Turning to our fourth quarter business highlights on slide 24. As I mentioned earlier, we made several key strides in the fourth quarter towards commercializing our AM 2.0 technology platform. We started global shipments of our Shop System, a mass market binder jetting solution for SMEs in machine shops. It's a full turnkey offering designed for flexible mid-volume production. Based on published figures, in just one quarter in the market, Shop System became the number one selling binder jet system in terms of units. In addition, we began global shipments of our Production System P-1 Solution, the entry-level model for our Production System platform. It's also a great proof point on our path to commercializing the Production System P-50 the second half of 2021, as they share the same technology architecture and core print modules. We're incredibly proud of our dedicated team of employees that helped us achieve these key product launches in spite of the challenges and disruptions created by COVID-19 during 2020. Among our commercialization products, we gained adoption from key customers such as Milwaukee Tool, Ford, Eaton, Pratt & Whitney, and more. We also launched our Sintering Simulation Software, Live Sinter, for use in our binder jetting solutions and received significant awards from the Department of Defense. We beefed up our Board of Directors with the addition of Scott Dussault as veteran CFO and Stephen Nigro, who used to be President of HP's Printing and Imaging business. With that, turn it over to James, who's going to discuss financial highlights. James? Thanks, Ric, and thanks again to everyone for joining us today. I'm James Haley, the CFO of Desktop Metal. I'm pleased for this opportunity to share Desktop Metal's financial results for the first time as a public company. I'll begin with a quick recap for those new to Desktop Metal before providing a summary of the company's fourth quarter and full year results for 2020, and closing with guidance for 2021, which can be found on slide 25. We announced a definitive business combination agreement with Trine Acquisition Corp on August 26, 2020, concurrently with a successful pipe fund raise that, in aggregate, provided approximately $530 million of net proceeds to our balance sheet. The business combination was completed on December 9th, and we began trading on the NYSE on the 10th under the ticker symbol DM. Moving to our financial results for the fourth quarter and full year of 2020, we are pleased with our fourth quarter results, which reflect an inflection point in our business as we successfully commenced shipments of several new products. We generated revenue of $8.4 million for the fourth quarter of 2020, up from $2.5 million in the third quarter and in line with our expectation of sequential acceleration. Cost of sales in the fourth quarter was $10 million, resulting in gross margin of negative 20%. This represents a sharp improvement from the third quarter of 2020 as we began to scale revenue out of our fixed overhead costs, as well as a shift towards higher margin products. Net loss for the fourth quarter was $25.4 million, which includes increased G&A expenses related to our transaction with Trine and becoming a public company, including additional headcount for corporate functions, audit, legal, professional services, and insurance. Looking at the year overall, revenue for fiscal 2020 was $16.5 million. Net loss and non-GAAP adjusted EBITDA for the fiscal year were negative $90.4 million and negative $73.5 million respectively. We ended the year with a well-capitalized balance sheet, including cash equivalents, and short-term investments of $595.4 million as of December 31st, 2020. On February 26, 2021, with more than 75% of the public warrants from the transaction with Trine already exercised, we announced redemption of the remaining outstanding public warrants. Through March 10th, 2021, 11.9 million public warrants were exercised for cash, resulting in proceeds of $136.8 million. Looking ahead to 2021, with our robust capital position, we plan to hit the accelerator on growth and will continue to make substantial investments in both organic and inorganic opportunities. Over the past few months, we have significantly expanded our sales and marketing, engineering, and administrative teams to ensure we are well-positioned to fast-track organic growth. Further, we are building out internal M&A capabilities to support the multiple inorganic growth initiatives which Ric spoke to earlier. For the full year 2021, we expect to generate revenue in excess of $100 million, including contribution from EnvisionTEC. We plan to exit the year with an annualized revenue run rate of at least $160 million. With multiple product launches from the fourth quarter right in the rearview mirror and additional commercial launches this year with EnvisionTEC Xtreme 8K and Envision One HT in the first half and the Production System P-50 in the second half, we anticipate sequential growth to be relatively modest in the first quarter, followed by a more substantial acceleration beginning in the second quarter as various growth initiatives take effect following COVID and as these new solutions pick up steam. Turning to adjusted EBITDA on a non-GAAP basis, we expect this to be in the range of -$50 million to -$60 million as we continue to invest in organic and inorganic growth. With that, I'll turn the call over to Ric. Ric? Thank you, James. We're excited to be engaging with our new public shareholders as we embark on this journey. We're building our business for the long term, and our leadership team and board are aligned with our public shareholders. We view our AM 2.0 platform as leading the way in empowering businesses to finally realize the promise of additive manufacturing. Re-engineered supply chains, localized production, full design freedom, and all at a competitive volume and cost. Increasingly, digital manufacturing landscape is going to experience a massive transformation over the next decade, and we at Desktop Metal are thrilled to be at the forefront of this fourth industrial revolution. With that, I'll conclude our prepared remarks. Thank you everyone for listening and for your support. James and I are now happy to take questions. Thank you. Ladies and gentlemen, the floor is now open for questions. If you would like to ask a question, please press star one on your telephone keypad at this time. A confirmation tone will indicate your line is in the question queue. You may press star two if you would like to remove your question from the queue. For participants using speaker equipment, it may be necessary to pick up your handset before pressing the star key. Once again, that is star one to register questions at this time. Our first question is coming from Shannon Cross of Cross Research. Please go ahead. Good morning. I was wondering, Ric, looking back at the last, I guess we're at seven or eight months now since you announced the transaction and guidance at that point, which I think was $15 million-$25 million in revenue for 2020. Can you talk a bit about what headwinds you faced, what you're seeing from the market in terms of reception to some of the launches and just what's leading you to be a bit more cautious in first quarter with an expected ramp thereafter? Thank you. Hey, Shannon. Thank you for the question. I think we have great funnel that's building for our products. We didn't get to ship our Shop System until probably middle or second half of the fourth quarter, and the traditional COVID supply chain related things of moving things around the world. We did a global launch in all continents, which I think was a strategic thing for us to get going on our Shop System, and we did that to prevent potential limitations of different places that we didn't know whether they'd be locked down or not. Overall, we're pretty happy with the results given all the traditional challenges that other companies faced to get products delivered around the world. I think that as we come out of the pandemic, we're going to see some great resurgence and people going back to their labs and manufacturing spaces to execute programs. I appreciate that, but I'm just trying to figure out, and maybe if we think about first quarter and the ramp through the year, what sort of builds upon itself that shows the acceleration starting in second quarter, and what are the sort of the key products we need to watch? Yeah. I think it's a reflection of our funnel and how it's building right now. We've got a number of exciting products, particularly Envision One HD and Envision One System continues to pick up. We're pretty happy with the way Studios continue to develop. Studio 2 is now starting to ship, and Shop System, continued acceleration on that and P-1s as well. It's the products that we've been describing. I think as we go through the rest of the year, we will have a progression that's similar to what you see in our industry, which is Q2 and Q4 are probably the landmark quarters in additive, and then Q1 is usually a refresh from beginning of the year. That's just a reflection of how we feel the year is going to progress based on our funnel and how things are coming along. I guess the one point that I would add on that too is we are planning to launch Envision One HD, the Xtreme 8K. We're seeing strong demand for those already, and certainly we have the P-50 system that'll be coming out in the second half. The pipeline is really developing from here. Ric touched on the headwinds for Q1, but what we see now, we're very optimistic about the remainder of the year. Okay. That's helpful. Then maybe if you can just talk a bit about from an expense perspective, where you're funneling some of the incremental dollars. How much of this is because of EnvisionTEC? How much you talked about expanding your sales and marketing team, and then maybe how much of this is related to your new healthcare initiative. Thank you. Sure. Great question. Certainly, as I stated in our prepared remarks, we're sitting on nearly $600 million of dry powder. Really, we're trying to hit the accelerator on growth here, and that's going to be achieved certainly with multiple organic and inorganic opportunities. We touched on we're building out an internal M&A capability. Certainly our organic sales team, the EnvisionTEC sales team, marketing, continued efforts on research and development, looking at various cost-down initiatives as well as future products, and then all the integration of multiple opportunities we're looking at. I will add, too, certainly the public company expenses were not something that was sort of contemplated in some of the numbers prior. Those numbers are certainly substantial, and when you look at our market cap, in particular, insurance and various professional fees, registration fees, they're certainly substantial. Great. Thank you. Thank you. Our next question is coming from Greg Palm of Craig-Hallum. Please go ahead. Yeah. Thanks. Good morning, congrats on all the achievements thus far. I guess maybe just kind of starting at a high level, I'm really looking at the product portfolio specific to Desktop Metal. Help us understand ranking in order of importance, Studio versus Shop versus Production. I'm just kind of curious if you think about timing for P-50 and the launch, is that something that we should expect some revenue contribution this year, or is that more of a FY 2022 event? We definitely will expect some contribution of P-50 this year in the second half, and that continues to be on schedule. P-1 and the Shop System are important parts of our product portfolio as they are mass production systems as well as our Shop System. Studio is a product that has its niche. We're very excited about our Studio 2. On the photopolymer side, the Envision One is very much a hit product. It is doing extremely well in the market and in the particular in dental labs and several other segments. We continue to see significant traction and adoption on it, as well as our D4K for chairside, and we think those products are fantastic. We're planning to scale Xtreme 8K as the year goes on and are excited about that ramp. Got it. Just going back to the commentary on the Q1 assumptions, I guess I'm just a little bit confused still. It sounds like in Q4, there were still some kind of COVID-related headwinds and maybe some push outs in terms of timing. I guess looking at the revenue guide, I thought maybe given some of those new product introductions, then obviously you've got contribution from EnvisionTEC, that revenue would have jumped, or at least the guide would have suggested a revenue jump more sequentially. I guess you haven't quantified what modest really means. Is it just a matter of timing and seasonality? Yep. You nailed it on the head. Certainly Q1 is traditionally a challenging quarter for the entire industry. Certainly we experience those challenges as well. We do have some of the COVID challenges going on as well. Really as we are heading into Q2, we're feeling very good about Q2. Okay. Understood. Last one, there were some M&A rumors floating around this last week. I don't expect you to address those reports specifically, but given that you've just completed the acquisition of EnvisionTEC, in terms of inorganic, how active are you expected to be in the marketplace in terms of additional M&A? We've got a strategy we laid out earlier during our original roadshow and just reiterated. We plan to continue to be active in M&A. It's something that we do selectively. We acquire things that give us new capabilities in either print modalities for AM 2.0 or vertically integrate into materials or consumables that our systems use, particularly in high-volume production applications. Then on the parts side, we've got a strategy to enabling the printing of difficult-to-manufacture materials, which require specialized processing, as well as killer apps where there's significant IP or high-margin markets. So we're going to continue to execute that, and you'd see transactions in the future as that goes on. I'd say we looked at a lot of business opportunities. It's not uncommon for a company that just went through what we went through to see a lot of things. We're very selective in what we actually move forward with. We're excited about the things that we've got in front of us and think we can do very creative transactions. Understood. All right. Appreciate the call. Thanks. Thank you. Once again, ladies and gentlemen, if you would like to register a question, you may do so by pressing star one on your telephone keypad at this time. Our next question is coming from Josh Sullivan of The Benchmark Company. Please go ahead. Hey, good morning, Ric, James, Arjun. Congrats on the first public quarter here. Thank you. On the launch of Desktop Health here. How should we think of this vertical in the portfolio? Is it going to have a dedicated sales force? What's the go-to-market strategy here? Maybe what are the two or three primary products we should be focusing on over the next year or so? Absolutely. The healthcare opportunity is massive. Today, most parts that are used in healthcare are not patient-specific, with the exception of dentistry, where they're traditionally made by hand for a patient. When you buy a graft or an implant, it's traditionally something that was produced in four or five or 10 sizes, and then the surgeon's trying to match it at the time of surgery. I think that a decade or two from now, everything will be patient-specific and based on imaging, probably with the exception of trauma, which needs real-time inventory. I think that presents a very unique opportunity to develop a core competency in the business. We are building a world-class go-to-market team that's going to develop clear products, as well as help our partners in the healthcare industry adopt this technology at scale. We are going to be very creative in the types of products that we're going to help our partners bring to market. I'm excited to share those as we evolve it. I think it's going to be a very vibrant part of our business. I expect it to be at least a third of our business in the long run. It's a great area where end-use parts can do very well. I think you'll see the healthcare industry adopt additive at scale over the next decade. Got it. Thanks. Maybe just one on the Production System. With the launch of the P-1, can you just talk about how that's led to additional pipeline development for the P-50? Just curious how those two systems are working together. Maybe just what does the pipeline of the P-50 look like at this point? Yeah, it continues to grow. I think we have a great synergy between a P-1 and P-50. Most customers that buy a P-1 in the long run want to have a P-50. It's an on-ramp to that platform. It was actually developed in concert with a major customer who bought a P-50 but needed a P-1 type machine in order to qualify materials and parts without having to get a P-50-like machine sort of pulled from production in order to do a qualification of a component. If you're going to mass produce, if you're a large company, you've got 10,000 SKUs, 5,000 SKUs that you'd want to print, you need a platform to qualify those while you've got the large CapEx printing 24/7. That's how we see the synergy between those two architectures. Settings or qualification that you do on a P-1 translate 100% to a P-50. They have the same modules and the same inkj et systems, the same recoating process. It's a one-to-one, and we validated that with some of our customers that have both installed. There is a beta of a P-50 and that receives a P-1. I think that, obviously, a P-1 is a much smaller machine, so it's easier to install and deploy. It's a great platform that's going to help us mature the technology to the point where you've got high OEE by the time we deploy the P-50 into the market later this year. We're excited about how those two systems play together. Got it. Then just with regard to the EnvisionTEC acquisition, subsequent acquisitions you guys might do here, how do we think about the long-term targets? I understand you don't want to update us every quarter, you've got a lot of dry powder here to execute additional M&A. How should we think of those long-term targets maybe versus some of these inorganic opportunities you're pursuing? I think, obviously, you'd have to update the models when we do transactions. Some of the companies we're going to acquire are more technically oriented, and so there's capabilities in the technology that would allow us to have future products. Some of them are companies that have some scale, like EnvisionTEC, and an installed base that we're then going to provide additional distribution or help scale faster. I think that it depends on the transaction, and we have several things that we're working on. As we execute them, we'd love to explain the opportunity and why we did what we did. I think there's a great opportunity in bringing AM 2.0 technologies to the market. One thing that I think is a focus of us is we're not going to do any acquisitions on tooling or jigs and fixtures or things that we would consider AM 1.0. Our market grew in a rapid prototyping, tooling type of world, and our company is 100% focused on mass production of end-use parts. There's other folks that would like to claim that it's the same thing, but there's two ways of playing this market. One is to take a technology that's off patent, for example, like FDM, and develop a more modern version of that for smaller markets like tooling and jigs and fixtures. Another one is to really tackle the issue of how do you go to mass production at scale with additive. We're 100% focused on what we call AM 2.0, which is the production of additive parts at scale at a lower cost structure than conventional manufacturing, where the economics are the driver. That's 100% the focus of the company, and all of our M&A strategies and execution focus is geared towards making additive cost-effective. The systems cost too much today to bring to market, and older technology is just not cost-effective on a cost-per-part basis. The focus of the company is 100% on the combination of techniques that give you a combination of surface finish, accuracy, material properties, and throughput, so that you can actually go to market with 3D printing. The one point I would add is the first part of your question, and that is the long-term thesis is intact, and we are doing everything we can to accelerate it responsibly. To highlight Ric's points, we are in the business of acquiring long-term technology that's really going to help us, not short-term revenue and accretion. Hopefully later this year, we'll be in a position to provide some updates on the longer-term model. As we sit here exiting Q1, we don't think it's the right time to do it. Got it. Okay. Appreciate the time. Thank you. Thank you. Our next question is coming from Noelle Dilts of Stifel. Please go ahead. Hi, guys, thanks for taking my question. This kind of ties into the last question. I'm just trying to reconcile the 2021 EBITDA guidance with the guidance you were talking about at the time of the SPAC. I'm just trying to understand, as you look at that bridge, how much of that is coming from EnvisionTEC versus some kind of continued headwinds associated with COVID as we look from, I think, going from around a roughly $31 million loss, including some of those public company costs, versus the guidance you've provided today. Could you help me just understand how to think about that? Sure. Certainly the public company costs, as I mentioned, are substantially higher than I think. Yes. First thought. Beyond that, I'd really view it as additional investment in the business. Really, as I stated, with near $600 million of dry powder, we could essentially just go status quo and leave the funds in the bank earning near zero interest. Instead, we're doing everything we can to accelerate some of those longer-term financial targets. That is really how I would be thinking about it. In terms of EnvisionTEC, no, that is not really a drain on EBITDA, if you will. It's a transaction that, as I mentioned, our primary focus is to acquire good technology. With EnvisionTEC, we certainly got that. We did also get some good, stable revenues and a healthy bottom line as well. Really, it's more about accelerating the growth story. Okay. Just wanted to make sure I understood that. Obviously, at the time of the EnvisionTEC acquisition, you talked a lot about the growth profile and how you're thinking about contributions, but maybe you could speak to just as you've worked more with the company and started integration, if there's any change in how you're thinking about growth over, say, the next five years. Kind of related to the last question, I understand you kind of said you're maybe not at a point where you could talk about the longer-term business model, but maybe if, going back to the EBITDA question, if you'd be comfortable kind of talking about generally when you're thinking about maybe hitting a break-even point or moving to profitability. Thanks. Sure. As we think about contributions on the year, and really we continue to integrate the businesses every day. We're really trying to leverage different sales channels and development strategies as we can. As I think about revenue for the full year, I would say roughly 60%, as we sit today, is going to be on the organic DM side, with 40% would be in the EnvisionTEC. That said, going forward, it's not something that we really plan to talk about, is these products are going to be fully, and teams are going to be integrated to really maximize our sales, if you will. In terms of the longer-term targets, we're not in a position to update those today, other than to say we're doing what we can to really pull the timelines in. Okay. Thank you very much. Yeah. Thank you. Our next question is coming from James Ricchiuti of Needham & Company. Please go ahead. Hi. Thank you. Good morning. Just a question on your OpEx investments for 2021. I'm wondering, does that contemplate expansion of your direct sales efforts? Just wondering also in terms of your partner network, the presentation references 200 partners, and I'm wondering if you could provide any color on what percent of that represents EnvisionTEC, and whether among those 200 partners, if there's much overlap, partners representing both DM and EnvisionTEC. Thanks. Yeah. We went from about 90 partners to over 200 when we did our transaction and acquired EnvisionTEC. I'd say we have a significant continued expansion in our go-to-market strategy, and there's significant synergies between the channel that they had built and our channel. They had very successful vertical integration into the, or vertical channels into dental and jewelry. We're planning to leverage those as well as help EnvisionTEC get into the industrial markets, which is an area where they hadn't participated as much before. Hopefully that answers the question. Yeah. It helps. Just again, looking at the investments you have planned for 2021 in OpEx, and I may have missed it, but I'm wondering if there's any flavor you could provide in terms of R&D versus sales and marketing and enhancing the go-to market. Well, I'd say that we have increased investment in a variety of areas. Besides R&D, we also have investments in applications engineering, go-to-market related activities, and new product development. Thanks a lot. Thank you. At this time, I'd like to turn the floor back over to management for any additional or closing comments. I'm very excited to be talking to you all and look forward to connecting with you post this call if anybody has additional questions. Thank you very much for your support to date, and we're excited to be bringing additive manufacturing solutions at scale to mass-produce parts and volume and change the way people make products around the world. Thank you. Have a great day. Ladies and gentlemen, thank you for your participation and interest in Desktop Metal. You may disconnect your lines or log off the webcast at this time, and have a wonderful day.