Greetings, and welcome to Desktop Metal's third quarter 2021 financial results conference call. At this time, all participants are in 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 then 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. Jay Gentzkow, Vice President of Investor Relations. Please go ahead. Thank you, and thanks to everyone for joining today's call. With me today are Ric Fulop, CEO, Chairman, and Founder of Desktop Metal, and James Haley, CFO of Desktop Metal. Please note that our financial results press release and presentation slides referred to on this call are available under the Events and Presentation section of our investor relations website. This call is also being webcast live with a link at the same investor relations website. The webcast and the company slides will be available for replay for 12 months following the call. The content of today's call is the property of Desktop Metal. It cannot be reproduced or transcribed without our prior consent. Before we begin, I would like to refer you to our safe harbor disclaimer on slide two of the presentation. Today's call will include forward-looking statements. These forward-looking statements reflect Desktop Metal's views and expectations only as of today, November 15, 2021, and actual results may vary materially based on a number of risks and uncertainties. For more information about the risks 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 as amended, in addition to the company's other filings with the SEC. We assume no obligation to update the forward-looking statements. Additionally, during this presentation and the following Q&A session, we may refer to non-GAAP measures, including EBITDA, adjusted EBITDA, and non-GAAP gross profit. These measures are intended to supplement, but not substitute, for performance measures calculated in accordance with GAAP. Our financial results release contains the financial and other quantitative information to be discussed today, as well as the reconciliation of the GAAP to non-GAAP measures. With that, it's my pleasure to turn the call over to Ric Fulop, CEO and Founder of Desktop Metal. Thank you, Jay, and good afternoon, everyone, and thank you for joining us today. I want to kick off the call by welcoming the talented ExOne team to Desktop Metal. As you know, we completed the acquisition of ExOne last week, and we're thrilled at the opportunities ahead for the combined company. Today, I will highlight a few financial and business developments for the third quarter and will provide an overall business strategy update. I will then turn the call over to James to walk through the third quarter financial results in more detail and our outlook for the balance of the year. We're opening it up for Q&A. Let's start on slide three. Revenue for the third quarter of 2021 was $25.4 million, representing sequential quarterly growth of 34% and more than 900% growth year-over-year. Revenue growth was driven by a combination of strong performance in our core metals business as well as contribution from recent acquisitions. We also saw continued growth margin expansion as non-GAAP gross margins increased 27% in Q3 at more than 180 basis points sequentially. With some great developments in the business this quarter, we're seeing strong momentum in commercial opportunities with a number of Fortune 500 companies across our volume production platforms, including the Production System P-50. We continue to aggressively develop these opportunities against this backdrop of P-50 progressing towards initial commercial shipments. We're completing final procurement and have started production of the initial P-50 builds targeted for shipments this quarter. While supply chain challenges are impacting us across the business, we have our best people focused on getting P50 out, and we're confident enough in both our rollout progress and the demand to increase our manufacturing capacity with a new facility dedicated to P50 production. After the significant development cycle of this product, we're excited to begin shipments to customers. We look forward to updating you on this milestone as well as other customer use cases for this game-changing platform. We successfully closed our acquisition of ExOne, and this landmark transaction cements our leadership in area-wide additive manufacturing technologies for mass production. We also made two smaller acquisitions in Meta Additive and Aidro that dovetail nicely to our core metals business in the traditional print platforms that ExOne brings to the portfolio. We'll speak to each of these in a bit more detail later on the call. We unveiled our strategic relationship with Shapeways last week. We're excited to make our product portfolio and broad range of materials available through their digital manufacturing platform to businesses that may not be ready to purchase full systems or that need overflow manufacturing capacity on demand. Finally, we launched a new initiative under Desktop Health to build out our dental and biofabrication parts platform. This is a key element to our strategy to attack these markets, and I'll go into further detail later in the presentation. Before diving into some of these highlights, I want to address our performance in the third quarter, where we encountered some headwinds that prevented us from achieving the results we had targeted when the quarter began. Global supply chain and logistics disruptions did have an effect towards the end of the quarter. Our team has done a great job adapting to the current environment, but these issues did impact our ability to ship some of our products in quantities we expected, especially our photopolymer platform such as the Xtreme 8K. Ultimately, while we didn't execute to our plan for the quarter, we're in a good position to drive very strong sequential growth in the fourth quarter and end the year strong. James will speak more to our full year guidance during this section. On slide four, I want to spend a few moments reviewing our acquisition of ExOne, which strengthens our competitive stance in many areas. Together, we offer an unparalleled product portfolio across speed, cost, resolution, and part size. We're particularly thrilled with the opportunity to combine ExOne's sand printing expertise with our low-cost architectures to make digital casting more accessible and grow that market. Our combined material science efforts will allow us to introduce new materials to our customers at a faster rate. We look forward to leveraging our complementary go-to-market activities to drive outsized growth while seizing on opportunities to flip ExOne's business to a more turnkey, built-to-forecast model, which we believe will accelerate growth in the conversion of ExOne's robust backlog, which sat at $57 million at the end of Q3. Next, on slide five, I'd like to review two other topics that, in conjunction with ExOne, reflect our strategy around printers, materials, and killer apps. In materials, we're excited to announce the addition of our next-generation binder technology focused on reducing part shrinkage through our acquisition of Meta Additive. Meta Additive has developed non-sacrificial binders that use organometallics and particles of functional build material to bind and infiltrate the powder bed simultaneously through the binder jetting process. This binder IP has the potential to revolutionize binder jetting by extending the technology to markets that require larger part sizes and a broader palette of materials. We look forward to developing and qualifying Meta Additive's functional binders on our high-speed binder jetting platforms to enable customers to print larger parts with faster turnaround times, improved tolerances, and even greater productivity. On the right side of the slide, I'd also like to highlight Aidro, a leader in additive manufacturing of next-generation manifolds, hydraulics, and fluid power systems. In metals, we view these use cases as killer apps for additives, and we have added Aidro to serve as the foundation to deliver customers a differentiated offering in this market, where Aidro was an early adopter of AM with world-class design, expertise, and know-how. We're excited to work with their talented team to leverage a combination of Desktop Metal and ExOne's print platforms to produce fluid power systems and manifolds optimized for AM. Turning to slide six. As a management team, we remain laser-focused on achieving double-digit share of additive by the end of the decade. This goal guides our strategy across both organic product development and M&A activities, and we're working towards it by expanding the serviceable portion of our addressable market, as well as bringing AM into new applications not accessible to legacy AM processes offered by our peers. EnvisionTEC, for example, has opened up the polymer AM market with its pioneering area-wide photopolymer platforms and digital casting solutions, which we have reinforced with our acquisition of ExOne and its industry-leading S-Max platform. We've introduced Forust, a process for 3D printing end-use wood parts in production, extending AM to applications including home furnishings and luxury interiors. We've added biofabrication capabilities through Beacon Bio, which we're in advanced stages of R&D and have the potential to enable new killer apps such as eardrum repair and other soft tissue cases. Finally, dental is a $30 billion opportunity that has been largely unserved by AM, particularly in non-orthodontic applications. We believe this market can reach over 75% penetration of digital AM workflows, and we have introduced materials and made investments towards a part strategy to address this opportunity. Each of these developments is consistent with the strategic pillars of our business and has unlocked opportunities for our technology that we capitalize on to deliver outsized growth in the long term. Turning to slide seven, you can see the full portfolio of Additive Manufacturing 2.0 solutions we have built to achieve long-term success. At the top, we're focused on area-wide print platforms that can support a step function improvement in throughput up to 100 times legacy additive manufacturing processes. Our goal here is to help customers use additive manufacturing production volumes cost-effectively versus conventional manufacturing. Critically, Desktop Metal's proprietary printing technologies achieve superior economics and throughput while also enabling surface finish, accuracy, and material properties required for end-use parts. We provide these platforms alongside proprietary software and sintering solutions that make additive easier to adopt for businesses of all sizes. Partnering these advantages with an extensive and growing materials library translates into support for a broad range of production applications across verticals, allowing us to diversify our end markets and customer base. We're super confident in these platforms and believe they can generate significant revenue scale in the near term and will serve as a foundation for us to achieve double-digit share of additive in the long term. Turning to slide eight. I want to set the context for a new initiative we launched in Q3 under Desktop Health. Many of you will recognize our Additive Manufacturing 2.0 strategy slide, which we've shown on nearly every quarterly earnings call. We're focused on three primary areas. First, we want to be a leader in print platforms for mass production that use area-wide technologies that improve in performance over time, benefiting from Moore's Law, allowing us to continually increase our competitiveness versus conventional manufacturing. Second, we want to vertically integrate into high-margin consumable revenue streams by owning a broad materials portfolio with best-in-class properties. Developing printers and materials together allows us to offer integrated solutions that can reliably yield high-performance parts for our customers. Third, we're focused on developing killer apps for additive. For most of these applications, we plan on being a technology provider with a high margin recurring revenue stream through consumables. There are some applications where a large portion of the profit pool accrues to the application provider. For these segments, we believe the best way to maximize value of our technology assets is to provide an end-to-end solution that includes printing and providing high-margin end-use parts to customers. Turning to slide nine, we see dental and biofabrication as important emerging killer apps for additive because parts are unique to the patient. These are huge markets with only a few% of parts printed today. The traditional production methods include labor and resource-intensive conventional manufacturing processes. As a result, this market is poised to tilt rapidly towards additive. We're already well-positioned as a technology provider in both dental and biofabrication with a thriving business selling differentiated solutions across printers and materials. Now we're also launching a new parts platform to vertically integrate into design and parts production capabilities that will allow us to provide a more comprehensive end-to-end offering that can accelerate adoption of 3D printing in dental and biofabrication. For dental specifically, these efforts are critical to make chairside printing successful at scale and drive value creation for Desktop Metal. We believe that our strategy as a consolidator can enable an industry-leading additive-focused business that provides printers, materials, and end-use parts for dental and biofabrication customers with additive manufacturing at its core. Today, we're seeing real results from the steps we've taken to position the dental business to execute this strategy. Through our acquisition of Beacon Bio, we have biofabrication materials in advanced R&D and a long-term plan to implement biofabrication solutions under this initiative. We've staffed this opportunity with leaders from the industry in an effort led by Lou Azzara, former CEO of Dental Solutions Group. Our goal is to form a global platform underneath Desktop Health, able to accelerate the transition of additive manufacturing while maximizing wallet share in this segment. We've acquired our initial targets under this strategy, and we'll be rapidly digitizing these properties with our proprietary additive manufacturing solutions to increase their profitability and product capabilities. The long-term opportunity for dental and biofabrication is just starting to hit the uptake of the S-curve, and we believe our strategy to drive adoption through our new platform positions us to capture a significant share of this massive opportunity. Finally, on slide 10, I'd like to wrap up my section by reiterating that we've built Desktop Metal with durable competitive advantages in order to accomplish our mission of double-digit share in the additive manufacturing market by the end of this decade. We have the fastest print platforms in the market, supported by proprietary software and sintering capabilities that enable adoption for customers of all sizes. Our comprehensive and growing materials portfolio enables a more diverse array of applications for our customer base. We focus on killer apps, providing end-to-end solutions, including design and parts production that deliver high-margin use cases for additive. We have a world-class go-to-market organization with complementary indirect and direct channels, as well as robust global service and support capabilities. Finally, our vertical integration in materials not only enables reliable high-performance parts for customers, but also creates high-margin, recurring revenue stream for consumables for our business. This is the blueprint for how we will win in the marketplace, and we look forward to updating you on how this competitive differentiation leads to continued market share gains and consistent financial outperformance for years to come. I will now turn the call over to our CFO, James Haley, to share third quarter financial highlights. James? Thanks, Ric. Beginning on slide 12, you will see a summary of our financial performance for the third quarter of 2021. Please note, we will be referring to several financial metrics on a non-GAAP basis. Reconciliation to GAAP data is included in the filed appendix. Consolidated revenues for the quarter was $25.4 million up 34% sequentially from the second quarter of 2021. Revenue strength was driven by our core metals business and contributions from acquisitions, but partially offset by weakness in the polymers business. Like many other companies, the global supply chain and logistics network presented challenges, specifically in the EnvisionTEC business, which impacted our quarterly results. While third quarter revenue growth was less robust than previous quarters, we are poised to right-size performance and return to growth expectations we have set for the business in the fourth quarter. We delivered another quarter of non-GAAP gross margin expansion. Non-GAAP gross margin increased over 180 basis points sequentially to 27% for the quarter. Gross margin strength was primarily driven by operating leverage as revenue continued to scale across overhead costs as well as product mix toward higher ASP sales, such as our metal systems. Adjusted EBITDA for the third quarter of 2021 was -$26 million versus -$15.5 million in the third quarter of 2020. The year-over-year adjusted EBITDA decline was primarily due to increased expenses related to operating as a public company, investments in our core business, and loss contributions from acquisitions. We ended the quarter with $423.9 million in cash equivalents, and short-term investments as of September 30th, 2021. Note, this excludes the impact of the acquisition of ExOne, which includes a deal consideration in cash of approximately $67 million, excluding transaction fees. Finally, moving to our guidance on slide 13, we are revising our full year 2021 revenue and adjusted EBITDA outlook to take into account our third quarter performance, current expectations for the fourth quarter, and anticipating contributions from recent acquisitions. Note, the full year 2021 outlook excludes any impacts from the ExOne acquisition. We now expect to generate total revenue in the range of $92 million-$102 million for the full year 2021, representing 459%-519% growth over full year 2020. This updated revenue range includes between $36 million-$46 million in expected fourth quarter 2021 revenue, which implies 43%-82% sequential growth over the third quarter 2021. For the full year 2021 for our core Desktop Metal and EnvisionTEC businesses, excluding contributions from recent acquisitions, we expect to generate revenue in the range of $75 million-$85 million. Also, please note this updated guidance does not rely on meaningful revenue from the P50 system. We also updated our adjusted EBITDA outlook, now in the range of negative $80 million to negative $90 million, again excluding the effects of acquiring ExOne. This updated figure takes into account third quarter 2021 performance and increased operating losses from recent acquisitions completed since our second quarter 2021 financial results call on August 11, 2021. With that, I will turn the call back over to Ric. Thank you, James. To conclude, I'd like to reiterate our vision of accelerating adoption of Additive Manufacturing 2.0 on our way to achieving double-digit share of the additive market by the end of this decade. As we near the end of 2021, we could not be better positioned with the right portfolio of differentiated additive manufacturing solutions to drive consistent growth through 2022 and over the long term. I remain as excited as ever about the momentum of our business and our opportunity to deliver value to all of our stakeholders. With that, I will now open up the call for questions. Operator? We will now begin the question and answer session. To ask a question, you may press star then one on your telephone keypad. If you're using a speakerphone, please pick up your handset before pressing the keys. To withdraw your question, please press star then two. Please limit yourself to one question and one follow-up. At this time, we will pause momentarily to assemble our roster. Our first question comes from Greg Palm with Craig-Hallum Capital Group. You may go ahead. All right, yeah, thanks for taking the questions here. I guess just starting off on the shortfall in the quarter, any way to quantify, you know, the revenue impact from, you know, whether it was supply chains or some of these logistical challenges that you ran into? Hey, Greg, thanks for the question. So definitely Q3 fell short a little bit, really. We had some supply chain issues. We had some logistics issues as well. I would say the encouraging item for us is that on the metal side, we did see sequential growth from Q2 to Q3. However, in the polymer, it was much weaker than we expected. That is really where we had more of the supply chain issues, was specifically on the polymer side. Are you I guess I'm specifically trying to figure out if it was material as in, you know, 10% of revenue that couldn't get shipped or something more of that. Can you I'd say we. Maybe try to- You know, we had some. Yeah, Greg, we had some parts that we were expecting towards the end of the quarter that we didn't end up receiving and weren't able to ship, you know. Some of our products, for example, Xtreme 8K, we just had a lot of them waiting for components that should have been in-house on time. We have made strides in receiving those, and hopefully we will continue to catch up on that throughout this quarter. The other thing we would certainly say, I mean, this revenue growth is a journey for us and, you know, we continue to project a strong Q4 to end the year. We really expect to have great sequential growth between Q3 and Q4 here. Certainly Q3 was, you know, less than our expectations, but we do believe the long-term growth thesis is intact. Yep. Okay, fair enough. I guess my follow-up specifically on kind of the implied guide for Q4, is there any P50 contribution that's baked into the guide? I guess, you know, it's excluding ExOne, but how much ExOne contribution do you expect in Q4? Sure. First on the ExOne side, that transaction just closed Friday, as you know. One of the challenges we are evaluating are any of the purchase accounting implications. If you just looked at sort of their prior guidance and what they've actually delivered Q3, that would yield a Q4 result somewhere in the 20-ish neighborhood. We still have to determine how much of it would be sort of post-acquisition and any implications for the purchase accounting I mentioned. In terms of your question about P50, at this point, there's no P50 in our revenue forecast. We still plan to ship by the end of this year, but any associated revenue at this point will be deferred until next year. We won't start to see the benefits of P-50 until Q1. Got it. Okay. All right, I'll leave it there. Thanks. Our next question comes from Ashley Ellis with Cross Research. You may go ahead. The supply chain. I'm wondering what are your expectations for fourth quarter? It seems like you lowered full year, so while the parts came in, I guess, after the quarter closed, you're still. It doesn't seem like you're necessarily recouping that revenue in fourth quarter. Do you expect to still kind of struggle with the supply? And then what are you doing to ensure that you do have enough supply for the P-50? And then I have a follow-up. Thank you. For Q4 here, I mean, certainly we're still expecting pretty substantial growth. The challenge for us is we're starting with a lower base from Q3. In terms of the specific supply chain, one of the challenges we have had is on the logistics side of things. You know, I think we're very encouraged that margins have continued to expand despite the fact that we have had to expedite, you know, some freight along the way. But really, you know, Q4, we see growth there. And, you know, we believe that we are on track for the growth in Q4 here. But there's, you know, there's. You know, as Ric alluded to on the Xtreme 8K, we had some specific product challenges there, which honestly delayed the launch of the product into Q4. It's not as you just get the product in. Now, you know, we've got the parts, we're assembling them. We're going through all its various testing and validation, and hope to ship that product, you know, in the fourth quarter here. Okay, that makes sense. For the P-50 with your new site that triples capacity, I'm wondering, do you expect to be at full capacity sometime during 2022, or will it be a slower ramp for the P-50 and maybe more meaningful. I think we- In 2023? I'm sorry. I mean, any product you start to ramp gradually, although we have plans to grow the significant capacity as the year progresses. You know, the first couple are in production right now. You know, as we start to ramp and get systems in the field, that number will continue to increase on a monthly basis, and we'll be delivering more and more product as the year progresses next year. Okay. Are you feeling okay with components, or could that also be a challenge? No, I mean, that is a significant product with lots of parts. We've got a lot of good people on supply chain working on it and we are putting our best people on it. We've got parts in-house, but you know, beyond the first few systems, we could run into trouble. I mean, fortunately, a lot of those parts that are mechanical, I think you could fab in sort of short run capabilities, but there are components that you could get surprised by. We're trying to do our best and be creative as we try to resolve these challenges. So far, I don't see it as an impediment to shipping. It just adds a lot more work to our teams to work around some of these logistical issues. Right. Understood. Good luck. Thank you. Thanks. Thank you. Our next question comes from Noelle Dilts with Stifel. You may go ahead. Hi. Good afternoon. I was hoping that you could just provide us with a bit of an update on the pipeline for P-50 in terms of orders, which you've talked about in the past. You know, basically if you could also touch on what kind of gave you the confidence to expand the manufacturing capacity there, that would be great. Thank you. I mean, we have a significant pipeline for P-50. It keeps developing. It's with several large Fortune 500 companies for large applications. That you know is moving at a pretty good clip. We're putting capacity only when we need it, so we feel very good about it. We've got- Okay. Applications with OEMs that are a significant number of units, and that's what we're doing. Okay. Given the ExOne deal and, you know, that you've been pretty active on the acquisition front, could you speak to how you're thinking about M&A heading into 2022 and sort of what the, you know, pipeline looks like at this point in terms of companies that you're engaging with? Thanks. Okay. I think we have an M&A strategy that continues to, you know, really hasn't changed. It's really centered around three areas. Print platforms that are area-wide that provide improvements over time, as you know, that basically benefit from Moore's Law. Vertical integration into the consumables that our systems utilize. And then finally, the ability to have, you know, impact on killer apps, and we look at the profit pool on these applications and really focus on, you know, what is the maximum way to get share and maximize value long and leverage long run. We've had a consistent strategy. The companies that we've been going after are the same companies that we had on our target list since before we were a public company, and we had segmented the market, basically at, you know, at that time, it was $12 billion size market. We segmented it in that, you know, there's sort of $2 billion worth of businesses that are very attractive and another $10 billion that are not, you wouldn't wanna own. We're focusing on that $2 billion, which is gonna grow faster than the market and, have, you know, a strategic leverage point for us to gain share long run. Okay. Thank you. Again, if you have a question, please press star then one. Our next question comes from Martin Yang with Oppenheimer. You may go ahead. Hi. Good afternoon. Thank you for taking my question. Now that you have made more detailed announcement regarding your partnership with Shapeways, can you maybe talk about the nature and structure of your commercial deal and, you know, where should we expect the commercial agreement of $20 million to fall on your income statement? Yeah. We started with some amount of revenue that hit in Q3. It may hit in Q4. You know, I would say it's still too early to tell where the bulk of it is gonna be, what quarter. We have a lot of work to do from a point of view of, first there's some strategic things that we're doing between the two companies. I think one of the great things about this deal is that it's gonna provide them with a capability to have all of our technologies and materials available in a solution that's easily accessible for people that aren't ready to buy equipment. Then in the long run, you know, we have a lot of work to do to fully execute it. You have to deliver, install, procure, launch in their process a lot of these materials. I think this is gonna continue for some time. It is a strategic partnership for us, and there are some things that we haven't fully announced yet that we're doing with them that we think are very exciting and that will be very well received by the market. You should note that Shapeways has been a longtime customer of the company through the EnvisionTEC side and also now through ExOne as well. There's quite a bit of business between the companies, and has been for the years. That's great to know. Just to be very clear. Go ahead. We do not expect to receive the full $20 million in calendar year 2021 from a rev rec standpoint. You know, to Ric's point, we'll see how that split pans out. It's, you know, it's meant to be a long-term relationship. Got it. Yeah. Thanks for the clarification. You know, looking, maybe at your pipeline, are there any other similar commercial agreements like the one you have with Shapeways, which you already secured but have not announced? Well, if we haven't announced it, we usually let our customers do the announcements. In this case it was they had to put something on a filing. A lot of the deals in large systems are large number deals. If somebody's taking a product to go in production with technology like ours, that would certainly be the case. You know, in those cases particular customers are sensitive to that getting out before they announce a product or before something's shipping or has started production. If we can talk about it or they're okay with us talking about it, we would talk about it. We let our customers do the PR in those cases. I mean, the one thing we add, too. Go. I mean, we have numerous strategic relationships, you know. Yeah. Go ahead. Several service bureaus that are our customers. It's not just Shapeways. I would say we would, you know, we have a strategic partnership with Shapeways. Doesn't preclude us from working with other people as well. Got it. Thanks for the clarification. Again, if you have a question, please press star then one. There are no further questions. This concludes our question and answer session. I'd like to turn the conference back over to Ric Fulop for any closing remarks. All right. I wanna thank everybody for joining the call today, as always. I especially wanna thank all of our employees, including the new ExOne team for their continued dedication to advancing our vision of additive manufacturing for mass production. We look forward to speaking with you again at the year-end call. Thank you. Thank you very much. The conference is now concluded. Thank you for attending today's presentation. You may now disconnect.