Desktop Metal Announces Second Quarter 2022 Financial Results

  • Record revenue of $57.7 million, up 204% from second quarter 2021, and an increase of 32% sequentially from first quarter 2022
  • GAAP gross margin of 14.6%; non-GAAP gross margin of 26.7%, increasing over 170 basis points from second quarter 2021
  • Announced Strategic Integration and Cost Optimization Initiative to accelerate AM 2.0 growth, support path to profitability, and drive value to shareholders
  • Unveiled FreeFoam, a revolutionary, expandable 3D printable resin designed for volume production of foam parts
  • Reaffirming full year 2022 guidance of approximately $260 million for revenue, representing 131% growth from 2021, and approximately $(90) million for adjusted EBITDA

BOSTON — (BUSINESS WIRE) — August 8, 2022 — Desktop Metal, Inc. (NYSE: DM) today announced its financial results for the second quarter ended June 30, 2022.

“Desktop Metal continued to build on its momentum in the second quarter, delivering record revenue of $57.7 million and expanding non-GAAP gross margins to 26.7%,” said Ric Fulop, Founder and CEO of Desktop Metal. “Our strong financial results represent the strength and breadth of our unmatched AM 2.0 portfolio as our team continues to execute at a high level in a dynamic macro environment.”

Fulop continued, “We enter the second half of the year with a more streamlined and efficient operating model, combining continued revenue growth at scale with a disciplined strategy to optimize our expense structure, in order to achieve our financial commitments and support our path to profitability.”

Second Quarter 2022 and Recent Business Highlights:

  • Announced Strategic Integration and Cost Optimization Initiative to accelerate AM 2.0 growth, support path to profitability, and drive value to shareholders including expectation of approximately $40 million of annualized run rate non-GAAP cost savings, $20 million of which is expected to take place in the second half of 2022, and at least $100 million of aggregate cost savings over the next 24 months
  • Unveiled FreeFoam, a revolutionary, expandable 3D printable resin designed for volume production of foam parts
  • Awarded a sub-contract under the Defense Logistics Agency (DLA) of the Department of Defense prime contract worth a potential $15 million
  • Began effort to monetize dominant IP portfolio of over 650 patents and pending applications

Second Quarter 2022 Financial Highlights:

  • Revenue of $57.7 million, up 203.9% from second quarter 2021 revenue of $19.0 million, and an increase of 32.0% sequentially from first quarter 2022
  • Revenue growth driven by strength from metals platform and contributions from acquisitions
  • GAAP gross margin of 14.6%; non-GAAP gross margin of 26.7%, increasing over 170 basis points from second quarter 2021
  • Net loss of $297.3 million, primarily due to a non-cash goodwill impairment charge of $229.5 million as a result of the Company’s and comparable companies’ stock price declines and including $2.4 million of restructuring charges in connection with the Strategic Integration and Cost Optimization Initiative
  • Adjusted EBITDA of $(27.5) million
  • Cash, cash equivalents, and short-term investments of $255.7 million as of June 30, 2022
  • Successfully completed $115 million convertible notes offering in May 2022, bolstering liquidity in an uncertain macro environment and providing sufficient runway to reach cash flow breakeven

Outlook for Full Year 2022:

  • Reaffirming revenue expectation of approximately $260 million for 2022, representing 131% growth from 2021
  • Reaffirming adjusted EBITDA expectation of approximately $(90) million for 2022

Conference Call Information:

Desktop Metal will host a conference call on Monday, August 8, 2022 at 4:30 p.m. ET to discuss second quarter 2022 results. Participants may access the call at 1-877-407-4018, international callers may use 1-201-689-8471, and request to join the Desktop Metal financial results conference call. A simultaneous webcast of the conference call and the accompanying summary presentation may be accessed online at the Events & Presentations section of ir.desktopmetal.com. A replay will be available shortly after the conclusion of the conference call at the same website.

About Desktop Metal:

Desktop Metal, Inc., based in Burlington, Massachusetts, is accelerating the transformation of manufacturing with an expansive portfolio of 3D printing solutions, from rapid prototyping to mass production. Founded in 2015 by leaders in advanced manufacturing, metallurgy, and robotics, the company is addressing the unmet challenges of speed, cost, and quality to make additive manufacturing an essential tool for engineers and manufacturers around the world. Desktop Metal was selected as one of the world’s 30 most promising Technology Pioneers by the World Economic Forum, named to MIT Technology Review’s list of 50 Smartest Companies, and the 2021 winner of Fast Company’s Innovation by Design Award in materials.

For more information, visit www.desktopmetal.com.

Forward-looking Statements:

This press release contains certain forward-looking statements within the meaning of the federal securities laws. Forward-looking statements generally are identified by the words “believe,” “project,” “expect,” “anticipate,” “estimate,” “intend,” “strategy,” “future,” “opportunity,” “plan,” “may,” “should,” “will,” “would,” “will be,” “will continue,” “will likely result,” and similar expressions. Forward-looking statements are predictions, projections and other statements about future events that are based on current expectations and assumptions and, as a result, are subject to risks and uncertainties. Many factors could cause actual future events to differ materially from the forward-looking statements in this document, including but not limited to risks associated with the integration of the business and operations of acquired businesses, our ability to realize the benefits from cost saving measures, and supply and logistics disruptions, including shortages and delays. For more information about risks and uncertainties that may impact Desktop Metal’s business, financial condition, results of operations and prospects generally, please refer to Desktop Metal’s reports filed with the SEC, including without limitation the “Risk Factors” and/or other information included in the Form 10-Q filed with the SEC on August 8, 2022, and such other reports as Desktop Metal has filed or may file with the SEC from time to time. These filings identify and address other important risks and uncertainties that could cause actual events and results to differ materially from those contained in the forward-looking statements. Forward-looking statements speak only as of the date they are made. Readers are cautioned not to put undue reliance on forward-looking statements, and Desktop Metal, Inc. assumes no obligation and does not intend to update or revise these forward-looking statements, whether as a result of new information, future events, or otherwise.

DESKTOP METAL, INC.

CONDENSED CONSOLIDATED BALANCE SHEETS

(UNAUDITED)

(in thousands, except share and per share amounts)

 

 

 

 

 

 

 

June 30,

 

December 31,

 

 

2022

 

2021

Assets

 

 

 

 

Current assets:

 

 

 

 

Cash and cash equivalents

 

$

107,966

 

 

$

65,017

 

Current portion of restricted cash

 

 

3,152

 

 

 

2,129

 

Short‑term investments

 

 

147,774

 

 

 

204,569

 

Accounts receivable

 

 

37,291

 

 

 

46,687

 

Inventory

 

 

88,609

 

 

 

65,399

 

Prepaid expenses and other current assets

 

 

21,086

 

 

 

18,208

 

Total current assets

 

 

405,878

 

 

 

402,009

 

Restricted cash, net of current portion

 

 

1,112

 

 

 

1,112

 

Property and equipment, net

 

 

57,667

 

 

 

58,710

 

Goodwill

 

 

377,710

 

 

 

639,301

 

Intangible assets, net

 

 

238,069

 

 

 

261,984

 

Other noncurrent assets

 

 

30,713

 

 

 

25,480

 

Total Assets

 

$

1,111,149

 

 

$

1,388,596

 

Liabilities and Stockholders’ Equity

 

 

 

 

Current liabilities:

 

 

 

 

Accounts payable

 

$

29,309

 

 

$

31,558

 

Customer deposits

 

 

12,050

 

 

 

14,137

 

Current portion of lease liability

 

 

5,169

 

 

 

5,527

 

Accrued expenses and other current liabilities

 

 

29,154

 

 

 

33,829

 

Current portion of deferred revenue

 

 

17,746

 

 

 

18,189

 

Current portion of long‑term debt, net of deferred financing costs

 

 

587

 

 

 

825

 

Total current liabilities

 

 

94,015

 

 

 

104,065

 

Long-term debt, net of current portion

 

 

430

 

 

 

548

 

Convertible notes

 

 

111,420

 

 

 

 

Contingent consideration, net of current portion

 

 

1,160

 

 

 

4,183

 

Lease liability, net of current portion

 

 

18,040

 

 

 

13,077

 

Deferred revenue, net of current portion

 

 

4,326

 

 

 

4,508

 

Deferred tax liability

 

 

7,961

 

 

 

10,695

 

Other noncurrent liabilities

 

 

2,657

 

 

 

3,170

 

Total liabilities

 

 

240,009

 

 

 

140,246

 

Commitments and Contingencies (Note 17)

 

 

 

 

Stockholders’ Equity

 

 

 

 

Preferred Stock, $0.0001 par value—authorized, 50,000,000 shares; no shares issued and outstanding at June 30, 2022 and December 31, 2021, respectively

 

 

 

 

 

 

Common Stock, $0.0001 par value—500,000,000 shares authorized; 315,292,925 and 311,737,858 shares issued at June 30, 2022 and December 31, 2021, respectively, 315,147,677 and 311,473,950 shares outstanding at June 30, 2022 and December 31, 2021, respectively

 

 

32

 

 

 

31

 

Additional paid‑in capital

 

 

1,851,836

 

 

 

1,823,344

 

Accumulated deficit

 

 

(935,827

)

 

 

(568,611

)

Accumulated other comprehensive loss

 

 

(44,901

)

 

 

(6,414

)

Total Stockholders’ Equity

 

 

871,140

 

 

 

1,248,350

 

Total Liabilities and Stockholders’ Equity

 

$

1,111,149

 

 

$

1,388,596

 

DESKTOP METAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS

(UNAUDITED)

(in thousands, except per share amounts)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

June 30,

 

 

2022

 

2021

 

2022

 

2021

Revenues

 

 

 

 

 

 

 

 

Products

 

$

52,672

 

 

$

17,560

 

 

$

92,148

 

 

$

27,871

 

Services

 

 

5,002

 

 

 

1,417

 

 

 

9,232

 

 

 

2,419

 

Total revenues

 

 

57,674

 

 

 

18,977

 

 

 

101,380

 

 

 

30,290

 

Cost of sales

 

 

 

 

 

 

 

 

Products

 

 

44,913

 

 

 

15,490

 

 

 

86,815

 

 

 

25,977

 

Services

 

 

4,364

 

 

 

1,115

 

 

 

7,496

 

 

 

2,528

 

Total cost of sales

 

 

49,277

 

 

 

16,605

 

 

 

94,311

 

 

 

28,505

 

Gross profit

 

 

8,397

 

 

 

2,372

 

 

 

7,069

 

 

 

1,785

 

Operating expenses

 

 

 

 

 

 

 

 

Research and development

 

 

31,370

 

 

 

15,651

 

 

 

55,975

 

 

 

26,509

 

Sales and marketing

 

 

20,406

 

 

 

10,894

 

 

 

40,070

 

 

 

16,343

 

General and administrative

 

 

19,691

 

 

 

13,142

 

 

 

43,573

 

 

 

26,988

 

In-process research and development assets acquired

 

 

 

 

 

10,400

 

 

 

 

 

 

10,400

 

Goodwill impairment

 

 

229,500

 

 

 

 

 

 

229,500

 

 

 

 

Total operating expenses

 

 

300,967

 

 

 

50,087

 

 

 

369,118

 

 

 

80,240

 

Loss from operations

 

 

(292,570

)

 

 

(47,715

)

 

 

(362,049

)

 

 

(78,455

)

Change in fair value of warrant liability

 

 

 

 

 

 

 

 

 

 

 

(56,576

)

Interest expense

 

 

(633

)

 

 

(51

)

 

 

(601

)

 

 

(125

)

Interest and other (expense) income, net

 

 

(5,013

)

 

 

268

 

 

 

(6,766

)

 

 

630

 

Loss before income taxes

 

 

(298,216

)

 

 

(47,498

)

 

 

(369,416

)

 

 

(134,526

)

Income tax benefit

 

 

944

 

 

 

4,318

 

 

 

2,200

 

 

 

32,238

 

Net loss

 

$

(297,272

)

 

$

(43,180

)

 

$

(367,216

)

 

$

(102,288

)

Net loss per share—basic and diluted

 

$

(0.95

)

 

$

(0.17

)

 

$

(1.17

)

 

$

(0.41

)

Weighted average shares outstanding, basic and diluted

 

 

313,556,886

 

 

 

255,097,905

 

 

 

312,798,328

 

 

 

246,717,400

 

DESKTOP METAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS

(UNAUDITED)

(in thousands)

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended

 

Six Months Ended

 

 

June 30,

 

June 30,

 

 

2022

 

2021

 

2022

 

2021

Net loss

 

$

(297,272

)

 

$

(43,180

)

 

$

(367,216

)

 

$

(102,288

)

Other comprehensive (loss) income, net of taxes:

 

 

 

 

 

 

 

 

Unrealized gain (loss) on available-for-sale marketable securities, net

 

 

(41

)

 

 

(5

)

 

 

(29

)

 

 

(4

)

Foreign currency translation adjustment

 

 

(27,411

)

 

 

130

 

 

 

(38,458

)

 

 

117

 

Total comprehensive (loss) income, net of taxes of $0

 

$

(324,724

)

 

$

(43,055

)

 

$

(405,703

)

 

$

(102,175

)

DESKTOP METAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY

(UNAUDITED)

(in thousands, except share amounts)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2022

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

Common Stock

 

Additional

 

 

 

Comprehensive

 

Total

 

 

Voting

 

Paid‑in

 

Accumulated

 

(Loss)

 

Stockholders’

 

 

Shares

 

Amount

 

Capital

 

Deficit

 

Income

 

Equity

BALANCE—April 1, 2022

 

312,825,572

 

 

$

31

 

$

1,833,998

 

 

$

(638,555

)

 

$

(17,449

)

 

$

1,178,025

 

Exercise of Common Stock options

 

234,307

 

 

 

 

 

364

 

 

 

 

 

 

 

 

 

364

 

Vesting of restricted Common Stock

 

29,171

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vesting of restricted stock units

 

1,962,846

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

1

 

Net settlement of shares for employee tax withholdings upon vesting of restricted stock units

 

(16,421

)

 

 

 

 

(31

)

 

 

 

 

 

 

 

 

(31

)

Issuance of Common Stock related to settlement of contingent consideration

 

112,202

 

 

 

 

 

500

 

 

 

 

 

 

 

 

 

500

 

Stock‑based compensation expense

 

 

 

 

 

 

17,005

 

 

 

 

 

 

 

 

 

17,005

 

Net loss

 

 

 

 

 

 

 

 

 

(297,272

)

 

 

 

 

 

(297,272

)

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

(27,452

)

 

 

(27,452

)

BALANCE—June 30, 2022

 

315,147,677

 

 

$

32

 

$

1,851,836

 

 

$

(935,827

)

 

$

(44,901

)

 

$

871,140

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2022

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

Common Stock

 

Additional

 

 

 

Comprehensive

 

Total

 

 

Voting

 

Paid‑in

 

Accumulated

 

(Loss)

 

Stockholders’

 

 

Shares

 

Amount

 

Capital

 

Deficit

 

Income

 

Equity

BALANCE—January 1, 2022

 

311,473,950

 

 

$

31

 

$

1,823,344

 

 

$

(568,611

)

 

$

(6,414

)

 

$

1,248,350

 

Exercise of Common Stock options

 

1,021,000

 

 

 

 

 

1,264

 

 

 

 

 

 

 

 

 

1,264

 

Vesting of restricted Common Stock

 

113,555

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vesting of restricted stock units

 

2,483,111

 

 

 

1

 

 

 

 

 

 

 

 

 

 

 

1

 

Repurchase of shares for employee tax withholdings

 

(56,141

)

 

 

 

 

(189

)

 

 

 

 

 

 

 

 

(189

)

Issuance of Common Stock related to settlement of contingent consideration

 

112,202

 

 

 

 

 

500

 

 

 

 

 

 

 

 

 

500

 

Stock‑based compensation expense

 

 

 

 

 

 

26,917

 

 

 

 

 

 

 

 

 

26,917

 

Net loss

 

 

 

 

 

 

 

 

 

(367,216

)

 

 

 

 

 

(367,216

)

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

(38,487

)

 

 

(38,487

)

BALANCE—June 30, 2022

 

315,147,677

 

 

$

32

 

$

1,851,836

 

 

$

(935,827

)

 

$

(44,901

)

 

$

871,140

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Three Months Ended June 30, 2021

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

Common Stock

 

Additional

 

 

 

Comprehensive

 

Total

 

 

Voting

 

Paid‑in

 

Accumulated

 

(Loss)

 

Stockholders’

 

 

Shares

 

Amount

 

Capital

 

Deficit

 

Income

 

Equity

BALANCE—April 1, 2021

 

252,436,919

 

 

$

25

 

$

1,326,945

 

 

$

(387,385

)

 

$

(21

)

 

$

939,564

 

Exercise of Common Stock options

 

2,683,506

 

 

 

 

 

3,485

 

 

 

 

 

 

 

 

 

3,485

 

Vesting of restricted Common Stock

 

56,015

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vesting of restricted stock units

 

28,656

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase of shares for employee tax withholdings

 

(6,931

)

 

 

 

 

(91

)

 

 

 

 

 

 

 

 

(91

)

Issuance of Common Stock for acquisitions

 

4,013,196

 

 

 

1

 

 

49,141

 

 

 

 

 

 

 

 

 

49,142

 

Issuance of common stock for acquired in-process research and development

 

334,370

 

 

 

 

 

4,300

 

 

 

 

 

 

 

 

 

4,300

 

Stock‑based compensation expense

 

 

 

 

 

 

3,999

 

 

 

 

 

 

 

 

 

3,999

 

Net loss

 

 

 

 

 

 

 

 

 

(43,180

)

 

 

 

 

 

(43,180

)

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

125

 

 

 

125

 

BALANCE—June 30, 2021

 

259,545,731

 

 

$

26

 

$

1,387,779

 

 

$

(430,565

)

 

$

104

 

 

$

957,344

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Six Months Ended June 30, 2021

 

 

 

 

 

 

 

 

 

 

Accumulated

 

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

Common Stock

 

Additional

 

 

 

Comprehensive

 

Total

 

 

Voting

 

Paid‑in

 

Accumulated

 

(Loss)

 

Stockholders’

 

 

Shares

 

Amount

 

Capital

 

Deficit

 

Income

 

Equity

BALANCE—January 1, 2021

 

224,626,597

 

 

$

23

 

$

844,188

 

 

$

(328,277

)

 

$

(9

)

 

$

515,925

 

Exercise of Common Stock options

 

2,846,734

 

 

 

 

 

3,665

 

 

 

 

 

 

 

 

 

3,665

 

Vesting of restricted Common Stock

 

112,030

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Vesting of restricted stock units

 

43,921

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Repurchase of shares for employee tax withholdings

 

(9,172

)

 

 

 

 

(145

)

 

 

 

 

 

 

 

 

(145

)

Issuance of Common Stock for acquisitions

 

9,049,338

 

 

 

1

 

 

208,988

 

 

 

 

 

 

 

 

 

208,989

 

Issuance of common stock for acquired in-process research and development

 

334,370

 

 

 

 

 

4,300

 

 

 

 

 

 

 

 

 

4,300

 

Stock‑based compensation expense

 

 

 

 

 

 

6,216

 

 

 

 

 

 

 

 

 

6,216

 

Vesting of Trine Founder shares

 

1,850,938

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Exercise of warrants

 

20,690,975

 

 

 

2

 

 

320,567

 

 

 

 

 

 

 

 

 

320,569

 

Net loss

 

 

 

 

 

 

 

 

 

(102,288

)

 

 

 

 

 

(102,288

)

Other comprehensive income (loss)

 

 

 

 

 

 

 

 

 

 

 

 

113

 

 

 

113

 

BALANCE—June 30, 2021

 

259,545,731

 

 

$

26

 

$

1,387,779

 

 

$

(430,565

)

 

$

104

 

 

$

957,344

 

DESKTOP METAL, INC.

CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS

(UNAUDITED)

(in thousands)

 

 

 

 

 

 

 

Six Months Ended June 30,

 

 

2022

 

2021

Cash flows from operating activities:

 

 

 

 

Net loss

 

$

(367,216

)

 

$

(102,288

)

Adjustments to reconcile net loss to net cash used in operating activities:

 

 

 

 

Depreciation and amortization

 

 

25,602

 

 

 

9,524

 

Stock‑based compensation

 

 

26,917

 

 

 

6,216

 

Goodwill impairment

 

 

229,500

 

 

 

 

Change in fair value of warrant liability

 

 

 

 

 

56,576

 

Change in fair value of subscription agreement

 

 

 

 

 

474

 

Amortization (accretion) of discount on investments

 

 

390

 

 

 

1,304

 

Amortization of debt financing cost

 

 

 

 

 

9

 

Amortization of deferred costs on convertible notes

 

 

39

 

 

 

 

Provision for bad debt

 

 

554

 

 

 

164

 

Acquired in-process research and development

 

 

 

 

 

10,400

 

Loss (gain) on disposal of property and equipment

 

 

156

 

 

 

(7

)

Foreign exchange (gains) losses on intercompany transactions, net

 

 

443

 

 

 

 

Net increase (decrease) in accrued interest related to marketable securities

 

 

917

 

 

 

(1,062

)

Net unrealized (gain) loss on equity investment

 

 

5,080

 

 

 

 

Net unrealized (gain) loss on other investments

 

 

800

 

 

 

(517

)

Deferred tax benefit

 

 

(2,188

)

 

 

(32,535

)

Change in fair value of contingent consideration

 

 

4

 

 

 

 

Foreign currency transaction (gain) loss

 

 

(13

)

 

 

 

Changes in operating assets and liabilities:

 

 

 

 

Accounts receivable

 

 

8,250

 

 

 

(3,584

)

Inventory

 

 

(25,384

)

 

 

(6,635

)

Prepaid expenses and other current assets

 

 

(2,994

)

 

 

(3,732

)

Other assets

 

 

1,117

 

 

 

(170

)

Accounts payable

 

 

(2,767

)

 

 

(155

)

Accrued expenses and other current liabilities

 

 

(7,337

)

 

 

(5,119

)

Customer deposits

 

 

(1,412

)

 

 

(1,372

)

Current portion of deferred revenue

 

 

(70

)

 

 

693

 

Change in right of use assets and lease liabilities, net

 

 

(1,467

)

 

 

(92

)

Other liabilities

 

 

30

 

 

 

 

Net cash used in operating activities

 

 

(111,049

)

 

 

(71,908

)

Cash flows from investing activities:

 

 

 

 

Purchases of property and equipment

 

 

(6,747

)

 

 

(1,355

)

Purchase of other investments

 

 

 

 

 

(3,620

)

Proceeds from sale of property and equipment

 

 

6

 

 

 

 

Purchase of marketable securities

 

 

(126,771

)

 

 

(281,438

)

Proceeds from sales and maturities of marketable securities

 

 

177,150

 

 

 

66,741

 

Cash paid to acquire in-process research and development

 

 

 

 

 

(6,050

)

Cash paid for acquisitions, net of cash acquired

 

 

(23

)

 

 

(161,837

)

Net cash provided by (used in) investing activities

 

 

43,615

 

 

 

(387,559

)

Cash flows from financing activities:

 

 

 

 

Proceeds from the exercise of stock options

 

 

1,266

 

 

 

3,665

 

Proceeds from the exercise of stock warrants

 

 

 

 

 

170,665

 

Payment of taxes related to net share settlement upon vesting of restricted stock units

 

 

(191

)

 

 

(145

)

Repayment of loans

 

 

(231

)

 

 

 

Proceeds from issuance of convertible notes

 

 

115,000

 

 

 

 

Costs incurred in connection with the issuance of convertible notes

 

 

(3,619

)

 

 

 

Repayment of term loan

 

 

 

 

 

(10,000

)

Net cash provided by financing activities

 

 

112,225

 

 

 

164,185

 

Effect of exchange rate changes on cash, cash equivalents and restricted cash

 

 

(819

)

 

 

20

 

Net increase (decrease) in cash, cash equivalents, and restricted cash

 

 

43,972

 

 

 

(295,262

)

Cash, cash equivalents, and restricted cash at beginning of period

 

 

68,258

 

 

 

484,137

 

Cash, cash equivalents, and restricted cash at end of period

 

$

112,230

 

 

$

188,875

 

 

 

 

 

 

Supplemental disclosures of cash flow information

 

 

 

 

Reconciliation of cash, cash equivalents and restricted cash reported within the condensed consolidated balance sheets that sum to the total shown in the condensed consolidated statements of cash flows:

 

 

 

 

Cash and cash equivalents

 

$

107,966

 

 

 

188,199

 

Restricted cash included in other current assets

 

 

3,152

 

 

 

 

Restricted cash included in other noncurrent assets

 

 

1,112

 

 

 

676

 

Total cash, cash equivalents and restricted cash shown in the condensed consolidated statements of cash flows

 

$

112,230

 

 

$

188,875

 

 

 

 

 

 

Supplemental cash flow information:

 

 

 

 

Interest paid

 

$

 

 

$

125

 

Taxes paid

 

$

 

 

$

150

 

 

 

 

 

 

Non‑cash investing and financing activities:

 

 

 

 

Net unrealized (gain) loss on investments

 

$

29

 

 

$

4

 

Exercise of private placement warrants

 

$

 

 

$

149,904

 

Common Stock issued for acquisitions

 

$

 

 

$

208,989

 

Common Stock issued for acquisition of in-process research and development

 

$

 

 

$

4,300

 

Common Stock issued for settlement of contingent consideration

 

$

500

 

 

$

 

Cash held back in acquisitions

 

$

 

 

$

50

 

Additions to right of use assets and lease liabilities

 

$

7,784

 

 

$

852

 

Purchase of property and equipment included in accounts payable

 

$

1,022

 

 

$

 

Purchase of property and equipment included in accrued expense

 

$

 

 

$

33

 

Contingent consideration in connection with acquisitions

 

$

 

 

$

6

 

Transfers from property and equipment to inventory

 

$

1,954

 

 

$

 

Transfers from inventory to property and equipment

 

$

1,531

 

 

$

 

Deferred contract costs

 

$

1,341

 

 

$

 


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