DM - Desktop Metal stock slides after firm outlines integration cost optimization initiative

Desktop Metal (NYSE:DM) shares dropped 4% pre-market after the additive manufacturing tech firm outlined a strategic integration and cost optimization initiative that will position it to "meet near- and long-term financial commitments and supports path to profitability." The three-pronged initiative hopes to achieve cost optimization, streamlined cross-brand operating structure and a robust liquidity position to drive value creation. It is estimated to provide ~$40M of annualized run rate non-GAAP cost savings, $20M of which is to take place in 2H22, and at least $100M of aggregate cost savings over the next 24 months. Following several strategic acquisitions in 2021, the company is looking for a ~12% reduction of the global workforce, consolidation of facilities, and tighter focus on products and development programs that prioritize near-term revenue and margin expansion across high-growth applications. The impact on the U.S. workforce will be conveyed to the staff today. The company is also continuing to review

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Desktop Metal stock slides after firm outlines integration, cost optimization initiative