FY16 was a very successful year for Nano Dimension Ltd (NASDAQ:NNDM) as it delivered the first six DragonFly systems to potential customers for evaluation and raised US$13.8m (gross) to provide finance as it moves into the commercial phase of development. The company appears on track to complete the beta testing phase in mid-2017 and to deliver 50 printers during FY17. We leave our estimates and valuation broadly unchanged.
Major milestones to commercialisation reached
Nano Dimension delivered the first six DragonFly 2020 printers for evaluation during H216, as per its stated target. Management notes that feedback so far has been generally positive, with customers using the printers extensively to create multi-layer PCBs. The company remains on track to deliver a total of around 50 printers during FY17, including around 35 in the commercial roll-out during H217 and to scale this up further during FY18. During FY16 Nano Dimension also successfully lab-tested a proof-of-concept 3D BioPrinter for stem cells using an adapted 3D printer. Management is in the process of establishing a structure for creating a separate entity to pursue the bioprinting opportunity, which will secure its own sources of funding.
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