NORTH BETHESDA, Md. - Xometry, the NASDAQ-listed company specializing in an AI-powered marketplace for custom manufacturing, has appointed Subir Dutt as its new Chief Sales Officer. Dutt, with a robust background in enterprise sales for tech giants such as Google (NASDAQ:GOOGL), Oracle (NYSE:ORCL), and CapGemini, brings to the table extensive experience in AI, cloud services, and transformational technologies.
The announcement came today, with Xometry's CEO Randy Altschuler expressing confidence in Dutt's ability to lead the company's sales teams to cater to large enterprise customers. Dutt's career highlights include driving substantial revenue growth for Google Cloud's mid-Atlantic enterprise sales and transforming CapGemini's Oracle business to XaaS.
Dutt takes over from Kathy Mayerhofer, who has been credited with leading Xometry's revenue growth from $17 million in 2017 to $463 million by the end of last year. Mayerhofer is stepping down to pursue outside activities but will assist Dutt to ensure a smooth transition.
Xometry's marketplace leverages AI to connect buyers with suppliers of manufacturing services, aiming to digitize the manufacturing industry and strengthen supply chains. The company's technology platform is designed to shorten development cycles and drive efficiencies. Xometry also offers a suite of cloud-based tools, including project management software Xometry Teamspace, and operates the Thomasnet industrial sourcing platform.
This strategic appointment is part of Xometry's ongoing efforts to expand its digital footprint in the $2.4 trillion manufacturing industry. The company's proprietary Instant Quoting Engine® is notable for analyzing complex parts in real-time and matching buyers with suitable suppliers globally.
This move signifies Xometry's commitment to advancing its sales strategy and growth, as it continues to serve a diverse range of sectors, including healthcare, media, consumer goods, and financial services. The information for this article is based on a press release statement from Xometry.
InvestingPro Insights
As Xometry welcomes Subir Dutt as its new Chief Sales Officer, the company's financial health and market performance remain key areas of interest for investors and industry observers alike. Xometry's market capitalization currently stands at approximately $805.68 million, reflecting the company's standing in the market and investor expectations about its future growth.
Despite the company's robust revenue growth, which saw a 19.42% increase over the last twelve months as of Q1 2024, Xometry is not expected to be profitable this year, according to analysts. This is further underscored by the company's negative P/E ratio of -12.53, indicating that investors are currently paying more for each dollar of loss. Additionally, the firm's stock has experienced significant price volatility and a sharp 50.06% decline over the last three months, a factor that potential investors should consider.
On a positive note, Xometry's liquid assets exceed its short-term obligations, suggesting a strong liquidity position that could support ongoing operations and strategic initiatives like the expansion of its sales strategy. This financial stability is crucial as the company aims to penetrate deeper into the $2.4 trillion manufacturing industry with its AI-driven marketplace.
For those looking to delve deeper into Xometry's financials and performance, InvestingPro offers additional insights and metrics. There are 7 more InvestingPro Tips available that could provide further guidance on the company's debt levels, profitability, and shareholder dividends. To enhance your investment strategy and gain access to these tips, consider using the coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription. The strategic appointment of Dutt aligns with Xometry's growth trajectory, as reflected in these key metrics and insights.
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