It's a smart material, so it should import as a smart material. I just tested it from this download and had no issues. I tried both just drag and drop the .spsm into my materials panel and select where I want to import it (current session, project, or shelf), and I tried importing it through the resource import dialogue and it works both ways. Hope you're able to figure it out!
This is what I get when I try to import this material
[Data Preset] Invalid preset Pearl
[Resource Import] "D:/My Shyt/Substance/Pearl.spsm" cannot be imported as 'smartmaterial'.
Smartmaterial is the only option that I am allowed when I import.
I am having the same problem as eHard4.
My apologies for the difficulty folks. I've uploaded a new version of the file, and it's now pending approval. Hope that helps!
This is the new version, hopefully the previous issue is fixed.
having the same problem as eHard4, with the material file downloaded just now (version 2). Using SP version 2017.3.3