Das erst kürzlich an die Börse gegangene 3D-Technologie Unternehmen ExOne (XONE), präsentiert seine Ergebnisse für das 1.Quartal 2013.
Demnach soll der Umsatz des Unternehmens von $5,2 Mio. auf $7,9 Mio. gewachsen und die brutto Marge von 30,0% auf 35,8% gestiegen sein. Die Bilanz zeigt ein Cash Kapital von $71.1 Mio. In Summe verkaufte das Unternehmen fünf Geräte im 1.Quartal. Dabei handelt es sich um vier „3D Printing Machines“ und einer „Laser Maschine“.
The ExOne Company Reports Strong Revenue Growth in First Quarter 2013
- Revenue increased by $5.2 million to $7.9 million
- Gross margin improved from 30.0% to 35.8%
- Strong balance sheet with $71.1 million in cash supports growth plans
- Company reaffirms full year guidance
NORTH HUNTINGDON, Pa., May 14, 2013 (GLOBE NEWSWIRE) — The ExOne Company (Nasdaq:XONE) („ExOne“ or „the Company“), a global provider of three-dimensional („3D“) printing machines and printed products to industrial customers, reported financial results today for its 2013 first quarter, which ended March 31, 2013.
Revenue for the first quarter of 2013 was $7.9 million compared with revenue of $2.7 million for the first quarter of 2012, an increase of $5.2 million. Net loss attributable to ExOne for the first quarter of 2013 was $1.9 million compared with a net loss attributable to ExOne of $1.5 million for the first quarter of 2012, an increase of $0.4 million. Increased net loss was primarily the result of higher operating expenses which were partially offset by improved gross profit.
Revenue Growth Driven by Stronger Sales of 3D Printing and Laser Machines
($ in millions)
For the Quarter Ended
2013 2012 Revenue by Product Line 3D Printing and Laser Machines $ 4.2 53.2% $ — 0.0% 3D Printed Parts, Materials and Other („PSC“) $ 3.7 46.8% $ 2.7 100.0% Total Revenue $ 7.9 100.0% $ 2.7 100.0%
During the first quarter of 2013, machine revenue was approximately $4.2 million. Five machines were sold in the 2013 first quarter consisting of four 3D printing machines and one laser machine, whereas no machines were sold in the prior-year first quarter. Higher revenue was the result of increasing customer demand for the Company’s machine technology. Additionally, there has been increasing interest of additive manufacturing among global industrial manufacturers. Machine revenue represented 53% of total revenue in the 2013 first quarter.
PSC revenue for the 2013 first quarter was up 35%, or $1.0 million, over the prior-year first quarter. The Company has continued to grow its customer base for 3D printed parts, driving revenue growth. Additionally, the increased number of installed machines in the field during the first quarter of 2013 compared with the first quarter of 2012 has led to a larger contribution of revenue from machine service and consumables.
Machine Sales and PSC Upgrades Drove Margin Expansion
Gross profit was $2.8 million in the first quarter of 2013, an improvement of $2.0 million from gross profit of $0.8 million in the first quarter of 2012. Gross profit as a percent of sales was 35.8% in the first quarter of 2013 compared with 30.0% in the first quarter of 2012. Gross margin improved on a favorable sales mix and enhanced productivity in our PSCs.
Operating loss for the first quarter of 2013 was $1.6 million compared with an operating loss of $1.4 million in the first quarter of 2012 due to higher operating expenses. Selling, general and administrative expenses were up $1.9 million to $3.6 million primarily as a result of increased professional service fees and the addition of staff to support the Company’s growth strategy. Research and development expenses increased by $0.4 million to support the Company’s materials qualification activities, which included the addition of personnel.
Adjusted earnings before interest, taxes, depreciation and amortization („EBITDA“) was a loss of $0.9 million in the first quarter of 2013, improved from a loss of $1.0 million in the first quarter of 2012. ExOne management believes that when used in conjunction with other measures prepared in accordance with accounting principles generally accepted in the United States („GAAP“), that Adjusted EBITDA, a non-GAAP measure, assists in the understanding of operating performance. See the attached tables for important disclosures regarding our use of Adjusted EBITDA as well as a reconciliation of net loss attributable to ExOne to Adjusted EBITDA for the quarters ended March 31, 2013 and 2012.
Strong Balance Sheet Provides Support for Growth Strategy
Cash and cash equivalents at March 31, 2013 was $71.1 million. During the quarter, debt repayments totaled approximately $15.8 million, resulting in a long-term debt balance of approximately $2.3 million at March 31, 2013. The Company believes its cash and borrowing capacities are sufficient to support its growth plans over the next two to three years.
Strategy and Outlook
Mr. S. Kent Rockwell, Chairman and CEO, noted, „We continue to be very encouraged with the opportunities that present themselves for our 3D printing capability. Nonetheless, as a global company we are subject to the vagaries of the economies in which we operate. The weakness in Europe has slowed the purchase decisions of our customers in that region while customer demand in Japan is clearly strengthening with the economy. And in North America, we also received our first order for an M-Flex machine in the quarter.“
He concluded, „We are steadily advancing our growth strategy. This includes the expansion of our manufacturing capacity in Germany, upgrading our PSCs and working to establish a more robust PSC network. Importantly, we are also making solid progress with our materials development processes.“
For 2013, the Company continues to expect full year revenue to be in a range of $48 million to $52 million with approximately two-thirds of revenue expected to fall in the latter half of the year. The Company plans to launch two to three additional PSCs during the second half of 2013. Gross margin for the year is expected to be approximately 42% to 46%. Operating expenses are expected to be in the range of $18 million to $21 million.
Approximately $40 million to $50 million in growth investments are planned for 2013 and 2014. This includes the expansion of the Company’s global manufacturing capacity and PSC development.