voxeljet AG Reports Financial Results for Q4 and Full Year 2013

FRIEDBERG, Germany — (BUSINESS WIRE) — March 27, 2014 — voxeljet AG (NYSE: VJET) (the “Company” or “voxeljet”), a leading provider of high-speed, large-format 3D printers and on-demand parts services to industrial and commercial customers, today announced its financial results for the fourth quarter and year ended December 31, 2013.

Highlights – Fourth Quarter 2013

  • Revenue growth of 78% over prior year.
  • Record Systems segment revenue growth of over 160%.
  • Gross margin expansion to 41.3%.
  • Launch of the VX2000 3D printer.

Dr. Ingo Ederer, Chief Executive Officer of voxeljet, commented, “We are very pleased with our results for the quarter and for the full year which reflect the increased adoption of 3D printing in industrial and commercial applications. We are making excellent progress with our primary growth strategies, which include expanding our European on-demand parts service center, opening a new service center in the United States and continuing to invest in research and development for the future. It is an exciting time to be participating in this dynamic industry, and we see tremendous long-term growth opportunities.”

Fourth Quarter 2013 Results

Revenue for the fourth quarter of 2013 increased by 78% to kEUR 3,693 compared to kEUR 2,080 in the fourth quarter of 2012. This increase was driven primarily by an increase in the number of 3D printers sold in our Systems segment.

Revenue from our Systems segment, which focuses on the development, production and sale of 3D printers, were kEUR 2,458 in the fourth quarter of 2013 compared to kEUR 932 in the prior period. The Company sold three 3D printers in the fourth quarter of 2013 compared to one 3D printer in last year’s fourth quarter. Systems revenue represented 66.6% of total revenue in the fourth quarter of 2013 compared to 44.8% in last year’s fourth quarter.

Revenue from our Services segment, which focuses on the printing of on-demand parts for our customers, was kEUR 1,235 for the fourth quarter of 2013 compared to kEUR 1,148 for the same quarter last year.

Gross profit increased to kEUR 1,525 in the fourth quarter of 2013 from kEUR 830 in the fourth quarter of 2012. The gross profit margin increased to 41.3% in the fourth quarter of 2013 from 39.9% in the fourth quarter of 2012. Cost of sales was kEUR 2,168 for the fourth quarter of 2013. Embedded in cost of sales were expenses of kEUR 340 related to our Long Term Cash Incentive Plan (“LTCIP”), defined in more detail at the end of this release, which was initiated in 2013.

Gross profit for our Systems segment increased to kEUR 1,185 in the fourth quarter of 2013 from kEUR 236 in the fourth quarter of 2012. The gross profit margin increased to 48.2% in the fourth quarter of 2013 from 25.3% in the fourth quarter of 2012. The increase in gross profit was primarily related to the increase in 3D printers sold in this year’s fourth quarter. Cost of sales related to the LTCIP was kEUR 188.

Gross profit for our Services segment decreased to kEUR 340 in the fourth quarter of 2013 from kEUR 594 in the fourth quarter of 2012, while the gross profit margin decreased to 27.5% in the fourth quarter of 2013 from 51.8% in the fourth quarter of 2012. The decrease in our gross profit and margin was related to increased cost of sales due to higher personnel expenses related to the LTCIP. Cost of sales related to the LTCIP was kEUR 152.

Selling expenses were kEUR 1,303 for the fourth quarter of 2013 compared to kEUR 276 in the fourth quarter of 2012, an increase of kEUR 1,027, as we supported increased level of demand for both our businesses. Selling expenses related to the LTCIP were kEUR 173.

Administrative expenses were kEUR 1,050 for the fourth quarter of 2013 compared to kEUR 171 in the fourth quarter of 2012, an increase of kEUR 879, partially due to increased headcount to support our growth strategy and costs associated with being a publicly traded company. Administrative expenses related to the LTCIP were kEUR 87.

Research and development (“R&D”) expenses increased to kEUR 1,283 in the fourth quarter of 2013 from kEUR 565 in the prior year period, as we continued to invest heavily in R&D with a number of active projects in various stages of development. Research and development expenses related to the LTCIP were kEUR 289.

Other operating expenses in the quarter were kEUR 105, substantially all of which reflect costs related to our initial public offering (IPO).

Other operating income was kEUR 157 for the fourth quarter of 2013 compared to kEUR 244 in the fourth quarter of 2012.

Operating profit declined to a loss of kEUR 2,059 in the fourth quarter of 2013 from a profit of kEUR 45 in the prior year period. Operating expenses and cost of sales related to the LTCIP and IPO totaled kEUR 889 and kEUR 105, respectively.

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