voxeljet AG Reports Financial Results for the First Quarter Ended March 31, 2014

FRIEDBERG, Germany — (BUSINESS WIRE) — May 15, 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 consolidated financial results for the first quarter ended March 31, 2014 for its group, which consists of voxeljet AG and Voxeljet of America Inc. voxeljet AG holds 100% of the issued and outstanding shares of Voxeljet of America Inc.

Highlights – First Quarter 2014

  • Revenues increased 14.7% to kEUR 2,739 from kEUR 2,387
  • Services revenues increased 20.7% to kEUR 1,427 from kEUR 1,182
  • Gross profit margin of 39.4% compares to 38.2% in the prior year quarter
  • Completed the relocation of our German service center
  • Announced the establishment of our first U.S. 3D printing service center, located near Detroit, Michigan
  • Reaffirm full year 2014 revenue guidance

Dr. Ingo Ederer, Chief Executive Officer of voxeljet, commented, “I am pleased with our first quarter results which reflect the increased adoption of 3D printing in industrial and commercial applications. Demand for both our systems and on-demand printed parts remains robust, and we are well positioned to benefit from our technology. We are executing our key growth initiatives, including the recent completion and relocation of our European on-demand service center in Germany, the opening of our first North American service center located near Detroit, Michigan, which is expected in the third quarter of 2014, and the ongoing funding of investments in research and development for the future. We are confident in the trajectory of our business and reaffirm our financial guidance for the year ended December 31, 2014.”

First Quarter 2014 Results

Revenues for the first quarter of 2014 increased by 14.7% to kEUR 2,739 compared to kEUR 2,387 in the first quarter of 2013.

Revenues from our Systems segment, which focuses on the development, production and sale of 3D printers, increased 8.9% to kEUR 1,312 in the first quarter of 2014 from kEUR 1,205 in last year’s first quarter. The Company sold two new machines in the first quarter of 2014 compared to one new and one used machine in last year’s first quarter. Systems revenues also includes all revenues from consumables, spare parts and maintenance. Systems revenues represented 47.9% of total revenue in the first quarter of 2014 compared to 50.5% in last year’s first quarter.

Revenues from our Services segment, which focuses on the printing of on-demand parts for our customers, increased 20.7%, to kEUR 1,427 in the first quarter of 2014 from kEUR 1,182 for the same quarter last year. The increase was achieved primarily from a favorable product mix in the first quarter of 2014 compared to the first quarter of 2013. We experienced very little disruption in the quarter from the relocation of our service center in Germany, which was substantially completed in the first week of April 2014.

Gross profit was kEUR 1,079 in the first quarter of 2014 compared to kEUR 913 in the first quarter of 2013. The gross profit margin increased to 39.4% in the first quarter of 2014 from 38.2% in the first quarter of 2013. Cost of sales was kEUR 1,660 for the first quarter of 2014 compared to kEUR 1,474 for the first quarter of 2013. Embedded in the cost of sales were expenses of kEUR 56 related to our Long Term Cash Incentive Plan (“LTCIP”), which was initiated in October 2013.

Gross profit for our Systems segment decreased to kEUR 397 in the first quarter 2014 from kEUR 428 in the first quarter of 2013. The gross profit margin for this segment decreased to 30.3% in the first quarter of 2014 from 35.5% in the first quarter of 2013. One of the 3D printers sold in the first quarter of 2014 was to a research institution which received a discount to the listed price, which contributed to the decrease in gross margin for the Systems segment in the quarter. The second 3D printer sold in the quarter was to an industrial customer at the printer’s listed price. In the first quarter of 2014, the cost of sales related to the LTCIP was kEUR 32.

Gross profit for our Services segment increased to kEUR 682 in the first quarter 2014 from kEUR 485 in the first quarter of 2013. The gross profit margin for this segment increased to 47.8% in the first quarter of 2014 from 41.0% in the first quarter of 2013. The increase in gross profit was primarily related to higher revenues resulting from a favorable product mix in the first quarter of 2014 compared to the same period in 2013. In the first quarter of 2014, cost of sales related to the LTCIP was kEUR 24.

Selling expenses were kEUR 693 for the first quarter of 2014 compared to kEUR 357 in the first quarter of 2013. This increase of kEUR 336 resulted from expanded sales efforts as we attended more trade shows and fairs compared to the prior year period.

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