voxeljet AG Reports Financial Results for Q2 2014

FRIEDBERG, Germany — (BUSINESS WIRE) — August 13, 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 consolidated financial results for the second quarter ended June 30, 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 – Second Quarter 2014

  • Revenues increased 30.6% to kEUR 2,730 from kEUR 2,091
  • Systems revenues increased 46.2% to kEUR 1,234 from kEUR 844
  • Services revenues increased 20.0% to kEUR 1,496 from kEUR 1,247
  • Gross profit margin of 31.5% compared to 28.7% in the prior year quarter
  • Completed follow-on offering in April
  • Reaffirm full year 2014 revenue guidance

Dr. Ingo Ederer, Chief Executive Officer of voxeljet, commented, “We continued to execute our key growth initiatives throughout the second quarter. Demand for both our 3D printing systems and on-demand printed parts remains robust, and we reaffirm our financial guidance for the year ending December 31, 2014. In Systems, we delivered two printers, while increased levels of quoting and sales activity contributed to a solid backlog at the end of the quarter. Services performed well, benefiting from a favorable product mix and the recently completed capacity expansion at our European on-demand service center in Germany. We generated record sales in plastics and received record orders for sand parts in the quarter. This in our opinion illustrates the market’s growing acceptance of 3D printing for production, and validates our capabilities and strategic positioning within the industry.”

Second Quarter 2014 Results

Revenues for the second quarter of 2014 increased by 30.6% to kEUR 2,730 compared to kEUR 2,091 in the second quarter of 2013.

Revenues from our Systems segment, which focuses on the development, production and sale of 3D printers, increased 46.2% to kEUR 1,234 in the second quarter of 2014 from kEUR 844 in last year’s second quarter. The Company sold two new machines in the second quarter of 2014 compared to one new machine in last year’s second quarter. Systems revenues also includes all revenues from consumables, spare parts and maintenance. Systems revenues represented 45.2% of total revenue in the second quarter of 2014 compared to 40.4% in last year’s second quarter.

Revenues from our Services segment, which focuses on the printing of on-demand parts for our customers, increased 20.0%, to kEUR 1,496 in the second quarter of 2014 from kEUR 1,247 for the same quarter last year. The increase resulted primarily from a favorable product mix in the second quarter of 2014 compared to the second quarter of 2013 as well as increased capacity from additional printers in our recently expanded European service center.

Cost of sales was kEUR 1,870 for the second quarter of 2014 compared to kEUR 1,491 for the second quarter of 2013. Embedded in cost of sales was expenses of kEUR 56 related to our Long Term Cash Incentive Plan (“LTCIP”), which was initiated in October 2013.

Gross profit was kEUR 860 in the second quarter of 2014 compared to kEUR 600 in the second quarter of 2013. The gross profit margin increased to 31.5% in the second quarter of 2014 from 28.7% in the second quarter of 2013.

Gross profit for our Systems segment increased to kEUR 294 in the second quarter 2014 from kEUR 181 in the second quarter of 2013. The gross profit margin for this segment increased to 23.8% in the second quarter of 2014 compared to 21.4% in the second quarter of 2013. Though higher than in the prior year’s quarter, the margin was negatively affected by increased headcount costs as we pursue our growth strategy. In the second quarter of 2014, cost of sales related to the LTCIP was kEUR 32.

Gross profit for our Services segment increased to kEUR 566 in the second quarter 2014 from kEUR 419 in the second quarter of 2013. The gross profit margin for this segment increased to 37.8% in the second quarter of 2014 from 33.6% in the second quarter of 2013. The increase in gross margin was primarily related to higher revenues resulting from increased capacity and a favorable product mix in the second quarter of 2014 compared to the same period in 2013. In the second quarter of 2014, cost of sales related to the LTCIP was kEUR 24.

Selling expenses were kEUR 845 for the second quarter of 2014 compared to kEUR 472 in the second quarter of 2013. This increase of kEUR 373 resulted from expanded sales efforts as we increased headcount and attended more trade shows and fairs compared to the prior year period.

Administrative expenses were kEUR 952 for the second quarter of 2014 compared to kEUR 299 in the second quarter of 2013. This increase of kEUR 653 was primarily due to increased headcount related to the pursuit of our growth strategy and costs associated with being a publicly-traded company.

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