voxeljet AG Reports Financial Results for Q3 2014

FRIEDBERG, Germany — (BUSINESS WIRE) — November 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 third quarter ended September 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 – Third Quarter 2014

  • Revenues increased 6.8% to kEUR 3,756 from kEUR 3,517
  • Systems revenues increased 23.3% to kEUR 2,264 from kEUR 1,836
  • Services revenues decreased 11.2% to kEUR 1,492 from kEUR 1,681
  • An operating disruption of one printer in our German service center resulted in less available capacity
  • Shipped record box volumes for sand parts and generated record revenues for sales of plastic parts
  • Revised full year 2014 revenue guidance to a range of between kEUR 15,000 and kEUR 16,000, from kEUR 18,000

Dr. Ingo Ederer, Chief Executive Officer of voxeljet, commented, “In Systems, we shipped four printers in the quarter but only received final customer acceptance, which is required for revenue recognition, on three of these printers. This is purely a timing issue. We expect to receive the final acceptance report for the fourth printer in the fourth quarter. Customer interest and quoting activity remains strong, and the outlook for printer sales is positive based on our backlog. We continue to make progress on our growth initiatives, however our results were adversely affected by the temporary operating disruption of one VX4000 printer in our German service center due to technical issues. This resulted in less available capacity during the quarter. This printer did not operate for most of the third quarter and returned to service in late September. We have been operating at normal capacity ever since. Even with our capacity reduced in the third quarter, we shipped record box volumes for sand parts, and generated record revenues for plastic parts. We received a record volume of orders for both on-demand sand and plastics parts, highlighting the growing acceptance of 3D printing for production. We believe this validates our strategic positioning within the industry.”

Dr. Ederer continued, “We are revising our revenue guidance for the year ending December 31, 2014 to a range of between kEUR 15,000 and kEUR 16,000, from the previous guidance in excess of kEUR 18,000. This reflects the operating disruption we experienced in Services in the third quarter, as well as the later-than-anticipated opening of our Canton, Michigan facility, which is now expected to start on-demand parts production in the first quarter of 2015. In addition, delays in the initial delivery of certain of our new 3D printer models, including the VX2000, for which we have received orders, will result in the sale of fewer printers in 2014 than we had previously anticipated. We now expect that these printers will be delivered in 2015. The guidance includes contribution from the acquisition of Propshop (Model Makers) Limited on October 1, 2014. This has been a transition year for voxeljet, as we are investing and positioning the business for the future. I am very pleased with our progress and the milestones we have achieved. Our long term outlook for revenue growth of approximately 50% annually is unchanged.”

Third Quarter 2014 Results

Revenues for the third quarter of 2014 increased by 6.8% to kEUR 3,756 compared to kEUR 3,517 in the third quarter of 2013.

Revenues from our Systems segment, which focuses on the development, production and sale of 3D printers, increased 23.3% to kEUR 2,264 in the third quarter of 2014 from kEUR 1,836 in last year’s third quarter. The Company delivered four printers (three new and one used) in the third quarter of 2014 but only received final customer acceptance, which is required for revenue recognition, on three of these printers (all of which were new). This compared to three new machines in last year’s third quarter. Revenue for the fourth printer delivered in the third quarter is expected to be recognized in the fourth quarter. Systems revenues also includes all revenues from consumables, spare parts and maintenance. Systems revenues represented 60.3% of total revenue in the third quarter of 2014 compared to 52.2% in last year’s third quarter.

Revenues from our Services segment, which focuses on the printing of on-demand parts for our customers, decreased 11.2%, to kEUR 1,492 in the third quarter of 2014 from kEUR 1,681 for the same quarter last year. The decrease was primarily attributable to the operating disruption of one VX4000 printer - our largest format printer - at our service center in Friedberg, Germany for most of the third quarter due to a technical issue, which resulted in less available capacity during the quarter. This printer returned to service in late September and we have since been operating at full capacity. Even with the reduced capacity, we still managed to ship record box volumes for sand parts in the third quarter and experienced record revenues for plastic parts.

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