voxeljet AG Reports Financial Results for Q1 2015

FRIEDBERG, Germany — (BUSINESS WIRE) — May 12, 2015 — 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 first quarter ended March 31, 2015.

Highlights – First Quarter 2015

  • Total revenues increased 104.1% to kEUR 5,589 from kEUR 2,739
  • Gross margin was 33.6% compared to 39.4%
  • Systems revenues increased 114.7% to kEUR 2,817 from kEUR 1,312
  • Services revenues increased 94.3% to kEUR 2,772 from kEUR 1,427
  • Reaffirm full year 2015 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. We sold four printers in the quarter compared to two printers in last year’s same quarter and generated record revenues in both sand and plastic parts.”

Dr. Ederer continued, “We began printing parts at our service facility in Detroit in the first quarter of 2015 and our direct operating presence in that market is creating greater awareness of voxeljet’s capabilities and is driving customer interest across North America. We are off to a good start for the year and we reaffirm our full year 2015 guidance of revenue between kEUR 23,000 and kEUR 24,000 for the group.”

First Quarter 2015 Results

Revenues for the first quarter of 2015 increased by 104.1% to kEUR 5,589 compared to kEUR 2,739 in the first quarter of 2014.

Revenues from our Systems segment, which focuses on the development, production and sale of 3D printers, increased 114.7% to kEUR 2,817 in the first quarter of 2015 from kEUR 1,312 in last year’s first quarter. The Company delivered four printers (two new and two used) in the first quarter of 2015. This compared to two new printers that were delivered in last year’s first quarter. Systems revenues also include all revenues from consumables, spare parts and maintenance. Systems revenues represented 50.4% of total revenues in the first quarter of 2015 compared to 47.9% in last year’s first quarter.

Revenues from our Services segment, which focuses on the printing of on-demand parts for our customers, increased 94.3%, to kEUR 2,772 in the first quarter of 2015 from kEUR 1,427 for the same quarter last year. This was mainly due to the revenue contribution from our subsidiary voxeljet UK Ltd. (“voxeljet UK”), which contributed kEUR 912 of revenues in the Services segment for the first quarter of 2015. We also continued to benefit from the expansion of our service center in Germany (completed in April 2014), where Service revenues increased nearly 30% compared to last year’s first quarter.

Cost of sales was kEUR 3,710 for the first quarter of 2015 compared to kEUR 1,660 for the first quarter of 2014. Embedded in cost of sales was expenses related to our Long Term Cash Incentive Plan (“LTCIP”) of kEUR 213 in the first quarter of 2015 compared to kEUR 56 in the first quarter of 2014. The LTCIP was initiated in October 2013.

Gross profit was kEUR 1,879 in the first quarter of 2015 compared to kEUR 1,079 in the first quarter of 2014. The gross profit margin decreased to 33.6% in the first quarter of 2015 from 39.4% in the first quarter of 2014.

Gross profit for our Systems segment increased to kEUR 772 in the first quarter of 2015 from kEUR 397 in the first quarter of 2014. The gross profit margin for this segment decreased to 27.4% in the first quarter of 2015 compared to 30.3% in the first quarter of 2014. Systems sales in the first quarter of 2015 included two used printers which generally have a lower gross margin compared to that of new printers. In addition, one of the two new printers sold in the first quarter of 2015 was a beta-system which was sold to a customer at a discount and contributed to the lower overall gross margin in the Systems segment. Higher headcount costs related to our growth strategy also affected the cost of sales. As of March 31, 2015, 41 people were employed in the Systems segment, compared to 26 as of March 31, 2014. In the first quarter of 2015, cost of sales in the Systems segment related to the LTCIP was kEUR 119 compared to kEUR 32 in the prior year period.

Gross profit for our Services segment increased to kEUR 1,107 in the first quarter of 2015 from kEUR 682 in the first quarter of 2014. The gross profit margin for this segment decreased to 39.9% in the first quarter of 2015 from 47.8% in the first quarter of 2014. The decrease in gross margin was related to increased headcount costsin pursuit of our growth strategy. As of March 31, 2015, 34 people were employed in our Services segment, compared to 16 as of March 31, 2014, an increase of more than 100%. Product mix in the first quarter of 2015 was less favorable compared to the first quarter of 2014 due in part to our subsidiary voxeljet UK, which prints on-demand parts for the film and entertainment industry. Gross margins in services to customers in this industry are generally lower due to more costly finishing and post-printing process requirements. In the first quarter of 2015, cost of sales in the Services segment related to the LTCIP was kEUR 94 compared to kEUR 24 in the prior year period.

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