FRIEDBERG, Germany — (BUSINESS WIRE) — August 13, 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 second quarter ended June 30, 2015.
Highlights – Second Quarter 2015
- Total revenues increased 100.9% to kEUR 5,484 from kEUR 2,730
- Systems revenues increased 56.6% to kEUR 1,933 from kEUR 1,234
- Services revenues increased 137.4% to kEUR 3,551 from kEUR 1,496
- Gross margin was 33.5% compared to 31.5% in the prior year quarter
- Reaffirm full year 2015 revenue guidance
Dr. Ingo Ederer, Chief Executive Officer of voxeljet, commented, “I am pleased with our second 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. Total revenues more than doubled with significant increases in both segments. Furthermore we are on target with our strategic initiatives which will drive our future growth.”
Dr. Ederer continued, “Our first half 2015 results are in line with our expectations and we reaffirm our full year 2015 guidance of revenue between kEUR 23,000 and kEUR 24,000 for the Company, which represents approximately 50% growth over last year’s revenues.”
Second Quarter 2015 Results
Revenues for the second quarter of 2015 increased by 100.9% to kEUR 5,484 compared to kEUR 2,730 in the second quarter of 2014.
Revenues from our Systems segment, which focuses on the development, production and sale of 3D printers, increased 56.6% to kEUR 1,933 in the second quarter of 2015 from kEUR 1,234 in last year’s second quarter. The Company delivered three new printers in the second quarter of 2015, compared to two new printers in last year’s second quarter. Systems revenues also include all revenues from consumables, spare parts and maintenance. Systems revenues represented 35.2% of total revenues in the second quarter of 2015 compared to 45.2% in last year’s second quarter.
Revenues from our Services segment, which focuses on the printing of on-demand parts for our customers, increased 137.4%, to kEUR 3,551 in the second quarter of 2015 from kEUR 1,496 for the same quarter last year. This was mainly due to the revenue contribution from our subsidiaries voxeljet UK Ltd. (“voxeljet UK”, acquired in the fourth quarter 2014) and Voxeljet of America, Inc. (“Voxeljet of America”, which began printing on-demand parts in the first quarter of 2015). We also continued to benefit from the expansion of our service center in Germany (completed in April 2014).
Cost of sales was kEUR 3,650 for the second quarter of 2015 compared to kEUR 1,870 for the second quarter of 2014.
Gross profit was kEUR 1,834 in the second quarter of 2015 compared to kEUR 860 in the second quarter of 2014. The gross profit margin increased to 33.5% in the second quarter of 2015 from 31.5% in the second quarter of 2014.
Gross profit for our Systems segment increased to kEUR 632 in the second quarter of 2015 from kEUR 294 in the second quarter of 2014. The gross profit margin for this segment increased to 32.7% in the second quarter of 2015 compared to 23.8% in the second quarter of 2014. Systems sales in the second quarter of 2015 included three new printers. Higher headcount costs related to our growth strategy also affected the cost of sales in the Systems segment, which negatively impacted gross profit and margin. As of June 30, 2015, 49 people were employed in the Systems segment, compared to 29 as of June 30, 2014.
Gross profit for our Services segment increased to kEUR 1,202 in the second quarter of 2015 from kEUR 566 in the second quarter of 2014. The gross profit margin for this segment decreased to 33.8% in the second quarter of 2015 from 37.8% in the second quarter of 2014. As of June 30, 2015, 35 people were employed in the Services segment compared to 18 as of June 30, 2014. Gross profit for the group was mixed. The gross margin for Services at our facility in Germany was very strong, as demand for both sand and plastic (PMMA) parts remain robust. This was offset in part by the operating results of our subsidiaries in the United States and the United Kingdom. Voxeljet of America began printing on demand parts in the first quarter of 2015, but is ramping-up its production and will be adding capacity throughout the second half of the year. voxeljet UK, which prints on-demand parts for the film and entertainment industry generally generates a lower gross margin due to more costly finishing and post-printing process requirements.
Selling expenses were kEUR 1,743 for the second quarter of 2015 compared
to kEUR 845 in the second quarter of 2014. The increase of kEUR 898 was
the result of our expanded global sales effort as we increased our
international presence and attended more trade shows and fairs compared
to the prior year period. In addition, commissions for sales agents
increased, which was in line with our higher sales. Headcount (for
employees performing sales and marketing functions) increased at the end
of the second quarter of 2015 by 12 to 35 employees compared to 23 at
the end of the second quarter 2014.