voxeljet AG Reports Financial Results for Q3 2015

FRIEDBERG, Germany — (BUSINESS WIRE) — November 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 third quarter ended September 30, 2015.

Highlights – Third Quarter 2015

  • Total revenues YTD increased 71.1% to kEUR 15,783 from kEUR 9,225
  • Total revenues for the third quarter increased 25.4% to kEUR 4,710 from kEUR 3,756
  • Systems revenues for the third quarter decreased 35.5% to kEUR 1,461 from kEUR 2,264
  • Services revenues for the third quarter increased 117.8% to kEUR 3,249 from kEUR 1,492
  • Gross profit margin for the third quarter was 32.7% compared to 37.2% in the prior year quarter
  • Reaffirm full year 2015 revenue guidance between kEUR 23,000 and kEUR 24,000

Dr. Ingo Ederer, Chief Executive Officer of voxeljet, commented, “I am very pleased with our revenue growth of more than 70% year-to-date through September 30, 2015. This is a great achievement by the entire organization. Third quarter results were affected by lower Systems segment revenues compared to last year’s quarter due to the timing of several scheduled installations which have moved into the fourth quarter. There were no Systems order cancellations and we still expect to achieve our target for Systems revenues for the full year. Services revenues were strong in the quarter and demand for on-demand printed parts remains robust”

Dr. Ederer continued, “We reaffirm our full year 2015 guidance of revenues between kEUR 23,000 and kEUR 24,000 for the Company, which represents approximately 50% growth over last year’s revenues.”

Third Quarter 2015 Results

Revenues for the third quarter of 2015 increased by 25.4% to kEUR 4,710 compared to kEUR 3,756 in the third quarter of 2014.

Revenues from our Systems segment, which focuses on the development, production and sale of 3D printers, decreased 35.5% to kEUR 1,461 in the third quarter of 2015 from kEUR 2,264 in last year’s third quarter. The Company sold two new printers in the third quarter of 2015, compared to three new printers in last year’s third quarter. Systems revenues also include all revenues from consumables, spare parts and maintenance. Systems revenues represented 31.0% of total revenues in the third quarter of 2015 compared to 60.3% in last year’s third quarter.

Revenues from our Services segment, which focuses on the printing of on-demand parts for our customers, increased 117.8% to kEUR 3,249 in the third quarter of 2015 from kEUR 1,492 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 of 2014) and voxeljet America, Inc. (“voxeljet 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) where Service revenues increased by approximately 38% compared to last year’s third quarter.

Cost of sales was kEUR 3,172 for the third quarter of 2015 compared to kEUR 2,358 for the third quarter of 2014. During the third quarter of 2015, the Company recognized an impairment charge of kEUR 309 on the digital library intangible asset at voxeljet UK, as well as a write-down of kEUR 26 on the raw materials at voxeljet UK. The impairment charge is the result of lower revenue associated with the digital library than expected at the time of the acquisition.

Gross profit was kEUR 1,538 in the third quarter of 2015 compared to kEUR 1,398 in the third quarter of 2014. The gross profit margin was 32.7% in the third quarter of 2015 compared to 37.2% in the third quarter of 2014.

Gross profit for our Systems segment decreased to kEUR 442 in the third quarter of 2015 from kEUR 803 in the third quarter of 2014. The gross profit margin for this segment decreased to 30.3% in the third quarter of 2015 compared to 35.5% in the third quarter of 2014. Systems sales in the third quarter of 2015 included two of our smaller printers. These printers generally have a lower gross margin comparZXZXZ ed to our larger printers, and therefore product mix had an impact on this year’s results. In addition, higher overhead 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 September 30, 2015, 63 people were employed in the Systems segment, compared to 33 as of September 30, 2014.

Gross profit for our Services segment increased to kEUR 1,096 in the third quarter of 2015 from kEUR 595 in the third quarter of 2014. The gross profit margin for this segment decreased to 33.7% in the third quarter of 2015 from 39.9% in the third quarter of 2014. The impairment charge in cost of sales described above, is entirely attributed to the Services segment. As of September 30, 2015, 45 people were employed in the Services segment compared to 18 as of September 30, 2014. Gross profit for the group was mixed. The gross margin for Services at our facility in Germany was above group level, as demand for both sand and plastic (PMMA) parts remained robust. This was offset by the lower gross profit of our subsidiaries in the United States and the United Kingdom. voxeljet America began printing on demand parts in the first quarter of 2015, but is ramping up its production and will be adding capacity by end of 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.

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