voxeljet AG Reports Financial Results for Q4 and FY 2017

FRIEDBERG, Germany — (BUSINESS WIRE) — March 29, 2018 — 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 fourth quarter and full year ended December 31, 2017.

Highlights

  • Total revenues for the full year increased 3.8% to kEUR 23,178 from kEUR 22,338
  • Total revenues for the fourth quarter decreased 2.7% to kEUR 6,108 from kEUR 6,275
  • Systems revenues for the fourth quarter decreased 20.0% to kEUR 3,146 from kEUR 3,934
  • Services revenues for the fourth quarter increased 26.5% to kEUR 2,962 from kEUR 2,341
  • Total gross profit and gross profit margin for the fourth quarter increased to kEUR 2,446 from kEUR 1,254 and to 40% from 20%, respectively
  • First quarter ended March 31, 2018 revenue expected to be between kEUR 4,500 and kEUR 5,500
  • Reaffirm full year 2018 guidance

Dr. Ingo Ederer, Chief Executive Officer of voxeljet, commented: “Our vision is clear: we want to replace conventional production by constantly pushing technological boundaries. We want to bring our 3D printing technology into fully automated mass manufacturing. Throughout 2017, we have made significant progress in this regard and I am incredibly enthusiastic about the solutions in our lineup. In 2018, we will continue the execution of our strategy, so you can reasonably expect more innovations and more partnerships with a strong focus on bringing these innovations to their full potential.”

Fourth Quarter 2017 Results

Revenues for the fourth quarter of 2017 decreased by 2.7% to kEUR 6,108 compared to kEUR 6,275 in the fourth quarter of 2016.

Revenues from our Systems segment, which focuses on the development, production and sale of 3D printers, decreased 20.0% to kEUR 3,146 in the fourth quarter of 2017 from kEUR 3,934 in last year’s fourth quarter. The Company delivered one new and three used and refurbished 3D printer in the fourth quarter of 2017, compared to six new 3D printers delivered in last year’s fourth quarter. The decrease in revenue was mainly due to the lower number of printer sales. Systems revenues also include all revenues from consumables, spare parts and maintenance. Systems revenues represented 51.5% of total revenues in the fourth quarter of 2017 compared to 62.7% in last year’s fourth quarter.

Revenues from our Services segment, which focuses on the printing of on-demand parts for our customers, increased 26.5%, to kEUR 2,962 in the fourth quarter of 2017 from kEUR 2,341 in the comparative period of 2016. This was mainly due to higher revenue contribution from our subsidiaries, voxeljet America Inc. (“voxeljet America”) and voxeljet China Co. Ltd (“voxeljet China”), which was established during the second quarter of 2016. The increase in revenue at our American and Chinese service centers resulted from a growing market penetration in the respective sales regions which is accompanied by a bigger customer base. In addition, revenue contribution from our German service center significantly increased. Revenue from our subsidiary voxeljet UK Ltd. (“voxeljet UK”) almost remained on the same level compared to the last year’s same period.

Cost of sales was kEUR 3,662 for the fourth quarter of 2017 compared to kEUR 5,021 for the fourth quarter of 2016.

Gross profit was kEUR 2,446 in the fourth quarter of 2017 compared to kEUR 1,254 in the fourth quarter of 2016.

Gross profit for our Systems segment increased to kEUR 1,059 in the fourth quarter of 2017 from kEUR 379 in the fourth quarter of 2016. The gross profit margin for this segment increased to 33.7% in the fourth quarter of 2017 compared to 9.6% in the fourth quarter of 2016. The improvement mainly relates to the reserve for slow-moving inventory which was established in the fourth quarter of 2016 amounting to kEUR 954, recognized in cost of sales. Due to the reduction of work in progress resulting from the adjustment of production according to the market demand, the reserve has partially been reversed within the business year 2017 impacting the fourth quarter of 2017 by an amount of kEUR 191.

Gross profit for our Services segment increased to kEUR 1,387 in the fourth quarter of 2017 from kEUR 875 in the fourth quarter of 2016. This was mainly due to the increase in revenues. The gross profit margin for this segment increased to 46.8% in the fourth quarter of 2017 from 37.4% in the fourth quarter of 2016. The gross profit and gross profit margin contribution from voxeljet China significantly improved. The German service center contributed higher gross profit while gross profit margin remained approximately on the same level. Gross profit contribution from voxeljet America as well as voxeljet UK remained almost unchanged.

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