Business

ExOne reports impacted revenue for Q2, on track for 20-25% growth

In the midst of a strategic reorganization, binder jetting 3D printer manufacturer and provider ExOne has reported results for the second quarter of 2017.

ExOne report total revenue of $10.8 million, the company notes that the quarter’s turnover was “impacted by timing but on track”, having an 8% decline versus the comparative figure.

The combined revenues for the first half of 2017 have improved on the previous year, delivering revenue of $21,668,000 in comparison to $20,169,000 for the six months ended June 30.

Following Q1’s positive results, ExOne’s earnings in Q2 have prompted the company to revise expectations to an overall growth forecast of 20% – 25% in 2017.

A 3D binder jetting print head. Photo via ExOne
A 3D binder jetting print head. Photo via ExOne

Additive manufacturing focus

In restructuring the business, the company has focused on development of its ExOne Adoption Centers (EACs) across North America. Launched as means of demonstrating binder jetting technology to prospective customers, the EACs are part of a strategy to encourage integration of the technology within existing manufacturing processes.

The company has also exited its Exerial non-core product line and a production service center (PSC) in Nevada. This strategy puts focus on ExOne’s core additive manufacturing capabilities.

“We believe we are on track to achieve full year consolidated revenue growth in the range of 20% to 25%” Jim McCarley, ExOne CEO

As reported in the company’s press release, “While non-machine revenue was down 6%, by excluding approximately $0.8 million of second quarter 2016 revenue attributable to product lines that the Company has exited, the comparable non-machine revenue grew by 5%.”

“The growth was due to a net increase in sales from the Company’s production service center (PSC) and ExOne adoption center (EAC) operations, and evidences increased customer acceptance of binder jet technology. ”

Sales impact 

In comparison to Q2 2016, ExOne sold one less 3D printer in Q2 2017.  In the first half overall, 3D printer sales exceed the previous year by 22% as a result of 3 three extra machine sales in 2017.

ExOne 3D printer and other sales Q2 H1 2017. Image via ExOne
ExOne 3D printer and other sales Q2 H1 2017. Image via ExOne
Itemization of ExOne 3D printer sales for Q2 2017. Image via ExOne

ExOne CEO Jim McCarley comments, “Timing impacted our $10.8 million reported revenue for the second quarter, as $2.8 million of revenue carried over into the third quarter by one day.

“However, our 2017 first half realized 22% growth in machine revenue over the same period in 2016. We believe we are on track to achieve full year consolidated revenue growth in the range of 20% to 25%, considering the exclusion of certain revenue associated with our exited facility.”

ExOne “remain confident”

ExOne’s consolidated statement of operations and balance sheet can be viewed below.

Closing the announcement, McCarley says, “Our operating results for the quarter include investments we are making in our technology, people, and processes to continue the advancement of binder jet technology in the marketplace.

“Based on our continuing progress, we expect these efforts will significantly improve our future financial performance. We remain confident in our strategic direction and in our pipeline of projects with both new and repeat customers.”

Consolidated statement of operations (Unaudited) ExOne Q2 H1 2017. Image via ExOne
Consolidated statement of operations (Unaudited) ExOne Q2 H1 2017. Image via ExOne
ExOne Q2 H1 2017 balance sheet. Image via ExOne

A full report of the company’s earning in Q2 2017 can be viewed online here.

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Featured image: 3D printed torque converter. Photo via ExOne

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