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German 3D printer manufacturer voxeljet (VJET) has revealed that it very nearly managed to return to pre-COVID-19 revenue levels during Q2 2021.
Over the second quarter, the company brought in €4.9 million, 26% more than the €3.9 million it generated in Q2 2020, and just 2% less than the €5.050 million it reported in the pandemic-free Q2 2019. According to the firm, its increased revenue is the result of a strong recovery in demand seen within its key European markets, as well as the success of its beta program, through which it sold multiple systems.
The publication of voxeljet’s financials closely follows the news that fellow binder jet system manufacturer Desktop Metal intends to acquire ExOne for $575 million. In effect, the move will see two of the firm’s big industry rivals join forces, but this doesn’t seem to have phased voxeljet’s shareholders, as its share price rose 7% after the deal’s announcement.
“I’m very happy with the results for the second quarter, as we have made significant progress in key projects,” said Ingo Ederer, CEO of voxeljet. “In our Services segment, demand for 3D printed parts continues to be high in Europe, and has significantly picked up in the U.S. and also in China, compared to the first quarter of 2021.”
Voxeljet’s Q2 2021 results
Voxeljet has recently begun to generate most of its revenue from the sales of its High-Speed Sintering (HSS) and binder jet 3D printers, although it does also offer on-demand production services in Germany, the U.S, UK, China, and India. In its financials, the firm reports this income under two segments: Systems and Services, with the former covering any machine, parts or maintenance-related revenue.
During Q2 2021, voxeljet’s Systems division brought in €2.7 million, an increase of 43% on the €1.9 million it generated in Q2 2020, and a 29% rise compared to the €2.1 million reported in Q2 2019. This revenue jump was largely down to the firm’s sales mix, as it sold two units in both Q2 2020 and 2021, but this year’s were ‘larger-scale.’
While voxeljet doesn’t report directly on its consumables and spares sales or its maintenance contracts, it says that these also rose between Q2 2020 and 2021, while its Systems revenue increased from 48% to 54% of its total income over the same period.
|Revenue (€)||Q2 2020||Q2 2021||Difference (%)||Q2 2019||Q2 2021||Difference (%)|
Compared to its Systems revenue, Voxeljet’s Service sales recovered more slowly between Q2 2020 to Q2 2021, rising from €2 million to €2.3 million. This was largely due to the firm’s U.S. and Chinese arms, which continued to trade sluggishly at near-2020 levels, although this was slightly offset by the strong recovery of its German business, which reflected the easing of restrictions in European markets.
Despite reporting a 21% higher cost of sales in Q2 2021 than in the same period last year, voxeljet’s gross profit actually increased from €1 million to €1.4 million during that time. The firm attributes this improvement to the greater margin contribution made by its German service center, which in turn, was the result of its higher utilization and rising demand.
Overall, voxeljet posted an operating loss of €3.9 million for Q2 2021, marginally less than the €4 million reported in Q2 2020, while its net loss for the period came in at €2.5 million. At the end of the quarter, the firm had €5.8 million in cash and equivalents, thanks in part to the €10 million share sales and €12 million offering it announced back in Q1 2021.
Beta-based business success
According to Ederer, voxeljet’s beta program was a key element of the Systems revenue growth it achieved during Q2 2021. Launched earlier this year, the ‘MISSION M’ program is designed to provide clients with access to the firm’s high-throughput VX1000 HSS 3D printer, as well as the support to fully-assess its capabilities.
Having first become a MISSION M adopter, an unnamed ‘large multinational’ decided to invest in a HSS machine over the quarter, generating a significant sale. The systems in question are understood to be VJET X 3D printers, and their installation is underway at the car maker’s facility, where they’ll sit alongside the client’s existing voxeljet units.
With regards to the company’s backlog, it had eight unfulfilled orders worth €6.2 million as of June 30 2021, 9% less than it had at the same point last year. While voxeljet hasn’t provided an exact timeline for when it expects these orders to be translated into sales, it estimates this will take between six and nine months, due to the lead times associated with equipping machines and shipping them out.
Projecting accelerated growth
Ahead of voxeljet’s earnings call, the company has issued revenue guidance of €4.5 to €5.5 million for Q3 2021, which could represent anything from an 8% decline to a 12% rise on the €4.9 million reported in Q3 2020. The firm has also reaffirmed its guidance for FY 2021 of €22.5-€27.5 million in revenue and a gross margin of 37.5%. If realised, these figures would constitute sales growth of between 4% and 27%.
Elsewhere, voxeljet is projecting FY 2021 selling and administrative expenses of €11.4-€11.9 million, depreciation and amortization costs of €3-3.25 million and €6-6.25 million in R&D spending. In terms of EBITDA, the firm has stopped short of providing an exact estimate for the remainder of the year, but says that it expects this to be “neutral-to-positive.”
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Featured image shows an engineer using a voxeljet VX1000 3D printer. Photo via voxeljet.