German 3D printer manufacturer Voxeljet, has announced financial results for the first quarter of 2019 which concluded on March 31st.
According to the report, total revenues for this quarter increased from 5,052 kEUR (€ in thousands) to 5,565 kEUR, a rise of 10.2%. Moreover, a gross profit margin decrease from 42.2% to 34.4%, was reported, that is, 1,913 kEUR from 2,133 kEUR.
Dr. Ingo Ederer, CEO of Voxeljet, stated, “We had a strong first quarter with results that confirm why we are so excited about our potential to establish a new manufacturing standard.”
“The shifts we have made to our business and our deeper focus on the three core areas of innovation, integration, and speed are igniting the next phase of growth and profitability for Voxeljet.”
Increase in Systems revenue
As well as its power-binder jetting industrial 3D printers, Voxeljet provides services for the production of additively manufactured sand, ceramic, and plastic molds and models. As stated by the financial report, from the company’s Systems segment, which focuses on the development, production, and sale of 3D printers, consumables and systems-related activities, revenue grew by 75.6% at 2415 kEUR from 1,375 kEUR in Q1 2018.
In Q1 2019, Voxeljet declared the delivery of three 3D printers, two new systems and one refurbished system, which exceeds the comparative period last year which saw the delivery of two used and refurbished 3D printers.
|Q1 2019||Q1 2018|
|(€ in thousands)|
|Gross Profit in %||34.3||34.4||27.7||47.6|
Nevertheless, the overall Systems segment revenue increase has been attributed to higher revenue in consumables, spare parts, and maintenance. This includes Voxeljet’s 3-year contract supplying Tooling and Equipment International (TEI) in Livonia, Michigan, with over 500,000 liters of 3D printed sand which began in Q1 2018.
Speaking on the company’s latest technology, Dr.Ederer added, “Just recently, we installed the first print engine into VJET X: This print engine is the heart of our new additive mass manufacturing solution and I firmly believe one of the most advanced pieces of technology in the whole additive manufacturing industry.”
|Revenues (€ in thousands)|
Primary geographical markets
Losses and gains
Results show that net loss for the first quarter of 2019 was 2,788 kEUR or EUR 0.57 per share, as compared to a net loss of 1,716 kEUR or EUR 0.46 per share, in the first quarter of 2018. Furthermore, cash and cash equivalents at the end of the period of Q1 2019 stood at 8,482 kEUR compared to 3,140 kEUR.
In addition, the company reports an increase in R&D expenses of 1,705 kEUR in the first quarter of 2019 from kEUR 1,597 in the first quarter of 2018 which was due to higher personnel expenses from a slight increase in headcount.
Operating loss was 1,942 kEUR in the first quarter of 2019, from 2,388 kEUR in the comparative period in 2018. This improvement was primarily related to a significant increase in other operating income. And, other operating income was at 978 kEUR compared to 402 kEUR in the first quarter of 2018, an increase mainly caused by higher gains from foreign currency transactions.
According to Voxeljet, the changes in foreign currency gains and losses were driven by the valuation of the intercompany loans from the parent company to UK and US subsidiaries.
Guidance for 2019
At the end of this year, Voxeljet expects full-year revenue in the range of 27,000 to 30,000 kEUR and gross margin is expected to be above 40%. It has also been estimated that operating expenses for the full year will vary from 12,000 to 12,500 kEUR (selling and administrative) and 5,500 to 6,000 kEUR (R&D).
In addition, capital expenditures are projected to be in the range of 2,000 to 2,500 kEUR, which primarily includes ongoing investments in our global subsidiaries.
Voxeljet’s full financial results for the full year of 2018 can be accessed online here. The full financial results for the first quarter of 2019 will also be available soon.
Featured image shows under the hood of the VX200 industrial 3D printer. Photo via Voxeljet.