voxeljet AG Reports Financial Results for Q2

FRIEDBERG, Germany — (BUSINESS WIRE) — August 16, 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 second quarter ended June 30, 2018.

Highlights - Second Quarter 2018

  • Total revenues for the second quarter increased 2.1% to kEUR 5,262 from kEUR 5,153
  • Gross profit margin slightly decreased to 39.0% from 40.9%
  • Systems revenues decreased 25.9% to kEUR 1,883 from kEUR 2,542
  • Services revenues increased 29.4% to kEUR 3,379 from kEUR 2,611
  • Reaffirm full year 2018 guidance

Dr. Ingo Ederer, Chief Executive Officer of voxeljet, commented, “We started nearly 20 years ago as a spin-off from Technical University Munich with a clear vision in mind: to replace conventional manufacturing by constantly pushing technological boundaries. Today I can say that, together with our partners, we are reinventing the manufacturing landscape by launching the world’s first fully automated 3D production solution capable of replacing conventional manufacturing in serial-production. The 3D printing industry is at an inflection point and this achievement marks a key milestone in our mission.”

Second Quarter 2018 Results

Revenues for the second quarter of 2018 increased by 2.1% to kEUR 5,262 compared to kEUR 5,153 in the second quarter of 2017.

Revenues from our Systems segment, which focuses on the development, production and sale of 3D printers, decreased 25.9% to kEUR 1,883 in the second quarter of 2018 from kEUR 2,542 in last year’s second quarter. This was mainly due to a lower number of printer sales during the quarter. The Company delivered one new 3D printer and one used and refurbished 3D printer in the second quarter of 2018, compared to three new printers delivered in last year’s second quarter. Systems revenues also include all revenues from consumables, spare parts and maintenance, which remained flat compared to the last year’s same period. Systems revenues represented 35.8% of total revenues in the second quarter of 2018 compared to 49.3% in last year’s second quarter.

Revenues from our Services segment, which focuses on the printing of on-demand parts for our customers, increased 29.4% to kEUR 3,379 in the second quarter of 2018 from kEUR 2,611 in the comparative period of 2017. This was due to higher revenue contributions mainly from our subsidiary voxeljet America Inc. (“voxeljet America”) as well as from the German operation. The increase in revenue at our American service center resulted from a growing market penetration in the North American sales region which is accompanied by a larger customer base. The increase from our German operation related to the robust economic environment in Western Europe which resulted in lager orders from existing customers.

Cost of sales was kEUR 3,209 for the second quarter of 2018 compared to kEUR 3,043 for the second quarter of 2017.

Gross profit and gross profit margin were kEUR 2,053 and 39.0%, respectively, in the second quarter of 2018 compared to kEUR 2,110 and 40.9% in the second quarter of 2017.

Gross profit for our Systems segment decreased to kEUR 561 in the second quarter of 2018 from kEUR 925 in the second quarter of 2017. This was mainly related to the lower number of printer sales compared to the last year’s same period. Gross profit margin for this segment decreased to 29.8% in the second quarter of 2018 compared to 36.4% in the second quarter of 2017. This was mainly due to the product mix of the sold 3D printers, which provided a less favorable gross profit margin contribution.

Gross profit for our Services segment significantly increased to kEUR 1,492 in the second quarter of 2018 compared to kEUR 1,185 in the second quarter of 2017. This is mainly due to the increase in revenues. The gross profit margin for this segment slightly decreased to 44.2% in the second quarter of 2018 from 45.4% in the second quarter of 2017. This was mainly related to lower gross profit margin contributions from the German operation, partially offset by increased profit margins from our subsidiary voxeljet America. voxeljet UK still provided negative gross profit contributions. The improvement regarding voxeljet America and voxeljet UK resulted from a higher utilization of these service centers.

Selling expenses were kEUR 1,658 for the second quarter of 2018 compared to kEUR 1,400 in the second quarter of 2017. The increase was mainly due to higher personnel expenses resulting from the build-up of our sales force especially within the German operation compared to the last year’s second quarter. In addition, delivery costs increased, in-line with the increased revenues within our Services segment.

Administrative expenses were kEUR 1,392 for the second quarter of 2018 compared to kEUR 1,154 in the second quarter of 2017. The increase also mainly related to higher personnel expenses resulting from higher headcount especially regarding the German operation compared to the last year’s second quarter. Furthermore the expenses for external consulting increased related to the on-going improvements of our Enterprise Resource Planning (ERP) system.

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