The ExOne Company Reports 2018 Fourth Quarter Results

  • Q4 record quarterly revenue of $25.3 million; record full year revenue of $64.6 million
  • Q4 record quarterly net income of $2.1 million, $0.13 per share
    • Second half net income of $1.8 million, $0.11 per share
    • Second half adjusted EBITDA* of $4.7 million
  • Gross margin improved to 40.2% in Q4; 32.4% for year
  • Realigned cost structure demonstrates leverage opportunity to drive profitability
  • 2019 goals: revenue growth rate in excess of 2018, full year positive adjusted EBITDA

NORTH HUNTINGDON, Pa. — (BUSINESS WIRE) — March 14, 2019The ExOne Company (Nasdaq: XONE) (“ExOne” or the “Company”), a global provider of three-dimensional (“3D”) printing machines and 3D printed and other products, materials and services to industrial customers, reported financial results today for the fourth quarter and year ended December 31, 2018.

S. Kent Rockwell, ExOne’s Chairman and Chief Executive Officer, stated, “We are pleased to have attained our 2018 goal for net income in the second half of the year, achieving $0.11 of earnings per share in the second half. The results of our 2018 global cost realignment initiative announced in June demonstrate production efficiency and operating leverage opportunity. With our focus on profitability, cash flow, and long-term growth, we are especially satisfied with these results despite some customer delays causing lower than expected revenue. Revenue predictability is dependent upon timing of customer actions which, at times, can be difficult for us to forecast with accuracy. However, our customer pipeline remains robust and we have the production capacity to satisfy customer requirements.”

Reflecting on results for the full year of 2018, Mr. Rockwell added:

  • “We reached record revenue of nearly $65 million. That represents about 12% growth over 2017 and a three-year compound annual growth rate of 17%.
  • Machine revenue was up 21%. Non-machine revenue marginally improved, by 2%, impacted by our production service center changes.
  • We generated nearly $21 million of gross profit, 32.4% of sales. That represents about 45% growth over 2017 and a three-year compound annual growth rate of 36%.
  • Focusing on productivity and profitability, we implemented our 2018 global cost realignment initiative, reaching approximately $7 million of net annualized run rate cost reductions.
  • We invested in further advancement of the capabilities of our 3D printing technology, expanding our machine and material offerings. In conjunction with the Formnext additive manufacturing trade fair in Frankfurt, Germany in November, we announced our newest fine powder direct 3D printer system, the X1 25PRO™.

We continue to aggressively develop our machine technology and additional materials to satisfy the growing demands of the industrial marketplace for our binder jetting technology applications, while maintaining efficiency with our investment spend.”

 

Fourth Quarter and Full Year Revenue – Driven by Machine Revenue Growth

 
  Quarter Ended         Year Ended    
(in millions) December 31, December 31,
Revenue by Product Line

 

2018   2017 % Change   2018   2017 % Change
3D Printing Machines $ 19.0   75 % $ 12.9   64 % 47 % $ 36.4   56 % $ 30.0   52 % 21

%

3D Printed and Other Products,

Materials and Services

 

  6.3 25 %   7.3 36 % (13

%)

  28.2 44 %   27.7 48 % 2 %
Total Revenue

 

$ 25.3 100 % $ 20.2 100 % 25 % $ 64.6 100 % $ 57.7 100 % 12 %
 

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