voxeljet AG Reports Financial Results for the Fourth Quarter and Full Year Ended December 31, 2018

FRIEDBERG, Germany — (BUSINESS WIRE) — March 28, 2019 — 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 fourth quarter and full year ended December 31, 2018.

Highlights

  • Total revenues for the full year increased 12.2% to kEUR 26,009 from kEUR 23,178
  • Total revenues for the fourth quarter increased 40.4% to kEUR 8,574 from kEUR 6,108
  • Systems revenues for the fourth quarter increased 66.8% to kEUR 5,246 from kEUR 3,146
  • Services revenues for the fourth quarter increased 12.4% to kEUR 3,328 from kEUR 2,962
  • Total gross profit for the fourth quarter increased to kEUR 2,851 from kEUR 2,604
  • Total gross profit margin for the fourth quarter decreased from 42.6% to 33.3%
  • Revenue for the first quarter ended March 31, 2019 expected to be between kEUR 5,000 and kEUR 5,500

Dr. Ingo Ederer, Chief Executive Officer of voxeljet, commented: “We had a very strong fourth quarter both financially and strategically, implementing several long-term drivers. Our business continues to perform well, reaching 40% year-over-year growth during the fourth quarter. We had significant new customer wins both domestically and internationally. In fact, we have sold more printers this quarter than in any quarter before. We are thrilled with our momentum through the launch of VJET X and remain on the offense, identifying and attacking opportunities to elevate our game, build on our momentum with new product launches and ensure that we deliver sustainable, profitable, capital-efficient growth over the long term.”

Fourth Quarter 2018 Results

Revenues for the fourth quarter of 2018 increased by 40.4% to kEUR 8,574 compared to kEUR 6,108 in the fourth quarter of 2017.

Revenues from our Systems segment, which focuses on the development, production and sale of 3D printers, increased 66.8% to kEUR 5,246 in the fourth quarter of 2018 from kEUR 3,146 in last year’s fourth quarter. The Company delivered ten new and two used and refurbished 3D printers in the fourth quarter of 2018, compared to one new and three used and refurbished 3D printers delivered in last year’s fourth quarter. The increase in revenue was mainly due to the higher number of printer sales. Systems revenues also include all revenues from consumables, spare parts and maintenance. Those systems-related revenues recorded a slight increase in the fourth quarter of 2018 compared to last year’s same period. Systems revenues represented 61.2% of total revenues in the fourth quarter of 2018 compared to 51.5% in last year’s fourth quarter.

Revenues from our Services segment, which focuses on the printing of on-demand parts for our customers, increased 12.4%, to kEUR 3,328 in the fourth quarter of 2018 from kEUR 2,962 in the comparative period of 2017. This was mainly due to higher revenue contribution from our German Service center. Our subsidiaries, voxeljet UK Ltd. (“voxeljet UK”), voxeljet America Inc. (“voxeljet America”) and voxeljet China Co. Ltd (“voxeljet China”), also recorded slightly higher revenues in this segment in the fourth quarter of 2018 compared to last year’s same period.

Cost of sales was kEUR 5,723 for the fourth quarter of 2018 compared to kEUR 3,504 for the fourth quarter of 2017.

Gross profit was kEUR 2,851 in the fourth quarter of 2018 compared to kEUR 2,604 in the fourth quarter of 2017.

Gross profit for our Systems segment increased to kEUR 1,657 in the fourth quarter of 2018 from kEUR 1,329 in the fourth quarter of 2017, mainly due to the increase in revenues. The gross profit margin for this segment decreased to 31.6% in the fourth quarter of 2018 compared to 42.2% in the fourth quarter of 2017. This decrease primarily related to the product mix of printers sold in the fourth quarter of 2018. We sold printers of smaller platforms, which usually generate lower gross profit margins compared to our larger platforms. Gross profit and gross profit margin related to consumables, spare parts and maintenance slightly improved quarter over quarter.

Gross profit for our Services segment decreased to kEUR 1,194 in the fourth quarter of 2018 from kEUR 1,275 in the fourth quarter of 2017. This was mainly due to the weaker gross profit contribution from our subsidiary voxeljet America, partially offset by higher gross profit contribution from our German service center. The gross profit margin for this segment decreased to 35.9% in the fourth quarter of 2018 from 43.0% in the fourth quarter of 2017. This decrease is mainly due to our U.S. service center, where gross profit as well as gross profit margin decreased due to the replacement of several printheads in the fourth quarter of 2018. The German service center contributed higher gross profit margin due to higher revenues and a better utilization rate. Gross profit contribution from voxeljet UK remained almost unchanged.

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