FRIEDBERG, Germany — (BUSINESS WIRE) — May 16, 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 first quarter ended March 31, 2019.
Highlights - First Quarter 2019(1)
- Total revenues for the first quarter increased 10.2% to kEUR 5,565 from kEUR 5,052
- Gross profit margin decreased to 34.4% from 42.2% to kEUR 1,913 from kEUR 2,133
- Systems revenues increased 75.6% to kEUR 2,415 from kEUR 1,375
- Services revenues decreased 14.3% to kEUR 3,150 from kEUR 3,677
- Reaffirm full year 2019 guidance
(1)Certain comparative figures for the 3-month period ended March 31, 2018 were restated for immaterial errors. For further information, see Note 9 of the Q3-2018 condensed consolidated interim financial statements.
Dr. Ingo Ederer, Chief Executive Officer of voxeljet, commented, “We had a strong first quarter with results that confirm why we are so excited about our potential to establish a new manufacturing standard. 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 piece of technology in the whole additive manufacturing industry. 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.”
First Quarter 2019 Results
Revenues for the first quarter of 2019 increased by 10.2% to kEUR 5,565 compared to kEUR 5,052 in the first quarter of 2018.
Revenues from our Systems segment, which focuses on the development, production and sale of 3D printers, increased 75.6% to kEUR 2,415 in the first quarter of 2019 from kEUR 1,375 in last year’s first quarter. The Company delivered two new and one used and refurbished 3D printer in the first quarter of 2019, compared to two used and refurbished printers delivered in last year’s first quarter. Systems revenues also include all Systems-related revenues from consumables, spare parts and maintenance. The increase of revenues from our Systems segment was mainly due to higher revenues from Systems-related revenues, while revenue from the sale of 3D printers slightly increased. The increase of Systems-related revenues reflects the higher installed base of 3D printers in the market and the associated growth in aftersales activities. Systems revenues represented 43.4% of total revenues in the first quarter of 2019 compared to 27.2% in last year’s first quarter.
Revenues from our Services segment, which focuses on the printing of on-demand parts for our customers, decreased 14.3% to kEUR 3,150 in the first quarter of 2019 from kEUR 3,677 in the comparative period of 2018. This was mainly due to lower revenue contributions from our German operation. We received a lower number of orders mainly reflecting a lower demand from the automotive industry. This was partially offset by increased revenue contributions from our subsidiary voxeljet America Inc. (“voxeljet America”). The increase in revenue at our American service center was mainly attributable to a volume contract which we entered into during the second quarter of 2018.
Cost of sales was kEUR 3,652 for the first quarter of 2019 compared to kEUR 2,919 for the first quarter of 2018.
Gross profit and gross profit margin were kEUR 1,913 and 34.4%, respectively, in the first quarter of 2019 compared to kEUR 2,133 and 42.2%, respectively in the first quarter of 2018.
Gross profit for our Systems segment increased to kEUR 829 in the first quarter of 2019 from kEUR 381 in the first quarter of 2018. Gross profit margin for this segment increased to 34.3% in the first quarter of 2019 compared to 27.7% in the first quarter of 2018. This was mainly due to higher gross profit margin contributions from Systems-related revenues resulting from a more favorable ratio of revenues to fixed costs compared to last year’s first quarter.
Gross profit for our Services segment significantly decreased to kEUR 1,084 in the first quarter of 2019 compared to kEUR 1,752 in the first quarter of 2018. The gross profit margin for this segment decreased to 34.4% in the first quarter of 2019 from 47.6% in the first quarter of 2018. This was mainly related to lower gross profit margin from the German service center as a result of lower utilization. Our subsidiary voxeljet America also contributed lower gross profit margin due to higher depreciation expense, as we added additional 3D printers to our American service center during the third quarter of 2018, including one VX4000 system.
Selling expenses remained nearly unchanged at kEUR 1,676 for the first
quarter of 2019 compared to kEUR 1,736 in the first quarter of 2018,
despite an increase in revenues. We incurred higher shipping and
packaging expenses, which vary from quarter to quarter depending on
quantity and types of products, as well as the destinations where those
goods are being delivered.