The ExOne Company Reports 2020 First Quarter Results

  • Revenue of $13.4 million, up 40% over Q1 2019
  • Record backlog of $33.8 million
  • Cost reductions taken in anticipation of economic downturn from COVID-19

NORTH HUNTINGDON, Pa. — (BUSINESS WIRE) — May 7, 2020The ExOne Company (Nasdaq: XONE), the global leader in industrial sand and metal 3D printers using binder jetting technology, today reported financial results for the first quarter ended March 31, 2020.

Revenue for the 2020 first quarter was $13.4 million, up 40% over last year’s first quarter. Increases in both machine sales and recurring revenue contributed to the growth. The Company reported a net loss of $0.22 per share in the 2020 first quarter, improved from a loss of $0.28 per share in the 2019 first quarter.

“Our strong backlog coming into the year and our new product introductions positioned us well for growth in the first quarter,” said John Hartner, ExOne CEO. “Despite initial effects of COVID-19 on our business, our execution performance was solid. Globally, our facilities continued to operate in support of our customers in critical industries and essential businesses, subject to social distancing and other procedures to keep our employees safe.”

He continued, “However, conditions clearly changed in March. We previously anticipated that growth would continue during 2020, but the COVID-19 pandemic has impacted shipping, travel and installation schedules, as well as the timing of customer capital investments. The uncertainty of our outlook caused by this situation prompted us to reduce our cost structure as we manage through these historic times.”

First Quarter 2020 Revenue – Driven by Growth in Machine Sales and Recurring Revenue
(compared with the prior-year period unless stated otherwise)

Three Months Ended

(in millions)

March 31,

Revenue by Product Line

2020

2019

% Change

3D Printing Machines

$

6.3

47%

$

3.3

35%

90%

3D Printed and Other Products, Materials and Services

7.1

53%

 

6.3

65%

13%

Total Revenue

$

13.4

100%

$

9.6

100%

40%

Machine revenue nearly doubled to $6.3 million in the first quarter of 2020, up from $3.3 million in the prior-year period, benefiting from increased volumes and a favorable mix of machines sold. In the 2020 first quarter, 14 machines were sold, of which five were indirect (sand) and nine were direct (metal) printing machines. This compares with eight machines sold in the 2019 first quarter, consisting of two indirect and six direct printing machines.

Recurring revenue from 3D printed and other products, materials and services was $7.1 million in the first quarter of 2020, up 13% from $6.3 million in the prior-year period. The 2020 first quarter included an increase in sales of consumables to our growing global installed base of machines as well as an increase in revenue associated with research and development (R&D) contracts.

Given the long sales cycle and significance of a machine’s average selling price relative to total revenue, fluctuations in machine-sale revenue vary from quarter to quarter. ExOne does not believe that such quarter-to-quarter fluctuations are necessarily indicative of larger trends.

First Quarter Operations – Benefiting from Revenue Growth
(compared with the prior-year period unless stated otherwise)

($ in millions, except per-share amounts) Q1 2020 Q1 2019 Change

% Change

Gross profit

$

3.6

$

2.6

$

1.0

37%

Gross margin

27.1%

 

27.6%

 

Operating expenses (R&D, SG&A)

$

8.6

$

7.9

$

0.7

32%

Net loss

$

(3.6)

$

(4.5)

$

0.9

19%

Diluted EPS

$

(0.22)

$

(0.28)

$

0.06

21%


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