The ExOne Company Reports 2018 Second Quarter Results

Consolidated revenue for the 2018 second quarter grew 1% over the prior-year second quarter.

Machine revenue was down 25% to $3.2 million. Seven machines were sold in the 2018 second quarter as compared with eight in the 2017 second quarter, with mix of machine type impacting the revenue comparison.

Non-machine revenue (3D printed and other products, materials and services) was up 17% to $7.7 million in the second quarter of 2018, compared with the prior year. This increase was principally driven by higher revenue in the Company’s direct production service center printing operations resulting from increased customer acceptance of its binder jetting technology, as well as an increase in consumable material and service revenue. The increase was partially offset by lower revenue at indirect service centers.

Consolidated revenue for the first half of 2018 grew 5% over the prior-year first half. Machine revenue was down 9% to $7.7 million. While the Company recorded revenue for 13 machines in each period, the revenue was impacted by mix of machine type. Non-machine revenue grew 14% in the first half of 2018 compared with the first half of 2017.

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.

Second Quarter Operations – Impacted by Inefficiencies and Cost Realignment Initiative

($ in millions,

except per-share amounts)

      Q2 2018   Q2 2017   Change   % Change
Gross profit $ 1.6 $ 2.0 ($0.4 ) (22 %)
Gross margin 14.6 % 18.8 %
Operating loss ($8.0 ) ($6.3 ) ($1.7 ) (26 %)
Net loss ($8.0 ) ($6.4 ) ($1.6 ) (26 %)
Diluted EPS ($0.50 ) ($0.40 ) ($0.10 ) (25 %)
 

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