The ExOne Company Reports 2018 Fourth Quarter Results

Gross profit grew 53% to $10.2 million in the 2018 fourth quarter, resulting in a 40.2% gross margin, compared with 33.0% in the prior-year fourth quarter. The 2018 quarter benefited from operating leverage on higher revenue, as well as a reduction in fixed costs resulting from the 2018 global cost realignment initiative.

R&D expense of $2.3 million for the quarter was down $0.4 million, or 16%, compared with the 2017 fourth quarter, with the reduction resulting primarily from efficiencies gained from the 2018 global cost realignment initiative, while continuing our strong progress in advancing the Company’s technology.

SG&A expense of $5.4 million for the 2018 fourth quarter was down $0.4 million, or 6%, compared with the prior-year fourth quarter, also benefiting from the 2018 global cost realignment initiative.

The 2018 fourth quarter net income was $2.1 million, or $0.13 per share, compared with a $2.0 million net loss, or $0.12 loss per share, in the fourth quarter of 2017. This positive net income was driven by the Company’s ability to drive growth and manage costs.

Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”)1,a non-GAAP measure, was $4.2 million in the 2018 fourth quarter, compared with a $0.1 million loss in last year’s fourth quarter.

 

2018 Review – Demonstrates Annual Operating Leverage Opportunity on Revenue Growth

       

($ in millions, except per-share
amounts)

2018 2017 Change % Change
Gross profit $ 20.9 $ 14.4 $ 6.5 46 %
Gross margin 32.4 % 24.9 %
Operating loss $ (13.0 ) $ (19.7 ) $ 6.7 34 %
Net loss $ (12.7 ) $ (20.0 ) $ 7.3 37 %
Diluted EPS $ (0.78 ) $ (1.25 ) $ 0.46 37 %
 

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