Yesterday, after the market closed, the last of the major 3D printing companies to trade publicly in the United States reported their quarterly earnings. After reports by Stratasys, 3D Systems, ExOne and Organovo over the last couple of weeks have thoroughly confused investors within the 3D printing space, yesterday was the German company, voxeljet’s (NYSE:VJET) turn to try and exude some clarity.
Shares of voxeljet traded down over 5% yesterday afternoon leading up the report, with investors seemingly anticipating the worse. Once the market closed and the numbers for the company’s fiscal second quarter came in, I’m sure there were plenty of smiling faces. Voxeljet actually beat analyst expectations on both the top and bottom lines, reporting revenue of $6.12 million for the quarter. Analysts had been estimating that revenues would come in at around $4.82 million. Additionally, voxeljet beat estimates for earnings per share by $0.02, reporting a loss of $0.12 per share as opposed to estimates of $0.14.
“I am pleased with our second quarter results which reflect the increased adoption of 3D printing in industrial and commercial applications,” explained Dr. Ingo Ederer, Chief Executive Officer of voxeljet. “Demand for both our systems and on-demand printed parts remains robust. Total revenues more than doubled with significant increases in both segments. Furthermore we are on target with our strategic initiatives which will drive our future growth.”
Revenue increased by a total of 100.9%, from just over $3 million during last year’s second quarter. Voxeljet, which is broken up into two divisions, voxeljet Systems and voxeljet Services, saw substantial revenue gains within both areas, however, the Services division saw an incredible 137.4% gain from a year prior. These gains can be attributed to revenues contributed by their recently acquired subsidiary, voxeljet UK Ltd., as well as Voxeljet of America, Inc. which launched earlier in the year. Additionally, the company reported a gross margin of 33.5%, 2% higher than last year’s second quarter.
On the Systems side of the equation, voxeljet delivered three machines this quarter, compared to just two during the same quarter last year. Systems revenue represented a total of 35.2% of total revenue this quarter, compared to 45.2% during last year’s second quarter.
“Our first half 2015 results are in line with our expectations and we reaffirm our full year 2015 guidance of revenue between kEUR 23,000 and kEUR 24,000 for the Company, which represents approximately 50% growth over last year’s revenues,” explained Dr. Ederer.
The Company expects to continue these growth trends, pointing to four areas where growth will come from:
- Additional revenues from their new voxeljet of America Inc. subsidiary with a facility in Canton, Michigan, which opened in January of this year
- Continuation of revenue growth within the Services business, particularly at their facility in Friedberg, Germany
- An increase in system sales
- Continued revenue and expansion of its voxeljet UK subsidiary located near London, England
Overall this report was very positive, with the company showing growth across its entire business. With the stock down over 58% from its yearly highs, this might be the report the company needed to at least ease investor’s concerns somewhat. In an industry which has shown a slowdown after stellar growth over the last two years, voxeljet seems to have bucked the trend somewhat, or perhaps analysts were just a tad bit too pessimistic to begin with.
Are you an investor in voxeljet? What did you think of this quarter’s results? Let us know in the voxeljet Stock forum thread on 3DPB.com.