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 fourth
quarter and year ended December 31, 2014.
Highlights
- Total revenues increased 38% to kEUR
16,163 in 2014 from kEUR 11,688 in 2013
- Gross margin was 39.1% in 2014 compared
to 39.7% in 2013
- Total Q4 revenues increased 87.8% to
kEUR 6,938 in 2014 from kEUR 3,693 in 2013
- Q4 Systems revenues increased 72.8% to
kEUR 4,247 in 2014 from kEUR 2,458 in 2013
- Q4 Services revenues increased 117.9%
to kEUR 2,691 in 2014 from kEUR 1,235 in 2013
- Acquired a license in March 2015 for
the production of durable plastic parts for direct use
- Reaffirm full year 2015 guidance
Dr. Ingo Ederer, Chief Executive Officer of voxeljet, commented,
“I am pleased with our fourth quarter results. We sold seven
printers in the quarter and shipped record box volumes for sand
parts and generated strong revenues for plastic parts. This helped
us achieve the high end of the revenue guidance for the year which
we provided back in November. With the first quarter of 2015 nearly
complete and the progress of our strategic initiatives, we are off
to a good start for the year and we reaffirm our full year 2015
guidance of between kEUR 23,000 and kEUR 24,000 for the group.”
Dr. Ederer continued, “We began printing on-demand parts at our
service facility in Detroit in the first quarter of 2015 and the
integration of our subsidiary in the United Kingdom is going well.
In keeping with our ongoing research and development efforts, we
recently acquired a license from Evonik Industries for a 3D
printing process using polymeric materials with distinct speed and
cost benefits. This process is expect to compete with more
traditional plastic injection molding and opens up new markets and
opportunities for us including the ability to deliver final
functional parts. We are very excited about this opportunity and
will update you periodically with our progress.”
Fourth Quarter 2014 Results
Revenues for the fourth quarter of 2014 increased by 87.8% to
kEUR 6,938 compared to kEUR 3,693 in the fourth quarter
of 2013.
Revenues from our Systems segment, which focuses on the
development, production and sale of 3D printers, increased 72.8% to
kEUR 4,247 in the fourth quarter of 2014 from kEUR 2,458
in last year’s fourth quarter. The Company delivered seven printers
in the fourth quarter of 2014 compared to three printers in last
year’s fourth quarter. Systems revenues also includes all revenues
from consumables, spare parts and maintenance. Systems revenues
represented 61.2% of total revenue in the fourth quarter of 2014
compared to 66.6% in last year’s fourth quarter.
Revenues from our Services segment, which focuses on the
printing of on-demand parts for our customers, increased 117.9%, to
kEUR 2,691 in the fourth quarter of 2014 from kEUR 1,235 for
the same quarter last year. The increase was attributable to
increased capacity at our service center in Friedberg, Germany
(from where we shipped record box volumes for sand parts and
experienced strong revenues for plastic parts) and a full quarter’s
contribution from our subsidiary voxeljet UK, which was acquired on
October 2, 2014. We began printing on-demand parts at our
subsidiary in the United States in the first quarter of 2015 and
consequently it did not contribute any service revenues to the
quarter.
Cost of sales was kEUR 3,950 for the fourth quarter of 2014
compared to kEUR 2,168 for the fourth quarter of 2013. Embedded in
cost of sales was expenses of kEUR 50 related to our Long Term Cash
Incentive Plan (“LTCIP”), which was initiated in October 2013.
Gross profit was kEUR 2,988 in the fourth quarter of 2014
compared to kEUR 1,525 in the fourth quarter of 2013. The gross
profit margin increased to 43.1% in the fourth quarter of 2014 from
41.3% in the fourth quarter of 2013.
Gross profit for our Systems segment increased to kEUR 1,807 in
the fourth quarter of 2014 from kEUR 1,185 in the fourth quarter of
2013. The gross profit margin for this segment decreased to 42.5%
in the fourth quarter of 2014 compared to 48.2% in the fourth
quarter of 2013. This was mainly due to increased headcount costs
as we pursue our growth strategy. In the fourth quarter of 2014,
cost of sales in the Systems segment related to the LTCIP was
kEUR 24.
Gross profit for our Services segment increased to kEUR 1,181 in
the fourth quarter of 2014 from kEUR 340 in the fourth quarter of
2013. The gross profit margin for this segment increased to 43.9%
in the fourth quarter of 2014 from 27.5% in the fourth quarter of
2013. We benefited from scale and efficiencies at our expanded
service facility in Germany. In the fourth quarter of 2014, cost of
sales in the Services segment related to the LTCIP was kEUR 26.
Selling expenses were kEUR 1,118 for the fourth quarter of 2014
compared to kEUR 1,303 in the fourth quarter of 2013. We continue
to expand our sales efforts through increased headcount and trade
shows and fair attendance as we pursue our growth strategy.
Administrative expenses were kEUR 1,383 for the fourth quarter
of 2014 compared to kEUR 1,050 in the fourth quarter of 2013. This
increase of kEUR 333 was primarily due to increased headcount
related to the pursuit of our growth strategy and costs associated
with being a publicly-traded company.
Research and development (“R&D”) expenses increased to kEUR
1,316 in the fourth quarter of 2014 from kEUR 1,283 in the
prior year period, as we continued to invest in R&D with a
number of active projects in various stages of development.
Other operating expenses in the fourth quarter of 2014 were kEUR
3 compared to kEUR 105 in the prior year period. The other
operating expenses in the fourth quarter of 2013 consisted
primarily of costs for internal scoping and planning and external
consulting services related to our initial public offering, which
was successfully completed in October 2013.
Other operating income was kEUR 281 for the fourth quarter of
2014 compared to kEUR 157 in the fourth quarter of 2013.
Operating loss was kEUR 545 in the fourth quarter of 2014,
compared to an operating loss of kEUR 2,059 in the prior year
period. Our operating loss in the fourth quarter of 2014 improved
as revenues increased significantly while operating expenses
remained largely unchanged.
Total comprehensive loss for the fourth quarter of 2014 was kEUR
634, or EUR 0.17 per share, as compared to a comprehensive loss of
kEUR 2,547, or EUR 0.85 per share, in the fourth quarter of
2013.
Full Year 2014 Results
Revenues for the full year ended December 31, 2014 increased by
38.3% to kEUR 16,163 compared to kEUR 11,688 in the prior
year period.
Systems revenues were kEUR 9,057 for the full year of 2014
compared to kEUR 6,343 in last year’s period. The Company sold
14 printers in the full year of 2014 compared to nine in the prior
year period. Systems revenues represented 56.0% of total revenue
for the full year ended December 31, 2014 compared to 54.3% for the
same period a year ago. Services revenues were kEUR 7,106 for
the full year ended December 31, 2014 compared to kEUR 5,345 for
the same period last year.
Cost of sales for the full year ended December 31, 2014 was kEUR
9,838, an increase of kEUR 2,793, or 39.6%, over cost of sales of
kEUR 7,045 for the same period in 2013. For the full year ended
December 31, 2014, the cost of sales related to the LTCIP was
kEUR 192.
Gross profit and gross margin for the full year ended December
31, 2014 were kEUR 6,325 and 39.1%, respectively, compared to kEUR
4,643 and 39.7% in the prior year period.
Gross profit for our Systems segment increased to kEUR 3,301 for
the full year ended December 31, 2014 from kEUR 2,505 in the
same period of 2013. The gross profit margin for this segment
decreased to 36.4% compared to 39.5% for the prior period primarily
due to increased headcount costs as we pursue our growth strategy.
In the full year of 2014, cost of sales related to the LTCIP was
kEUR 104.
Gross profit for our Services segment increased to kEUR 3,024
for the full year ended December 31, 2014 from kEUR 2,138 in
the same period of 2013. The gross profit margin for this segment
increased to 42.6% from 40.0%. In the full year of 2014, cost of
sales related to the LTCIP was kEUR 88.
Selling expenses were kEUR 3,746 for the full year ended
December 31, 2014 compared to kEUR 2,640 in the same period in
2013, an increase of kEUR 1,106. Administrative expenses increased
by kEUR 2,350, to kEUR 4,026 for the full year of 2014 from
kEUR 1,676 in the prior year period. The increases in selling and
administrative expenses were in line with our efforts to grow our
business. R&D expenses increased to kEUR 4,027 for the full
year ended December 31, 2014 from kEUR 2,651 in the same period in
2013, an increase of kEUR 1,376, or 51.9%. The increase in R&D
expenses in the full year of 2014 reflects our emphasis on
developing new 3D printing technology and improving our existing 3D
printing technology.
Our operating expenses for the full year ended December 31, 2014
were affected by the LTCIP. Selling, administrative and R&D
expenses related to the LTCIP were kEUR 77, kEUR 60 and
kEUR 174, respectively.
Other operating expenses for the full year ended December 31,
2014 were kEUR 101 compared to kEUR 583 in the prior year
period.
Other operating income was kEUR 1,384 for the full year ended
December 31, 2014 compared to kEUR 894 in the prior year period.
The increase was mainly due to the recognition of kEUR 401 of
deferred income as a result of the early termination of three sale
and leaseback transactions.
Net loss for the full year ended December 31, 2014 was kEUR
4,332, or EUR 1.22 per share, as compared to a net loss of kEUR
2,714, or EUR 1.21 per share, in the prior year period.
Business Outlook
With respect to the year ending December 31, 2015, we expect
revenue to be in a range of between kEUR 23,000 and kEUR
24,000.
The primary drivers of the Company’s anticipated revenue growth
for the year ending December 31, 2015 are expected to be: (1)
increased global Systems sales; (2) continued Services revenue
growth at its facility in Friedberg, Germany; (3) contribution from
Voxeljet of America Inc., the Company’s Services facility in
Canton, Michigan, which began operating in January 2015, and; (4) a
full year’s contribution from Voxeljet UK, the Company’s Services
facility outside London, England. Based on these factors, the
Company expects Services revenue growth to outpace Systems revenue
growth in 2015.
Our total backlog of 3D printer orders at December 31, 2014 was
kEUR 4,178, which represents seven 3D printers. This compares to
backlog of kEUR 2,300, representing four 3D printers, at December
31, 2013. As production and delivery of our printers is generally
not characterized by long lead times, backlog is more dependent on
the timing of customers’ requested deliveries.
At December 31, 2014, we had cash and equivalents of kEUR 8,031
and held kEUR 40,068 of investments in three bond funds which are
included in current financial assets on our consolidated statement
of financial position.
voxeljet AG Acquires Propshop (Model Makers) Limited
On October 1, 2014, we completed the acquisition of all
outstanding shares of Propshop (Model Makers) Limited (“Propshop”).
Propshop became voxeljet UK Ltd., a wholly-owned subsidiary of the
Company, and continues to support the film and entertainment
industry, as well as the consumer market for on-demand 3D printing
services.
Long Term Cash Incentive Plan (LTCIP)
On October 2, 2013, we announced that we would be implementing,
effective on January 1, 2013, a long-term cash incentive plan (the
“LTCIP”) for senior management and other key personnel. An initial
grant of the awards under the LTCIP was made to participants on
October 2, 2013. Personnel expenses incurred in the full year of
2014 related to the LTCIP amounted to kEUR 640. The first tranche
of payments under the LTCIP was settled in May 2014.
Incorporation of Voxeljet of America Inc.
On February 5, 2014, we incorporated our subsidiary, Voxeljet of
America Inc., in Delaware. Voxeljet of America Inc. is
headquartered in our new facility near Detroit, Michigan and
conducts our North American operations. voxeljet AG holds 100% of
the issued and outstanding shares of Voxeljet of America Inc. Our
U.S. service center, which contains approximately 50,000 square
feet, commenced printing parts in first quarter of 2015.
Webcast and Conference Call Details
The Company will host a conference call and webcast to review
the results for the fourth quarter and year end 2014 on Friday,
March 27th at 8:30 a.m. Eastern Time. Participants from voxeljet
will include its Chief Executive Officer, Dr. Ingo Ederer, and its
Chief Financial Officer, Rudolf Franz, who will provide a general
business update and respond to investor questions.
Interested parties may access the live audio broadcast by
dialing 1-877-705-6003 in the United States/Canada, or
+1-201-493-6725 for international, Conference Title “voxeljet AG
Fourth Quarter 2014 Financial Results Conference Call.” Investors
are requested to access the call at least five minutes before the
scheduled start time in order to complete a brief registration. An
audio replay will be available approximately two hours after the
completion of the call at +1-877-870-5176 or +1-858-384-5517,
Replay Conference ID number 13601801. The recording will be
available for replay through April 3, 2015.
A live webcast of the call will also be available on the
investor relations section of the Company’s website. Please go to
the website (http://www.voxeljet.de/en/) at least fifteen minutes
prior to the start of the call to register, download and install
any necessary audio software. A replay will also be available as a
webcast on the investor relations section of the Company’s
website.
About voxeljet
voxeljet is a leading provider of high-speed, large-format 3D
printers and on-demand parts services to industrial and commercial
customers. The Company’s 3D printers employ a powder binding,
additive manufacturing technology to produce parts using various
material sets, which consist of particulate materials and
proprietary chemical binding agents. The Company provides its 3D
printers and on-demand parts services to industrial and commercial
customers serving the automotive, aerospace, film and
entertainment, art and architecture, engineering and consumer
product end markets. The company consists of voxeljet AG, Voxeljet
of America Inc., and voxeljet UK Ltd. voxeljet AG owns 100% of the
issued and outstanding shares of both Voxeljet of America Inc., and
voxeljet UK Ltd. For more information, visit
http://www.voxeljet.de/en/.
Cautionary Statement on Forward-Looking Statements
This press release contains forward-looking statements
concerning our business, operations and financial performance. Any
statements that are not of historical facts may be deemed to be
forward-looking statements. You can identify these forward-looking
statements by words such as ‘‘believes,’’ ‘‘estimates,’’
‘‘anticipates,’’ ‘‘expects,’’ ‘‘plans,’’ ‘‘intends,’’ ‘‘may,’’
‘‘could,’’ ‘‘might,’’ ‘‘will,’’ ‘‘should,’’ ‘‘aims,’’ or other
similar expressions that convey uncertainty of future events or
outcomes. Forward-looking statements include statements regarding
our intentions, beliefs, assumptions, projections, outlook,
analyses or current expectations concerning, among other things,
our results of operations, financial condition, business outlook,
the industry in which we operate and the trends that may affect the
industry or us. Although we believe that we have a reasonable basis
for each forward-looking statement contained in this press release,
we caution you that forward-looking statements are not guarantees
of future performance. All of our forward-looking statements are
subject to known and unknown risks, uncertainties and other factors
that are in some cases beyond our control and that may cause our
actual results to differ materially from our expectations,
including those risks identified under the caption “Risk Factors”
in the Company’s Annual Report on Form 20-F and in other reports
the Company files with the U.S. Securities and Exchange Commission,
as well as the risk that our revenues may fall short of the
guidance we have provided in this press release. Except as required
by law, the Company undertakes no obligation to publicly update any
forward-looking statements for any reason after the date of this
press release whether as a result of new information, future events
or otherwise.
voxeljet AG CONSOLIDATED
STATEMENT OF FINANCIAL POSITION Year Ended December
31, 2014 2013 (€ in thousands) Current
assets 58,509 39,977 Cash and cash equivalents
8,031 33,459 Financial assets 41,142 744 Trade receivables 3,148
1,003 Inventories 5,247 3,641 Income tax receivables 65 129 Other
assets 876 1,001
Non-current assets 22,586
17,939 Financial assets 247 1,561 Intangible assets 1,315 62
Goodwill 1,558 -- Property, plant and equipment 19,466 16,316
Total assets 81,095 57,916
Year Ended December 31, 2014 2013 (€
in thousands) Current liabilities 5,567
7,090 Deferred income 469 622 Trade payables 2,326 1,502
Income tax payable -- 14 Financial liabilities 1,241 1,922 Other
liabilities and provisions 1,531 3,030
Non-current
liabilities 4,228 5,426 Deferred income 826 1,337
Deferred tax liabilities 213 --
Financial liabilities
2,263 3,863 Other liabilities and provisions 926 226
Equity 71,300 45,400 Subscribed capital 3,720
3,120 Capital reserves 75,671 46,038 Accumulated deficit (8,090 )
(3,758 ) Accumulated other comprehensive loss (1 ) --
Total equity and liabilities 81,095 57,916
voxeljet AG
CONSOLIDATED STATEMENT OF COMPREHENSIVE LOSS (UNAUDITED)
Quarter Ended December 31, (unaudited) Year
Ended December 31, 2014 2013 2014
2013 (€ in thousands, except share and share data)
Revenues 6,938 3,693 16,163 11,688 Cost of sales (3,950 ) (2,168 )
(9,838 ) (7,045 )
Gross profit 2,988 1,525
6,325 4,643 Selling expenses (1,118 ) (1,303 ) (3,746
) (2,640 ) Administrative expenses (1,383 ) (1,050 ) (4,026 )
(1,676 ) Research and development expenses (1,316 ) (1,283 ) (4,027
) (2,651 ) Other operating expenses 3 (105 ) (101 ) (583 ) Other
operating income 281 157 1,384 894
Operating profit (loss)
(545 ) (2,059 ) (4,191 )
(2,013 ) Finance expense (235 ) (94 ) (472 ) (380 )
Finance income 50 20 299 37 Financial result (185 ) (74 ) (173 )
(343 )
Profit (loss) before income taxes (730
) (2,133 ) (4,364 )
(2,356 )
Income tax benefit (expense)
32 (414 ) 32 (358 )
Profit (loss) (698 )
(2,547 ) (4,332 ) (2,714
) Other comprehensive income (loss) 64
-- (1 ) -- Total comprehensive
income (loss) (634 ) (2,547 )
(4,333 ) (2,714 ) Weighted average
number of ordinary shares outstanding 3,720,000 3,008,000 3,555,616
2,252,000 Earnings (loss) per share - basic/ diluted (EUR) (0.17 )
(0.85 ) (1.22 ) (1.21 )
voxeljet AG CONSOLIDATED STATEMENT OF CASH FLOWS
(UNAUDITED) Year Ended December 31, 2014
2013 (€ in thousands) Cash Flow from operating
activities Loss for the period (4,332 ) (2,714 )
Depreciation and amortization 2,143 1,493 Noncash sale to customer
in exchange for customer loans (931 ) (1,386 ) Proceeds from
customer loans 191 92 Changes in deferred income taxes -- 358 Loss
on disposal of assets 183 -- Deferred income (665 ) (686 ) Change
in working capital (1,609 ) 1,203 Trade and other receivables and
current assets (1,745 ) (1,304 ) Inventories (1,305 ) (836 ) Trade
payables 823 942 Other liabilities and provisions 632 2,403 Income
tax payable/receivables (14 ) (2 )
Total (5,020
) (1,640 ) Cash Flow from investing
activities Payments to acquire property, plant and equipment
and intangible assets (2,684 ) (11,176 ) Payments to acquire
financial assets (43,395 ) (273 ) Business combination, net of cash
and cash equivalents acquired (965 ) --
Total (47,044
) (11,449 ) Cash Flow from financing
activities Proceeds (repayment) from bank overdrafts and lines
of credit (308 ) (707 ) Proceeds from sale and leaseback -- 1,900
Repayment of finance lease obligations (1,419 ) (1,503 ) Repayment
of long-term debt (2,725 ) (339 ) Reorganization -- 50 Proceeds
from borrowings 800 -- Proceeds from issuance of shares 30,233
46,846
Total 26,581 46,247 Net increase
(decrease) in cash and cash equivalents (25,483 ) 33,158
Cash and cash equivalents at beginning of period 33,459 301
Changes to cash due to consolidation items 2 -- Changes to cash and
equivalents due to foreign exchanges rates 53 --
Cash and cash
equivalents at end of period 8,031 33,459
Supplemental Cash Flow Information Interest (received) paid
net (43 ) 314 Income taxes paid net -- 129
Non-cash items:
Additions to property, plant and equipment through lease -- 1,900
Segment reporting
The following table summarizes segment reporting. The sum of the
amounts of the two segments equals the total for the Group in each
of the periods.
Quarter
Ended December 31, (unaudited) Year Ended December 31,
2014 2013 2014 2013 (€ in thousands,
except gross profit margin) Revenues Systems 4,247 2,458
9,057 6,343 Services 2,691 1,235 7,106 5,345
Total revenues 6,938 3,693
16,163 11,688 Cost of
sales Systems (2,440 ) (1,273 ) (5,756 ) (3,838 ) Services
(1,510 ) (895 ) (4,082 ) (3,207 )
Total cost of sales
(3,950 ) (2,168 ) (9,838
) (7,045 ) Gross profit Systems
1,807 1,185 3,301 2,505 Services 1,181 340 3,024
2,138
Total gross profit 2,988
1,525 6,325 4,643
Gross profit margin (%) Systems 42.5 % 48.2 % 36.4 % 39.5 %
Services 43.9 % 27.5 % 42.6 % 40.0 %
Total gross profit margin
(%) 43.1 % 41.3 % 39.1
% 39.7 %
Investors and Mediavoxeljet AGAnthony Gerstein,
+1-646-484-1086Director, Investor Relations and Business
Developmentanthony.gerstein@voxeljet.com
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