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 full year ended December 31, 2017.
Highlights
- Total revenues for the full year
increased 3.8% to kEUR 23,178 from kEUR 22,338
- Total revenues for the fourth quarter
decreased 2.7% to kEUR 6,108 from kEUR 6,275
- Systems revenues for the fourth quarter
decreased 20.0% to kEUR 3,146 from kEUR 3,934
- Services revenues for the fourth
quarter increased 26.5% to kEUR 2,962 from kEUR 2,341
- Total gross profit and gross profit
margin for the fourth quarter increased to
kEUR 2,446 from kEUR 1,254 and to 40% from 20%,
respectively
- First quarter ended March 31, 2018
revenue expected to be between kEUR 4,500 and
kEUR 5,500
- Reaffirm full year 2018 guidance
Dr. Ingo Ederer, Chief Executive Officer of voxeljet,
commented: “Our vision is clear: we want to replace conventional
production by constantly pushing technological boundaries. We want
to bring our 3D printing technology into fully automated mass
manufacturing. Throughout 2017, we have made significant progress
in this regard and I am incredibly enthusiastic about the solutions
in our lineup. In 2018, we will continue the execution of our
strategy, so you can reasonably expect more innovations and more
partnerships with a strong focus on bringing these innovations to
their full potential.”
Fourth Quarter 2017 Results
Revenues for the fourth quarter of 2017 decreased by 2.7% to
kEUR 6,108 compared to kEUR 6,275 in the fourth quarter
of 2016.
Revenues from our Systems segment, which focuses on the
development, production and sale of 3D printers, decreased 20.0% to
kEUR 3,146 in the fourth quarter of 2017 from kEUR 3,934
in last year’s fourth quarter. The Company delivered one new and
three used and refurbished 3D printer in the fourth quarter of
2017, compared to six new 3D printers delivered in last year’s
fourth quarter. The decrease in revenue was mainly due to the lower
number of printer sales. Systems revenues also include all revenues
from consumables, spare parts and maintenance. Systems revenues
represented 51.5% of total revenues in the fourth quarter of 2017
compared to 62.7% in last year’s fourth quarter.
Revenues from our Services segment, which focuses on the
printing of on-demand parts for our customers, increased 26.5%, to
kEUR 2,962 in the fourth quarter of 2017 from kEUR 2,341 in
the comparative period of 2016. This was mainly due to higher
revenue contribution from our subsidiaries, voxeljet
America Inc. (“voxeljet America”) and voxeljet China Co. Ltd
(“voxeljet China”), which was established during the second quarter
of 2016. The increase in revenue at our American and Chinese
service centers resulted from a growing market penetration in the
respective sales regions which is accompanied by a bigger customer
base. In addition, revenue contribution from our German service
center significantly increased. Revenue from our subsidiary
voxeljet UK Ltd. (“voxeljet UK”) almost remained on the same level
compared to the last year’s same period.
Cost of sales was kEUR 3,662 for the fourth quarter of 2017
compared to kEUR 5,021 for the fourth quarter of 2016.
Gross profit was kEUR 2,446 in the fourth quarter of 2017
compared to kEUR 1,254 in the fourth quarter of 2016.
Gross profit for our Systems segment increased to kEUR 1,059 in
the fourth quarter of 2017 from kEUR 379 in the fourth quarter of
2016. The gross profit margin for this segment increased to 33.7%
in the fourth quarter of 2017 compared to 9.6% in the fourth
quarter of 2016. The improvement mainly relates to the reserve for
slow-moving inventory which was established in the fourth quarter
of 2016 amounting to kEUR 954, recognized in cost of sales.
Due to the reduction of work in progress resulting from the
adjustment of production according to the market demand, the
reserve has partially been reversed within the business year 2017
impacting the fourth quarter of 2017 by an amount of
kEUR 191.
Gross profit for our Services segment increased to kEUR 1,387 in
the fourth quarter of 2017 from kEUR 875 in the fourth quarter of
2016. This was mainly due to the increase in revenues. The gross
profit margin for this segment increased to 46.8% in the fourth
quarter of 2017 from 37.4% in the fourth quarter of 2016. The gross
profit and gross profit margin contribution from voxeljet China
significantly improved. The German service center contributed
higher gross profit while gross profit margin remained
approximately on the same level. Gross profit contribution from
voxeljet America as well as voxeljet UK remained almost
unchanged.
Selling expenses were kEUR 2,074 for the fourth quarter of 2017
compared to kEUR 1,638 in the fourth quarter of 2016. The increase
of kEUR 436 was mainly related to increased personnel expenses
related to higher headcount for our sales force.
Administrative expenses were kEUR 1,427 for the fourth quarter
of 2017 compared to kEUR 1,200 in the fourth quarter of 2016. The
increase was mainly related to higher consulting fees in connection
with the preparation of several financing activities.
Research and development (“R&D”) expenses decreased to kEUR
1,574 in the fourth quarter of 2017 from kEUR 1,840 in the
fourth quarter of 2016. The decrease of kEUR 266 was mainly
due to lower expenses related to material and external services for
various projects compared to the last year’s same period. Those
expenses are usually driven by individual projects and might differ
on a quarter to quarter comparison.
Other operating expenses in the fourth quarter of 2017 were kEUR
239 compared to kEUR 35 in the prior year period. This was mainly
related to higher losses from foreign currency transactions, which
were primarily driven by the valuation of the intercompany loans
granted by the parent company to our US and UK subsidiary.
Other operating income was kEUR 235 for the fourth quarter of
2017 compared to kEUR 569 in the fourth quarter of 2016. The
decrease was mainly due to lower gains from foreign currency
transactions, which were primarily driven by the valuation of the
intercompany loans granted by the parent company to our US and UK
subsidiary.
Operating loss was kEUR 2,633 in the fourth quarter of 2017,
compared to an operating loss of kEUR 2,890 in the comparative
period in 2016. The improvement was mainly due to higher gross
margin from both the Systems and the Services segments.
Additionally the research and development expenses decreased. This
was partially offset by increased selling expenses as well as
administrative expenses.
Financial result was a positive of kEUR 253 in the fourth
quarter of 2017, compared to a negative financial result of
kEUR 71 in the comparative period in 2016. This was mainly due
to finance income from the revaluation of the embedded derivative
related to the Performance Participation Interest in connection
with the first tranche of the loan received by the European
Investment Bank.
Net loss for the fourth quarter of 2017 was kEUR 2,460 or
EUR 0.66 per share, as compared to net loss of kEUR 2,961, or
EUR 0.80 per share, in the fourth quarter of 2016.
Based on a conversion rate of five American Depositary Shares
(“ADSs”) per ordinary share, net loss is EUR 0.13 per ADS for
the three months ended December 31, 2017, compared to
EUR 0.16 per ADS from the comparative period of 2016.
Year Ended December 31, 2017 Results
Revenues for the year ended December 31, 2017
increased by 3.8% to kEUR 23,178 compared to kEUR 22,338
in the prior year period.
Systems revenues were kEUR 11,534 year ended
December 31, 2017 compared to kEUR 13,081 in last
year’s period. The Company sold ten new and five used and
refurbished 3D printers during the year ended December 31, 2017
compared to fifteen new and three used and refurbished 3D printers
in the prior year period. The decrease in Systems revenues was
mainly due to the lower number of 3D printer sales. Systems
revenues represented 49.8% of total revenue for the year ended
December 31, 2017 compared to 58.6% for the last year’s
same period.
Services revenues were kEUR 11,644 for the year ended
December 31, 2017 compared to kEUR 9,257 for the same
period last year. This increase was mainly due to a higher revenue
contribution from the German operation and our
subsidiaries voxeljet America and voxeljet China, which was
established during the second quarter of 2016. The main driver
for the increase is the German operation, showing growth which was
approximately three times the increase from voxeljet America and
voxeljet China. The increase in revenue at our German service
center is due to the robust economy on the European market. The
revenue growth at our American service center resulted from a
growing market penetration in the respective sales regions,
accompanied by a bigger customer base. This was partially
offset by a lower revenue contribution from voxeljet UK.
Cost of sales for the year ended December 31, 2017 was
kEUR 13,824, a decrease of kEUR 1,611, or 10% compared to cost of
sales amounting to kEUR 15,435 for the same period in 2016.
Gross profit and gross margin for the year ended
December 31, 2017 were kEUR 9,354 and 40.4%,
respectively, compared to kEUR 6,903 and 30.9%, respectively, in
the prior year period.
Gross profit for our Systems segment increased to kEUR 3,921 for
the year ended December 31, 2017 from kEUR 3,197 in
the same period of 2016. The gross profit margin for this segment
increased to 34.0% compared to 24.4% for the prior period. The
improvement within the System segment was mainly related to the
reduction in the reserve for slow-moving inventory with a positive
impact of kEUR 515 in 2017, compared to a charge to cost of
sales in 2016 of kEUR 954. Due to the reduction of work in progress
resulting from the adjustment of production according to the market
demand, the reserve has partially been reversed within the business
year 2017 with an amount of kEUR 515.
Gross profit for our Services segment increased to kEUR 5,433
for the year ended December 31, 2017 from kEUR 3,706
in the same period of 2016. The gross profit margin for this
segment increased to 46.7% for the year ended December 31, 2017
from 40.0% for the same period in 2016. In our Services segment, we
received higher gross profit contribution from the German
operation, our subsidiaries voxeljet America, as well as voxeljet
China. Gross profit from voxeljet America improved due to a higher
utilization rate of our service center.
Selling expenses were kEUR 6,474 for the year ended
December 31, 2017 compared to kEUR 5,312 in the same
period in 2016, a increase of kEUR 1,162, or 21.9%. This was
related to higher personnel expenses in connection with an increase
in headcount.
Administrative expenses increased by kEUR 566, or 12.4% to kEUR
5,129 for the year ended December 31, 2017 from kEUR
4,563 in the prior year period. This increase is mainly due to
higher expenses for the preparation of several financing
activities.
Research and development expenses slightly decreased to kEUR
5,528 for the year ended December 31, 2017 from kEUR
5,683 in the same period in 2016, a decrease of kEUR 155, or
2.7%.
Other operating expenses for the year ended
December 31, 2017 were kEUR 1,844 compared to kEUR 3,881
in the prior year period. This improvement was mainly due to the
one-time impairment charges of kEUR 1,423 recorded in the
third quarter of 2016. Foreign currency losses amounted to
kEUR 1,585 for the year ended December 31, 2017, compared to
kEUR 2,077 in the same period in 2016.
The losses from foreign currency transactions were primarily
driven by the valuation of the intercompany loans granted by the
parent company to our US and UK subsidiaries.
Other operating income was kEUR 1,001 for the year ended
December 31, 2017 compared to kEUR 1,417 in the prior
year period. The decrease was mainly due to lower gains from
foreign currency transactions of kEUR 135 in 2017 compared to
kEUR 645 in 2016.
Net loss for the year ended December 31, 2017 was kEUR
8,525, or EUR 2.29 per share, as compared to net loss of
kEUR 11,313, or EUR 3.04 per share in the prior year period.
This is based on a weighted average number of ordinary shares
outstanding of 3.720 million for the year ended
December 31, 2017. Compared to the last year’s same
period, the number of ordinary shares outstanding was
unchanged.
Based on a conversion rate of five ADSs per ordinary share, net
loss was EUR 0.46 per ADS for the year ended
December 31, 2017 compared to net loss of EUR 0.61
per ADS in the prior year period.
Business Outlook
Our revenue guidance for the first quarter of 2018 is projected
to be in the range of kEUR 4,500 to kEUR 5,500. We expect to
release our financial results for the first quarter of 2018 after
the closing of the financial markets on Thursday, May 17, 2018 and
we will host a conference call and webcast to review the results
for the quarter on Friday, May 18, 2018 at 8:30 a.m. Eastern
Time.
We reaffirm our guidance for the full year ended December 31,
2018.
- Revenue is expected to be in the range
of kEUR 28,000 and kEUR 30,000
- Gross margin is expected to be above
40%
- Operating expenses for the full year
are expected as follows: SG&A expenses expected to be in the
range of kEUR 11,000 and kEUR 12,000 and R&D expenses
expected to be between approximately kEUR 5,000 to
kEUR 6,000. Depreciation and amortization expense is expected
to be between kEUR 3,750 and kEUR 4,000.
- Adjusted EBITDA is expected to be
neutral-to-positive in 2018. Adjusted EBITDA excludes the impact of
foreign exchange valuations.
- Capital expenditures are projected to
be in the range of kEUR 5,500 to kEUR 6,500, which
primarily includes ongoing investments in our global
subsidiaries.
Our total backlog of 3D printer orders at December 31, 2017 was
kEUR 2,770, which represents four 3D printers. This compares to a
backlog of kEUR 3,784 representing five 3D printers, at December
31, 2016. As production and delivery of our printers is generally
characterized by lead times ranging between three to nine months,
the conversion rate of order backlog into revenue is dependent on
the equipping process for the respective 3D printer as well as the
timing of customers’ requested deliveries.
At December 31, 2017, we had cash and cash equivalents of kEUR
7,569 and held kEUR 14,044 of investments in bond funds, which are
included in current financial assets on our consolidated statements
of financial position.
Webcast and Conference Call Details
The Company will host a conference call and webcast to review
the results for the fourth quarter and full year ended December 31,
2017 on Friday, March 30, 2018 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 and Full Year 2017 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 1-844-512-2921 or
1-412-317-6671, Replay Conference ID number 13677245. The recording
will be available for replay through April 6, 2018.
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
https://event.webcasts.com/starthere.jsp?ei=1183989&tp_key=19ed902f66
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.
Exchange rate
This press release contains translations of certain U.S. dollar
amounts into euros at specified rates solely for the convenience of
readers. Unless otherwise noted, all translations from U.S. dollars
to euros in this press release were made at a rate of USD 1.1993 to
EUR 1.00, the noon buying rate of the Federal Reserve Bank of New
York for the euro on December 31, 2017.
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. 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 STATEMENTS OF FINANCIAL
POSITION
Year Ended December 31, 2017
2016 (€ in thousands) Current assets
37,774 37,506 Cash and cash equivalents 7,569 7,849
Financial assets 14,044 12,579 Trade receivables 5,093 4,133
Inventories 9,539 11,213 Income tax receivables 3 8 Other assets
1,526 1,724
Non-current assets 29,257
24,633 Financial assets 357 211 Intangible assets 1,111 842
Property, plant and equipment 27,698 23,521 Investments in joint
venture 39 -- Other assets 52 59
Total assets
67,031 62,139 Year Ended December
31, 2017 2016 (€ in thousands) Current
liabilities 6,576 5,517 Deferred income 271 332
Trade payables 3,059 1,765 Financial liabilities 1,162 1,297 Other
liabilities and provisions 2,084 2,123
Non-current
liabilities 16,537 5,086 Deferred income 18 177
Deferred tax liabilities 66 1 Financial liabilities 16,413 4,817
Other liabilities and provisions 40 91
Equity
43,918 51,536 Subscribed capital 3,720 3,720 Capital
reserves 76,227 75,827 Accumulated deficit (37,480) (28,971)
Accumulated other comprehensive income 1,380 873
Equity
attributable to the owners of the company 43,847
51,449 Non-controlling interests 71 87
Total equity and liabilities 67,031
62,139
voxeljet AG
CONSOLIDATED STATEMENTS OF
COMPREHENSIVE LOSS
Quarter Ended December 31, (unaudited) Year Ended
December 31, 2017 2016 2017 2016
(€ in thousands, except share and share data) Revenues 6,108
6,275 23,178 22,338 Cost of sales (3,662) (5,021) (13,824) (15,435)
Gross profit 2,446 1,254 9,354
6,903 Selling expenses (2,074) (1,638) (6,474) (5,312)
Administrative expenses (1,427) (1,200) (5,129) (4,563) Research
and development expenses (1,574) (1,840) (5,528) (5,683) Other
operating expenses (239) (35) (1,844) (3,881) Other operating
income 235 569 1,001 1,417
Operating loss (2,633)
(2,890) (8,620) (11,119) Finance expense (100)
(95) (190) (230) Finance income 353 24 365 38
Financial
result 253 (71) 175 (192) Loss
before income taxes (2,380) (2,961)
(8,445) (11,311) Income tax expense (80) -- (80) (2)
Net loss (2,460) (2,961) (8,525)
(11,313) Other comprehensive income (loss) 108
(99) 505 1,111 Total comprehensive loss
(2,352) (3,060) (8,020) (10,202)
Loss attributable to: Owner of the Company
(2,458)
(2,955) (8,509) (11,287) Non-controlling interests (2) (6) (16)
(26)
(2,460) (2,961) (8,525) (11,313)
Total comprehensive loss attributable to: Owner of
the Company (2,350) (3,054) (8,004) (10,176) Non-controlling
interests
(2) (6) (16) (26)
(2,352)
(3,060) (8,020) (10,202) Weighted
average number of ordinary shares outstanding 3,720,000 3,720,000
3,720,000 3,720,000 Loss per share - basic/ diluted (EUR) (0.66)
(0.80) (2.29) (3.04)
voxeljet AG
CONSOLIDATED STATEMENTS OF CASH
FLOWS
Year Ended December 31, 2017 2016 (€
in thousands) Cash Flow from operating activities
Loss for the period (8,525) (11,313)
Depreciation and amortization 3,163 2,542 Foreign currency exchange
differences on loans to subsidiaries 1,056 1,092 Impairment losses
on goodwill and intangible assets -- 1,130
Equity-settled share-based payment
transaction in relation to the establishment of asubsidiary with
non-controlling interest
-- 256 Share-based compensation expense 386 -- Impairment losses on
trade receivables 237 367 Change in investment in joint venture 11
-- Change in fair value of the Performance Participation Interest
17 -- Change in derivative equity forward (352) -- Change in
inventory allowance (515) 954 Proceeds from customer loans -- 10
Deferred income taxes 79 -- Loss on disposal of assets 15 46
Change in working capital (2,654) (8,422)
Trade and other receivables, inventories and current assets (2,978)
(6,784) Trade payables 629 (27) Other liabilities and provisions
and deferred income (310) (1,657) Income tax payable/receivables 5
46
Total (7,082) (13,338) Cash Flow
from investing activities Decrease in Restricted Cash
206 -- Proceeds from disposal of property, plant and equipment and
intangible assets -- 14 Payments to acquire property, plant and
equipment and intangible assets (3,374) (3,700) Proceeds from
disposal of financial assets 4,077 34,979 Payments to acquire
financial assets (5,542) (15,827) Investment in Joint Venture (50)
--
Total (4,683) 15,466 Cash Flow
from financing activities Repayment from bank overdrafts
and lines of credit
(166)
(159) Repayment of sale and leaseback obligation
(384)
(535) Repayment of finance lease obligation (51) (36) Repayment
from long-term debt (732) (378) Proceeds of long-term debt 12,612
4,724
Total 11,279 3,616 Net
increase (decrease) in cash and cash equivalents (486)
5,744 Cash and cash equivalents at beginning of
period 7,849 2,086 Changes to cash and
equivalents due to foreign exchanges rates 206 19
Cash and cash equivalents at end of period 7,569
7,849 Supplemental Cash Flow Information
Interest paid
206
201 Interest received 16 39 Income taxes paid -- 2 Property,
plant and equipment added under finance lease 123 57
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, 2017
2016 2017 2016 (€ in thousands, except
gross profit margin) Revenues Systems 3,146 3,934 11,534
13,081 Services 2,962 2,341 11,644 9,257
Total revenues
6,108 6,275 23,178 22,338
Cost of sales Systems (2,087) (3,555) (7,613) (9,884)
Services (1,575) (1,466) (6,211) (5,551)
Total cost of sales
(3,662) (5,021) (13,824) (15,435)
Gross profit Systems 1,059 379 3,921 3,197 Services
1,387 875 5,433 3,706
Total gross profit 2,446
1,254 9,354 6,903 Gross profit
margin (%) Systems 33.7% 9.6% 34.0% 24.4% Services 46.8% 37.4%
46.7% 40.0%
Total gross profit margin (%) 40.0%
20.0% 40.4% 30.9%
View source
version on businesswire.com: https://www.businesswire.com/news/home/20180329006245/en/
voxeljet AGInvestors and MediaJohannes
PeschDirector, Investor Relations and Business
Developmentjohannes.pesch@voxeljet.deOffice: +49 821 7483172 -
Mobile: +49 176 45398316
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