Nano Dimension Reports First Quarter Financial Results

Nano Dimension (TASE:NNDM,NASDAQ:NNDM) announced financial results for the first quarter ended March 31, 2016.
As quoted in the press release:

First Quarter 2016 Financial Results:

• Research and development (R&D) expenses for the first quarter of 2016 were $436,000 (NIS 1,642,000), compared to $483,000 (NIS 1,921,000) in the first quarter of 2015. The change was primarily due to presenting the R&D expenses for the first quarter of 2016 net of government grants in the amount of $58,000 (NIS 217,000) and net of development expenses recognized as intangible assets in the amount of $1,488,000 (NIS 5,604,000).
  Taking into account the capitalized amount, the change in the R&D expenses was attributable to an increase of $697,000 (NIS 2,626,000) in salaries and related personnel expenses, reflecting an increase in the number of employees (the company had nine R&D employees as of March 31, 2015 and 46 R&D employees as of March 31, 2016), an increase of $370,000 (NIS 1,394,000) in options expenses, and an increase of $256,000 (NIS 965,000) in purchase of materials.
• General and administrative (G&A) expenses for the first quarter of 2016 were $1,176,000 (NIS 4,429,000), compared to $257,000 (NIS 1,023,000) in the first quarter of 2015. The increase resulted primarily from an increase of $227,000 (NIS 853,000) in options expenses. The increase was also due to an increase of $189,000 (NIS 711,000) in professional services expenses mainly for investor relations, accounting and legal services, and an increase of payroll in the amount of $158,000 (NIS 593,000), reflecting an increase in the number of employees (the company had two G&A employees as of March 31, 2015 and nine G&A employees as of March 31, 2016).
• Net loss for the first quarter of 2016 was $1,790,000 (NIS 6,741,000), or $0.05 (NIS 0.18) per share, compared to $766,000 (NIS 3,047,000), or $0.04 (NIS 0.15) per share, in the first quarter of 2015, mainly due to the above described increase in G&A expenses.

First Quarter and Recent Corporate Highlights:

• On January 20, 2016, the company announced that it has signed an agreement with Flextronics International Ltd. to serve as the primary manufacturer and supplier of the DragonFly2020 3D Printer.
• On February 23, 2016, the company announced that it has signed a collaboration agreement with Ramot at Tel Aviv University Ltd., under which a group of researchers headed by Professor Gil Markovich, head of the department of Chemistry at the Tel Aviv University, will collaborate on the development of an application method for a nanoparticle nickel material developed at the university’s laboratories. This collaboration with Ramot at Tel Aviv University Ltd., in combination with Nano Dimension’s intellectual property and know-how, will help advance development of new ink formulations tailored to Nano Dimension’s printing technologies and a wide range of new 3D printing applications.
• On March 7, 2016, the company’s American Depositary Shares started trading on the NASDAQ Capital Market under the symbol “NNDM.”
• On March 22, 2016, the company announced that it signed an agreement to collaborate with FATHOM, an industry-leading advanced manufacturer, distributer and service provider with expertise in 3D printing, to introduce the company’s 3D printer to Silicon Valley and the greater West Coast area.

Nano Dimension CEO, Amit Dror, stated:

The first quarter was an extremely exciting time for Nano Dimension, during which the company continued to gain momentum and solidify its position as a leader in the 3D printed electronics industry. A standout moment from the quarter was the company’s listing on the NASDAQ in March. In addition, the company filed for several new patents to advance its proprietary technologies and announced a new collaboration with Tel Aviv University. The first quarter also was highlighted by a signed agreement with Flextronics International Ltd. to serve as the primary manufacturer and supplier of the DragonFly2020 3D Printer. This agreement supports our plans for the delivery stage of our printers towards the end of 2016. The first quarter activity led Nano Dimension to a resoundingly strong start to the year.

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