Nano Dimension ended the fourth quarter of 2016 with $12,379,000 (NIS 47,599,000) in cash and cash equivalents, while total loss was $3,858,000 (NIS 14,837,000).
Amit Dror, CEO of Nano Dimension, commented on the results: “During the fourth quarter, we met our previously announced target and successfully delivered four DragonFly 2020 3D Printer systems to top global companies across multiple industries, as part of our beta plan.”
“In addition, we strengthened our balance sheet; following a successful public offering executed in the third quarter, the underwriters exercised their option to purchase additional 275,275 ADSs, adding $1.8 million dollars to our balance sheet, bringing total gross proceeds from the offering to approximately $13.8 million.”
“Throughout 2016, Nano Dimension performed live demonstrations of the DragonFly 2020 3D Printer at some of the largest industry trade events in the world. We delivered our printer to leading global companies, and filed additional patent applications as opportunities to apply our proprietary technology, and continued to emerge across a variety of industries. Nano Dimension will form a new subsidiary to advance bio-printing activity, and will focus these efforts primarily on solutions for kidney diseases.”
Mr. Dror continued: “As Nano Dimension moves ahead in 2017, we are confident and encouraged by the positive feedback from beta customers and our momentum is strong. Executing our strategic plans while consistently growing our customer base, presents a multi-year opportunity to become the supplier of choice for in-house 3D printing products in the electronics industry. We are excited about meeting our 2017 goals, as we transition into full commercialization mode.”
Fourth Quarter 2016 Financial Results
– Total revenues for the fourth quarter of 2016 were $46,000 (NIS 175,000).
– Research and development (R&D) expenses for the fourth quarter of 2016 were $2,470,000 (NIS 9,498,000), compared to $603,000 (NIS 2,319,000) in the fourth quarter of 2015 and $674,000 (NIS 2,533,000) in the third quarter of 2016. The increase compared to the third quarter of 2016 was mainly attributed to an increase of $157,000 (NIS 604,000) in share based payment expenses from new grants to R&D employees, and the fact that in the fourth quarter we stopped capitalizing development expenses to an intangible asset.
The R&D expenses for the fourth quarter are presented net of government grants in the amount of $19,000 (NIS 74,000).
– General and administrative (G&A) expenses for the fourth quarter of 2016 were $1,422,000 (NIS 5,468,000), compared to $1,276,000 (NIS 4,908,000) in the fourth quarter of 2015 and $1,049,000 (NIS 3,941,000) in the third quarter of 2016. The increase compared to the third quarter of 2016 resulted primarily from an increase of $404,000 (NIS 1,555,000) in professional services expenses.
– Net loss for the fourth quarter of 2016 was $3,858,000 (NIS 14,837,000), or $0.08 (NIS 0.30) per share, compared to $1,926,000 (NIS 7,406,000), or $0.06 (NIS 0.23) per share, in the fourth quarter of 2015 and $1,727,000 (NIS 6,491,000), or $0.05 (NIS 0.17) per share, in the third quarter of 2016.
Full Year 2016 Financial Results
– Total revenues for the full year of 2016 were $46,000 (NIS 175,000).
– Research and development (R&D) expenses for 2016 were $4,059,000 (NIS 15,606,000), compared to $2,858,000 (NIS 11,153,000) in 2015. The increase was primarily attributable to an increase in salaries and related personnel expenses, reflecting an increase in the number of employees, and an increase in materials expenses, due to accelerating our research and development activities.
The R&D expenses for the year are presented net of government grants in the amount of $218,000 (approximately NIS 840,000) and net of development expenses recognized as intangible assets in the amount of $4,232,000 (approximately NIS 16,273,000).
– General and administrative (G&A) expenses for 2016 were $4,797,000 (NIS 18,443,000), compared to $2,878,000 (NIS 11,229,000) in 2015. The increase resulted primarily from an increase in salaries and related personnel expenses, reflecting an increase in the number of employees, and an increase in professional services expenses.
– Net loss for the full year of 2016 was $8,965,000 (NIS 34,470,000), or $0.22 (NIS 0.85) per share, compared to $5,380,000 (NIS 20,992,000), or $0.2 (NIS 0.78) per share, in 2015.Balance Sheet Highlights– Cash and cash equivalents totaled $12,379,000 (NIS 47,599,000) as of December 31, 2016, compared to $8,665,000 (NIS 33,811,000) on December 31, 2015. The increase compared to December 31, 2015 reflects the proceeds received from the U.S. public offering the company made in the third quarter of 2016, as well as proceeds received from government grants and exercise of warrants during the period, less the cash used in operations during the year ended December 31, 2016.- Shareholders’ equity totaled $19,302,000 (NIS 74,218,000) as of December 31, 2016, compared to $12,047,000 (NIS 47,004,000) as of December 31, 2015.Conference call informationThe company will host a conference call to discuss these financial results today, March 7, 2017, at 09:00 a.m. EST (04:00 p.m. IST). Investors interested in participating are invited to register for the conference call here: http://dpregister.com/10100244. Dial-in numbers, including a local Israeli number and instructions, will be provided upon registration. U.S. Dial-in Number: 1-844-763-8274, International Dial-in Number: 1-412-717-9224. Please request the “Nano Dimension NNDM call” when prompted by the conference call operator. The conference call will also be webcast live from the Investor Relations section of Nano Dimension’s website at http://investors.nano-di.com/events-and-presentations.For those unable to participate in the conference call, there will be a replay available from a link on Nano Dimension’s website at http://investors.nano-di.com/events-and-presentations.About Nano Dimension Ltd.Nano Dimension, founded in 2012, focuses on development of advanced 3D printed electronics systems and advanced additive manufacturing. Nano Dimension’s unique products combine three advanced technologies: 3D inkjet, 3D software and nanomaterials. The company’s primary products include the first 3D printer dedicated to printing multi-layer PCBs and advanced nanotechnology-based conductive and dielectric inks. In addition to the trading of the company’s ADSs on NASDAQ, the company’s ordinary shares are also traded on the TASE in Israel. The Bank of New York Mellon serves as the depositary for Nano Dimension’s ADSs.