voxeljet AG Reports Financial Results for the First Quarter Ended March 31, 2018

voxeljet AG (NYSE:VJET), a leading provider of high speed, large format 3D printers and on-demand parts services to industrial and commercial customers announced consolidated financial results for the first quarter ended March 31, 2018.

The company said that its total revenues for the first quarter increased 11.5 percent to kEUR 5052 from kEUR 4530. Its gross profit margin improved to 44.9 percent from 34.9 percent.

As quoted in the press release:

• Systems revenues decreased 18.8% to kEUR 1,375 from kEUR 1,693
• Services revenues increased 29.6% to kEUR 3,677 from kEUR 2,837
• Reaffirm full year 2018 guidance

Dr. Ingo Ederer, Chief Executive Officer of voxeljet, commented, “2018 is off to an excellent start with the best quarter in both Services revenue and gross profit in our company’s history. We see these metrics as leading indicators of the ongoing strength of our industrial 3D printing technology. Our goal of becoming a critical supply chain partner and solutions provider is gaining traction. As downstream processes become more automated, we are very confident this will in medium term translate into significantly improved Systems revenue.”

First Quarter 2018 Results

Revenues for the first quarter of 2018 increased by 11.5% to kEUR 5,052 compared to kEUR 4,530 in the first quarter of 2017.

Revenues from our Systems segment, which focuses on the development, production and sale of 3D printers, decreased 18.8% to kEUR 1,375 in the first quarter of 2018 from kEUR 1,693 in last year’s first quarter. This was mainly due to lower revenues based on the mix of printer sales during the quarter. The Company delivered two used and refurbished 3D printers in the first quarter of 2018, compared to two new printers delivered in last year’s first quarter. Systems revenues also include all revenues from consumables, spare parts and maintenance, which almost remained on the same level compared to the last year’s same period. Systems revenues represented 27.2% of total revenues in the first quarter of 2018 compared to 37.4% in last year’s first quarter.

Revenues from our Services segment, which focuses on the printing of on-demand parts for our customers, increased 29.6% to kEUR 3,677 in the first quarter of 2018 from kEUR 2,837 in the comparative period of 2017. This was due to higher revenue contributions mainly from our subsidiary voxeljet America Inc. (“voxeljet America”). The increase in revenue at our American service center resulted from a growing market penetration in the North American sales region which is accompanied by a larger customer base.

Cost of sales was kEUR 2,785 for the first quarter of 2018 compared to kEUR 2,949 for the first quarter of 2017.

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