In addition to reporting Q4 revenue that missed the revised guidance range the company set in January, ExOne (XONE) is guiding for 2014 revenue of $55M-$60M, below a $61.6M consensus.
Gross margin is expected to rise to 43%-46% from a 2013 level of 39.4%. SG&A spend is expected to grow to $19M-$21M from $16.1M, R&D spend to $6M-$7M from $5.1M, and capex to $31M-$34M from $19.3M.
Q4 gross margin was 30.9%, down from an adjusted year-ago level of $40.6%. R&D spend rose 128% Y/Y to $1.7M, and SG&A 43% to $4.9M.
12 printers were sold in Q4, up from 8 in Q3 and a year earlier. Only three high-end S-Max printers were sold (down from 5 in Q3) due to international sale delays (disclosed in January).