Though ExOne (XONE) is reiterating guidance for 2014 revenue of $55M-$60M (consensus is at $57M), the Street's reaction to the company's big Q1 miss suggests it's highly skeptical.
2014 gross margin guidance has been lowered to 40%-43% from 43%-46%. SG&A, R&D, and capex guidance (previous) has been reiterated.
Only 3 printers were sold in Q1, down from 12 in seasonally strong Q4 and 5 a year ago. 1 high-end S-Max printer was sold vs. 3 in Q4 and 2 a year ago.
One bright spot: Sales of 3D-printed products, materials, and other services rose 32% Y/Y to $4.9M.
Gross margin fell to 22.2% from 30.9% in Q4 and 35.8% a year ago. ExOne says development costs related to its ExCast (aims to cover each part of the additive manufacturing process for industrial clients) hurt GM.
SG&A spend rose 46% Y/Y to $5.2M. R&D spend rose 115%, but still only totaled $1.8M.
Q1 results, PR