Yesterday, 9:38 AM
- Stratasys (SSYS -5.7%), ExOne (XONE -1.9%), and Voxeljet (VJET -4.3%) have sold off after 3D Systems issued a major Q1 warning and stated it's evaluating its full-year outlook (an update will be provided with its May 6 Q1 report).
- Notably, 3D says it saw "abrupt interruption in customer demand late in [Q1] from several economic factors" In addition to a strong dollar, it blames the impact of low oil prices on aerospace and auto industry purchases. Q2 bookings are said to be "ahead of the same period in the first quarter." Stratasys warned back in February.
- Piper issued cautious remarks on 3D and Stratasys' Q1 performance (3D especially) on Tuesday.
Sat, Apr. 18, 5:57 PM
- Though 3D printer makers have seen their shares pummeled in 2014 and early 2015 thanks to a mixture of earnings disappointments, margin/spending concerns, and multiple compression, Canalys forecasts total sales of 3D printers and related materials/services will rise another 56% in 2015 to $5.2B. It also forecasts a 44% industry CAGR from 2014-2019, leading revenue to reach $20.2B.
- Canalys' Joe Kempton notes improving printer speeds, the availability of new materials, and the launch of new manufacturing methods have boosted growth. He also observes patent expirations have helped the vat polymerization segment of the 3D printer market grow rapidly; material extrusion printers have historically held a much larger shipment share.
- At the same time, Kempton points out there has been a major increase in the number of industry players, particularly from Asia. "In the next five years, more companies will move in to establish their own niches ... Long-existing vendors such as Stratasys (NASDAQ:SSYS) and 3D Systems (NYSE:DDD) are well placed to take advantage of this growth but may find their dominant positions challenged by newer rivals."
- The aerospace, automotive, and medical markets are expected to remain major enterprise growth drivers, as firms such as GE, Boeing, and BMW continue investing heavily in 3D printing. On the consumer side, $500 is seen as the "sweet spot at which many consumers are likely to make impulsive purchasing decisions; " 3D Systems' Cube printer goes for $999. Kempton also argues performance, materials, and software improvements are still needed for consumer adoption to take off.
- Other 3D printing industry firms: XONE, VJET, OTCPK:AMAVF, MTLS, CAMT, ARCW
- Yesterday: Stratasys' MakerBot unit conducts layoffs
- Three days ago: 3D printing stocks up strongly amid NYC conference
Fri, Apr. 10, 4:47 PM
- ExOne (NASDAQ:XONE) has filed to sell up to $150M worth of common stock, preferred stock, debt, warrants, and units through future offerings. The 3D printer maker only says proceeds from an offering will be used for "general corporate purposes, which may include working capital, capital expenditures, debt repayment or acquisitions."
- Shares have dropped to $15.40 AH. ExOne ended 2014 with $36.2M in cash, and just $2.6M in debt.
- Update: ExOne has issued a PR about the filing. CEO Kent Rockwell: "Although we do not have immediate plans for raising and using this additional capital, we anticipate that a shelf registration will provide more efficient access to the capital markets and allow ExOne to act opportunistically in support of our growth objectives."
Thu, Mar. 26, 5:52 PM
- In its 2014 10-K (just filed), ExOne (NASDAQ:XONE) states it has "concluded that there are material weaknesses in the design and operating effectiveness of our internal control over financial reporting as defined in SEC Regulation S-X."
- The identified weaknesses: 1) "We did not maintain adequate control with respect to the application of [GAAP accounting]." 2) "Each of our primary locations (United States, Germany, Italy and Japan) utilizes separate and distinct [IT] platforms to record, process and summarize transactions. As a result, our process to consolidate and report financial information is substantially a manual process and inherently subject to error." 3) "[B]ecause of internal control weaknesses identified with respect to our financial reporting process and [IT] systems, management was unable to complete an adequate review of either subsidiary or consolidated financial results at a sufficient level of precision to prevent or detect misstatements."
- To address the issues, ExOne says it's changing its accounting/reporting process, overhauling its IT systems, and hiring more financial personnel.
Mon, Mar. 16, 5:40 PM
- Though it missed Q4 estimates, ExOne (NASDAQ:XONE) is guiding for 2015 revenue of $58M-$62M (+32%-50% Y/Y), in-line with a $61.8M consensus. However, given the company's guidance history, and the fact that 70% of the year's revenue is expected in 2H15, investors might be taking the outlook with a grain of salt.
- 3D printer revenue rose 46% Y/Y in Q4 to $10.2M; everything else (materials, services, etc.) rose 51% to $5.6M. 11 machines were sold (inc. 6 high-end S-Max systems and 1 S-Max+ system) compared with 8 in Q3 and 12 a year ago.
- Gross margin fell to 24.5% from 25.8% in Q3 and 30.9% a year ago. SG&A spend rose 82% Y/Y to $9M, and R&D spend 27% to $2.2M.
- 2015 GM guidance is at 36%-40%. SG&A spend is expected to fall to $21M-$23M from 2014's $24M (exc. $500K-$1M in one-time costs), and R&D spend fall to $6.5M-$7.5M from $8.2M. Capex is expected to total $5M-$7M.
- Shares have fallen to $13.50 AH, leaving them just $0.10 above their 52-week low.
- Q4 results, PR
Mon, Mar. 16, 5:20 PM
Sun, Mar. 15, 5:35 PM
Fri, Mar. 13, 3:15 PM
- The Nasdaq is down 0.9%, and major tech decliners are outnumbering major gainers by a sound margin.
- Notable gainers include 3D printer maker ExOne (XONE +2.7%), OLED materials/IP provider Universal Display (OLED +3.9%), stock photo marketplace Shutterstock (SSTK +4%), flash storage array vendor Violin Memory (VMEM +8.2%), and Wi-Fi hardware vendor Aerohive (HIVE +4.6%).
- For the second day in a row, Chinese companies are well-represented among major decliners. The list includes online retailer Vipshop (VIPS -4.8%), microblogging platform Weibo (WB -4.2%), auto site Autohome (ATHM -4.3%), online real estate plays SouFun (SFUN -5.3%) and Leju (LEJU -5.9%), and mobile game publisher iDreamSky (DSKY -4.5%).
- Other major decliners include flash sales site Zulily (ZU -5.8%), server maker Super Micro (SMCI -3.7%), fleet management software vendor FleetMatics (FLTX -3.9%), and 4G baseband modem maker Sequans (SQNS -9.1%).
- Universal Display is adding to yesterday's big gains, and appears to be benefiting from early signs of strong Galaxy S6 demand. Zulily has reversed yesterday's gains. Weibo's losses come two days after the company posted a Q4 revenue beat and offered in-line guidance.
- Previously covered: IBM, Ebix, NXP/Freescale, Qiwi, eHealth, Pandora, InterCloud, ChipMOS, Demandware, Imperva, Rudolph, Globalstar, ChannelAdvisor
Wed, Mar. 11, 10:07 AM
- Hans Sack, until now an ExOne (XONE +0.9%) director and chair of the company's strategic oversight committee, has been named the company's president. In tandem with the appointment, Sack will be stepping down from the board, thus reducing its size to 7.
- Sack's resume includes a stint as the managing director of consulting firm Headwaters, and as the CEO of oil/gas pipeline pipe maker Berg Steel Pipe. ExOne asserts naming Sack president will allow him to "be even more instrumental in the execution of our key strategic and operating plans for 2015 and beyond."
Fri, Feb. 27, 5:44 PM
Thu, Feb. 26, 9:51 AM
- Though it missed Q4 estimates, 3D Systems (DDD +1.5%) is guiding for 2015 revenue of $850M-$900M and EPS of $0.90-$1.10, in-line with a consensus of $873.2M and $1.02.
- Also: Capex is expected to remain at 3% of revenue, and M&A activity (very aggressive in recent years) is expected to "moderate" as 3D "decisively shifts its focus towards leveraging recently acquired assets to generate greater profitability progressively throughout 2015."
- 3D does note its sales are pressured by "delayed new products and gaps in its North American channel performance," and that it "may take several periods" to address the issue. It adds forex is expected to be a headwind (as it is for many other companies), and that the discontinuation of legacy products and "pruning" of lower-margin services will also take a toll. A lot of this was advertised by the company's October warning.
- Product revenue rose 16% Y/Y in Q4 to $129.1M, and services revenue 33% to $58.3M. Metals printing and healthcare were strong points, respectively rising 178% and 96%. Consumer revenue rose 68% in spite of recent challenges.
- Gross margin was 47.9%, roughly flat Q/Q but down from 52.1% a year ago. Operating expenses rose 38% Y/Y to $85.5M (compares with 21% revenue growth).
- ExOne (XONE +2.8%) is following 3D Systems higher. Expectations for 3D printer makers are a lot lower than they were a few months ago.
- Q4 results, PR
Mon, Feb. 23, 3:04 PM
- Today's notable tech gainers include video processor supplier Ambarella (AMBA +5.1%), online retailer Overstock (OSTK +6.5%), Web toolbar/mobile ad services firm Perion (PERI +4.3%), data center switch vendor Arista (ANET +3.2%), and cloud contact center software provider InContact (SAAS +3.9%).
- Notable decliners include supercomputer maker Cray (CRAY -7.2%), 3D printer maker ExOne (XONE -4.5%), Chinese mobile game publisher Sky-mobi (MOBI -6.6%), demand-side online ad platform Rocket Fuel (FUEL -7.9%), auto site TrueCar (TRUE -4.3%), online flash sales provider Zulily (ZU -4.2%), online health insurance agency eHealth (EHTH -9.7%), and data center services provider Datalink (DTLK -4.9%). The Nasdaq is close to breakeven.
- Arista is adding to Friday's post-earnings gains, which were aided by upbeat analyst commentary. Rocket Fuel and TrueCar are adding to Friday's post-earnings losses (I, II) - TrueCar released February sales estimate data today for a number of automakers.
- Previously covered: Cybersecurity stocks, Digital Ally, TowerJazz, 500.com, Russian tech/telecom stocks, TubeMogul, RGS Energy, Computer Sciences
Tue, Feb. 17, 1:49 PM
- After rebounding over the last couple of weeks in spite of Stratasys' Feb. 2 warning, 3D printer makers are seeing more pain today.
- 3D Systems (DDD -5.9%), Stratasys (SSYS -4.7%), ExOne (XONE -3.8%), and Voxeljet (VJET -5.8%) are all posting big declines. Voxeljet and (to a lesser extent) 3D Systems have seen above-average volume, while Stratasys and ExOne have seen below-average volume.
- 3D Systems' Q4 report is due on Feb. 26. If history is any guide, ExOne will also report this month. Voxeljet doesn't report until March 26.
Tue, Feb. 10, 2:37 PM
- A slew of tech firms are rallying strongly on a day the Nasdaq is up 1.1%. Notable gainers include M2M hardware/service provider Sierra Wireless (SWIR +5.5%), 3D printer vendors Voxeljet (VJET +3.3%) and ExOne (XONE +7.7%), online ad retargeting platform Criteo (CRTO +5.5%), cloud marketing software provider Marketo (MKTO +4.6%), network processor/ARM server vendor Cavium (CAVM +5.6%), Chinese mobile app developer Cheetah Mobile (CMCM +4.1%), and Chinese jobs site 51job (JOBS +4.1%).
- Sierra tumbled last week after providing mixed Q1 guidance to go with a Q4 beat. ExOne was also up sharply yesterday. Marketo reports after the close, and Criteo on Feb. 18.
Mon, Feb. 9, 2:55 PM
- Today's notable tech gainers include 3D printer maker ExOne (XONE +6%), data center switch vendor Arista (ANET +4.2%), solar microinverter maker Enphase (ENPH +6.1%), ID theft-protection services firm LifeLock (LOCK +6.8%), voice processor developer Audience (ADNC +10.3%), contract manufacturer Multi-Finline (MFLX +10.2%), and cloud file-sharing platform/recent IPO Box (BOX +9.1%).
- Notable decliners include flash storage array vendor Violin Memory (VMEM -5.6%), ultracapacitor maker Maxwell (MXWL -6.3%), SMB Web services provider Wix.com (WIX -4.8%), salvage auction site Liquidity Services (LQDT -5.4%), and carrier billing software/cloud services provider Synchronoss (SNCR -5.6%). The Nasdaq is down 0.3%.
- LifeLock reports earnings tomorrow afternoon. Audience is four days removed from beating Q3 estimates and offering in-line guidance. Arista is reversing its Friday's losses, and Box is adding to the Friday gains that came after a positive Jim Cramer mention.
- Synchronoss is adding to the losses seen last week after the company offered cautious 2015 cloud revenue guidance to go with a Q4 beat, and Maxwell to the losses seen due to the soft Q1/2015 guidance provided with a Q4 beat. Liquidity is giving back some of last week's huge post-earnings gains. Wix reports on Wednesday morning.
- Earlier: GoPro, Yelp see more post-earnings pain
- Earlier: Chinese solar stocks rally
Thu, Feb. 5, 2:06 PM
- Clobbered on Tuesday thanks to Stratasys' warning and soft 2015 guidance, 3D printing stocks are up sharply amid a market rally (the Nasdaq is up 0.7%). 3D Systems (DDD +4.8%), Stratasys (SSYS +7.3%), Voxeljet (VJET +3.8%), ExOne (XONE +4%), and Arcam (OTCPK:AMAVF +5.1%) are among the gainers.
- Possibly helping the group: 3D modeling/simulation software firm Dassault and industrial prototyping services firm Proto Labs have each soared after posting Q4 beats. Though each firm only gets a fraction of its revenue from 3D printing/additive manufacturing use cases, they've each occasionally been hyped as 3D printing plays.
- Gabelli recently made a contrarian call on 3D Systems and Stratasys, upgrading the printer makers following the latter's warning. The firm argued 3D's shares have "limited downside" at an enterprise value of 14.8x estimated 2016 EBITDA, and praises Stratasys' "extensive product and service portfolio and its focus on high-value business applications."
XONE vs. ETF Alternatives
ExOne Cois engaged in providing 3D printing machines & 3D printed and other products, materials and services to industrial customers. Itmanufactures and sells 3D printing machines and printing products to specification for its customers.
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