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
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. 2, 4:39 PM
- Stratasys (NASDAQ:SSYS) now expects 2014 revenue of $748M-$750M (31% organic growth) and EPS of $1.97-$2.03, below prior guidance of $750M-$770M and $2.21-$2.31 and a consensus of $763.6M and $2.25.
- The company is also guiding for 2015 revenue of $940M-$960M (25%-28% growth) and EPS of $2.07-$2.24, below a consensus of $1.01B and $2.91. It "plans to invest an additional 2% in operating expenses out of anticipated revenues in 2015 and future periods to help enable growth, maintain market leadership and meet future opportunities."
- Q4 revenue is estimated to have risen 38% Y/Y, below a consensus for 48% growth. Q4 organic growth is pegged at 25%.
- A $100M-$110M goodwill impairment charge is expected to be taken on the MakerBot acquisition. MakerBot revenue (12% of total revenue) only rose 7% Y/Y in Q4, well below the growth seen in prior quarters.
- Stratasys is reiterating long-term goals for at least 25% organic revenue growth, an 18%-23% op. margin, and a 16%-21% net margin. CC at 8:30AM ET tomorrow.
- 3D Systems (NYSE:DDD) is also off sharply AH. ExOne (NASDAQ:XONE) is down 2.3%.
Nov. 12, 2014, 4:30 PM
- ExOne (NASDAQ:XONE) now expects 2014 revenue of $45M-$50M, below prior guidance of $55M-$60M and a $54.2M consensus.
- CEO Kent Rockwell: "We continue to struggle with predicting timing of our machine sales and therefore we are lowering our expectations for 2014 revenue based on clearer visibility for the remainder of the year."
- 8 printers were sold in Q3, up from 6 in Q2 but flat Y/Y. Only one high-end S-Max printer was sold, down from 3 in Q2 and 4 a year ago.
- Gross margin was 25.8% vs. 22.3% in Q2 and 45.2% a year ago. GAAP R&D spend rose 76% Y/Y to $2.3M, and SG&A spend 24% to $4.6M.
- Bigger rival 3D Systems (NYSE:DDD) has slipped in response to ExOne's numbers.
- Q3 results, PR
Nov. 12, 2014, 4:08 PM
Nov. 11, 2014, 5:35 PM
Oct. 30, 2014, 7:09 AM
Aug. 13, 2014, 4:41 PM
- ExOne (NASDAQ:XONE) is reiterating guidance for 2014 revenue of $55M-$60M (skeptical analysts have provided a $54.9M consensus). But it's lowering its full-year gross margin guidance to 32%-36% from a prior 40%-43%, which itself was lower than an original 43%-46%. R&D spend guidance has been hiked by $1M to $7M-$8M.
- 6 printers were sold in Q2, up from 3 in Q1 and 4 a year ago. 3 high-end S-Max printers were sold vs. 1 in Q1 and 4 a year ago.
- Printer sales grew 63% Y/Y to $6M. Sales of 3D-printed products, materials, and other services rose 37% to $5.2M.
- Gross margin was 22.3%, nearly flat Q/Q but down from 45.3% a year ago. GAAP SG&A spend rose 35% Y/Y to $5.3M, and R&A spend 50% to $1.9M.
- Q2 results, PR
Aug. 13, 2014, 4:11 PM
Aug. 12, 2014, 5:35 PM
Aug. 7, 2014, 9:22 AM
- Following its Q2 beat and recent acquisitions, Stratasys (NASDAQ:SSYS) now expects 2014 revenue of $750M-$770M (30%+ organic growth) and EPS of $2.25-$2.35. That's above prior guidance of $660M-$680M (25%+ organic growth) and $2.15-$2.25, and a consensus of $685.1M and $2.20.
- Long-term, Stratasys is now aiming for at least 25% annual organic growth, up from a prior goal of at least 20%.
- Product revenue +70% Y/Y to $154.1M, services +50% to $24.4M. MakerBot sales +63% Q/Q to $33.6M.
- Gross margin rose 70 bps Y/Y to 59.8%. SG&A spend +89% to $60.3M, R&D +85% to $17.6M.
- Up in sympathy: DDD +2.9%. XONE +6.3%. VJET +6.5%. 3D printing stocks sold off last week after 3D Systems posted a Q2 miss.
- Q2 results, PR
Jul. 31, 2014, 9:24 AM
- After accounting for the Simbionix acquisition and other factors, 3D Systems (NYSE:DDD) is hiking its 2014 revenue guidance by $5M to $700M-$740M (consensus is at $713.8M). EPS guidance of $0.73-$0.85 is reiterated (consensus is at $0.81).
- Q2 results were hurt by a 24% Q/Q drop in consumer revenue to $7.4M, something 3D blames on "delayed new products availability." Competition and a slower-than-expected pace to consumer 3D printing adoption might also be factors.
- Also hurting: Gross margin fell 370 bps Q/Q and 400 bps Y/Y. 3D attributes the GM drop to "the transitional effects of concentrated new product launches as well as the absorption of legacy products obsolescence and manufacturing expansion costs."
- Total product revenue (both printers and materials) +20% Y/Y to $100M, services +38% to $51.5M. Materials revenue +30%, printer units +126% (mix shift towards cheaper printers), healthcare revenue +46% to $27.5M.
- Spenging remains aggressive: GAAP SG&A spend +39% to $50.3M, R&D +84% to $17.7M.
- Peers are falling in sympathy: Stratasys (NASDAQ:SSYS) -4.1%, ExOne (NASDAQ:XONE) -7.2%, Voxeljet (NYSE:VJET) -9.6%.
- Q2 results, PR
May. 14, 2014, 5:07 PM
- 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
May. 14, 2014, 4:56 PM
XONE vs. ETF Alternatives
ExOne Co is a global provider of 3D printing machines & printed products to industrial customers. The Company's business consists of manufacturing & selling 3D printing machines & printing products to customers using its in-house 3D printing machines.
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