ExOne: The Quiet Before The Storm
CDM Capital • 49 Comments
CDM Capital • 49 Comments
ExOne: A $15 Stock On Sale For $46
Brian Smith, Jr. • 81 Comments
Brian Smith, Jr. • 81 Comments
ExOne: The Quiet Before The Storm
CDM Capital • 49 Comments
CDM Capital • 49 Comments
Tue, Mar. 22, 6:04 PM
- ExOne (NASDAQ:XONE) is up 7.1% after hours to $13.85 after beating Q4 estimates and reporting 12 printer sales (up from 5 in seasonally weaker Q3 and 11 a year ago).
- Unlike in prior quarters, ExOne hasn't provided formal guidance in its earnings report. CEO Kent Rockwell: "Our strong backlog coupled with our active pipeline of business opportunities give us confidence in our expectations ... We approach the year with cautious optimism, knowing that macroeconomic uncertainties, including the depressed energy sector and foreign currency devaluations, will influence the timing of capital equipment purchases and other spending decisions."
- He adds ExOne plans to "implement operational improvements to increase our facility utilization and enhance working capital management." As it is, GAAP operating expenses fell 36% Y/Y in Q4 to $7.2M - SG&A spend fell 43% to $5.1M, and R&D spend 5% to $2.1M.
- Q4 details: 3D printing machine revenue fell by $0.6M Y/Y to $9.6M. Sales of 3D printed and other products, materials, and services rose by $1M to $6.6M. Cost cuts/improved efficiency helped gross margin rise to 37.5% from 13.2% in Q3 and 24.5% a year ago.
ExOne ended 2015 with a $16.5M backlog and a $19.3M cash balance. The company has since raised $13M via stock offerings.
- ExOne's Q4 results, earnings release
- Earlier today: ExOne up sharply ahead of Q4 report.
Tue, Mar. 22, 5:32 PM
Tue, Mar. 22, 1:15 PM
- ExOne (XONE +9.8%) is posting big gains ahead of a Q4 report due this afternoon. 539K shares have already been traded, more than 2x a 3-month daily average of 261K.
- The 3D printer maker reiterated its 2015 guidance on March 14, while delaying the Q4 report's release by a week. Peers 3D Systems and Stratasys have delivered market-pleasing reports.
- Shorts may be looking to cover ahead of the report: 2.2M shares (26% of the float) were shorted as of Feb. 29.
Tue, Mar. 15, 1:00 PM
- A day after surging in sympathy with 3D Systems, ExOne (XONE -9.8%) is seeing steep losses after pushing back its Q4 earnings release by a week to March 22 and reiterating its 2015 sales/shipment guidance.
- Volume is strong, but not huge - 255K shares vs. a 3-month full-day average of 271K. There could be some disappointment ExOne didn't hike its guidance in the wake of 3D Systems' and Stratasys' Q4 beats. The 3D printer maker trades for 4.3x its 2015 sales guidance of $40M.
Mon, Mar. 14, 9:22 AM
- 3D Systems (NYSE:DDD) is up 15.3% premarket to $13.32 after (belatedly) posting a large Q4 beat. The numbers come 11 days after rival Stratasys delivered a Q4 beat and issued strong guidance, and are stoking hopes the 3D printing industry, hit hard last year as clients worked through excess capacity, is finally bottoming.
- 3D didn't provide any formal guidance in its earnings release. Interim CEO Andrew Johnson: "While market conditions remain challenging and uncertain, timing of healthcare and industrial customer orders as well as contributions from acquisitions supported revenue during the quarter ... We are continuing an extensive and comprehensive review of our business and strategy and taking steps to better prioritize our resources and focus our investments."
- Q4 details: Product revenue fell 10% Y/Y to $116M. Services revenue rose 16% to $67.4M. Gross margin was 47.7%, +80 bps Q/Q and -20 bps Y/Y. GAAP operating expenses rose a modest 4% Y/Y to $88.9M - $66.5M was spent on SG&A, and $22.4M on R&D.
A $537.2M impairment charge was recorded. 3D ended 2015 with $155.6M in cash and almost no debt.
- Stratasys (NASDAQ:SSYS) is up 6.5% premarket. ExOne (NASDAQ:XONE) is up 1.1%. Voxeljet (NYSE:VJET) is up 3.9%.
- 3D Systems' Q4 results, earnings release
Thu, Mar. 3, 10:05 AM
- Stratasys' (SSYS +9.3%) Q4 beat has been accompanied by guidance for 2016 revenue $700M-$730M and EPS of $0.17-$0.43, largely above consensus estimates of $700.6M and $0.18. At the midpoint, the sales guidance implies 2% Y/Y growth.
- With industry demand weak, product revenue fell 26% Y/Y in Q4 to $124.3M. Services revenue rose 1% to $49.1M. Non-GAAP gross margin fell to 48.1% from 56% a year ago; 2016 GM guidance is at 54%-55%.
- Boosting EPS: Operating expenses fell 4% to $92.3M. Stratasys ended 2015 with $258M in cash and no debt. The company expects to spend $60M-$70M in 2016 on capex.
- Stratasys: "Our goal is to maintain our leadership position in prototyping, while developing a solutions-based business model that targets key vertical markets and emerging applications for end-use parts ... Given the current environment, we recognize the importance of optimizing our cost structure and improving our financial performance, and have made those goals a priority for 2016."
- 3D printing peers 3D Systems (DDD +5.4%), Voxeljet (VJET +5.3%), ExOne (XONE +4.9%), and Materialise (MTLS +5.1%) are also higher.
- Stratasys' Q4 results, earnings release
Tue, Mar. 1, 1:48 PM
- Continuing a recent rally, beaten-down 3D printing stocks are outperforming on a day the Nasdaq is up 2.4%, and the S&P 2.1%.
- Belgian 3D printing software/services firm Materialise (MTLS +16.3%), which reports tomorrow morning, is the biggest gainer. This morning, Materialise announced a software/services platform (the Mimics Care Suite) for enabling 3D printing in hospitals.
- 3D printer makers 3D Systems (DDD +6.5%), Stratasys (SSYS +7.6%), ExOne (XONE +5.6%), and Voxeljet (VJET +5.9%) are also doing quite well. Stratasys reports on Thursday morning; 3D was due to report yesterday, but recently delayed its Q4 report and 2015 10-K filing to give itself more time to do work related to a Q4 impairment charge.
- Though still trading at a fraction of their early-2014 highs, 3D is now up 89% from a Jan. 20 low of $6.00, and Stratasys up 40% from a Feb. 12 low of $14.48. The companies respectively had 29% and 20% of their floats shorted as of Feb. 12. However, those numbers are down noticeably from a few months ago.
Thu, Feb. 4, 2:23 PM
- German 3D printer maker Voxeljet (VJET +8.9%) is up 10% since guiding on Tuesday afternoon for 2016 revenue of €28M-€30M ($31.4M-$33.6M), slightly below a €30.4M consensus but above 2015 guidance of €23M-€24M and perhaps better than feared in light of recent industry woes.
- Beaten-up peers have also been doing well, perhaps with the help of profit-taking from shorts. 3D Systems (DDD +8%) is up 23% over the last two days, Stratasys (SSYS +4.3%) is up 10%, and ExOne (XONE +12.1%) is up 20%.
- Voxeljet is now aiming for a 25%-30% Y/Y long-term revenue growth rate. Gross margin is expected to rise to 40%-42% in 2016 - GM for the first 9 months of 2015 was only 33.3% - and full-year EBITDA is expected to be "neutral-to-positive." 3D and Stratasys are expected to post Q4 results in the coming weeks.
Mon, Jan. 11, 1:55 PM
- ExOne (XONE -11.9%) has authorized FBR and MLV to offer and sell up to $50M worth of shares in the future, via at-the-market offerings. At current levels, $50M worth of stock sales would increase ExOne's share count by 40%. (8-K filing)
- The 3D printer maker had $20.3M in cash and $2M in debt at the end of Q3. Shares have dropped to their lowest levels since November.
- Last week: ExOne reports Q4 printer shipments, reiterates 2015 sales guidance
Mon, Jan. 11, 12:57 PM
- Investors continue throwing in the towel on former tech high-flyers: Micron (MU -6.3%), GoPro (GPRO -4.4%), Fitbit (FIT -12.3%), 3D Systems (DDD -3.7%), Rackspace (RAX -6.7%), and Etsy (ETSY -8.8%) have each fallen to new 52-week lows on a day the Nasdaq is down 0.6%.
- FireEye, which received cautious notes from Wedbush and Piper, is also selling off. As is ExOne (XONE -11.6%). Margin calls and/or fund liquidations could be contributing to the rout.
- Etsy's losses come amid a lockup expiration. Possibly weighing on Rackspace: A Piper CIO survey indicating Amazon Web Services and Microsoft Azure continue gaining cloud infrastructure (IaaS) mindshare; the firm sees AWS/Azure having a duopoly, with Google, Rackspace, and IBM trailing.
- Fitbit is now down 35% since Jan. 5, when the company's Blaze smartwatch was unveiled at CES. Shares go for 17x a 2016 EPS consensus of $1.13. GoPro and Micron now respectively trade for 14x and 8x their 2016 and FY17 (ends Aug. '17) consensus EPS estimates.
- Update: Likely weighing on ExOne: The company has struck deals for at-the-market stock offerings worth up to $50M.
Mon, Jan. 4, 3:24 PM
- Interestingly, a day in which major indices are down over 2% has proven kind to many tech and/or momentum names that endured steep losses in 2015. The list includes SunEdison (SUNE +13%), GoPro (GPRO +3.9%), ExOne (XONE +5.6%), Voxeljet (VJET +9.8%), Rubicon (RBCN +29%), Identiv (INVE +15.1%), and QuickLogic (QUIK +12.4%). Previously covered: 3D Systems/Stratasys and FireEye.
- Profit-taking by shorts who (for tax purposes) didn't want to cover in 2015 is likely a factor behind some of the moves. SunEdison had 123.1M shares (48% of its float) shorted as of Dec. 15. GoPro had 32.9M shares (50% of its float) shorted, and ExOne 2.3M shares (24% of its float) shorted.
- SunEdison rallied last week after announcing a $336M debt-for-equity exchange. Rubicon caught a bid after issuing a shareholder letter.
Dec. 28, 2015, 3:57 PM
- Stratasys (SSYS -6.1%), ExOne (XONE -8.1%), and Voxeljet (VJET -6.2%) joined 3D Systems (DDD -9.4%) in selling off today after 3D announced it's exiting the consumer 3D printing space and discontinuing its $999 Cube 3D printer.
- The consumer 3D printing market has been slower to take off than many bulls once hoped, and has seen a slew of startups enter the field. Stratasys has taken multiple charges on its MakerBot unit, whose printers are priced from $1,375-$6,499 and target consumers, enthusiasts, and SMBs.
- Today's declines come five days after 3D printer makers rallied strongly in pre-Christmas trading.
- Update: Citi's Kenneth Wong thinks 3D's exit, along with the sales estimate it provided for its consumer business (~2% of total revenue), doesn't reflect well on the market. "First, the numbers reveal a much smaller consumer end market than many were led to believe given the considerable investments made in this segment. We believe this point will also be viewed negatively as it relates to Stratasys’ Makerbot business as it paints a less favorable picture of a market rebound. Second, investors were likely hoping for deeper cuts to the Cube line than simply exiting “only” ~20% of the reported “Consumer” business line."
Dec. 23, 2015, 1:45 PM
- 3D Systems (DDD +3.3%), Stratasys (SSYS +4.6%), ExOne (XONE +7.3%), and Voxeljet (VJET +8%) are among the tech standouts on a day the Nasdaq is up 0.7%, and the S&P 0.9%. Given still-high short interests, end-of-year short-covering is likely helping.
- The group is nearing the end of a brutal 2015. YTD performances: DDD -68%. SSYS -68%. XONE -27%. VJET -38%. 3D Systems, Stratasys, ExOne, and Voxeljet now respectively trade for 1.8x, 1.9x, 3.4x, and 2.8x their 2016 sales consensus estimates.
- 3D and Stratasys rallied last week after 3D caught an upgrade to Overweight from Stephens, which reported checks pointed to subdued but not terminal demand.
Nov. 25, 2015, 12:46 PM
Nov. 25, 2015, 12:30 PM
- 3D Systems (DDD +5.8%), Stratasys (SSYS +5.1%), Voxeljet (VJET +4.6%), and (especially) ExOne (XONE +16.6%) are up strongly on a day the Nasdaq is up 0.4%.
- Profit-taking from shorts is likely helping out: 3D had 34.1M shares (32% of its float) shorted as of Oct. 30. Stratasys had 12.4M shares (25% of its float) shorted, ExOne 2.5M shares (26% of its float), and Voxeljet 1.3M shares (10% of its float).
- ExOne's gains come less than three weeks after shares plunged on account of a Q3 miss and full-year guidance cut.
Nov. 11, 2015, 1:46 PM
- Markets continue to become more risk-averse towards two once-high-flying industries: Solar stocks are adding to the Tuesday losses seen following SunEdison and Canadian Solar's earnings (TAN -2.5%), and 3D printing stocks are taking another leg lower after dropping yesterday in the wake of ExOne's results/guidance. The Nasdaq and S&P are nearly flat.
- Solar decliners: SunEdison (SUNE -15.7%), SolarCity (SCTY -3.9%), SunPower (SPWR -3.5%), SolarEdge (SEDG -13.1%), Vivint (VSLR -10.8%), TerraForm Power (TERP -4%), TerraForm Global (GLBL -4.6%), Sunrun (RUN -2.9%), and 8point3 Energy (CAFD -4.4%). SunEdison, SolarCity, SolarEdge, and TerraForm Power have made new 52-week lows.
- 3D printing decliners: 3D Systems (DDD -6.1%), Stratasys (SSYS -4.7%), ExOne (XONE -5.6%), and Voxeljet (VJET -3.9%). 3D and Stratasys have made new 52-week lows.
- UBS has cut its SunEdison target by $3 to $6. Among other things, it attributes SunEdison's post-earning nosedive to lower-than-expected margins on retained projects, management's plans to push ahead with the Vivint acquisition, and LAP Holdings' plans to seek at least $150M in damages following SunEdison's cancelled acquisition of the company.
- RBC (target cut by $4 to $20) has joined the ranks of firms defending SunEdison (previous), arguing its recent decisions to cut project construction guidance, lower spending, and sell a greater portion of its projects to third parties make sense. It sees the company "progressing towards sustainable growth," while cautioning shares will remain volatile in the near-term. SunEdison is down 34% over the last two days.
The ExOne Co. manufactures and sells 3D printing machines and printing products. It also offers other associated products, including consumables and replacement parts & services. The company offers pre-production collaboration and print products through production service centers, which are... More
Sector: Industrial Goods
Industry: Diversified Machinery
Country: United States
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