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."
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%.
Wed, Jan. 14, 11:49 AM
- William Blair argues competition in the professional 3D printer market is intensifying, and that the consumables revenue of incumbents (20%-30% of total revenue, but 70%-80% of gross profit) is at risk. (source: Notable Calls)
- As evidence, Blair notes a new 3D printer from German injection molding system maker Arburg relies on thermoplastic pellets that cost ~1/100th as much as Stratasys' (SSYS -2.7%) thermoplastics. "Arburg is precisely the type of machine that we believe could significantly alter the competitive landscape."
- In addition to Stratasys, 3D Systems (DDD -4.5%) and industrial-focused ExOne (XONE -1.9%) are underperforming. The Nasdaq is down 0.6%.
- The group also sold off on Monday.
Mon, Jan. 12, 4:13 PM
- 3D Systems (DDD -3.8%), Voxeljet (VJET -3.9%), ExOne (XONE -5.6%), Organovo (ONVO -4.4%), Arc Worldwide (ARCW -7.3%), and to a lesser extent Stratasys (SSYS -2.8%) sold off today, generally on below-average volume. The Nasdaq closed down 0.8%.
- 3D Systems has received some favorable CES coverage over the last week. During a CES talk with management, Brean reported hearing of a "meaningful increase in partner interest," and that 3D thinks it offers an unmatched consumer experience in terms of ease-of-use. "DDD believes they are the only folks offering plug and play in just 10 minutes ... now it is not about making the printer work, but what can I get out. DDD has also cracked the code on content generation and getting content off of Cubify."
- Oppenheimer, which calls 3D its favorite name in the space, noted there weren't many new product launches from big OEMs, something it considers a positive. "We believe 2013 and 2014 were aberrant years and 2015 could return to more normal [investment] patterns."
- Dutch startup Ultimaker's desktop 3D printer line (competes against 3D's Cube line and Stratasys' MakerBot unit) received good reviews at CES. Ultimaker's systems, which are based on open-source hardware designs, are priced from $1,450-$3,030; two new models become available for pre-order in March.
- Last week: 3D Systems goes after MakerBot by acquiring botObjects
Sun, Jan. 4, 3:49 PM
- The following stocks were the Russell 2000's worst performers in 2014:
- KWK -93.5%. WLT -91.7%. AMZG -89.5%. PHMD -88.2%. EXXI -88%. RGDO -86.8%. REN -85.4%. HERO -84.7%. EOX -84.3%. MCP -94.3%. CVEO -84.2%. BPZ -84.1%. FWM -82.6%. MILL -82.2%. NADL -81.6%. VRNG -81.4%. CYTX -81%. SALT -80.5%. PRKR -80%. MBII -79.7%. NTLS -79.2%. COVS -78.9%. KEG -78.9%. MM 78 MPO -77%. ANR -76.6%. EXEL -76.5%. SZYM -76.3%. CONN -76.2%. ANV -75.5%. GALT -75.5%. ZQK -74.8%. ARO -74.5%. REXX -74.1%. GDP -74%. FUEL -73.8%. QRHC -73.7%. VTG -73.4%. RLOC -73%. XONE -72.2%.
Dec. 26, 2014, 1:03 PM
Dec. 26, 2014, 11:51 AM
- 3D Systems (DDD +5.8%), Voxeljet (VJET +9.2%), and ExOne (XONE +12.2%) are posting big gains on a day the Nasdaq is up 0.6%. Stratasys (SSYS +2.9%) is up more moderately, but also outperforming.
- Short interests for the group remain very high: As of Dec. 15, 3D Systems had 35.5% of its float shorted (a 52-week high); Stratasys had 21.7% (ditto); Voxeljet had 17.8%; and ExOne had 44.2%.
- Previous: Canaccord expects a 2015 rebound for 3D printing stocks.
Dec. 18, 2014, 7:38 AM
Dec. 15, 2014, 1:02 PM
- ExOne (XONE -8.7%) and Voxeljet (VJET -9.8%) are among the biggest tech decliners on a day the Nasdaq is down 0.4%. 3D Systems (DDD -3.4%) and Stratasys (SSYS -1.4%) are also underperforming.
- 3D Systems, Stratasys, and Voxeljet have made new 52-week lows, and ExOne is very close to doing the same. 3D Systems now goes for 3.3x 2015E sales exc. net cash, and Stratasys 3.9x 2015E sales exc. net cash.
- Last Friday: Canaccord expects a 2015 rebound for 3D printing stocks
Nov. 23, 2014, 10:25 AM
- Regulatory concerns are holding back the widespread adoption of 3D printing, a market that is predicted to reach $21B worldwide by 2020, compared with just $3.1B last year.
- The need to satisfy regulators about safety is an "obstacle" to the technology’s advance in certain sectors, says Stratasys (NASDAQ:SSYS) CEO David Reis. "Every part has to go through testing...every technology, every material has to go through certification."
- Manufacturers are facing many hard to win approvals, ranging from the FAA for the production of aerospace parts to the FDA for healthcare devices.
- Related tickers: DDD, VJET, XONE, ONVO, CAMT, OTCPK:AMAVF
Nov. 14, 2014, 4:44 PM
- Though it posted a Q3 miss and slashed its 2014 guidance on Wednesday, Oppenheimer thinks ExOne (XONE) will perform better in 2015.
- Oppenheimer notes the 3D printer maker is guiding for 25%-35% 2015 organic growth, and thinks the forecast could end up being conservative. Consensus is currently for 35.9% growth.
- Shares rose 7% in regular trading. They fell only 1.1% on Thursday, after initially selling off hard in response to ExOne's results/guidance.
Nov. 12, 2014, 5:36 PM
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
Nov. 5, 2014, 10:17 AM
- Stratasys beat Q3 estimates and reiterated its full-year revenue guidance, but also cut its full-year EPS forecast - the acquisition of cloud software vendor GrabCAD was blamed - and forecast its capex would soar in 2015. Its shares are currently down 13.6%.
- 3D Systems (DDD -3.8%), Voxeljet (VJET -5.3%), ExOne (XONE -4.9%), and Organovo (ONVO -1.4%) are following Stratasys lower. 3D Systems, which issued a big Q3/full-year warning on Oct. 22, is making fresh 52-week lows.
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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