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ExOne (XONE)

  • Aug. 13, 2014, 5:36 PM
  • 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
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  • Aug. 13, 2014, 4:11 PM
    • ExOne (NASDAQ:XONE): Q2 EPS of -$0.32 misses by $0.18.
    • Revenue of $11.2M (+21.3% Y/Y) misses by $0.91M.
    • Shares -8.5%.
    • Press Release
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  • 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
  • Jul. 29, 2014, 3:45 PM
    • RBC predicts 3D Systems (DDD +5.6%) will post in-line Q2 results when it reports on Thursday morning, but also hike its 2H14 guidance. The firm expects Stratasys (SSYS +1.6%) to post a slight Q2 beat when it reports on Aug. 7, and also considers a full-year revenue guidance hike possible.
    • ExOne (XONE +2.3%) and Voxeljet (VJET +3.8%) are heading in the same direction as 3D and Stratasys, as is often their custom. 3D, ExOne, and Voxeljet remain over 40% below their January highs.
  • Jul. 1, 2014, 12:48 PM
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  • Jul. 1, 2014, 12:02 PM
    • 3D Systems (DDD +14.2%), Stratasys (SSYS +7.3%), Voxeljet (VJET +27.6%), ExOne (XONE +17.9%), Proto Labs (PRLB +11.7%), Camtek (CAMT +9.1%), and Organovo (ONVO +6.5%) are all taking off as heavily-shorted tech names rally for the second day in a row.
    • 34% of 3D Systems' float was shorted as of June 13. The figure is 15% for Stratasys, 16% for Voxeljet, 32% for ExOne, 12% for Proto Labs, 5% for Camtek, and 26% for Organovo.
    • Also: 3D Systems has canceled a Pac Crest conference presentation. However, Pac Crest says this was simply because 3D didn't have enough execs to attend.
  • Jun. 30, 2014, 12:46 PM
    | 1 Comment
  • Jun. 23, 2014, 1:38 PM
    • Momentum traders are warming up to 3D printing stocks again: 3D Systems (DDD +5.4%), Stratasys (SSYS +3.9%), and Voxeljet (VJET +8%) are up sharply, though no major news has arrived to fuel a rally. ExOne (XONE +2.9%), Camtek (CAMT +5.5%), and Organovo (ONVO +2.8%) are also higher.
    • 3D Systems is at its highest levels since May, and Stratasys and Voxeljet their highest levels since April.
    • YTD performance for the group remains weak, thanks in large part to earnings disappointments and the valuation concerns that followed monster 2013 rallies. 3D Systems -40%, Stratasys -21%, Voxeljet -57%, ExOne -40%, Camtek -18%, Organovo -32%.
  • Jun. 20, 2014, 8:36 AM
    • Jefferies has downgraded ExOne (XONE) to a Hold rating from Buy. The price target is now $32.
  • Jun. 19, 2014, 8:35 AM
    • ExOne (XONE) has announced the opening of a new facility in the Lombardy region of Italy that will take place on August 1. The new space will include a machine sales and production service center to support the company's 3D printing machines and products.
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  • May. 22, 2014, 11:53 AM
    • 3D Systems (DDD +6.1%) and Stratasys (SSYS +5.1%), both hit hard by the March-May momentum stock rout, are posting big gains on a day the Nasdaq is only up 0.5%. Beaten-down ExOne (XONE +6.8%) and Voxeljet (VJET +3.1%) are also rallying.
    • Stratasys could be benefiting from a BB&T note praising MakerBot's potential. Last month, UBS cited MakerBot's strong position in the consumer/enthusiast 3D printer segment as a reason for being positive on Stratasys.
    • Voxeljet closed yesterday near its 52-week low of $12.85. Likewise, ExOne wasn't too far removed from its 52-week low of $24.34. Shares had been trading close to the low since ExOne posted a Q1 miss last week.
  • May. 15, 2014, 9:15 AM
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  • May. 14, 2014, 7:27 PM
    • Good news for 3D printer vendors: (DDD, SSYS, VJET, XONE): CAD software giant Autodesk (ADSK) plans to launch Spark, an open-source software platform it hopes will lower software costs (both 3rd-party licensing and in-house R&D) for printer makers, and also improve/ease the design process for users.
    • Bad news: To show off Spark, Autodesk plans to make a reference printer whose design "will be made publicly available to allow for further development and experimentation." CEO Carl Bass calls the printer "a midmarket industrial machine," and notes similar hardware typically costs ~$5K.
    • Autodesk's printer will rely on stereolithography (SLA), a printing process  less frequently used than fused deposition modeling (FDM) in mass-market printers, but which is gaining steam thanks to speed/reliability benefits and patent expirations. The company promises a wide range of materials will be supported.
    • Autodesk, which reports tomorrow, is undoubtedly hoping to drive further usage of its CAD software, already used in plenty of 3D printing projects. Its efforts could have implications for software vendor Materialise (recently filed for an IPO).
    • Earlier: ExOne -12.8% AH on Q1 miss, margin pressure
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Company Description
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.