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ExOne (XONE)

  • 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
  • Dec. 26, 2014, 1:03 PM
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  • 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. 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. 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
    • Top gainers, as of 5:15 p.m.: SAND +33.6%. CYBR +14.9%. FUEL +13.1%. DY +6.4%. BZH +3.6%.
    • Top losers, as of 5:15 p.m.: XONE -7.2%. DKS -5.6%. ACM -5.2%. RGLS -4.3%. NTAP -3.5%.
    | 1 Comment
  • 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. 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.
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  • Oct. 29, 2014, 10:39 AM
    • After promising a 3D printing tech breakthrough for months, H-P (HPQ -0.2%) is finally sharing some details. The company plans to leverage a proprietary 4-step inkjet process known as Multi Jet Fusion. H-P claims the process can operate 10K nozzles at once, and allow objects to be printed more than 10x faster than conventional approaches.
    • "That means a fundamentally lower cost," says H-P SVP Stephen Nigro. He adds H-P is focusing on the high-end/industrial segment, and suggests its printers will be priced towards the low end of the segment's traditional $150K-$500K price range.
    • 3D printer makers aren't taking the news well: DDD -6.2%. SSYS -6.1%. XONE -8.1%. VJET -3.6%.
    • H-P's printers won't be widely available until 2016; some customers will get to test them next year. Industry analyst Terry Wohlers thinks H-P's offerings could potentially "put some other companies out of business," and also expand the addressable market for printing sophisticated products.
    • Forrester's Sophia Vargas is more cautious: Though calling H-P's solution well-suited for plastic printing, she notes the company hasn't yet proven it can work with metals and other materials.
    • Also unveiled by H-P: Sprout, an $1,899 desktop featuring an overhead 3D scanning camera. The camera can turn anything placed on a mat in front of the PC's monitor (objects, sketches, written material) into digital content. It ships next month.
    • Gartner recently forecast 3D printer shipments "will more than double every year between 2015 and 2018," reaching 2.3M units in 2018. Total end-user spending is expected to grow to $13.4B in 2018 from $1.6B in 2015.
  • Oct. 27, 2014, 2:39 PM
    • High-flying cybersecurity software vendor CyberArk (CYBR +10.1%) and beaten-down 3D printer vendor ExOne (XONE +9.9%) have taken off today. Neither has shown great volume: CyberArk has seen 2.7M shares change hands vs. a post-IPO average of 3.6M, and ExOne has seen 321K vs. a 3-month average of 658K.
    • CyberArk has more than doubled from its $16 September IPO price. ExOne, which had 57% of its float shorted as of Oct. 15, is still down 61% YTD.
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  • Oct. 22, 2014, 9:19 AM
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  • Oct. 1, 2014, 1:20 PM
    • Volatile and heavily-shorted 3D printing names are among the bigger decliners as the Nasdaq posts a 1.4% drop. Volumes for several names are already near or above their 3-month daily averages.
    • ExOne (XONE -10.6%) has tumbled to a fresh post-IPO low, and Voxeljet (VJET -3%) is close to its post-IPO low of $12.85. Also selling off: DDD -4.5%. SSYS -5.2%. CAMT -8.7%. ONVO -3.8%. OTCPK:AMAVF -5.9%.
  • Aug. 29, 2014, 2:37 PM
    • Stifel's Patrick Newton has launched coverage on Stratasys (SSYS +1.3%) at Buy, and ExOne (XONE -3.1%) at Hold. 3D Systems has also been launched at Buy, but isn't moving much in response.
    • Newton calls Stratasys his "favorite idea" in 3D printing (he's not alone), and thinks the company can deliver 30%+ annual growth. He talks up Stratasys' consumer market leadership (courtesy of MakerBot), and says its lack of a metal printer offering is its "only noticeable weakness" in the industrial space.
    • He thinks ExOne can deliver strong revenue and margin growth on the back of rising services/materials sales and growing demand for its binder jetting industrial printers. But like others, Newton has his doubts ExOne can hit management's forecast for 40%-50% sales growth, given recent results.
    • Stratasys took off 3 weeks ago thanks to a Q2 beat and guidance hike. Though still down YTD, the company has easily outperformed 3D printing peers in 2014.
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  • Aug. 22, 2014, 1:30 PM
    • Volatile/heavily-shorted 3D printing stocks are rallying strongly on a quiet late-August trading day. 3D Systems (DDD +3%), Stratasys (SSYS +4.2%), Voxeljet (VJET +11.8%), ExOne (XONE +5.4%), and Materialise (MTLS +2.9%) are among the gainers.
    • 3D Systems' short-interest was at a 52-week high of 36.1M shares (34% of the float) on July 31. A relatively modest 15% of Stratasys' float was shorted as of July 31. The figure was 26% for Voxeljet, and a whopping 51% for ExOne.
  • Aug. 15, 2014, 8:28 AM
    • FBR Capital has initiated coverage on ExOne (NASDAQ:XONE) shares, giving an Outperform rating to the stock. The price target has been set to $45.
    • XONE +1.9% AH
    | 1 Comment
XONE vs. ETF Alternatives
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.