The ExOne Company Reports 2019 Second Quarter Results

  • Expanded gross margin to 33.7% on sales of $15.3 million; Represents 41% year-over-year quarterly revenue growth
  • A 9% decrease in operating expenses and improved gross margin drove significant reduction in net loss; Demonstrates improved operating model
  • Backlog increased to $23.1 million

NORTH HUNTINGDON, Pa. — (BUSINESS WIRE) — August 7, 2019The ExOne Company (Nasdaq: XONE) (“ExOne” or the “Company”), a global leader in industrial sand and metal three-dimensional (“3D”) printing systems using binder jetting technology, reported financial results today for the second quarter and first half year ended June 30, 2019.

John Hartner, ExOne’s Chief Executive Officer, stated, “We are pleased with the significant progress we are making – from a technological, commercial and financial standpoint. We reached a milestone for ExOne this quarter, reporting record-setting second quarter revenue and gross profit levels, in spite of recent unfavorable macroeconomic factors. As we reflect on our trailing twelve month (TTM) financial performance through the 2019 second quarter, we achieved record-setting levels for several metrics during our history as a public company – including revenue of $66.7 million and nearing breakeven Adjusted EBITDA*. Those metrics represent significant improvement over the year-ago TTM revenue of $58.8 million, net loss of $21.2 million, and Adjusted EBITDA* loss of $13.6 million, reflecting the success of our operating model changes initiated a year ago.”

He continued, “We are receiving favorable feedback on our new S-MAX Pro™ that we introduced in conjunction with the GIFA trade fair in Dusseldorf, Germany in June. This industrial sand printer includes a newly-developed, highly-efficient printhead and fully-automated recoater, significantly increasing print speed. Its multi-binder system is conducive to a fully-automated, scalable production line capable of 24/7 operation and includes the latest Siemens’ Digital Factory portfolio of software and automation technology to leverage the benefits of Industry 4.0.

“As we previously announced, Kennametal and Sandvik have agreed to beta test our new X1 25PRO™, our larger format, fine powder, high-resolution production machine that we displayed at the RAPID + TCT trade show in Detroit in May. This new platform is capable of printing standard industry powders utilized in MIM (metal injection molding) and other PM (powdered metal) processes. We secured our first order for a production machine that we expect to ship in the second half of this year.

“Customer feedback and pipeline growth for both of these machines gives us confidence in our ongoing technological advancement capability and growing customer adoption of our platforms.”

_____________________________
* See the attached table captioned “Adjusted EBITDA Reconciliation” for important disclosures regarding the Company’s use of Adjusted EBITDA as well as a reconciliation of net loss (the most directly comparable measure under accounting principles generally accepted in the United States (“GAAP”)) to Adjusted EBITDA for the three month, six month and trailing twelve month periods ended June 30, 2019 and 2018. ExOne management believes that, when used in conjunction with other measures prepared in accordance with GAAP, Adjusted EBITDA assists in the understanding of its financial results.

Second Quarter and First Half 2019 Revenue – Driven By Machine Sale Growth

(compared with the prior-year period unless stated otherwise)

 
Three Months Ended Six Months Ended
(in millions) June 30, June 30,
Revenue by Product Line

2019

2018

% Change

2019

2018

% Change

3D Printing Machines

$

9.3

60

%

$

3.2

30

%

187

%

$

12.6

51

%

$

7.7

34

%

62

%

3D Printed and Other Products, Materials and Services

 

6.0

40

%

 

7.6

70

%

(21

%)

 

12.3

49

%

 

15.0

66

%

(18

%)

Total Revenue

$

15.3

100

%

$

10.8

100

%

41

%

$

24.9

100

%

$

22.7

100

%

9

%


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