FRIEDBERG, Germany — (BUSINESS WIRE) — May 12, 2016 — voxeljet AG (NYSE: VJET) (the “Company”, or “voxeljet”), a leading provider of high-speed, large-format 3D printers and on-demand parts services to industrial and commercial customers, today announced consolidated financial results for the first quarter ended March 31, 2016.
Highlights – First Quarter 2016
- Total revenues decreased 12.9% to kEUR 4,870 from kEUR 5,589
- Gross margin was 27.3% compared to 33.6%
- Systems revenues decreased 1.2% to kEUR 2,783 from kEUR 2,817
- Services revenues decreased 24.7% to kEUR 2,087 from kEUR 2,772
- Establishment of our Indian subsidiary, located in the city of Pune, near Mumbai
- Establishment of our Chinese subsidiary, located in Suzhou, near Shanghai
- Reaffirm full year 2016 revenue guidance
Dr. Ingo Ederer, Chief Executive Officer of voxeljet, commented, “I am pleased with our first quarter results, where we successfully installed two printers with our new PDB process. In addition, the establishment of our new subsidiaries in India and China shows great progress. Demand for both our systems and on-demand printed parts remains robust.
Dr. Ederer continued, “We reaffirm our full year 2016 guidance of revenues between kEUR 28,000 and kEUR 30,000 for the Group.”
First Quarter 2016 Results
Revenues for the first quarter of 2016 decreased by 12.9% to kEUR 4,870 compared to kEUR 5,589 in the first quarter of 2015.
Revenues from our Systems segment, which focuses on the development, production and sale of 3D printers, decreased 1.2% to kEUR 2,783 in the first quarter of 2016 from kEUR 2,817 in last year’s first quarter. The Company delivered three new printers in the first quarter of 2016, compared to four printers (two new and two used) delivered in last year’s first quarter. Systems revenues also include all revenues from consumables, spare parts and maintenance. Systems revenues represented 57.1% of total revenues in the first quarter of 2016 compared to 50.4% in last year’s first quarter.
Revenues from our Services segment, which focuses on the printing of on-demand parts for our customers, decreased 24.7%, to kEUR 2,087 in the first quarter of 2016 from kEUR 2,772 for the same quarter last year. This was mainly due to lower revenue contribution from our subsidiary voxeljet UK Ltd. (“voxeljet UK”), which was successfully restructured in late 2015. The revenue contribution of voxeljet UK was kEUR 117 compared to kEUR 912 in last year’s first quarter. Moreover, revenue contribution from voxeljet AG for the first quarter of 2016 was lower than in the last year’s same period. This was partially offset by a higher revenue contribution from our subsidiary voxeljet America Inc. (“voxeljet America”).
Cost of sales was kEUR 3,539 for the first quarter of 2016 compared to kEUR 3,710 for the first quarter of 2015.
Gross profit was kEUR 1,331 in the first quarter of 2016 compared to kEUR 1,879 in the first quarter of 2015. This was due to lower gross profit contributions from voxeljet AG as well as voxeljet UK, whereas the gross profit contribution from voxeljet America improved significantly. Gross profit margin decreased to 27.3% in the first quarter of 2016 from 33.6% in the first quarter of 2016.
Gross profit for our Systems segment decreased to kEUR 693 in the first quarter of 2016 from kEUR 772 in the first quarter of 2015. The gross profit margin for this segment decreased to 24.9% in the first quarter of 2016 compared to 27.4% in the first quarter of 2015. The decrease resulted mainly from two of the three 3D printers sold in the first quarter of 2016 being equipped with new processes and products incorporating new processes typically contribute lower gross profit at the beginning of the product life cycle. Furthermore, higher headcount costs related to our growth strategy led to lower gross profit. As of March 31, 2016, 68 people were employed in the Systems segment, compared to 41 as of March 31, 2015.
Gross profit for our Services segment decreased to kEUR 638 in the first quarter of 2016 from kEUR 1,107 in the first quarter of 2015. The gross profit margin for this segment decreased to 30.6% in the first quarter of 2016 from 39.9% in the first quarter of 2015. This was mainly related to lower gross profit contributions from voxeljet AG, as well as voxeljet UK due to a lower utilization ratio. This was partially offset by higher gross profit and gross profit margin contributions from voxeljet America. Gross profit margin highly depends on the degree of capacity utilization. A ramp-up in Services revenues would lead to a stronger gross profit margin.
