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2018 Q1 revenue up 9% to $11.9 million
- Machine revenue up 6% to $4.5 million
- Non-machine revenue up 12% to $7.4 million
- Backlog expanded over 20% to $26.1 million at quarter end
- Reaffirming 2018 revenue growth in excess of 20%
NORTH HUNTINGDON, Pa. — (BUSINESS WIRE) — May 10, 2018 — The ExOne Company (NASDAQ: XONE) (“ExOne” or “the Company”), a global provider of three-dimensional (“3D”) printing machines and 3D printed and other products, materials and services to industrial customers, reported financial results today for the first quarter ended March 31, 2018.
“Our growth and technology development activities are off to a solid start and are on track to meet our 2018 targets. Total revenue grew by 9%, or 13% on a non-GAAP basis after excluding $0.3 million in revenue from our exited specialty machining operation from the first quarter of 2017. The number of machines that we recognized in revenue in the quarter increased to six from five in the prior year, backlog expanded by nearly $5 million from December 2017 and machines that have been shipped to customers and are yet to be recognized in revenue totalled eight at the end of the quarter. Given this level of backlog, together with our robust pipeline, scheduled shipments and our available inventory, we expect our first half revenue to be in line with our full year guidance of growth in excess of 20%. Revenue growth at this rate is market leading performance and differentiates ExOne both in our growth potential as well as the increasing industrial acceptance of our binder jetting technology,” stated Jim McCarley, ExOne’s Chief Executive Officer.
He continued, “Operationally, we are on plan to meet our aggressive technical improvement goals, and we are driving continuous improvement in our team composition, cost structure, and business processes. We realized year-over-year gross margin improvement this quarter and expect this to continue throughout 2018. Likewise, we are spending R&D dollars on key machine capability improvements with our lead project, the development of a large format fine powder printer, and expect to begin printing trials this quarter.”
First Quarter Revenue – Non-Machine Revenue Drives Growth
| Quarter Ended | |||||||||||||||
| March 31, | |||||||||||||||
| (in millions) | 2018 | 2017 | % Change | ||||||||||||
|
Revenue by Product Line |
|||||||||||||||
| 3D Printing Machines | $ | 4.5 | 38 | % | $ | 4.3 | 39 | % | 6 | % | |||||
| 3D Printed and Other Products, Materials and Services | 7.4 | 62 | % | 6.6 | 61 | % | 12 | % | |||||||
| Total Revenue | $ | 11.9 | 100 | % | $ | 10.9 | 100 | % | 9 | % | |||||
