The Company reaffirms its previous guidance for the year ending December 31, 2014 and continues to expect revenues to exceed kEUR 18,000, with revenue growth in excess of 50%.
The Company’s total backlog of 3D printer orders at June 30, 2014 was kEUR 4,278, which represents eight 3D printers. This compares to backlog of kEUR 2,300, representing four 3D printers, at December 31, 2013. We estimate that most of the 3D printers in our backlog will ship prior to December 31, 2014. As production and delivery of our printers is generally not characterized by long lead times, backlog is more dependent on the timing of customers’ requested deliveries.
At June 30, 2014 the Company had cash and equivalents of kEUR 21,780 and held kEUR 35,070 of investments in two bond funds which are included in current financial assets on our consolidated statement of financial position.
Long Term Cash Incentive Plan (LTCIP)
On October 2, 2013, we announced that we would be implementing, effective on January 1, 2013, a long-term cash incentive plan (the “LTCIP”) for senior management and other key personnel. An initial grant of the awards under the LTCIP was made to participants on October 2, 2013. Personnel expenses incurred in the first half of 2014 related to the LTCIP amounted to kEUR 312. The first tranche of payments under the LTCIP was settled in May 2014.
Incorporation of Voxeljet of America Inc. and Lease of Canton, Michigan Facility
On February 5, 2014, we incorporated our subsidiary, Voxeljet of America Inc., in Delaware. Voxeljet of America Inc. will be headquartered in our new facility near Detroit, Michigan and will conduct our North American operations. voxeljet AG holds 100% of the issued and outstanding shares of Voxeljet of America Inc. On March 14, 2014, we signed a five-year lease for a facility located near Detroit, Michigan that will house our U.S. 3D printing service center. Our U.S. service center is expected to commence printing parts in the third quarter of 2014. The facility is approximately 50,000 square feet and will allow us to print on-demand parts, molds, cores and models for automotive and other industrial customers.
Successful Completion of Follow-on Offering
On April 16, 2014, we completed a follow-on offering of 3,000,000 American Depositary Shares (“ADSs”) at a public offering price of USD 15.00 per ADS. Net proceeds from the follow-on offering to the Company were approximately USD 41.4 million, or approximately EUR 30.2 million. On April 24, 2014, the underwriters in the follow-on offering purchased 450,000 ADSs from certain of the Company’s shareholders (the “Selling Shareholders”) pursuant to the overallotment option they were granted in the follow-on offering. The Company did not receive any proceeds from the sale of ADSs by the Selling Shareholders.
Webcast and Conference Call Details
The Company will host a conference call and webcast to review the results for the second quarter of 2014 on Thursday, August 14th at 9:30 a.m. Eastern Time. Participants from voxeljet will include its Chief Executive Officer, Dr. Ingo Ederer, and its Chief Financial Officer, Rudolf Franz, who will provide a general business update and respond to investor questions.
Interested parties may access the live audio broadcast by dialing 1-877-705-6003 in the United States/Canada, or +1-201-493-6725 for international, Conference Title “voxeljet AG Second Quarter 2014 Financial Results Conference Call.” Investors are requested to access the call at least five minutes before the scheduled start time in order to complete a brief registration. An audio replay will be available approximately two hours after the completion of the call at 1-877-870-5176 or +1-858-384-5517, Replay Conference ID number 13587780. The recording will be available for replay through August 21, 2014.
A live webcast of the call will also be available on the investor relations section of the Company’s website. Please go to the website ( http://www.voxeljet.de/en/) at least fifteen minutes prior to the start of the call to register, download and install any necessary audio software. A replay will also be available as a webcast on the investor relations section of the Company’s website.
Exchange rate
This press release contains translations of certain U.S. dollar amounts into euros at specified rates solely for the convenience of readers. Unless otherwise noted, all translations from U.S. dollars to euros in this press release were made at a rate of USD 1.3690 to EUR 1.00, the noon buying rate of the Federal Reserve Bank of New York for the euro on June 30, 2014.
About voxeljet
voxeljet is a leading provider of high-speed, large-format 3D printers
and on-demand parts services to industrial and commercial customers. The
Company’s 3D printers employ a powder binding, additive manufacturing
technology to produce parts using various material sets, which consist
of particulate materials and proprietary chemical binding agents. The
Company provides its 3D printers and on-demand parts services to
industrial and commercial customers serving the automotive, aerospace,
film and entertainment, art and architecture, engineering and consumer
product end markets. For more information, visit
http://www.voxeljet.de/en/ .
