- Third quarter sales of $10.9 million
- Q4 2019 revenue expected to exceed $20 million with positive Adjusted EBITDA*
- Continued execution of product roadmap to fuel future growth, with introduction of X1 160PRO™ metal 3D printer
- Focus remains on profitable growth and operating cash flow generation
NORTH HUNTINGDON, Pa. — (BUSINESS WIRE) — November 7, 2019 — The ExOne Company (Nasdaq: XONE), the global leader in industrial sand and metal 3D printers using binder jetting technology, reported financial results today for the third quarter and nine months ended September 30, 2019.
Revenue for the third quarter was $10.9 million, down year-over-year from the Company’s record third quarter a year ago. The decline was primarily due to the impact of current global manufacturing conditions and in-process machine installations which deferred ExOne’s revenue recognition. For the third quarter, ExOne reported a net loss of $0.30 per share.
“Despite the challenging market environment, the ExOne team has never been more excited or confident in our product lineup and technological advancements,” said ExOne CEO John Hartner. “Customer interest in our binder jetting technology remains strong, but in light of the macroeconomic backdrop, we are managing our business prudently with profitable growth as our guidepost.”
Development highlights over the past twelve months, which will fuel future growth, include the following:
- Announcement of the X1 160PRO™ printer, ExOne’s tenth and largest binder jetting system for the direct printing of metal and ceramics
- Launch of the X1 25PRO™ production metal 3D printer which begins shipping in Q4 and features ExOne’s recently patented Triple Advanced Compaction Technology (ACT) system that delivers industry-leading quality
- Launch of the S-Max Pro™ advanced sand 3D printer for production manufacturing of molds and cores for metal casting and other new applications
As ExOne adds more solutions for serial production to its product portfolio, the Company foresees a longer sales cycle as manufacturers qualify parts for binder jet 3D printing and adopt the technology into their own product lifecycles. This work is already underway with several major manufacturers.
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1 See the attached table captioned “Adjusted EBITDA Reconciliation” for important disclosures regarding the Company’s definition and 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 and nine month periods ended September 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. |
| Third Quarter and Year-to-Date 2019 Revenue – Impacted by Installation Delays
(compared with the prior-year period unless stated otherwise) |
|||||||||||||||||||||||||
| Three Months Ended | Nine Months Ended | ||||||||||||||||||||||||
| (in millions) | September 30, | September 30, | |||||||||||||||||||||||
| Revenue by Product Line | 2019 |
2018 |
% Change |
2019 |
2018 |
% Change |
|||||||||||||||||||
| 3D Printing Machines | $ |
4.0 |
36% |
$ |
9.7 |
58% |
(59%) |
$ |
16.5 |
46% |
$ |
17.4 |
44% |
(5%) |
|||||||||||
| 3D Printed and Other Products,
Materials and Services |
|
6.9 |
64% |
|
6.9 |
42% |
0% |
|
19.2 |
54% |
|
21.9 |
56% |
(12%) |
|||||||||||
| Total Revenue | $ |
10.9 |
100% |
$ |
16.6 |
100% |
(34%) |
$ |
35.7 |
100% |
$ |
39.3 |
100% |
(9%) |
|||||||||||
