ExOne M-Flex
ExOne (NASDAQ:XONE) has posted strong revenue growth for the first three months of 2013, but the company has reported an increased year-on-year net loss.
The 3D printing company - which joined rivals 3D Systems (NYSE:DDD) and Stratasys (NASDAQ:SSYS) on the stock exchange in February of this year - revealed that its revenue for the January-March quarter was $7.9 million (£5.1 million) compared to the $2.7 million logged for the period in 2012.
Net loss attributable to ExOne for this quarter was $1.9 million, compared to last year's $1.5 million. This $0.4 million increase has been put down to higher operating expenses, which were partially counterbalanced by improved gross profit. Indeed, revenue growth was driven by more robust sales of the company's 3D printers and laser machines.
Gross profit was $2.8 million in the first quarter of 2013 - an improvement of $2 million compared to the January-March period in 2012.
However, ExOne reported an operating loss of $1.6 million for the first quarter of 2013, compared with $1.4 million in the first quarter of 2012 due to higher operating expenses. Selling, general and administrative expenditure rose to $3.6 million as a result of higher professional service fees and the addition of staff to support the firm's growth strategy.
Moreover, research and development expenses increased by $0.4 million to support ExOne's materials qualification activities.
Chairman and CEO Kent Rockwell commented: "We continue to be very encouraged with the opportunities that present themselves for our 3D printing capability."
But the 3D printing boss stated he and his colleagues are aware there is work to be done. He said: "As a global company we are subject to the vagaries of the economies in which we operate. The weakness in Europe has slowed the purchase decisions of our customers in that region while customer demand in Japan is clearly strengthening with the economy. And in North America, we also received our first order for an M-Flex machine in the quarter."
Mr Rockwell concluded: "We are steadily advancing our growth strategy. This includes the expansion of our manufacturing capacity in Germany, upgrading our PSCs and working to establish a more robust PSC network. Importantly, we are also making solid progress with our materials development processes."
For 2013, ExOne continues to expect full-year revenue to hit between $48 million and $52 million, with approximately two-thirds of revenue anticipated to fall in the final six months of the year.
Some $40 million to $50 million in growth investments are planned for this year and next, including the expansion of ExOne's global manufacturing capacity and PSC development.
At close of play in New York last night (May 14th) shares in ExOne rose by more than nine per cent to $48.60 per unit - while 3D Systems and Stratasys stock also rallied.
