The ExOne Company Reports 2019 First Quarter Results

  • Expanded gross margin to 27.6% on sales of $9.6 million
  • A 13% decrease in operating expenses and improved gross margin drove significant reduction in net loss
  • Backlog increased to $18.8 million; Supports expectations for solid second quarter and full-year revenue growth
  • Reconfirming 2019 goals of mid-teen revenue growth and positive Adjusted EBITDA* for the year
    • Distribution of revenue expected to approximate 35%/65% for 1H/2H 2019

NORTH HUNTINGDON, Pa. — (BUSINESS WIRE) — May 9, 2019The 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, 2019.

S. Kent Rockwell, ExOne’s Chairman and Chief Executive Officer, stated, “Order activity started strong this year, building backlog in support of our expectations for robust revenue growth for 2019 and reinforcing our excitement around the building momentum for our binder jetting printing technology. As we told you in March, our revenue in the first quarter was below last year’s first quarter as a result of timing, and we remain confident in our outlook for a strong second quarter. Importantly, our focus on profitable growth is demonstrated in the measurable reduction in operating expenses and we expect to realize strong operating leverage as we grow through the year.”

He added, “We are enthusiastic about our ongoing new product development efforts. Our new X1 25PRO™ larger format fine powder direct printing machine is receiving positive reviews during beta tests. Additionally, development of our new advanced indirect machine is progressing well. We continue to work closely with customers to identify innovative application opportunities, to further the adoption of binder jetting technology for additive manufacturing.”

                     

First Quarter Revenue – Impacted by Customer Timing

 
Quarter Ended
(in millions) March 31,
Revenue by Product Line 2019 2018 % Change
3D Printing Machines $ 3.3 35 % $ 4.5 38 % (26 %)

3D Printed and Other Products,

Materials and Services ("Recurring")

  6.3 65 %   7.4 62 % (15 %)
Total Revenue $ 9.6 100 % $ 11.9 100 % (19 %)
 

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