voxeljet AG (VJET) Swings to Q3 Loss

voxeljet AG (NYSE: VJET) reported Q3 EPS of (EUR0.41), versus EUR0.11 reported last year. Revenue for the quarter came in at EUR3.76 million, versus EUR3.52 million reported last year.

Dr. Ingo Ederer, Chief Executive Officer of voxeljet, commented, “In Systems, we shipped four printers in the quarter but only received final customer acceptance, which is required for revenue recognition, on three of these printers. This is purely a timing issue. We expect to receive the final acceptance report for the fourth printer in the fourth quarter. Customer interest and quoting activity remains strong, and the outlook for printer sales is positive based on our backlog. We continue to make progress on our growth initiatives, however our results were adversely affected by the temporary operating disruption of one VX4000 printer in our German service center due to technical issues. This resulted in less available capacity during the quarter. This printer did not operate for most of the third quarter and returned to service in late September. We have been operating at normal capacity ever since. Even with our capacity reduced in the third quarter, we shipped record box volumes for sand parts, and generated record revenues for plastic parts. We received a record volume of orders for both on-demand sand and plastics parts, highlighting the growing acceptance of 3D printing for production. We believe this validates our strategic positioning within the industry.”

Dr. Ederer continued, “We are revising our revenue guidance for the year ending December 31, 2014 to a range of between kEUR 15,000 and kEUR 16,000, from the previous guidance in excess of kEUR 18,000. This reflects the operating disruption we experienced in Services in the third quarter, as well as the later-than-anticipated opening of our Canton, Michigan facility, which is now expected to start on-demand parts production in the first quarter of 2015. In addition, delays in the initial delivery of certain of our new 3D printer models, including the VX2000, for which we have received orders, will result in the sale of fewer printers in 2014 than we had previously anticipated. We now expect that these printers will be delivered in 2015. The guidance includes contribution from the acquisition of Propshop (Model Makers) Limited on October 1, 2014. This has been a transition year for voxeljet, as we are investing and positioning the business for the future. I am very pleased with our progress and the milestones we have achieved. Our long term outlook for revenue growth of approximately 50% annually is unchanged.”

For earnings history and earnings-related data on voxeljet AG (VJET) click here.

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