voxeljet AG (VJET) Tops Q2 EPS by 14c, provides outlook

voxeljet AG (NASDAQ: VJET) reported Q2 EPS of (EUR0.34), EUR0.14 better than the analyst estimate of (EUR0.48). Revenue for the quarter came in at EUR6.17 million versus the consensus estimate of EUR6.48 million.

Business Outlook

Our revenue guidance for the fourth quarter of 2023 is expected to be in the range of kEUR 10,000 to kEUR 13,500.

We refine in part and reaffirm in part our guidance for the full year ending December 31, 2023:

- Full year revenue is expected to be in the range of kEUR 29,000 to kEUR 32,500 (range is refined to the upper end of our earlier guidance)

- Gross profit margin remains expected to be above 31.5%

- Operating expenses for the full year are expected as follows: selling and administrative expenses remain expected to be in the range of kEUR 14,000 to kEUR 16,000 and R&D expenses are projected to be between approximately kEUR 6,750 and kEUR 7,000 (slightly lowered from our earlier guidance). Depreciation and amortization expense remains expected to be between kEUR 3,000 and kEUR 3,250.

- Adjusted EBITDA for the fourth quarter of 2023 remains expected to be slightly negative to neutral. Adjusted EBITDA is defined as net income (loss), as calculated under IFRS accounting principles before interest (income) expense, provision (benefit) for income taxes, depreciation and amortization, and excluding other operating (income) expense resulting from foreign exchange gains or losses on the intercompany loans granted to the subsidiaries.

- Capital expenditures are projected to be in the range of kEUR 1,500 to kEUR 1,750 (lowered from our earlier guidance), which primarily includes ongoing investments in our global subsidiaries.

Our total backlog of 3D printer orders as of September 30, 2023 was kEUR 11,737, which represents fifteen 3D printers. This compares to a backlog of kEUR 9,975 representing eleven 3D printers, December 31, 2022. As production and delivery of our printers are generally characterized by lead times ranging between three to nine months, the conversion rate of order backlog into revenue is dependent on the equipping process for the respective 3D printer, as well as the timing of customers’ requested deliveries.

As of September 30, 2023, we had cash and cash equivalents of kEUR 4,968, and additionally held kEUR 2,988 of restricted cash and kEUR 1,891 of term deposits, which are included in current other financial assets on our consolidated statements of financial position.

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

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