- 2018 Q3 revenue of $16.6 million; full year 2018 revenue growth goal remains 20%
- Q3 net loss of $0.3 million, $0.02 loss per share
- Gross margin improved to 39.6% in Q3
-
Significant progress on global cost realignment initiative
- Q3 operating expenses down 14% compared with prior year
- Goal to achieve net income for second half of 2018
- Reiterating goal to achieve net income and positive operating cash flow in 2019
NORTH HUNTINGDON, Pa. — (BUSINESS WIRE) — November 8, 2018 — The 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 third quarter and nine months ended September 30, 2018.
S. Kent Rockwell, ExOne’s Chairman and Chief Executive Officer, stated “Our team is cohesively focused on profitable growth. We have been aggressively executing on our global cost realignment initiative and our progress is reflected in our third quarter results with positive adjusted EBITDA*. We removed excess costs throughout our organization, including consulting and personnel-related expenses, while also focusing on asset optimization and outsourcing. To date, we have implemented approximately $8 million of net annualized cost reductions, with an overall goal of cost savings of approximately $10 million. With our program well underway, we expect net income and operating cash flow to be positive in the fourth quarter of this year.”
He continued, “The evolution of our fine powder direct printing machine technology from our Innovent®+ to our larger units is advancing as planned. We have customers eagerly awaiting our introduction of these exciting new models, which continue to be anticipated in 2019.”
Third Quarter and Year-to-date Revenue –Third Quarter Driven by Machine Revenue Growth
| Quarter Ended | Nine Months Ended | |||||||||||||||||||||||||||||||||||||
| (in millions) | September 30, | September 30, | ||||||||||||||||||||||||||||||||||||
| Revenue by Product Line | 2018 | 2017 | % Change | 2018 | 2017 | % Change | ||||||||||||||||||||||||||||||||
| 3D Printing Machines | $ | 9.7 | 58 | % | $ | 8.6 | 54 | % | 13% | $ | 17.4 | 44 | % | $ | 17.1 | 45 | % | 2% | ||||||||||||||||||||
|
3D Printed and Other Products, Materials and Services |
6.9 | 42 | % | 7.3 | 46 | % | (6%) | 21.9 | 56 | % | 20.5 | 55 | % | 7% | ||||||||||||||||||||||||
| Total Revenue | $ | 16.6 | 100 | % | $ | 15.9 | 100 | % | 4% | $ | 39.3 | 100 | % | $ | 37.6 | 100 | % | 5% | ||||||||||||||||||||
