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Share Name | Share Symbol | Market | Type |
---|---|---|---|
ExOne Company | NASDAQ:XONE | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 26.70 | 24.00 | 26.60 | 0 | 01:00:00 |
The ExOne Company (Nasdaq: XONE) (“ExOne” or the “Company”), the global leader in industrial sand and metal 3D printers using binder jetting technology, today reported financial results for the first quarter ended March 31, 2021.
“The ExOne team is pleased to report record levels of both recurring revenue and machine order backlog, which shows the strength of our product offerings, adoption model, and momentum,” said John Hartner, ExOne’s CEO.
“While our first quarter results reflect the difficult operating environment that continues to persist as a result of COVID-19, we are seeing signs of an economic rebound, particularly in the U.S. market where we saw a higher concentration of sales and backlog growth during the first quarter. We look forward to entering the post-pandemic period with new tailwinds as manufacturers look to de-risk supply chains and improve the sustainability of their products with new designs that require our industrial 3D printing solutions to execute.”
Other highlights for the year to-date are also driving confidence at ExOne:
Q1 2021 Revenue Summary
Three Months Ended
(in thousands)
March 31,
Revenue by Product Line
2021
2020
% Change
3D Printing Machines
$
4,905
38
%
$
6,317
47
%
(22%)
3D Printed and Other
Products, Materials and Services
8,116
62
%
7,066
53
%
15%
Total Revenue
$
13,021
100
%
$
13,383
100
%
(3%)
Q1 2021 Financial Results Summary
The following summarizes ExOne’s financial results for the first quarter ended March 31, 2021:
Outlook
ExOne CEO John Hartner commented, “With signs of a broader economic recovery on the horizon, a record contractual backlog and expanded product portfolio and distribution network, we see the remainder of 2021 as the beginning of our next phase of growth. While there are still some remaining execution challenges as a result of COVID-19, particularly in Europe and Asia, we feel confident that our operating plan for 2021 is well supported. In addition, our improved liquidity position gives us the ability to strategically invest in additional growth opportunities.”
Webcast and Conference Call
ExOne will host a conference call and live webcast on Tuesday, May 18, 2021 at 8:30 a.m. Eastern Time. During the conference call and webcast, management will review the financial and operating results for the first quarter of 2021, along with ExOne’s corporate strategies and outlook. A question-and-answer session will follow. The teleconference can be accessed by calling (877) 407-9039 or, for international callers, (201) 689-8470. The webcast can be accessed on the Company’s website at www.investor.exone.com.
A telephonic replay of the conference call will be available from 11:30 a.m. ET on the day of the teleconference through Tuesday, May 25, 2021. To listen to a replay of the call, dial (844) 512-2921 or, for international callers, (412) 317-6671, and enter the conference ID number 13719543, or access the webcast replay via the Company’s website.
Non-GAAP Financial Measure
This press release includes a non-GAAP financial measure that is not prepared in accordance with, nor as an alternative to, GAAP. In addition, this non-GAAP financial measure is not based on any standardized methodology prescribed by GAAP and is not necessarily comparable to a similarly titled measure presented by other companies.
The table captioned “Adjusted EBITDA Reconciliation” in this press release provides a reconciliation of net loss (the most directly comparable GAAP measure) to Adjusted EBITDA.
ExOne defines Adjusted EBITDA (earnings before interest, taxes, depreciation and amortization) as net income (loss) (as calculated under accounting principles generally accepted in the United States (“GAAP”)) plus interest expense, provision (benefit) for income taxes, depreciation, equity-based compensation, gain from sale-leaseback of property and equipment and other expense (income) – net. Use of Adjusted EBITDA, as defined under SEC rules, is intended as a supplemental measure of ExOne’s performance that is not required by, or presented in accordance with, GAAP. The presentation of Adjusted EBITDA is not intended to be a substitute for, and should not be considered in isolation from, net loss reported in accordance with GAAP. The Company’s presentation of Adjusted EBITDA should not be construed to imply that its future results will be unaffected by unusual or non-recurring items.
The Company believes that Adjusted EBITDA is meaningful to its investors to enhance their understanding of ExOne’s financial results. Although Adjusted EBITDA is not necessarily a measure of the Company’s ability to fund its cash needs, the Company understands that it is frequently used by securities analysts, investors and other interested parties as a measure of financial performance and to compare ExOne’s performance with the performance of other companies that report Adjusted EBITDA.
About ExOne
ExOne is the pioneer and global leader in binder jet 3D printing technology. Since 1995, we’ve been on a mission to deliver powerful 3D printers that solve our customers’ toughest problems and enable world-changing innovations. Our 3D printing systems quickly transform powder materials — including metals, ceramics, composites and sand — into precision parts, metalcasting molds and cores, and innovative tooling solutions. Industrial customers use our technology to save time and money, reduce waste, increase their manufacturing flexibility, and deliver designs and products that were once impossible. As home to the world’s leading team of binder jetting experts, ExOne also provides specialized 3D printing services, including on-demand production of mission-critical parts, as well as engineering and design consulting. Learn more about ExOne at www.exone.com or on Twitter at @ExOneCo.
Safe Harbor Regarding Forward Looking Statements
This news release may contain forward-looking statements within the meaning of the Private Securities Litigation Reform Act with respect to the Company’s future financial or business performance, strategies, or expectations. Forward-looking statements typically are identified by words or phrases such as “trend,” “potential,” “opportunity,” “pipeline,” “believe,” “comfortable,” “expect,” “anticipate,” “current,” “intention,” “estimate,” “position,” “assume,” “outlook,” “continue,” “remain,” “maintain,” “sustain,” “seek,” “achieve,” as well as similar expressions, or future or conditional verbs such as “will,” “would,” “should,” “could” and “may.”
The Company cautions that forward-looking statements are subject to numerous assumptions, risks and uncertainties, which change over time. Forward-looking statements speak only as of the date they are made and the Company assumes no duty to and does not undertake to update forward-looking statements. Actual results could differ materially from those anticipated in forward-looking statements and future results could differ materially from historical performance.
In addition to risk factors previously disclosed in the Company’s filings with the U.S. Securities and Exchange Commission (the “SEC”), including its Annual Report on Form 10-K, the following factors, among others, could cause results to differ materially from forward-looking statements or historical performance: the severity and duration of world health events, including the COVID-19 outbreak and the related economic repercussions and operational challenges; the Company’s ability to consistently generate operating profits; fluctuations in the Company’s revenues and operating results; the Company’s competitive environment and its competitive position; ExOne’s ability to enhance its current 3D printing machines and technology and to develop and introduce new 3D printing machines; the Company’s ability to qualify more industrial materials in which it can print; demand for ExOne’s products; the availability of skilled personnel; the impact of loss of key management; the impact of customer specific terms in machine sale agreements in determining the period in which the Company recognizes revenue; risks related to global operations including effects of foreign currency and COVID-19; dependency on certain critical suppliers; nature or impact of alliances and strategic investments; reliance on critical information technology systems; the effect of litigation, contingencies and warranty claims; liabilities under laws and regulations protecting the environment; the impact of governmental laws and regulations; operating hazards, cyberattacks, war, terrorism and cancellation or unavailability of insurance coverage; the impact of disruption of the Company’s manufacturing facilities or ExOne Adoption Centers; the adequacy of ExOne’s protection of its intellectual property; expectations regarding demand for the Company’s industrial products, and other matters with regard to outlook; and other factors beyond our control, including the impact of COVID-19.
These and other important factors, including those discussed under Item 1A, “Risk Factors” and Item 7, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Annual Report on Form 10-K, and under Part I, Item 2, “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in the Company’s Quarterly Report on Form 10-Q for the quarter ended March 31, 2021, may cause the Company’s actual results of operations to differ materially from any future results of operations expressed or implied by the forward-looking statements contained therein. Before making a decision to purchase ExOne common stock, you should carefully consider all of the factors identified in its Annual Report on Form 10-K and Quarterly Report on Form 10-Q that could cause actual results to differ from these forward-looking statements.
FINANCIAL TABLES FOLLOW.
The ExOne Company
Condensed Statement of Consolidated Operations and Comprehensive Loss (Unaudited)
(in thousands, except per-share amounts)
Three Months Ended
March 31,
2021
2020
Revenue
$
13,021
$
13,383
Cost of sales
11,021
9,754
Gross profit
2,000
3,629
Operating expenses
Research and development
2,624
2,476
Selling, general and administrative
5,893
6,163
Gain from sale-leaseback of property and equipment
—
(1,462
)
8,517
7,177
Loss from operations
(6,517
)
(3,548
)
Other expense (income)
Interest expense
160
64
Other (income) expense – net
(125
)
(190
)
35
(126
)
Loss before income taxes
(6,552
)
(3,422
)
(Benefit) provision for income taxes
(412
)
226
Net loss
$
(6,140
)
$
(3,648
)
Net loss per common share:
Basic
$
(0.29
)
$
(0.22
)
Diluted
$
(0.29
)
$
(0.22
)
Comprehensive loss:
Net loss
$
(6,140
)
$
(3,648
)
Other comprehensive loss:
Foreign currency translation adjustments
(1,120
)
(838
)
Comprehensive loss
$
(7,260
)
$
(4,486
)
The ExOne Company
Condensed Consolidated Balance Sheet (Unaudited)
(in thousands, except per-share and share amounts)
March 31,
December 31,
2021
2020
Assets
Current assets:
Cash and cash equivalents
$
137,321
$
49,668
Restricted cash
955
508
Accounts receivable – net
4,825
5,225
Current portion of net investment in sales-type leases – net
233
229
Inventories – net
23,015
20,562
Prepaid expenses and other current assets
6,724
4,451
Total current assets
173,073
80,643
Property and equipment – net
21,429
21,300
Operating lease right-of-use assets
3,429
4,043
Net investment in sales-type leases – net of current portion – net
449
509
Other noncurrent assets
460
794
Total assets
$
198,840
$
107,289
Liabilities
Current liabilities:
Current portion of long-term debt
$
1,949
$
1,622
Current portion of operating lease liabilities
1,897
1,958
Accounts payable
6,158
4,501
Accrued expenses and other current liabilities
5,452
4,978
Current portion of contract liabilities
14,877
13,586
Total current liabilities
30,333
26,645
Long-term debt – net of current portion
245
1,783
Operating lease liabilities – net of current portion
1,532
2,085
Contract liabilities – net of current portion
248
159
Other noncurrent liabilities
258
314
Total liabilities
32,616
30,986
Contingencies and commitments
Stockholders' equity
Common stock, $0.01 par value, 200,000,000 shares authorized,
22,030,401 (2021) and 20,009,157 (2020) shares issued and
outstanding
220
200
Additional paid-in capital
315,274
218,113
Accumulated deficit
(138,012
)
(131,872
)
Accumulated other comprehensive loss
(11,258
)
(10,138
)
Total stockholders' equity
166,224
76,303
Total liabilities and stockholders' equity
$
198,840
$
107,289
The ExOne Company
Condensed Statement of Consolidated Cash Flows (Unaudited)
(in thousands)
Three Months Ended
March 31,
2021
2020
Operating activities
Net loss
$
(6,140
)
$
(3,648
)
Adjustments to reconcile net loss to net cash used for operations:
Depreciation
993
923
Equity-based compensation
282
292
Amortization of debt issuance costs
7
19
(Recoveries) provision for bad debts – net
(47
)
51
Provision for slow-moving, obsolete and lower of cost or
net realizable value inventories – net
129
22
Foreign exchange gains on intercompany transactions – net
(136
)
(165
)
Gain from sale-leaseback of property and equipment
—
(1,462
)
Deferred income taxes
—
195
Loss on extinguishment of debt
119
—
Changes in assets and liabilities, excluding effects of foreign currency
translation adjustments:
Decrease in accounts receivable
311
1,487
Decrease (increase) in net investment in sales-type leases
56
(50
)
Increase in inventories
(3,500
)
(2,146
)
Increase in prepaid expenses and other assets
(1,389
)
(674
)
Increase (decrease) in accounts payable
1,549
(1,408
)
Increase (decrease) in accrued expenses and other liabilities
395
(24
)
Increase in contract liabilities
1,468
1,849
Net cash used for operating activities
(5,903
)
(4,739
)
Investing activities
Capital expenditures
(1,067
)
(338
)
Proceeds from sale of property and equipment
—
16,228
Net cash (used for) provided by investing activities
(1,067
)
15,890
Financing activities
Payments on long-term debt
(1,226
)
(39
)
Proceeds from exercise of employee stock options
1,100
—
Proceeds from common stock offerings, net of issuance costs
95,446
—
Other
(6
)
(3
)
Net cash provided by (used for) financing activities
95,314
(42
)
Effect of exchange rate changes on cash, cash equivalents, and restricted cash
(244
)
(31
)
Net change in cash, cash equivalents, and restricted cash
88,100
11,078
Cash, cash equivalents, and restricted cash at beginning of period
50,176
6,243
Cash, cash equivalents, and restricted cash at end of period
$
138,276
$
17,321
Supplemental disclosure of noncash investing and financing activities
Transfer of internally developed 3D printing machines from inventories to
property and equipment for internal use or leasing activities
$
975
$
852
Transfer of internally developed 3D printing machines from property
and equipment to inventories for sale
$
629
$
823
Property and equipment included in accounts payable
$
310
$
56
Common stock offering issuance costs included in accounts payable
$
158
$
—
Unsettled proceeds from exercise of employee stock options included in
prepaid expenses and other current assets
$
340
$
—
Debt issuance costs included in accounts payable
$
—
$
41
The ExOne Company
Adjusted EBITDA Reconciliation (Unaudited)
(in millions)
Three Months Ended
March 31,
2021
2020
Net loss
$
(6.1
)
$
(3.6
)
Interest expense
0.1
0.1
(Benefit) provision for income taxes
(0.4
)
0.2
Depreciation
1.0
0.9
Equity-based compensation
0.3
0.3
Gain from sale-leaseback of property and equipment
—
(1.5
)
Other (income) expense – net
(0.1
)
(0.2
)
Adjusted EBITDA
$
(5.2
)
$
(3.8
)
View source version on businesswire.com: https://www.businesswire.com/news/home/20210517005856/en/
Doug Zemba Chief Financial Officer (724) 765-1331 douglas.zemba@exone.com Monica Gould Investor Relations (212) 871-3927 investor.relations@exone.com
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