Third Quarter 2016 Financial Results. November 11th, 2016

Transcription

1 Third Quarter 2016 Financial Results November 11th, 2016

2 Safe Harbor Summary This presentation contains forward-looking statements about voxeljet AG based on management s current expectations which are subject to known and unknown uncertainties and risks. Our actual results could differ materially from those discussed due to a number of factors, including the risk factors included in our annual report on Form 20-F. We are providing this information as of the date of this presentation and do not undertake any obligation to update any forward-looking statements contained in this presentation as a result of new information, future events or otherwise. voxeljet AG, Friedberg 2

3 Agenda Dr. Ingo Ederer CEO and Founder Business Update Technology Update Market Update Financial Overview Rudolf Franz COO and CFO voxeljet AG, Friedberg 3

4 Who we are Founded in 1999 > 275 employees Headquarters in Augsburg, Germany Subsidiaries: Detroit/USA, London/UK, Pune/India, Shanghai/China Scope of business: Industrial 3D-printing Public company traded on NYSE since October 2013 voxeljet AG, Friedberg 4

5 BUSINESS UPDATE voxeljet AG, Friedberg 5

6 Q Highlights Total revenues increased 4.0% to keur 4,897 from keur 4,710 in Q3/2015 Systems revenues increased 74.5% to keur 2,549 from keur 1,461 in Q3/2015 Backlog of 5.8 million at September 30, 2016 representing ten printers Services revenues decreased 27.7% to keur 2,348 from keur 3,249 in Q3/2015 Lower revenue contribution after giving effect to the restructuring of voxeljet UK voxeljet AG, Friedberg 6

7 Strategy 2020 on Track Value Strengthen Core IT-Infrastructure Matrix organization Quality management Scale Up Large scale service centers New materials HR Operational Excellence Tangible results from innovation initiatives Process refinement (cost effectiveness, speed, size) Zero defects policy 2015 Strategic Direction Optimization 2020 voxeljet AG, Friedberg 7

8 Key Initiatives IT Infrastructure Continuous investment in IT Standardize, integrate and automate processes to reduce time to market and save costs (Digital Warehouse, ERP-based Production Planning etc.) Introduction of cloud based CRM tool to leverage global reach and drive international sales Joined SAP & UPS co-innovation program to push 3D Printing into mainstream manufacturing Process Refinement Further improvement of reliability and overall printer performance [l/h] as key-focus in R&D Stringent audit of critical suppliers to ensure quality of consumables (e.g. binder) Material development: close cooperation with industry partners to develop new and improved materials voxeljet AG, Friedberg 8

9 Business Update HQs Expansion on track New and improved Systems assembly capacity Additional office space voxeljet America Additional equipment to satisfy increasing demand Additional sales partner for Mexico voxeljet UK Expected to move into new and increased facility in the first half of 2017 to host additional PDB printing systems Increased revenue contribution from industrial customers voxeljet AG, Friedberg 9

10 Business Update voxeljet India Focus on ramping up sales team to cover whole Indian market Increased demand from high value-added, export-oriented foundries voxeljet China Focus on ramping up sales team to cover whole Chinese market In final planning stages for new facility Construction expected to commence in Q2/2017 voxeljet AG, Friedberg 10

11 TECHNOLOGY UPDATE voxeljet AG, Friedberg 11

12 R&D Update Project Description Acr. Focus Activity Inorganic Binding Particles are bound using an improved water glass based binder Heating with IR lamp for faster dissolution of binder No hazardous emissions during casting Critical to Automotive OEMS (sustainability) IOB Second Generation Design Phenolic Direct Binding No premixed sand required Suitable for various particle material (e.g. ceramics, silica sands) Resin hardens under heat (IR lamp) High recyclability of sand PDB Upscale High Speed Sintering Resin & IR lamp cause polyamides to melt together Significantly lower costs compared to Laser Sintering Increased build space, higher output per hour End-User quality parts (e.g. dashboards) HSS Serial Machine Design Poly Por C Super-high resolution Improved Process Stability Ease of handling PPC Second Generation Design Scaleability Improved process reliability and repeatability Increased print head performance [l/h] S² Process Stability & Performance voxeljet AG, Friedberg 12

13 HSS sample voxeljet AG, Friedberg 13

14 Target: Reduce cost per piece to gain market share Manufacturing Costs Cost Savings 1 Edge Quantity Quantity voxeljet AG, Friedberg 14

15 MARKET UPDATE voxeljet AG, Friedberg 15

16 Machine Tool Consumption (in US$ billions) Emerging Economies will Drive Demand Machine Tool Consumption (~lead indicator for vjet 3DP) Market has bottomed out and gradually picks up pace Drivers: Emerging economies: growing middle class Global competitiveness: advancing productivity Obsolescence: older machines technologically outdated Automation: shrinking supply of skilled machinists Source: Oxford Economics Autumn 2016 Global Machine Tool Outlook Report voxeljet AG, Friedberg 16

17 FINANCIAL OVERVIEW voxeljet AG, Friedberg 17

18 Revenue and Gross Profit: Three Months Ended 09/30/2016 Q3 Revenues Q3 Gross Profit ( in 000 s) ( in 000 s) 10,000 10, % 9,000 9,000 8,000 8, % 7,000 6,000 5,000 4,710 4,897 7,000 6,000 5,000 32,7% 41,1% 30.0% 4,000 4, % 3,000 2,000 3,000 2,000 1,538 2, % 1,000 1,000 0 Q Q Q Q % Gross Profit % Margin Revenues for Q increased 4% to keur 4,897 from keur 4,710 in Q Gross profit and margin of keur 2,015 and 41.1% in Q compared to keur1,538 and 32.7% in Q voxeljet AG, Friedberg 18

19 Segment Financials Systems: Three Months Ended 09/30/2016 Q3 Systems Revenues Q3 Systems Gross Profit ( in 000 s) ( in 000 s) 5,000 5, % 4,000 4, % 40.0% 3,000 2,549 3, % 30.0% 2,000 1,461 2, % 1,000 1, , % 0 Q Q Systems Revenue increased 74.5% to keur 2,549 Sold 3 new printers compared to 2 new printers in Q Systems revenues accounted for 52.1% of total revenues in Q compared to 31.0% in Q Q Q Gross Profit % Margin Gross profit and margin of keur 1,013 and 39.7% 0.0% voxeljet AG, Friedberg 19

20 Segment Financials Services: Three Months Ended 09/30/2016 Q3 Services Revenues Q3 Services Gross Profit ( in 000 s) ( in 000 s) 5,000 5, % 50.0% 4,000 3,249 4, % 40.0% 3,000 3, % 2,348 2,000 2, % 1,000 1,000 1,096 1, % 0 Q Q Q Q % Gross Profit % Margin Services revenues decreased 27.7% to keur 2,348 Lower revenue contribution after giving effect to the restructuring of voxeljet UK Gross profit and margin of keur 1,002 and 42,7% Mainly related to higher gross profit margin contributions from the German entity as well as from voxeljet America voxeljet AG, Friedberg 20

21 Financial Highlights Three Months Ended 09/30/2016 Thousands of EUR (except per share data) Q Q Revenues 4,897 4,710 Cost of sales (2,882) (3,172) Gross profit 2,015 1,538 Gross margin 41.1% 32.7% SG&A (2,367) (3,105) Research & Development (1,487) (1,685) Other operating expense, net (1,695) (275) Operating loss (3,534) (3,527) Net loss (3,533) (3,397) Loss per share (0.95) (0.91) Weighted avg. shares outstanding 3,720,000 3,720,000 Loss per ADS (0.19) (0.18) Weighted avg. ADSs outstanding (1) 18,600,000 18,600,000 (1) Based on a conversion rate of five American Depositary Shares ( ADSs) per ordinary share voxeljet AG, Friedberg 21

22 Revenue and Gross Profit: Nine Months Ended 09/30/2016 YTD Revenues YTD Gross Profit ( in 000 s) ( in 000 s) 16,000 15,000 14,000 13,000 12,000 11,000 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1, ,783 16,063 YTD 2015 YTD ,000 12,000 11,000 10,000 9,000 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1, % 35.2% 5,251 5,649 YTD 2015 YTD % 30.0% Gross Profit % Margin Total revenues for YTD 2016 almost unchanged compared to prior years period Gross profit and margin slightly increased YTD 2016 compared to prior years period voxeljet AG, Friedberg 22

23 Segment Financials Systems: Nine Months Ended 09/30/2016 ( in 000 s) YTD Systems Revenues ( in 000 s) YTD Systems Gross Profit 10,000 9,147 9,000 8,000 7,000 6,211 6,000 5,000 4,000 3,000 2,000 1,000 0 YTD 2015 YTD 2016 Systems Revenue increased 47.3% YTD 2016 compared to prior years period Sold 9 new printers and 3 refurbished printers in YTD 2016 compared to 7 new printers and 2 refurbished printers in prior years period 7, % 6, % 30.8% 5, % 4, % 3,000 2,818 2,000 1, % 1, % YTD 2015 YTD 2016 Gross Profit % Margin Gross profit and margin of keur 2,818 and 30.8% YTD 2016 New processes typically contribute lower gross profit at the beginning of the product life cycle Systems revenues accounted for 56.9% of total revenues YTD 2016 compared to 39.4% in YTD 2015 voxeljet AG, Friedberg 23

24 Segment Financials Services: Nine Months Ended 09/30/2016 YTD Services Revenues YTD Services Gross Profit ( in 000 s) ( in 000 s) 12,000 8, % 11,000 10,000 9,000 9,572 7,000 6, % 40.9% 40.0% 8,000 7,000 6,000 5,000 4,000 3,000 2,000 1, ,916 YTD 2015 YTD ,000 4,000 3,000 2,000 1, ,405 2,831 YTD 2015 YTD % 20.0% 10.0% 0.0% Gross Profit % Margin Services revenues decreased 27.8% YTD 2016 compared to prior years period Lower revenue contribution after giving effect to the restructuring of voxeljet UK Gross profit and margin of keur 2,831 and 40.9% YTD 2016 Mainly related to higher gross profit margin contributions from the German entity as well as from voxeljet America voxeljet AG, Friedberg 24

25 Financial Highlights Nine Months Ended 09/30/2016 Thousands of EUR (except per share data) YTD 2016 YTD 2015 Revenues 16,063 15,783 Cost of sales (10,414) (10,532) Gross profit 5,649 5,251 Gross margin 35.2% 33.3% SG&A (7,037) (8,980) Research & Development (3,843) (4,662) Other operating expense, net (2,998) 1,303 Operating loss (8,229) (7,088) Net loss (8,352) (7,163) Loss per share (2.25) (1.93) Weighted avg. shares outstanding 3,720,000 3,720,000 Loss per ADS (0.45) (0.39) Weighted avg. ADSs outstanding (1) 18,600,000 18,600,000 (1) Based on a conversion rate of five American Depositary Shares ( ADSs) per ordinary share voxeljet AG, Friedberg 25

26 Balance Sheet (selected items) Thousands of EUR (except per share data) Cash and cash equivalents 09/30/ /31/2015 7,185 2,086 Financial assets 14,574 31,746 Trade receivables 2,904 3,348 Inventories 13,239 7,841 Property, plant and equipment Total debt and finance lease obligations 21,930 21,383 4,029 2,441 Equity 54,596 61,469 Weighted average shares outstanding Weighted average ADSs outstanding (1) 3,720,000 3,720,000 18,600,000 18,600,000 (1) Based on a conversion rate of five American Depositary Shares ( ADSs) per ordinary share voxeljet AG, Friedberg 26

27 2016 Guidance Fourth quarter revenues between 6.0 and 8.0 million Full year revenue is expected to be in the range of 22.0 and 24.0 million Gross margin is expected to be between 35% and 40% SG&A expenses in the range of 9.0 and 9.5 million R&D expenses between 5.0 and 5.5 million Depreciation and amortization expenses between 2.0 and 2.5 million Capital expenditures between 10.0 and 11.0 million voxeljet AG, Friedberg 27

28 Projected Long Term Operating Model 2020 Revenue Growth: 25-30% Gross Margin: 40-50% EBITDA Margin: 20 25% Operating Margin: 10 15% voxeljet AG, Friedberg 28