ExOne Announces Strategic Partnership, Preliminary Fourth Quarter 2020 Financial Results and 2021 Outlook
- New strategic partnership with Rapidia results in a groundbreaking new office-friendly metal 3D printer and low-cost sintering furnace
Fourth quarter 2020 revenue and gross margin expected between
$17.0and $17.5 million, and between 21% and 22%, respectively
Total liquidity increased to approximately
$60 millionat December 31, 2020, providing runway for accelerated investment in growth initiatives
- Anticipate year-over-year revenue growth for 2021 of 15% to 25%, driven by an expanded product portfolio and increased customer demand for binder jetting technologies
The new ExOne Metal Designlab™ printer and X1F advanced furnace, detailed in today’s simultaneous product announcement, are offered through an exclusive partnership with Rapidia, a
Under terms of the strategic partnership with Rapidia,
The ExOne Metal Designlab is an office-safe, extrusion-based system that 3D prints HydroFuse™, an innovative water-based paste containing metal or ceramic powders that delivers true Print Today, Parts Tomorrow™ technology. After printing, parts go directly into a furnace that allows overnight sintering.
Rapidia’s groundbreaking two-step technology for 3D printing water-bound metal parts, first revealed in 2019, allows users to skip long chemical or thermal debinding cycles that often take 3-5 days to deliver a final part on competing systems. What’s more, HydroFuse eliminates limits on the thickness of the parts that can be printed, which is a constraint of competing systems due to debinding requirements.
While ExOne’s traditional footprint of high-speed industrial binder jet printers, led by the premium S-Max® Pro and X1 160Pro™, will remain core to the Company’s focus, the ExOne Metal Designlab offers a new on-ramp for customers exploring metal 3D technology or interested in lower volumes for prototyping and end-use applications.
“The partnership we’re announcing today is part of a comprehensive strategy that provides
Additional details about the new ExOne Metal Designlab and X1F advanced furnace can be found in a presentation available on the Investor Relations section of the Company’s web site at www.investor.exone.com.
Preliminary Fourth Quarter 2020 Financial Results and 2021 Outlook
The Company expects fourth quarter 2020 revenue of
Based on a refreshed and expanded product lineup, as well as increased investments in sales and marketing,
“We are pleased to have achieved top-line growth in excess of 20% in the second half of 2020, particularly with the backdrop of COVID-19 and considering the challenges that other additive manufacturing peers reported over the last year. This performance reflects the strength of our binder jetting solutions and the execution of our global team,” Hartner noted.
“We are excited about the opportunities ahead of us in 2021 as we continue to expand our product portfolio and deepen our engagement with industrial customers through the new ExOne Production Adoption Model,” Hartner added. “Given our enhanced liquidity position and current market conditions, we believe 2021 is the right time to accelerate investments in our technology and commercial infrastructure to optimize our future growth.”
The Company has not yet completed its financial and operating closing procedures for the fourth quarter and full year 2020, including but not limited to, review of various accounting estimates, completion and review of reconciliations, and various other year-end closing procedures. Additionally, the preliminary financial results above have not been subject to complete audit, review or other procedures by the Company’s independent registered public accounting firm. As a result, actual results may differ materially from the preliminary results shown above and will not be publicly available until the company reports its fourth quarter and full year 2020 results.
The Company plans to release its fourth quarter and full year 2020 financial results after the close of financial markets on
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
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 II, Item 1A, “Risk Factors” and 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
Chief Financial Officer
Chief Marketing Officer