voxeljet AG (NYSE:VJET) (the “Company”, or “voxeljet”), a
leading provider of high-speed, large-format 3D printers and
on-demand parts services to industrial and commercial customers,
today announced consolidated financial results for the fourth
quarter and full year ended December 31, 2018.
Highlights
- Total revenues for the full year
increased 12.2% to kEUR 26,009 from kEUR 23,178
- Total revenues for the fourth quarter
increased 40.4% to kEUR 8,574 from kEUR 6,108
- Systems revenues for the fourth quarter
increased 66.8% to kEUR 5,246 from kEUR 3,146
- Services revenues for the fourth
quarter increased 12.4% to kEUR 3,328 from kEUR 2,962
- Total gross profit for the fourth
quarter increased to kEUR 2,851 from kEUR 2,604
- Total gross profit margin for the
fourth quarter decreased from 42.6% to 33.3%
- Revenue for the first quarter ended
March 31, 2019 expected to be between kEUR 5,000 and
kEUR 5,500
Dr. Ingo Ederer, Chief Executive Officer of voxeljet,
commented: “We had a very strong fourth quarter both financially
and strategically, implementing several long-term drivers. Our
business continues to perform well, reaching 40% year-over-year
growth during the fourth quarter. We had significant new customer
wins both domestically and internationally. In fact, we have sold
more printers this quarter than in any quarter before. We are
thrilled with our momentum through the launch of VJET X and remain
on the offense, identifying and attacking opportunities to elevate
our game, build on our momentum with new product launches and
ensure that we deliver sustainable, profitable, capital-efficient
growth over the long term.”
Fourth Quarter 2018 Results
Revenues for the fourth quarter of 2018 increased by 40.4% to
kEUR 8,574 compared to kEUR 6,108 in the fourth quarter
of 2017.
Revenues from our Systems segment, which focuses on the
development, production and sale of 3D printers, increased 66.8% to
kEUR 5,246 in the fourth quarter of 2018 from kEUR 3,146
in last year’s fourth quarter. The Company delivered ten new and
two used and refurbished 3D printers in the fourth quarter of 2018,
compared to one new and three used and refurbished 3D printers
delivered in last year’s fourth quarter. The increase in revenue
was mainly due to the higher number of printer sales. Systems
revenues also include all revenues from consumables, spare parts
and maintenance. Those systems-related revenues recorded a slight
increase in the fourth quarter of 2018 compared to last year’s same
period. Systems revenues represented 61.2% of total revenues in the
fourth quarter of 2018 compared to 51.5% in last year’s fourth
quarter.
Revenues from our Services segment, which focuses on the
printing of on-demand parts for our customers, increased 12.4%, to
kEUR 3,328 in the fourth quarter of 2018 from kEUR 2,962 in
the comparative period of 2017. This was mainly due to higher
revenue contribution from our German Service center. Our
subsidiaries, voxeljet UK Ltd. (“voxeljet UK”), voxeljet
America Inc. (“voxeljet America”) and voxeljet China Co. Ltd
(“voxeljet China”), also recorded slightly higher revenues in this
segment in the fourth quarter of 2018 compared to last year’s same
period.
Cost of sales was kEUR 5,723 for the fourth quarter of 2018
compared to kEUR 3,504 for the fourth quarter of 2017.
Gross profit was kEUR 2,851 in the fourth quarter of 2018
compared to kEUR 2,604 in the fourth quarter of 2017.
Gross profit for our Systems segment increased to kEUR 1,657 in
the fourth quarter of 2018 from kEUR 1,329 in the fourth quarter of
2017, mainly due to the increase in revenues. The gross profit
margin for this segment decreased to 31.6% in the fourth quarter of
2018 compared to 42.2% in the fourth quarter of 2017. This decrease
primarily related to the product mix of printers sold in the fourth
quarter of 2018. We sold printers of smaller platforms, which
usually generate lower gross profit margins compared to our larger
platforms. Gross profit and gross profit margin related to
consumables, spare parts and maintenance slightly improved quarter
over quarter.
Gross profit for our Services segment decreased to kEUR 1,194 in
the fourth quarter of 2018 from kEUR 1,275 in the fourth quarter of
2017. This was mainly due to the weaker gross profit contribution
from our subsidiary voxeljet America, partially offset by higher
gross profit contribution from our German service center. The gross
profit margin for this segment decreased to 35.9% in the fourth
quarter of 2018 from 43.0% in the fourth quarter of 2017. This
decrease is mainly due to our U.S. service center, where gross
profit as well as gross profit margin decreased due to the
replacement of several printheads in the fourth quarter of 2018.
The German service center contributed higher gross profit margin
due to higher revenues and a better utilization rate. Gross profit
contribution from voxeljet UK remained almost unchanged.
Selling expenses were kEUR 1,948 for the fourth quarter of 2018
compared to kEUR 2,074 in the fourth quarter of 2017 and therefore
were almost unchanged.
Administrative expenses were kEUR 1,469 for the fourth quarter
of 2018 compared to kEUR 1,427 in the fourth quarter of 2017 and
therefore were almost unchanged. In the fourth quarter of 2018,
personnel expenses increased quarter over quarter. This was offset
by lower consulting fees. In the fourth quarter of 2018, higher
expenses for the preparation of several financing activities
occurred.
Research and development (“R&D”) expenses slightly decreased
to kEUR 1,563 in the fourth quarter of 2018 from kEUR 1,574 in
the fourth quarter of 2017. These expenses are usually driven by
individual projects, especially through the consumption of material
as well as the demand of external services and may differ on a
quarter to quarter comparison.
Other operating expenses in the fourth quarter of 2018 were kEUR
139 compared to kEUR 239 in the prior year period. This was mainly
related to lower losses from foreign currency transactions, which
were primarily driven by the valuation of the intercompany loans
granted by the parent company to our US and UK subsidiary.
Other operating income was kEUR 261 for the fourth quarter of
2018 compared to kEUR 235 in the fourth quarter of 2017. The slight
increase was mainly due to higher gains from foreign currency
transactions, which were primarily driven by the valuation of the
intercompany loans granted by the parent company to our US and UK
subsidiary.
Operating loss was kEUR 2,007 in the fourth quarter of 2018,
compared to an operating loss of kEUR 2,475 in the comparative
period in 2017. The improvement was mainly due to higher gross
profit from the Systems segment, partially offset by lower gross
profit from the Services segments. Operating expenses in the
functions research and development, sales and marketing as well as
administration remained almost unchanged.
Financial result was a positive of kEUR 1,711 in the fourth
quarter of 2018, compared to a positive financial result of
kEUR 253 in the comparative period in 2017. This was mainly
due to finance income from the revaluation of the embedded
derivative related to the Performance Participation Interest in
connection with the first tranche of the loan received by the
European Investment Bank.
Net loss for the fourth quarter of 2018 was kEUR 300 or EUR
0.06 per share, as compared to net loss of kEUR 2,222, or
EUR 0.62 per share, in the fourth quarter of 2017.
Based on a conversion rate of five American Depositary Shares
(“ADSs”) per ordinary share, net loss was EUR 0.01 per ADS for
the three months ended December 31, 2018, compared to
EUR 0.12 per ADS from the comparative period of 2017.
Year Ended December 31, 2018 Results
Revenues for the year ended December 31, 2018
increased by 12.2% to kEUR 26,009 compared to kEUR 23,178
in the prior year period.
Systems revenues were kEUR 12,248 year ended
December 31, 2018 compared to kEUR 11,534 in last
year’s period. The Company sold fourteen new and five used and
refurbished 3D printers during the year ended December 31, 2018
compared to ten new and five used and refurbished 3D printers in
the prior year. The increase in Systems revenues was mainly due to
the higher number of 3D printer sales. Revenues from system-related
goods and services slightly increased for the year-ended December
31, 2018 compared to last year’s same period. Systems revenues
represented 47.1% of total revenue for the year ended
December 31, 2018 compared to 49.8% for the last year’s
same period.
Services revenues were kEUR 13,761 for the year ended
December 31, 2018 compared to kEUR 11,644 for the same
period last year. This increase was mainly due to a higher revenue
contribution from our subsidiary voxeljet America. The German
operation and voxeljet UK also contributed higher revenues within
this segment. The increase in revenue at our German service center
is due to the robust economy in the European market. The growth in
revenue at our American service center and British service center
resulted from an increasing market penetration in the respective
sales regions which is accompanied by a larger customer base.
Cost of sales for the year ended December 31, 2018 was
kEUR 16,864, which represents an increase of kEUR 3,011, or 22%
compared to cost of sales amounting to kEUR 13,853 for the same
period in 2017.
Gross profit and gross margin for the year ended
December 31, 2018 were kEUR 9,145 and 35.2%,
respectively, compared to kEUR 9,325 and 40.2%, respectively, in
the prior year period.
Gross profit for our Systems segment decreased to
kEUR 3,708 for the year ended December 31, 2018 from
kEUR 4,258 in the same period of 2017. The gross profit margin
for this segment decreased to 30.3% compared to 36.9% for the prior
period. This was mainly due to lower gross profit and gross profit
margin from 3D printer sales, which was influenced by a less
favorable product mix of systems sold in 2018 than in 2017. Gross
profit as well as gross profit margin from system related goods and
services, including consumables, spare parts and maintenance,
remained almost flat.
Gross profit for our Services segment increased to
kEUR 5,437 for the year ended December 31, 2018 from
kEUR 5,067 in the same period of 2017. This was mainly due to
higher revenues. The gross profit margin for this segment decreased
to 39.5% for the year ended December 31, 2018 from 43.5% for the
same period in 2017. This was mainly related to weaker gross profit
contributions from the German service center, as well as the
Chinese service center. Gross profit margin for Services decreased
at the German service center due to several replacements of
printheads for our 3D printers. This was partially offset by
improved contributions from voxeljet America and voxeljet UK. The
gross margins from these two service centers improved due to a
higher utilization rate of their equipment related to an increased
number of orders. The higher utilization at our U.S. subsidiary was
mainly related to a volume contract which began in July 2018, with
total revenue contribution exceeding kEUR 1,000.
Selling expenses were kEUR 7,332 for the year ended
December 31, 2018 compared to kEUR 6,474 in the same
period in 2017, representing an increase of kEUR 858, or 13.3%.
This was almost in line with the increase in revenues.
Administrative expenses increased by kEUR 458, or 8,9% to kEUR
5,587 for the year ended December 31, 2018 from kEUR
5,129 in the prior year period. This was mainly due to the
significant increase in headcount resulting in higher personnel
expenses resulting from higher headcount in order to meet our
compliance requirements in connection with SOX.
Research and development expenses increased to kEUR 6,334 for
the year ended December 31, 2018 from kEUR 5,528 in the
same period in 2017, an increase of kEUR 806, or 14.6%. This was
mainly due to higher labor costs related to salary increases and
higher headcount as well as higher consumption of materials to
support existing and future research and development projects.
Other operating expenses for the year ended
December 31, 2018 were kEUR 751 compared to kEUR 1,844 in
the prior year period. This is mainly due to lower losses from
foreign currency translations. Foreign currency losses amounted to
kEUR 511 for the year ended December 31, 2018, compared to
kEUR 1,585 in the same period in 2017. The losses from foreign
currency transactions were primarily driven by the valuation of the
intercompany loans granted by the parent company to our US and UK
subsidiaries.
Other operating income was kEUR 1,297 for the year ended
December 31, 2018 compared to kEUR 1,001 in the prior
year period. The increase was mainly due to higher gains from
foreign currency transactions of kEUR 794 in 2018 compared to
kEUR 135 in 2017.
Operating loss was kEUR 9,562 for the year ended December 31,
2018, compared to an operating loss of kEUR 8,649 in the
comparative period in 2017. This was mainly due to higher operating
expenses related to sales and marketing, administration and
research and development, while gross profit was almost flat.
Financial result was positive of kEUR 809 for the year ended
December 31, 2018, compared to a positive financial result of
kEUR 175 in the comparative period in 2018. This was mainly
due to finance income from the revaluation of the embedded
derivative related to the Performance Participation Interest in
connection with the first tranche of the loan received by the
European Investment Bank.
Net loss for the year ended December 31, 2018 was kEUR
8,764, or EUR 2.21 per share, as compared to net loss of
kEUR 8,554, or EUR 2.30 per share in the prior year
period.
Based on a conversion rate of five ADSs per ordinary share, net
loss was EUR 0.44 per ADS for the year ended
December 31, 2018 compared to net loss of EUR 0.46
per ADS in the prior year period.
Business Outlook
Our revenue guidance for the first quarter of 2019 is projected
to be in the range of kEUR 5,000 to kEUR 5,500. We expect to
release our financial results for the first quarter of 2019 after
the closing of the financial markets on or about Thursday, May 16,
2019 and we will host a conference call and webcast to review the
results for the quarter on or about Friday, May 17, 2019 at 8:30
a.m. Eastern Time.
Financial guidance for the full year ended December 31,
2019.
- Revenue is expected to be in the range
of kEUR 27,000 and kEUR 30,000
- Gross margin is expected to be above
40%
- Operating expenses for the full year
are expected as follows: SG&A expenses expected to be in the
range of kEUR 12,000 to kEUR 12,500; R&D expenses
expected to be between approximately kEUR 5,500 and
kEUR 6,000. Depreciation and amortization expense is expected
to be between kEUR 3,750 and kEUR 4,000.
- Adjusted EBITDA for the second half of
the year ending December 31, 2019 is expected to be
neutral-to-positive. 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 (income) expense
resulting from foreign exchange gains or losses on the intercompany
loans granted to the subsidiaries, which are not determinable at
this time.
- Capital expenditures are projected to
be in the range of kEUR 2,000 to kEUR 2,500, which
primarily includes ongoing investments in our global
subsidiaries.
Our total backlog of 3D printer orders at December 31, 2018 was
kEUR 3,392, which represents six 3D printers. This compares to a
backlog of kEUR 2,770 at December 31, 2017, representing four 3D
printers. As production and delivery of our printers is generally
characterized by lead times ranging from 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.
At December 31, 2018, we had cash and cash equivalents of kEUR
7,402 and held kEUR 12,905 of investments in bond funds, which are
included in current financial assets on our consolidated statements
of financial position.
Webcast and Conference Call Details
The Company will host a conference call and webcast to review
the results for the fourth quarter and full year ended December 31,
2018 on Friday, March 29, 2019 at 8:30 a.m. Eastern Time.
Participants from voxeljet will include its Chief Executive
Officer, Dr. Ingo Ederer, and its Chief Financial Officer, Rudolf
Franz, who will provide a general business update and respond to
investor questions.
Interested parties may access the live audio broadcast by
dialing 1-877-705-6003 in the United States/Canada, or
1-201-493-6725 for international, Conference Title “voxeljet AG
Fourth Quarter and Full Year 2018 Financial Results Conference
Call.” Investors are requested to access the call at least five
minutes before the scheduled start time in order to complete a
brief registration. An audio replay will be available approximately
two hours after the completion of the call at 1-844-512-2921 or
1-412-317-6671, Replay Conference ID number 13688141. The recording
will be available for replay through April 5, 2019.
A live webcast of the call will also be available on the
investor relations section of the Company’s website. Please go to
the website
https://event.webcasts.com/starthere.jsp?ei=1234697&tp_key=da79266d3c
at least fifteen minutes prior to the start of the call to
register, download and install any necessary audio software. A
replay will also be available as a webcast on the investor
relations section of the Company’s website.
Exchange rate
This press release contains translations of certain U.S. dollar
amounts into euros at specified rates solely for the convenience of
readers. Unless otherwise noted, all translations from U.S. dollars
to euros in this press release were made at a rate of USD 1.1450 to
EUR 1.00, the noon buying rate of the Federal Reserve Bank of New
York for the euro on December 31, 2018.
About voxeljet
voxeljet is a leading provider of high-speed, large-format 3D
printers and on-demand parts services to industrial and commercial
customers. The Company’s 3D printers employ a powder binding,
additive manufacturing technology to produce parts using various
material sets, which consist of particulate materials and
proprietary chemical binding agents. The Company provides its 3D
printers and on-demand parts services to industrial and commercial
customers serving the automotive, aerospace, film and
entertainment, art and architecture, engineering and consumer
product end markets. For more information, visit
http://www.voxeljet.de/en/.
Cautionary Statement on Forward-Looking Statements
This press release contains forward-looking statements
concerning our business, operations and financial performance. Any
statements that are not of historical facts may be deemed to be
forward-looking statements. You can identify these forward-looking
statements by words such as “believes,” “estimates,” “anticipates,”
“projects”, “expects,” “plans,” “intends,” “may,” “could,” “might,”
“will,” “should,” “aims,” or other similar expressions that convey
uncertainty of future events or outcomes. Forward-looking
statements include statements regarding our intentions, beliefs,
assumptions, projections, outlook, analyses or current expectations
concerning, among other things, our results of operations,
financial condition, business outlook, the industry in which we
operate and the trends that may affect the industry or us. Although
we believe that we have a reasonable basis for each forward-looking
statement contained in this press release, we caution you that
forward-looking statements are not guarantees of future
performance. All of our forward-looking statements are subject to
known and unknown risks, uncertainties and other factors that are
in some cases beyond our control and that may cause our actual
results to differ materially from our expectations, including those
risks identified under the caption “Risk Factors” in the Company’s
Annual Report on Form 20-F and in other reports the Company
files with the U.S. Securities and Exchange Commission, as well as
the risk that our revenues may fall short of the guidance we have
provided in this press release. Except as required by law, the
Company undertakes no obligation to publicly update any
forward-looking statements for any reason after the date of this
press release whether as a result of new information, future events
or otherwise.
voxeljet AG
CONSOLIDATED STATEMENTS OF FINANCIAL POSITION Year
Ended December 31, 2018 2017 (1) (2) (€
in thousands) Current assets 37,936 37,494
Cash and cash equivalents 7,402 7,569 Financial assets 12,905
14,044 Trade receivables 6,030 5,093 Inventories 10,064 9,259
Income tax receivables 13 3 Other assets 1,522 1,526
Non-current assets 31,416 29,508 Financial
assets 2,234 357 Intangible assets 1,420 1,111 Property, plant and
equipment 27,675 27,949 Investments in joint venture 33 39 Other
assets 54 52
Total assets 69,352 67,002
Year Ended December 31, 2018
2017 (1) (2) (€ in thousands) Current
liabilities 6,302 6,576 Deferred income -- 271
Trade payables 2,945 3,059 Contract liabilities 817 -- Financial
liabilities 850 1,162 Other liabilities and provisions 1,690 2,084
Non-current liabilities 16,575 16,537
Deferred income -- 18 Deferred tax liabilities 76 66 Financial
liabilities 16,321 16,413 Other liabilities and provisions 178 40
Equity 46,475 43,889 Subscribed capital
4,836 3,720 Capital reserves 86,803 76,227 Accumulated deficit
(46,400) (37,509) Accumulated other comprehensive income 1,201
1,380
Equity attributable to the owners of the company
46,440 43,818 Non-controlling interests
35 71 Total equity and liabilities
69,352 67,002 (1) Comparative figures for the
year ended December 31, 2017 were restated for immaterial errors.
For further information, see Form 20-F filed with the SEC on March
28, 2019, Part III, Item 18. Financial Statements, Note 6
“Correction of errors”
(2) voxeljet AG has initially applied IFRS
15 and IFRS 9 as of January 1, 2018. Under the transition methods
chosen, comparative information has not been restated.
voxeljet AG CONSOLIDATED STATEMENTS OF
COMPREHENSIVE LOSS Quarter Ended December 31,
(unaudited) Year Ended December 31,
2018 2017 (1) (2) 2018 2017
(1) (2) (€ in thousands, except share and share data)
Revenues 8,574 6,108 26,009 23,178 Cost of sales (5,723) (3,504)
(16,864) (13,853)
Gross profit 2,851 2,604
9,145 9,325 Selling expenses (1,948) (2,074) (7,332)
(6,474) Administrative expenses (1,469) (1,427) (5,587) (5,129)
Research and development expenses (1,563) (1,574) (6,334) (5,528)
Other operating expenses (139) (239) (751) (1,844) Other operating
income 261 235 1,297 1,001
Operating loss (2,007)
(2,475) (9,562) (8,649) Finance expense (897)
(100) (1,143) (190) Finance income 2,608 353 1,952 365
Financial
result 1,711 253 809 175 Loss
before income taxes (296) (2,222) (8,753)
(8,474) Income tax expense (4) (80) (11) (80)
Net
loss (300) (2,222) (8,764) (8,554)
Other comprehensive income (loss) (70) 108
(179) 505 Total comprehensive loss
(370) (2,114) (8,943) (8,049)
Loss attributable to: Owner of the Company (289) (2,300)
(8,728) (8,538) Non-controlling interests (11) (2) (36) (16)
(300) (2,460) (8,764) (8,554)
Total comprehensive loss attributable to: Owner of the
Company (359) (2,192) (8,907) (8,033) Non-controlling interests
(11) (2) (36) (16)
(370) (2,194)
(8,943) (8,049) Weighted average number of
ordinary shares outstanding 4,595,348 3,720,000 3,940,636 3,720,000
Loss per share - basic/ diluted (EUR) (0.063) (0.62) (2.21) (2.30)
(1) Comparative figures for the year ended December 31, 2017
were restated for immaterial errors. For further information, see
Form 20-F filed with the SEC on March 28, 2019, Part III, Item 18.
Financial Statements, Note 6 “Correction of errors” (2)
voxeljet AG has initially applied IFRS 15 and IFRS 9 as of January
1, 2018. Under the transition methods chosen, comparative
information has not been restated.
voxeljet AG CONSOLIDATED STATEMENTS OF CASH
FLOWS Year Ended December 31, 2018
2017 (1) (2) (€ in thousands) Cash Flow
from operating activities Loss for the period
(8,764) (8,554) Depreciation and amortization 3,506
3,163 Foreign currency exchange differences on loans to
subsidiaries (340) 1,056 Share-based compensation expense 604 386
Impairment losses on trade receivables 227 237 Non-cash interest
expense on long-term debt 781 17 Change in fair value of derivative
equity forward (1,877) (352) Change in inventory allowance (417)
(515) Other 68 105
Change in working capital
(1,502) (2,373) Trade and other receivables,
inventories and current assets (1,556) (2,697) Trade payables (310)
629 Other liabilities and provisions and deferred income 375 (310)
Income tax payable/receivables (11) 5
Total (7,714)
(6,830) Cash Flow from investing activities
Payments to acquire property, plant and equipment and
intangible assets (3,812) (3,626) Proceeds from disposal of
financial assets 10,475 4,077 Payments to acquire financial assets
(8,690) (5,542)
Other
-- 156
Total (2,027) (4,935) Cash
Flow from financing activities Repayment of bank
overdrafts and lines of credit (58) (167) Repayment of sale and
leaseback obligation (324) (383) Repayment of finance lease
obligation (37) (51) Repayment of long-term debt (2,764) (732)
Proceeds from issuance of long-term debt 1,639 12,612 Proceeds from
issuance of shares 11,088 --
Total 9,544
11,279 Net increase (decrease) in cash and cash
equivalents (197) (486) Cash and cash
equivalents at beginning of period 7,569 7,849
Changes to cash and equivalents due to foreign exchanges
rates 30 206 Cash and cash equivalents at end
of period 7,402 7,569 Supplemental Cash
Flow Information Interest paid 231 210 Interest received 42 16
Income taxes paid -- -- Property, plant and equipment added
under finance lease -- 123 (1) Comparative figures for the
year ended December 31, 2017 were restated for immaterial errors.
For further information, see Form 20-F filed with the SEC on March
28, 2019, Part III, Item 18. Financial Statements, Note 6
“Correction of errors” (2) voxeljet AG has initially applied
IFRS 15 and IFRS 9 as of January 1, 2018. Under the transition
methods chosen, comparative information has not been restated.
Segment reporting
The following table summarizes segment reporting. The sum of the
amounts of the two segments equals the total for the Group in each
of the periods.
Quarter Ended December 31,
(unaudited)
Year Ended December 31, 2018
2017 (1) 2018
2017 (1) (2) (€ in thousands, except gross
profit margin) Revenues Systems 5,246 3,146 12,248
11,534 Services 3,328 2,962 13,761 11,644
Total revenues
8,574 6,108 26,009 23,178
Cost of sales Systems (3,589) (1,817) (8,540) (7,276)
Services (2,134) (1,687) (8,324) (6,577)
Total cost of sales
(5,723) (3,504) (16,864) (13,853)
Gross profit Systems 1,657 1,329 3,708 4,258 Services
1,194 1,275 5,437 5,067
Total gross profit 2,851
2,604 9,145 9,325 Gross profit
margin (%) Systems 31.6% 42.2% 30.3% 36.9% Services 35.9% 43.0%
39.5% 43.5%
Total gross profit margin (%) 33.3%
42.6% 35.2% 40.2% (1) Comparative
figures for the year ended December 31, 2017 were restated for
immaterial errors. For further information, see Form 20-F filed
with the SEC on March 28, 2019, Part III, Item 18. Financial
Statements, Note 6 “Correction of errors” (2) voxeljet AG
has initially applied IFRS 15 and IFRS 9 as of January 1, 2018.
Under the transition methods chosen, comparative information has
not been restated.
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version on businesswire.com: https://www.businesswire.com/news/home/20190328005965/en/
Investors and MediaJohannes PeschDirector, Investor
Relations and Business Developmentjohannes.pesch@voxeljet.deOffice:
+49 821 7483172Mobile: +49 176 45398316
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