我们现在可能已经超过第三季度2022年，但是3D Printing最高收入的企业中的一些刚刚报告了其第二季度2022财务。
As is customary, the leaders of industry heavy-hitters like SLM Solutions, Stratasys, 3D Systems, Protolabs, Materialise, voxeljet, SmileDirectClub, Desktop Metal and Markforged have therefore held earnings calls to talk through their results.
在这样做的过程中，这些公司的领导团队为他们面临的宏观经济和地缘政治挑战提供了独特的见解，以及他们如何采取不同的方法来应对他们。通过不同的前景，这些公司的首席执行官和首席财务官也瞥见了该行业的未来，并强调了趋势，这些趋势可能会在未来的季度中塑造其方向。
正在进行的宏观经济不稳定
One of the prevailing trends reported across the industry in Q2 2022, was the continuation of headwinds posed by supply chain disruption. OnSLM解决方案的收入电话，其首席财务官Dirk Ackermann解释了其毛利率如何“受生产率低的影响”，这是由“持续不断的电子组件”驱动的问题。Ackermann补充说，他没想到这在H2中会有所改善。
Likewise,Velo3DCEO Benny Buller said his firm was finding supply chain conditions to be “particularly challenging in electronics,” andStratasys首席执行官Yoav Zeif表示，其供应问题也“主要是电子产品”。尽管这些呼叫都没有揭示零件的性质，但问题可能与全球有关半导体芯片短缺that continues to dog businesses across sectors.
Another issue that often raised its head was customer stockpiling.protolabsCEO Rob Bodor said many of its clients “placed unusually large orders” in 2021 amid the uncertainty caused by the COVID-19 pandemic. This allowed the firm to achieve “record high backlogs,” but also saw its medical device demand drop year-on-year in Q2 2022, due to the unseasonably high orders it received in Q2 last year.
SmiletirectClubCEO David Katzman, meanwhile, blamed “challenges to consumer spending” and “sustained high inflation” for his firm’s 27.8% revenue dip between Q2 2021 and 2022. Inflation may not have dented client demand in quite the same way across the 3D printing sector, but it did impact many companies’ bottom lines. Citing rising material and logistic costs, Zeif and Bodor said their firms had raised prices over recent quarters, although others like Velo3D didn’t do so.
According to Buller, the reason for not raising prices was “strategic,” as he believes “the market for its products will increase, if it drops manufacturing costs for customers.” In other areas, Russia’s war on Ukraine was also cited as an issue affecting client demand.3D系统首席执行官杰夫·格雷夫斯（Jeff Graves）对此尤其发声，称战争在欧洲“对商业信心产生负面影响”。
How has the industry reacted?
具有讽刺意味的是，对于那些以3D打印作为作为中型解决方案的潜力而自豪的行业的人来说，其许多领先的公司通过库存来回应宏观问题。Stratasys在2022年第二季度将美国的库存支出增加到超过2000万美元，而Markfored则将其库存水平提高了85.6％，Velo3D的库存为6190万美元。
As it “draws down on stock” and fulfills “staggered deliveries,” Buller said Velo3D would bring this figure down, but Zeif countered that Stratasys’ global business means it has to “make sure it has inventory in place” to “meet demand everywhere.”
在很大程度上，这些3D印刷公司还通过削减支出并寻求提高效率来应对盈利能力挑战。桌面金属laid off 12% of its staffin June and now aims to make cost savings of $100 million over the next 24 months. Elsewhere, 3D Systems and Velo3D have taken different approaches to cutting expenditure.
虽然前者已经削减了外部合同来在内部生产更多的聚合物零件，但布勒说，后者是“与主要供应商合作，以更紧密地匹配我们的生产计划”。通过这样做，Velo3D首席执行官补充说，他预计该公司能够“减少其营运资金并最大程度地减少库存”，同时继续“保持较短的交货时间”。
确定机会领域
Despite the macroeconomic difficulties outlined above, these leading public 3D printing firms did identify several reasons for optimism across the sector. During Q2 2022, voxeljet CEO Dr. Ingo Ederer said its “best ever order inflow” was driven by demand from “automotive, aerospace and engineering, as well as art and architecture.” Having将两个SLM NXG XII 3D打印机卖给了分歧，制造商3D打印的Czinger 21c HyperCar, SLM Solutions also saw strong automotive demand.
实现另一方面，其首席执行官Vancraen解释说，现在它的重点不再是聚合物原型制作，而更多地是“将其金属零件转换恢复到前卵巢水平”。
事实证明，航空航天顾客的需求在第二季度2022期间同样强劲，Velo3D报告了“可靠的预订”，Markforged的主要收入驱动力，即FX20 3D打印机，在这方面也最好。Zeif表示，Stratasys还计划“将其渗透率扩展到航空航天，汽车，医疗保健和时尚中”F190CR and F370CR 3D printers在第2季度。
有趣的是，Zeif补充说，他的公司最近扩展到五种技术意味着“长期成长有很好的位置”。格雷夫斯（Graves）对此表示赞同，格雷夫斯（Graves）表示，在3D系统的收入呼吁中，其资产负债表意味着“能够应对低迷，继续投资……并掌握人才”。为了符合这种策略，3D系统bought dp polarin August 2022, in a move that Graves said will allow it to better address “production-scale applications.”
SPAC-IPO后公司追求利润
在2022年第一季度出现的另一个趋势是，在过去两年中，许多与特殊目的收购公司（SPAC）合并的3D印刷公司仍在追求盈利能力。台式金属在纽约证券交易所上市在2020年底，尽管首席执行官Ric Fulop表示“实现盈利能力是该公司的关键重点”，但它仍然报告了第二季度非GAAP营业损失3070万美元。
尽管Velo3D的SPAC合并最近发生在2021年9月，它也报告了第二季度2022年第2季度的2100万美元营业损失，而Markfored也是去年SPAC IPO的主题，其损失增长了122％至2380万美元。
但是，尽管上个季度损失损失，但这些公司中的每一个都对其相对以扩展为重点的策略表示信心。富普说，桌面金属的方法是看到“领先的蓝芯片公司……扩大对最终用途零件的3D打印的使用”，而Buller解释了Velo3D是如何“扩展其新的和现有的客户足迹”的。
On Markforged’s earnings call, CEO Shai Terem even went so far as to say that it has “strong cost disciplines across its business,” so while “there’s opportunities for it to optimize its sales and marketing spend, it’s certainly not taking its foot off the gas.”
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Featured image shows traders looking up at a Markforged sign outside the NYSE. Photo via Markforged.
