Binder jet 3D printer manufacturervoxeljet(VJET) saw its revenue rise by 22.9% in Q4 2021, according to its recently-published financials.
Over the course of Q4 2021, the firm brought in €10.9 million, €2 million more than the €8.9 million it reported in Q4 2020 and a €1.3 million increase on the €9.6 million it amassed during the pre-COVID Q4 2019. On voxeljet’s earnings call, its CEO Dr. Ingo Ederer explained how it had sold a “higher number of larger scale printers” in the quarter, thus allowing it to “generate higher revenues and gross margins.”
Ederer说：“我们以2021年的成就结束了，这些成就强调了我们产品组合中需求不断增长的需求，增加了市场动态，并对Voxeljet领先的工业应用3D印刷技术的认识得到了更大的认识。”“总体而言，2021年第四季度是我们公司创纪录的销售季度，我们很高兴这种势头在新年的头几个月持续了。”
Voxeljet的Q4 2021财务
Although voxeljet markets on-demand production services in Germany, the US, UK, China and India, it derives the majority of its revenue from the sale of its High-Speed Sintering (HSS) and binder jet 3D printers. With this in mind, the firm reports its income across two main segments: Services and Systems, with the latter also including any revenue generated by its part or maintenance-related sales.
在第四季度2021年期间，Voxeljet的系统不仅是其收入最高的部门，而且在其之后成为其最快的增长3D打印机的销售额在第三季度下跌。This return to form, however, was not necessarily down to the number of units the company managed to sell, as it sold seven new, as well as two used and refurbished machines in Q4 2021, compared to the six new and two used delivered in Q4 2020.
实际上，Voxeljet表示，它实际上“售出了更多较大的平台，而不是较小的平台”，因此其收入上升与产品组合的结果一样，与售出的单位数量一样多。该公司在其他地方透露，该部门的消耗量，备用零件和维护收入在第4季度2021年也有所增加，这反映了Covid-19引起的“经济放缓”的恢复。
In line with this shift in its product mix, voxeljet’s gross profit jumped 19.5% from €3 million to €3.6 million in Q4 2021, although this figure was offset by a non-recurring charge of €7 million. Without the charge, said to be related to its slow-moving inventory, the company says its gross profit margin would have been 39%, well above its initial guidance of 32.5%.
Compared to its Systems segment, voxeljet’s Services grew more slowly between Q4 2020 and Q4 2021, from €2.2 million to €2.4 million. Where the division did see growth over this period, it was primarily driven by its Germany and China-based operations, with the former understood to have delivered strong margin results, and the revenue generated by its US business to have been flat against Q4 2020.
| voxeljet Financials (€) | Q4 2020 | Q4 2021 | Difference (%) | Q4 2019 | Q4 2021 | Difference (%) |
| Revenue | 8.9m | 10.9m | +22.9 | 9.6m | 10.9m | +14 |
| Cost of Sales | 5.9m | 7.3m | +24.6 | 6.7m | 7.3m | +9.7 |
| Gross Profit | 3m | 3.6m | +19.5 | 29m | 3.6m | +25.9 |
| 净利润/损失 | -3.7m | +1m | +370 | -3.6m | +1m | +360 |
绘制VoxelJet的未来增长
During voxeljet’s earnings call, Ederer suggested that advances in its technologies could soon allow it to gain a larger share of the lucrative, high-end polymer 3D printing market. Compared to the Multi Jet Fusion (MJF) systems developed byHP该公司的首席执行官甚至说我ts printers offer users greater cost and build efficiency, potentially giving it an advantage moving forwards.
“Our process is cheaper in operation for our customers and results in lower cost per part,” Ederer said on the call. “Powders from our machines use less heat than that of our competitors, which means that it degrades more slowly and should be easier to recycle. The improved temperature management from the IR lamp setup also allows us to process large build areas without major problems from temperature-induced warping.”
Additionally, Ederer highlighted how voxeljet’sVJET Xmachine will be key to its future success in addressing applications in which direct metal printing is not an option. Through combining 3D printing and conventional production, Ederer boasted that the system is capable of producing “several hundred thousand parts per year” with a single cell, lending it strong industrial manufacturing credentials.
Having upgraded the printer’s engine and binder composition, as well as the way its parts are handled and cured, the Ederer added that it had improved the unit’s pace and level of automation, culminating in its decision to begin supplying parts for pre-series production in early-2021, and its first two machines gaining ‘final acceptance’ in December.
“我希望我们的位置在VJET X中会大大增长，” Ederer解释说。“我相信如此，因为我们一直在与领先的工业OEM合作，基本上是自我们的基础以来，我们将第一台3D打印机卖给了BMWandDaimler20 years ago. In addition, our technology has evolved significantly over the last years in terms of speed, accuracy and the degree of automation of the whole process chain.”
“我会估计，通过当前的3D打印机投资组合，我们在制造业中的份额已经比任何竞争对手都高。”
2022财年的“对冲风险”
As of December 31, 2021, voxeljet had an order backlog of €3.9 million, with at least one of these orders known to include a unit sold to an existing car manufacturing client. While this figure is lower than the €6.8 million backlog the company had in Q4 2020, Ederer suggested on its earnings call, that it has targeted an “even distribution across its three regions,” to “hedge against risk from local events.”
With regards to such global disruptions, voxeljet’s CEO also took the opportunity to criticize Russia’s invasion of Ukraine on the call, as an “unprovoked reckless attack.” To take a stance against the country’s actions, he said his firm had stopped servicing users in Russia and Belarus “weeks ago” and wouldn’t be resuming its activities there for the “foreseeable future.”
That being said, voxeljet’s guidance of €25 million to €30 million for FY 2022 doesn’t seem to indicate that it’s anticipating the war on Ukraine causing disruption to its business, as at the top end, it could achieve growth of up to 20.8%. Likewise, the company is in a strong cash position to finance its activities over the year ahead, with €22.7 million at the end of FY 2021, and further funds available via theEIB。
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Featured image shows a sign at voxeljet HQ. Photo via voxeljet.
