voxeljet (NASDAQ: VJET), a leading provider of high-speed, large-format 3D printers reported that total revenues for the second quarter increased 26.2% to €4.9 million from €3.9 million. The gross profit margin also increased to 28.6% from 25.9%. After Desktop Metal acquired both EnvisionTEC (which owns Viridis) and ExOne, voxeljet is now the only major independent sand printer manufacturer.
More specifically the company said that systems revenues increased 42.9% to €2.7 million from € 1.8 million and that services revenues increased 11.0% to €2.3 from €2.0.
Dr. Ingo Ederer, Chief Executive Officer of voxeljet, commented, “I am very happy with the results for the second quarter, as we have made significant progress in our key projects: just recently, we signed a deal with a large multinational corporation for our new High-Speed Sintering 3D printer as part of the beta program we have launched earlier this year. We have shipped the next VJET X units to the car maker’s facility. The 3D printers were brought in and are currently being installed in parallel with the ongoing operation of the VJET X units already in production. In our Services segment, the demand for 3D printed parts continues to be high in Europe and has significantly picked up in the US and also in China compared to the first quarter of 2021.”
The Company delivered one new and one used and refurbished 3D printer in the second quarter of 2021, compared to two new 3D printers in last year’s second quarter. Revenue from the sale of 3D printers also increased, as the Company sold larger scale platforms in the second quarter of 2021, compared to last year’s same period. Systems revenues also include all Systems-related revenues from consumables, spare parts and maintenance. Those Systems-related revenues also increased in the second quarter year over year, which reflects the recovery from the economic slow-down mainly due to the ongoing global pandemic of COVID-19 disease (“the COVID-19 situation”).
As clients increased their production activities, the demand for consumables, maintenance service and spare parts also increased. Systems revenues represented 54.1% of total revenues in the second quarter of 2021 compared to 47.8% in last year’s second quarter.
Revenues from the Services segment, which focuses on the printing of on-demand parts for our customers, increased mainly due to a significant increase in revenue contributions from the German operation, reflecting the recovery from the COVID-19 related economic slow-down in Europe. In contrast to this, revenue contributions from subsidiaries voxeljet America Inc. (“voxeljet America”) as well as from voxeljet China Co. Ltd. (“voxeljet China”) remained almost on the same level as the second quarter of 2020.
The overall financial result was positive €1.4 million in the second quarter of 2021, compared to a financial result of negative €1,2 million in the comparative period in 2020. This was mainly related to higher finance income related to the revaluation of derivative financial instruments. The derivative financial instruments are revalued on each balance sheet date, with changes in the fair value between reporting periods recorded within the financial result of the consolidated statements of comprehensive loss. An increase in our share price results in a finance expense, while a decrease leads to a finance income. Interest expense included interest from long-term debt with other financial institutions.
Revenues also increased for the six months ended June 30, 2021, by 15.4%, to €9 million compared to €7.8 million in the prior-year period. The company is reaffirming guidance for the full year ending December 31, 2021 with full-year revenue is expected to be in the range of €22.5 million and €27.5 million.