3D Printing Company ExOne Posts Disappointing Results

Exone updated its previous guidance for the 2013 fiscal year. The company now expects to post full-year revenues at the low end of its previous guidance of $48 million to $52 million. Gross margins are expected to finish the year at the higher end of previous guidance of 42% to 46%.

The company’s CEO said:

We are increasing machine sales, expanding our [Production Service Center] network and building our material and binders portfolio. We believe ExOne remains distinctively positioned as a leading industrial provider of 3D printing machines and printed products, and we expect demand to continue to increase.

Since ExOne came public in February, its share price has risen by about 185%, and the company clearly remains a growth opportunity. It did well in the quarter, doubling its quarterly revenues year-over-year. But that is not today’s story.

ExOne did not meet consensus estimates, and it essentially cut its full-year revenue estimate, even though its gross margin is expected to be a bit higher. That means that the company’s not selling as much equipment as it had planned. That is not a good signal and traders have picked up on it.

Shares of ExOne are down more than 13% in after-hours trading on Tuesday, at $65.58 in a 52-week range of $23.50 to $78.80. Thomson Reuters had a consensus analyst price target of around $57.30 before today’s results were announced.