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3D Printing Industry Report – Week 32 / 2018

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by Sarah Goehrke
Aug 10, 2018

Want to know what’s happening in the Additive Manufacturing and 3D printing industry? Here’s All3DP’s weekly report for professionals, written by former 3dprint.com editor-in-chief and industry expert Sarah Goehrke.

The industry sector is picking up momentum in 3D printing, as more professional users adopt an ever-broadening range of technologies. In both the maturing polymers and rapidly growing metals segments, industrial additive manufacturing is gaining a stronger foothold and being implemented alongside traditional CNC and other machinery in businesses around the world.

To keep abreast of the influx of announcements made in industrial applications, we are launching a digest to examine in brief the industry news of the week. Some of these stories have been covered in-depth by All3DP, while more are new; all are included to provide a look at the shape of the industry this week.

Important News this Week

3D Printing Industry Report Formlabs the Unicorn

Image of 3D Printing Industry Report: Formlabs the Unicorn

Kicking the month of August off was an announcement of 3D printing’s newest unicorn, as All3DP recently reported that Formlabs reached the milestone $1 billion valuation. Additionally announcing the appointment to its Board of Directors of Jeff Immelt, former Chairman and CEO of the General Electric Company (and new Board member at fellow Boston-based unicorn Desktop Metal), Formlabs has made a striking statement of strength.

Rising from humble garage-and-Kickstarter origins, Formlabs has become something of the poster child for an intelligently run 3D printing company offering reliable products. A genesis in desktop SLA 3D printing has seen some maturation of product development, followed by the more recent foray into the SLS segment. The company is poised with the new valuation, built upon a $15 million funding from New Enterprise Associates (NEA), a global venture capital firm, to continue to expand in size – and offerings.

“With Jeff’s appointment and this latest round of funding from NEA, Formlabs will be well positioned to continue its global growth and expansion into more product lines,” said Formlabs Co-Founder and CEO Max Lobovsky.

3D Printing Industry Report Digital Alloys Receives $12.9M, Promises High-Speed Metal 3D Printing

Image of 3D Printing Industry Report: Digital Alloys Receives $12.9M, Promises High-Speed Metal 3D Printing

Boston is home to 3D printing unicorns as well as a wealth of great minds in technology; the city is a hive of activity with several well-known universities and tech companies. One of the newer kids on the block, Digital Alloys, has just announced its own step toward making a mark in metal 3D printing with a new, patented high-speed technology.

Metal 3D printing is probably the first sector that most people think of when it comes to industrial additive manufacturing. Faster-growing than its more mature polymer counterpart, metal is rising quickly into prominence. Digital Alloys’ recently introduced Joule Printing technology is seeking to address existing limitations of metal 3D printing, particularly when it comes to end-use parts.

The company explains: “Despite great interest, the use of metal additive manufacturing in production applications has been limited by high production costs, slow printing speeds, complexity, and quality issues. Current methods take too long to be practical, or require the use of dangerous materials, specialized hardware, and multiple complex finishing steps involving shrink compensation software, chemical baths, and furnaces. Look past the hype around metal 3d printing, and you’ll find it’s rarely used in manufacturing.

Joule Printing solves these challenges. The core invention was inspired by a few simple observations:

  • Low production costs require both an inexpensive raw material and high printing speeds.
  • Printing speed is gated by how quickly heat moves to the desired melting location.
  • Metal 3D printers work by positioning and then melting raw material to build up 3D parts. For optimal speed, cost, and repeatability, the process should use as few steps as possible.
  • Repeatable quality requires an ability to directly measure and control the melting process.”

The technology, based on use of commodity wire, circumvents potential issues that may arise from use of high-cost, specialized metal powders.

It doesn’t only sound interesting on paper (or screen) – Digital Alloys has pulled in $12.9 million in financing. The Series B round was led by G20 Ventures and joined by Boeing HorizonX Ventures, Lincoln Electric, and prior investor Khosla Ventures. Digital Alloys was founded in January 2017, a spinout from the NVLabs division of NVBOTS, and pulled in $5 million in a Series A funding round led by Khosla Ventures last summer.

Joule Printing enables use of multiple metals in each build, which Boeing, with its long-demonstrated adoption of additive manufacturing, found especially intriguing.

“Our investment in Digital Alloys will help Boeing produce metal structural aerospace parts faster and at higher volume than ever before. By investing in companies with emerging additive manufacturing technologies, we aim to strengthen Boeing’s expertise and help accelerate the design and manufacture of 3D-printed parts to transform production systems and products,” said Brian Schettler, Managing Director of Boeing HorizonX Ventures.

3D Printing Industry Report MELD Manufacturing, Battlefield Scrap, and Expeditionary Technology

Image of 3D Printing Industry Report: MELD Manufacturing, Battlefield Scrap, and Expeditionary Technology

Ohio-based MELD Manufacturing is keeping its own metal 3D printing technology looking forward, working with the US Army for advances.

At the beginning of this month, MELD announced its selection to be part of xTechSearch. The inaugural xTechSearch (or Army Expeditionary Technology Search), is bringing collaborators together to look into modernization for the US Army. The Phase I selection will see MELD work toward its proposal of materials development for next-generation combat vehicles. Light weight and high strength are two hallmarks of metal additive manufacturing, and the proposal seeks to bring both into the materials process.

Because MELD’s technology, which took home an Innovation Award at this year’s RAPID + TCT event, is able to operate outside a lab environment — including potential in-the-field implementation — and work with a wide range of materials, the company sees it as a natural fit for the xTechSearch project.

“The MELD technology is ideal for combat vehicles because it enables the use of unweldable metals and can create, join, coat, or repair a wide range of novel metallic materials that offer superior strength and corrosion resistance without adding weight,” explains MELD Additive Manufacturing Manager Dr. Chase Cox.

Building upon this initial announcement, this week MELD Manufacturing continued with the introduction of a collaboration with the University of Alabama and Army Research Lab (ARL) that will focus on recycling of battlefield scrap. Supported by a Strategic Environmental Research and Development Program (SERDP) grant, the work will focus on in-the-field applications, recycling battlefield scrap metal for use in repairs and manufacturing.

The ARL will supply scrap, from which MELD will manufacture samples to be analyzed at the University of Alabama as the project moves forward. Localized manufacturing is a well-recognized benefit of 3D printing, and doing so with recycled scrap offers the additional benefits of cutting materials costs and reducing environmental impact of existing waste. Combat zone 3D printing is coming into prominence not only in the US, but in military forces around the world; proofs of concept such as this research will potentially lead to broader adoption for point-of-need production.

MELD additionally noted the differences between the xTechSearch and SERDP projects:

“While both projects will explore military applications for MELD, the SERDP project will research the fundamental characteristics of MELD deposits made from feedstock created from scrap while the xTechSearch-funded project would be a demonstration of fieldable equipment to take a waste stream or indigenous materials as raw MELD material.”

3D Printing Industry Report SPEE3D Speeds On-Site Metal 3D Printing for O&G Industry

Image of 3D Printing Industry Report: SPEE3D Speeds On-Site Metal 3D Printing for O&G Industry

In-the-field metal 3D printing offers potential benefits not only for defense and combat vehicles, but for energy, as a collaboration Down Under seeks to go on-site in oil and gas (O&G).

Australia-based SPEE3D has announced a new collaborative project seeking to bring high-speed metal 3D printing technology to the oil and gas industry. Partnering with National Energy Resources Australia (NERA) and Charles Darwin University, as well as an O&G operator, SPEE3D’s collaboration is set to develop an O&G-specific high-speed, low-cost metal 3D printing technology. The new 3D printer is intended to be “the first product able to generate parts on demand for remotely located, heavily industrial sites.”

The project began in June 2018 and is set to continue through December 2019. The technology to be developed will take its place in SPEE3D’s portfolio, once validated, and will be available for use in Australia and for global export.

The O&G industry will ultimately benefit from the project, gaining the ability for on-site fabrication and repair of pipe fittings and flanges, brackets, guards, adapters, couplings, housings, impellers, and other components required to ensure optimal industry uptime.

With total project funding of AU$946,000 (AU$437K from NERA and AU$509K from industry), the collaboration is seen as providing “a win for Australian Industry.”

3D Printing Industry Report 3D Systems Moves Forward in Metal, Dental 3D Printing

Image of 3D Printing Industry Report: 3D Systems Moves Forward in Metal, Dental 3D Printing

One of the earliest-established 3D printing companies, US-based 3D Systems offers a product portfolio at once mature and evolving. This week, the company has been keeping busy with announcements in metal 3D printing, dental 3D printing, and financial results.

3D Systems has formed a partnership with GF Machining Solutions, a division of Switzerland-based Georg Fischer AG, that the companies say will “enhance metal parts production and redefine how manufacturers think about their manufacturing environments.” If a single partnership is redefining manufacturers’ thinking, there’s some wonder these companies haven’t gotten together before this week.

The partnership is focused on efficient production of complex metal parts, made to tight tolerances, as well as the reduction of total cost of operation. Working with GF Machining, 3D Systems seeks to bring its expansive metal additive manufacturing know-how to bear with the Swiss company’s decades of know-how in metal subtractive manufacturing.

The companies’ CEOs are eager to explore the implications of the partnership:

“We are excited about this new partnership of two industrial leaders. With the combined experience and expertise of 3D Systems and GF Machining Solutions, we are well positioned to bring to our customers new manufacturing solutions based on 3D printing,” said GF CEO Yves Serra.

3D Systems President and CEO Vyomesh Joshi (VJ) said, “The 3D Systems and GF Machining Solutions partnership brings together two customer-centric innovators to redefine manufacturing and create the factory of the future. As industry leaders, both companies share the same vision for transforming manufacturing. We are looking forward to delivering integrated technology solutions to provide our customers with significant competitive advantage through reduced production time, faster time to part, and overall lower total cost of operation.”

Planned for launch at this year’s IMTS, the debut of the first solution to arise from the partnership has a lot to live up to, and certainly many will be curious as the event in Chicago draws nearer (IMTS runs September 10-15, 2018; 3D Systems can be found in booth #431608 and GF Machining Solutions in booth #338754).

Following the announcement of metal solutions progress, 3D Systems continued the week looking down in the mouth with an optimistic set of dental announcements.

The company’s NextDent 5100 high-speed dental 3D printer is now available. Designed to enable the in-lab production of dental trays, models, surgical guides, dentures, orthodontic splints, crowns, and bridges, the Figure 4-powered system offers high-speed dental 3D printing. In keeping with its tendency to enthuse about its offerings, 3D Systems notes that “this new solution is already demonstrating its ability to truly revolutionize the dental workflow.” The speedy system does indeed offer great benefit to dental labs and clinics that adopt it, with proven precision and operation efficiency. While it may not be a revolution, the company’s offerings in dental truly do offer new workflow efficiency; I’ve seen the reduction in steps for producing dentures, for example, in the company’s labs.

Along with general availability of the NextDent 5100, 3D Systems pushes on with a new entry point for digital dentistry. The already-available FabPro 1000 3D printer has now been optimized for use with certain materials in the NextDent line. Low-volume dental labs and clinics thinking about adopting 3D printing into their operations can now set their sights on this “aggressively priced” (sub-$5,000, as compared to the $10,000 NextDent 5100) system for entry-level exploration.

Because two announcements in dental just aren’t enough, 3D Systems is further introducing new materials. The NextDent line will now contain 30 biocompatible, CE-certified material options, as 18 more have been announced.

That’s 30 total materials available, as well as six 3D printers, in 3D Systems’ dental portfolio. In addition to the NextDent 5100 and FabPro 1000, the company offers the ProJet MJP 2500 MultiJet, ProX 800 SLA, DMP 100 Dental metal, and ProX DMP 200 Dental metal 3D printers, as well as a Leuven-based Customer Innovation Center that supports 3DS’ Dental Manufacturing and Design Services.

3D Systems also announced Q2 results this week; these are included below in financials.

3D Printing Industry Report Air New Zealand to Bring Metal 3D Printed Parts Onboard

Image of 3D Printing Industry Report: Air New Zealand to Bring Metal 3D Printed Parts Onboard

Aerospace is a major and growing market for metal additive manufacturing, and technology from GE Additive company Arcam EBM is ready to take to the Kiwi skies. Air New Zealand is partnering with Zenith Tecnica to bring electron beam melting (EBM) 3D printing technology into operations.

It’s early days in ANZ’s adoption of the technology, but so far they have 3D printed prototype metal framing for the Business Premier cabin, the airline’s COO Bruce Parton noted. Along with the framing, they “have also made novelty wine aerators,” because proofs of concept are always more fun with a good vintage. Their pilots aren’t drinking and flying, of course; the aerators were designed to look like replica aircraft engines, which Parton said add “a bit of fun” and showcase the team’s excitement to onboard the new technology (pun intended).

Metal 3D printing offers the potential to reduce materials use and weight, key to the very weight-conscious aerospace industry. Lightweighting and reducing the number of assembled aircraft components through new geometries. The airline has been working with polymer 3D printing since 2016, and the new partnership presents a strong statement in deepening investment and exploration of the technology.

“This is a good project to demonstrate the strength, versatility and utility of titanium 3D printed parts for aircraft applications and it’s very exciting to be working alongside Air New Zealand on this journey,” said Martyn Newby, Managing Director, Zenith Tecnica. “ We are in a very good position to support the local adoption of 3D printing for aviation applications and welcome Air New Zealand’s enthusiasm to embrace this emerging technology and help take it to the mainstream.”

3D Printing Industry Report Nano Dimension Accelerates US Growth with Fisher Unitech Partnership

Image of 3D Printing Industry Report: Nano Dimension Accelerates US Growth with Fisher Unitech Partnership

Early this month, Nano Dimension announced a new partnership with Fisher Unitech that will see the DragonFly 2020 Pro 3D printer expand its presence in the US. Sale and service of the machines will take place in the Midwest, New England, and Mid-Atlantic regions as Fisher Unitech offers the machine, as well as SOLIDWORKS Electrical and SOLIDWORKS PCB, for what they call “a complete embedded electronic solution.”

The channel partnership, Israel-headquartered Nano Dimension’s third in North America, “represents a significant addition to the Company’s sales reach.” As Nano Dimension USA President Simon Fried explained, “Fisher Unitech’s broad geographical reach, strong position in key verticals and excellent reputation, make them an ideal partner to accelerate our growth in the USA.”

Fisher Unitech, for its part, continues to add 3D printing to its portfolio. The Nano Dimension partnership broadens the company’s offerings, including those previously announced with PostProcess Technologies, Cimquest, Desktop Metal, and Stratasys.

While channel partnerships don’t make for the most exciting reading, as they continue to appear as highlights in strategic operations and allow for wider access to 3D printing offerings from around the world in expanded geographic regions, they underscore the seriousness with which many in the industry are taking additive manufacturing.

3D Printing Industry Report ZMorph Increases US Presence with Accucode 3D Partnership

Image of 3D Printing Industry Report: ZMorph Increases US Presence with Accucode 3D Partnership

Also taking global (and specifically US) distribution seriously is Poland-based ZMorph, which has struck a deal to partner with US-based Accucode 3D. The latter company has been focusing on enhancing access to 3D printing technologies and is now adding sales, customer care, and technical support of the ZMorph VX multitool 3D printer to its growing portfolio.

The ZMorph VX offers all-in-one fabrication with a 3D printing extruder, CNC PRO, and Laser PRO tool heads. Its capabilities earned it All3DP’s accolade of top choice in its recent list of All-In-One 3D Printer Picks of 2018.

“Accucode 3D is very excited to add ZMorph 3D printers to our product line for distribution,” said Rick Jelsky, Director of Channel Distribution in Accucode 3D. “Their printers are extremely versatile and deliver instant value to any manufacturer, engineer or educator using them. We see great potential for ZMorph in the US market and believe they’ll be a popular choice among our 3D reseller network.”

ZMorph is joining a strong portfolio of available 3D printing technologies at Accucode 3D, which also partners with well-known names including EnvisionTEC, Markforged, Fusion3, LulzBot, Ultimaker, MakerBot, and Leapfrog.

3D Printing Industry Report 3D Printing on the Rise in Africa

Image of 3D Printing Industry Report: 3D Printing on the Rise in Africa

The global 3D printing industry continues to develop. Gartner’s well-known Hype Cycle captures snapshots of industry at various placements in maturity. Often used as a tool for investment considerations, the Hype Cycle provides a look at the adoption of young technologies – including, importantly, 3D printing.

Gartner has now released a look at information and communication technology (ICT) in Africa for 2018 — and 3D printing is on its way to maturity in the large continent. Alongside mobile money, 3D printing service bureaus are seen through this new release to have entered the Plateau of Productivity, according to Gartner’s William Hahn, Principal Research Analyst.

“Africa is entering an important stage in growing maturity,” Hahn said. The research identified and described the impact of 29 technologies at various stages between the initial Innovation Trigger and the Plateau of Productivity. For 3D printing to reach this plateau represents its move toward the mainstream; Hahn noted that this technology has now reached “20 to 50 percent of its local target audience.”

“CIOs should work with their peers to consider 3D print service bureaus as part of their supply chain. Employing a 3D print service bureau means CIOs and their IT leaders have the opportunity to mitigate their investment risk,” he said.

Gartner points to the use of 3D printing service bureaus to fabricate tooling, jigs, and finished goods in both single orders and for low-volume serial production. The democratization of manufacturing is an oft-underscored benefit of additive manufacturing, and service bureaus represent a strong way to initially work with the technology, often offering a point of entry prior to investment into a desktop or industrial 3D printing system.

Financial Results for Q2 2018

3D printing is, after all, a growing industry — and a key part of business is doing business. Financial results have been rolling in following the close of the second quarter of 2018, with August seeing announcements from a growing number of industry participants.

Results are in from the following companies, which highlight their results with key points; full results can be read in each link.

3D Printing Industry Report Results Materialise Q2/2018

Total revenue increased 34.1% from the second quarter of 2017 to 45,076 kEUR, driven by strong performances in our Materialise Medical segment and in the ACTech business within our Materialise Manufacturing segment, which we acquired in October 2017.

Total deferred revenue from annual software sales and maintenance contracts increased by 2,419 kEUR to 21,142 kEUR from 18,723 kEUR at year-end 2017.

Adjusted EBITDA increased 90.9% from 2,732 kEUR for the second quarter of 2017 to 5,216 kEUR.

Net result was 369 kEUR, or 0.01 EUR per diluted share, compared to (955) kEUR, or (0.02) EUR per diluted share, over the same period last year.

Executive Chairman Peter Leys commented, “The past several months have been an especially exciting period for Materialise. We delivered another set of good results for the second quarter, with particularly strong performances from our Materialise Medical segment and the ACTech business we added to our Materialise Manufacturing segment last October. This performance again demonstrates the benefits of our company’s diversified business model. In July, we announced a collaboration with BASF through which this leading chemicals company has invested US$25 million in Materialise to accelerate the advancement of the 3D printing sector through the development of innovative applications and new materials. We expect this collaboration to create significant new business opportunities in new markets over time. We also raised US$44.85 million in gross proceeds through a successful public offering of ADSs representing our shares, which included the full exercise of the underwriters’ over-allotment option to purchase additional ADSs.”

3D Printing Industry Report Results Stratasys Q2/2018

GAAP gross margin was 49.1% for the quarter, flat compared to the same period last year.

Non-GAAP gross margin was 52.5% for the quarter, compared to 53.0% for the same period last year.

GAAP operating loss for the quarter was $1.9 million, compared to operating loss of $5.0 million for the same period last year.

Non-GAAP operating income for the quarter was $10.6 million, compared to operating income of $11.1 million for the same period last year.

GAAP net loss for the quarter was $3.6 million, or ($0.08) per diluted share, compared to a net loss of $6.0 million, or ($0.11) per diluted share, for the same period last year.

Non-GAAP net income for the quarter was $8.1 million, or $0.15 per diluted share, compared to Non-GAAP net income of $9.2 million, or $0.17 per diluted share, reported for the same period last year.

Net R&D expenses for the quarter amounted to $23.7 million, an increase of 1.9% compared to the same period last year.
The Company generated $13.0 million in cash from operations during the second quarter and ended the period with $346.7 million in cash and cash equivalents.

Elchanan (Elan) Jaglom, Interim Chief Executive Officer of Stratasys, said, “Our second quarter revenue was in-line with our expectations for the period, as we saw recovery in high-end system orders in North America and in certain verticals, specifically our customers in government, aerospace, and automotive. We are pleased with the increased adoption we are seeing for our production-focused solutions, including our new F900 Aircraft Interiors Certification Solutions (AICS) 3D Printer and our J700 Dental 3D Printer, both of which address the unique needs of production applications in their respective verticals for aerospace and dental. We continued our positive trend of cash generation and operational discipline, while we also continue to ramp up our investments in our core FDM and PolyJet technologies, new metal additive manufacturing platform, advanced composite materials, and software and application development.”

3D Printing Industry Report Results 3D Systems Q2/2018

For the second quarter of 2018, the company reported 11 percent revenue growth to $176.6 million compared to $159.5 million in the second quarter of the previous year.

The company reported a GAAP loss of $0.08 per share in the second quarter of 2018 and 2017, and non-GAAP earnings of $0.06 per share in the second quarter of 2018 compared to non-GAAP earnings of $0.08 per share in the second quarter of 2017.

The company reported 41 percent higher printer revenue on 37 percent higher printer unit sales, 26 percent growth in healthcare solutions, and growth in materials and on demand manufacturing.

The company reported GAAP gross profit margin of 48.8 percent for the second quarter of 2018 compared to 50.6 percent in the second quarter of the prior year. The impact of mix of sales and investment in services and on demand manufacturing offset cost improvements from ongoing supply chain cost reduction initiatives.

R&D expenses decreased 7 percent from the second quarter of the prior year to $22.7 million as the company began to ship the previously announced new products. The company expects to continue to roll out new products as planned throughout 2018.

Vyomesh Joshi (VJ), Chief Executive Officer, 3D Systems, said, “We are pleased with our results for the second quarter, which were driven by strong revenue growth, including growth in both printer revenue and units as we continue to improve execution and are seeing the early returns on our investments in both innovation and go-to-market.
“In addition to our performance in the second quarter, we are also very pleased to be partnering with Georg Fischer, a highly regarded leader in machining solutions, to create new integrated solutions and expand our global network and market opportunity. With our product rollouts in 2018, we believe our portfolio is second to none in regards to breadth and competitiveness, and we continue to be keenly focused on execution and operational efficiency to drive long-term growth and profitability.”

3D Printing Industry Report Results Arkema Q2/2018

Sales up 6.7% year on year to €2,270 million (at constant exchange rates and business scope)

Robust 8% EBITDA growth on Q2 2017 to €430 million (up 12.6% at constant exchange rates)

All three divisions reported EBITDA growth despite the unfavorable effect of currencies and raw materials

EBITDA margin up to 18.9% (from 18.1% in Q2 2017)

Very strong 31% increase in adjusted net income to €226 million, representing €2.97 per share

Net debt of €1,372 million (versus €1,227 million at end-March 2018), taking into account the €176 million dividend payment in late May 2018, representing a gearing of 29%

Outlook for full-year 2018 revised upwards

Chairman and CEO Thierry Le Hénaff said, “For the first time in the Group’s history, quarterly EBITDA exceeded €400 million, a record high. This operating performance led to a sharp increase in the adjusted net income at close to three euros per share.
“In a persistently volatile global context, marked by high raw materials costs, an unfavorable currency effect and geopolitical tensions, the Group benefited from its growth strategy and strong commercial and industrial positioning. Arkema’s performance was led by high demand for advanced materials in the areas of lightweight materials, 3D printing, new energies and consumer goods, by targeted acquisitions in adhesives and by robust momentum for our intermediate chemical businesses.

“On the strength of these results and remaining attentive to global economic developments, we are highly confident in our ability to deliver an excellent full-year performance in 2018.”

3D Printing Industry Report Results Protolabs Q2/2018

Revenue for the second quarter of 2018 was a record $109.7 million, representing a 33.7 percent increase over revenue of $82.0 million in the second quarter of 2017.

The number of unique product developers and engineers served through our web-based customer interface totaled 19,198 in the second quarter of 2018, an increase of 18.7 percent over the second quarter of 2017. This metric does not include unique product developers served in our recently acquired RAPID Manufacturing business.

Net income for the second quarter of 2018 was a record $18.3 million, or $0.67 per diluted share.

Non-GAAP net income was $19.9 million, or $0.73 per diluted share.

Vicki Holt, President and Chief Executive Officer, said, “For the second straight quarter, Protolabs delivered 34% revenue growth over 2017. Through the first half of the year, our CNC Machining business has experienced explosive growth in excess of 60%. Our ability to serve our customers with this level of growth demonstrates the tremendous value and scalability of our digital business model.”

3D Printing Industry Report ExOne

A few hours ahead of releasing its quarterly results, ExOne announced the election of Roger W. Thiltgen to its Board of Directors.

Consolidated revenue for the 2018 second quarter grew 1% over the prior-year second quarter.

Machine revenue was down 25% to $3.2 million.

Gross profit of $1.6 million was down 22% from the second quarter of 2017.

R&D expense of $3.2 million for the quarter was up $0.9 million compared with the 2017 second quarter.

SG&A expense was $6.4 million compared with $6.0 million in the 2018 second quarter.

The 2018 second-quarter net loss was $8.0 million, or $0.50 per share, compared with a $6.4 million net loss, or $0.40 per share, in the second quarter of 2017.

Adjusted earnings before interest, taxes, depreciation and amortization (“Adjusted EBITDA”), a non-GAAP measure, was a $6.7 million loss in the 2018 second quarter, compared with a $4.8 million loss in last year’s second quarter.

S. Kent Rockwell, ExOne’s Chief Executive Officer, said, “Our financial performance in the second quarter and first half was less than anticipated. While order flow and deliveries to customers were strong, our recognition of machine revenue was unfavorably impacted by timing of installation and customer acceptance of our printers. We have seen good growth in machine and non-machine order activity which we expect will substantially enhance second half performance in meeting our full year revenue growth rate in excess of 20%. Historically we have experienced machine revenue cadence of approximately 30% of annual machine revenue in the first half of a year and 70% in the second half. We believe that the momentum of our recent and expected orders will drive machine revenue to approximately 80% of annual machine revenue in the second half of 2018.”

3D Printing Industry Report Eastman Kodak Company

GAAP net earnings of $4 million for the quarter ended June 30, 2018.

Operational EBITDA for the quarter of $9 million.

Revenues for the quarter of $372 million.

The company ended the quarter with a cash balance of $275 million and expects to generate cash in the second half of 2018.

2018 revenue guidance remains at $1.5 billion to $1.6 billion and Operational EBITDA guidance revised to $55 million to $60 million to reflect increased aluminum supplier costs and timing of commercialization of new products.

Advanced Materials and 3D Print Technology Division (AM3D) had revenue of $1 million for the quarter and Operational EBITDA of negative $5 million, an improvement of $2 million compared with the same period in the prior year. The division continues to focus on investments in light-blocking particles and printed electronics.

Jeff Clarke, Kodak Chief Executive Officer, said, “When adjusted for aluminum and foreign exchange, Operational EBITDA increased thirty-three percent year over year. For the second half of 2018, our priorities will be focused on the sale process for the Flexographic Packaging Division, improving efficiency of our operations through the announced restructuring actions and continuing to deliver growth in strategic areas.”

License: The text of "3D Printing Industry Report – Week 32 / 2018" by All3DP is licensed under a Creative Commons Attribution 4.0 International License.

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