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ExOne introduces fine-powder Innovent and SS316L +2

08:37 06-Oct-16


ExOne has announced that finer powders and an associated upgrade are available for its Innovent machines, which are used mainly in conjunction with prototyping at Universities.  The advance also will enable stainless steel 316L as an available material, starting early next year.   This is a minor positive for now, but it will become more important as the advances are extended to the rest of the product line.  No time line for that was given, but it is planned.

In the meantime, current XONE pricing is clearly short-driven.  The company should report earnings again early next month, where I think the most important thing to look at will be the cash burn.  Management has done a good job cutting costs, but I have a hard time seeing how the fundamentals can justify the current price.  I continue to believe that the stock can't weather another capital raise without dire consequences, so all eyes should be on whether or not management can keep the balance sheet stabilized.