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ExOne reports shipments for Q4 -2

ExOne has announced that it shipped 11 machines, 9 of which were high-value S-Max or S-Print models, in the fourth quarter of 2015.  I note however, that none of the machines were the newest, highest priced Exerial Models.  See the table below for detail:

  Quarter Ended  
3D Printing Machine
Units Shipped*
12/31/2015   9/30/2015   6/30/2015   3/31/2015 Total
2015
Exerial -   -   4   - 4
S-Max 5   4   1   1 11
S-Max+ 1   -   -   2 3
S-Print 3   -   -   - 3
S-15 1   -   1   - 2
M-Print** -   -   -   1 1
M-Flex -   1   1   1 3
Innovent** 1   4   5   - 10
X1-Lab -   -   -   1 1
  11   9   12   6 38

These results shouldn't be at all surprising given the last quarterly report, except that it has  gotten to the point that management being able to predict much of anything about the business over the past year is surprising.  It's also not especially good.  The total falls one short of the anticipated total shipments for the year, although management says that full year revenue projections are unchanged, for whatever that's worth.  In terms of unit shipments, it's also flat YoY, although there is a little bit of shift toward higher end machines, and full-year shipment counts rose about 30%, as can be seen by comparison with this table from 4Q14 report.

 
Quarter Ended
December 31,
Year Ended
December 31,
  2014 2013 2014 2013
         
S-Max+™ 1 -- 1 --
S-Max™ 6 3 11 13
S-Print™ -- 1 1 3
S-15™ -- -- 1 1
M-Print™ 1 -- 1 --
M-Flex™ 3 5 9 6
X1-Lab™ -- 3 4 5
Micromachinery -- -- -- 1
  11 12 28 29

Management does continue to say that the backlog is at record levels, but recall that revenue is not necessarily recorded upon shipment of the machines. There was also no mention of how the service side of the business is doing. Consequently, this doesn't really tell us much about the earnings results we should be getting in mid-March.  While the technology and business model still hold promise, if the market happens to take this news release as a positive, investors might want to take the chance to reduce any over-exposure to XONE.