The global provider of 3D printers and 3D-printed products said it now expects its revenue for the 12-month period to be in the range of $40 million (£24.4 million, €29.3 million) and $42 million, compared to previous guidance of approximately $48 million.
This shortfall can be attributed primarily to machine sales not yet completed for customers in France, Mexico, India and Russia, some odd which involve approval processes deferred into 2014. As the average price point of an M-Print additive manufacturing system is in the region of $900,000, every individual sale affects the company's stock price and overall revenue for the quarter and the full year. In this instance, four S-Max and one S-Print sand additive manufacturing machines are to be sold.
ExOne also stated that it told its complete inventory of six M-Flex machines in 2013, the first being sold in the third quarter of last year.
Chairman and CEO Kent Rockwell said: "Although this reduction in fourth quarter 2013 machine sales impacts our revenue expectations for the quarter and year, we have not lost a single order and expect these sales to be completed in the first half of 2014. While naturally we are disappointed with this shift in timing for these machines, we remain enthusiastic with the growing interest in the ExOne binder jetting technology from our global customers for all industrial material applications. We believe that these machine sale delays are only due to timing and no other factor. We also expect to quadruple production and triple sales of the M-Flex in 2014.
"We remain confident that our previously stated long-term 40 per cent to 50 per cent annual organic revenue growth goal is achievable again in 2014. We continue to see the industrial market evolving toward 3D printing and are pursuing opportunities to expand our strategies. We have made a substantial effort for a company our size to undertake the acquisition strategy that we announced in our follow-on offering completed in September 2013, and we have incurred expenses in the fourth quarter of 2013 related to such efforts. We will continue to explore opportunities to complement our organic growth with strategic acquisitions or alliances in 2014."
At close of play on the Nasdaq last night, ExOne shares had dropped by 8.6 per cent - or 5.4 points - to $56.85 per unit.