ExOne (XONE) is less mature than market leaders Three D Systems (DDD) and Stratasys (SSYS) but they have been developing their printers and services since 2005. They entered their commercialization phase in 2012 as their machines installed grew from 4 to 14 YoY. At the time of the IPO the installed base of XONE machines was over 80.

XONE completed their IPO in January 2013 at an above-the-range $18 and has traded up substantially from there. The shares peaked at $75 in August of that year when plans for a secondary began to send the stock back down . . .

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