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. Since bottoming at $44 the shares have traded in the $50’s for the last couple of months.

If there is an “angle” on XONE we’d say that they focus more on materials and processes for production manufacturing. So they do more metal than plastic. They are also smaller so less mature and in some ways “cheaper” than buying one of the market leaders.XONE_Machines

With total shares outstanding of 14.4M and a current market price of $52 the market capitalization stands at $750M or about 15x 2013 sales.

The other big recent news in the sector was a hatchet job by Citron Research on Voxeljet. There’s some fair criticism in the report so investors should be aware of it.

We have a related post that covers more of the 3D universe when we looked at Voxeljet (VJET).

Here is a link to the XONE IPO roadshow slides. There is also a full transcript available on the transcript page.

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