Exentis Group AG, provider of the only 3D technology platform worldwide that enables industrial large-scale manufacturing, has continued its growth course and successfully completed the financial year 2022.
The number of 3D systems sold significantly increased from five 3D systems in 2021 to a planned and realized 14 3D systems in 2022. This is triple versus 2021 and corresponds to a revenue-related run rate of CHF 26.0 million. Compared to the previous year’s revenues of CHF 20.0 million, this represents an increase of 30%.
This high level of demand for 3D systems is creating the operational challenge for Exentis to deliver the majority of the sold 3D systems as promptly as possible to customers in order to be able to recognize the achieved revenues. Due to the full utilization of the development and final assembly capacities, this was only possible to a limited extent in the financial year 2022. However, Exentis was able to recognize and book CHF 15.1 million of the revenue-related run rate of CHF 26.0 million as revenues in 2022. The overhang of CHF 10.9 million will then be booked as revenues after the full completion, acceptance and delivery of the respective 3D systems in the financial year 2023.
Dr. Gereon Heinemann, Chief Executive Officer of Exentis Group AG: “In terms of sales, the financial year 2022 was our best year ever. In order to relieve the capacity situation in the future, we have already adopted a comprehensive set of initiatives. We will significantly increase the development and final assembly capacities at our German site near Freiburg to 50 Exentis 3D systems per year by the fourth quarter of 2024. This will additionally support Exentis’ growth course.”
In the first quarter of 2022, Exentis started to prepare for an IPO on the Frankfurt Stock Exchange. An intense preparation process, taking several months, was launched and continued until so-called “IPO readiness” was reached. Even in fall 2022, despite the Ukraine war, the increasingly worsening energy crisis and the high level of inflation, Exentis remained committed to an IPO to take place in November. The supporting banks, however, recommended at the beginning of the fourth quarter of 2022 to postpone the IPO because of the increasing fears of a recession. Ultimately, Exentis followed this recommendation.
The preparations for the IPO in Germany led to extraordinary one-off effects such as consultancy expenses on both the Swiss and German sides; the related one-off expenses amounted to more than CHF 4 million. As part of the IPO preparations, Exentis made its balance sheet as safe as possible. Receivables of approx. CHF 2 million that had already been due for some time were written down.
Due to these extraordinary one-off effects, the solid operating performance is not reflected in the annual financial statements. When adjusting the consolidated accounts by these extraordinary one-off effects, Exentis achieved positive operating results (EBITDA) in the financial year 2022 – despite the overhang in revenues of CHF 10.9 million described earlier and the associated earnings contributions.
In 2023, Exentis will expedite the further internationalization and expansion of its 3D community based on its proprietary 3D technology platform. The focus will be on the United States as the world’s largest market for additive manufacturing. In order to develop this market, the next steps planned will be the establishment of an own sales and service network in the USA and entering into cooperations with local distributors. The focus will remain on the three strategic business areas of Pharma, New Energy and Ultra-fine Structures.