Nano Dimension Reports 2019 Third Quarter Financial Results
NESS ZIONA, Israel, Nov. 13, 2019 (GLOBE NEWSWIRE) — Nano Dimension Ltd., a leading additive electronics provider (Nasdaq, TASE: NNDM), today announced financial results for the third quarter ended September 30, 2019.
Nano Dimension reported revenues of $2,243,000 for the third quarter of 2019, compared to $1,161,000 in the second quarter of 2019, and $1,672,000 in the third quarter of 2018. The company improved its gross margin (excluding amortization of intangibles) to 45% in the third quarter of 2019, in comparison with gross margin of 28% in the second quarter of 2019.Nano Dimension ended the quarter with $5,466,000 in cash, while total operating loss (not including finance expense) for the third quarter was $3,273,000.“We are proud with Nano Dimension’s record quarterly revenues of $2.2 million in the third quarter of 2019,” said Amit Dror, Chief Executive Officer of Nano Dimension. “Since the launch of the DragonFly LDM Lights-Out Digital Manufacturing System, we are witnessing a trend of acceleration in sales that proves that our rapid response and strategy have put us back on track of growth.”“In addition, we witnessed improvement in other financial aspects, including increased consumables sales by 111%, compared to the previous quarter. We see this trend as a positive validation to our recurring-revenue business model which is based on our proprietary ink products. As we conclude this great quarter, we continue our efforts to execute our strategy for supporting our sales growth,” concluded Mr. Dror.Conference call to be held today at 9:00 a.m. EDT.Third Quarter 2019 Financial ResultsNine Months Ended September 30, 2019 Financial Results
Balance Sheet HighlightsConference call information
The Company will host a conference call to discuss these financial results today, November 13, 2019, at 9:00 a.m. EST (4:00 p.m. IST). Investors interested in participating are invited to register for the conference call here: http://dpregister.com/10136192. Dial-in numbers, including a local Israeli number and instructions, will be provided upon registration. U.S. Dial-in Number: 1-844-695-5517, International Dial-in Number: 1-412-902-6751, Israel Toll Free Dial-in Number: 1-80-9212373. Please request the “Nano Dimension NNDM call” when prompted by the conference call operator. The conference call will also be webcast live from the Investor Relations section of Nano Dimension’s website at http://investors.nano-di.com/events-and-presentations.
For those unable to participate in the conference call, there will be a replay available from a link on Nano Dimension’s website at http://investors.nano-di.com/events-and-presentations.About Nano DimensionNano Dimension (Nasdaq, TASE: NNDM) is a leading electronics provider that is disrupting, reshaping, and defining the future of how cognitive connected products are made. With its unique 3D printing technologies, Nano Dimension is targeting the growing demand for electronic devices that require increasingly sophisticated features. Demand for circuitry, including PCBs – which are the heart of every electronic device – covers a diverse range of industries, including consumer electronics, medical devices, defense, aerospace, automotive, IoT and telecom. These sectors can all benefit greatly from Nano Dimension’s products and services for rapid prototyping and short-run manufacturing. For more information, please visit www.nano-di.com.Forward-Looking StatementsThis press release contains forward-looking statements within the meaning of the “safe harbor” provisions of the Private Securities Litigation Reform Act of 1995 and other Federal securities laws. Words such as “expects,” “anticipates,” “intends,” “plans,” “believes,” “seeks,” “estimates” and similar expressions or variations of such words are intended to identify forward-looking statements. Because such statements deal with future events and are based on Nano Dimension’s current expectations, they are subject to various risks and uncertainties, and actual results, performance or achievements of Nano Dimension could differ materially from those described in or implied by the statements in this press release. For example, Nano Dimension is using forward-looking statements when it discusses the potential of its products, a trend of acceleration in sales, validation to its recurring-revenue business model, and continuing efforts to execute its strategy for supporting sales growth. The forward-looking statements contained or implied in this press release are subject to other risks and uncertainties, including those discussed under the heading “Risk Factors” in Nano Dimension’s Annual Report on Form 20-F filed with the Securities and Exchange Commission (“SEC”) on March 14, 2019, and in any subsequent filings with the SEC. The following factors, among others, could cause actual results to differ materially from those described in the forward-looking statements: Nano Dimension’s ability to increase sales and revenue, its burn rate, and its ability to continue as a going concern. Based on the projected cash flows and our cash balances as of September 30, 2019, Nano Dimension’s management is of the opinion that without further fund raising it will not have enough resources to enable it to continue advancing its activities for a period of at least 12 months. As a result, there is substantial doubt about Nano Dimension’s ability to continue as a going concern. Except as otherwise required by law, Nano Dimension undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of unanticipated events. References and links to websites have been provided as a convenience, and the information contained on such websites is not incorporated by reference into this press release. Nano Dimension is not responsible for the contents of third party websites. NANO DIMENSION INVESTOR RELATIONS CONTACT
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