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Arcam AB full 2016 financials show 12.5% revenue increase, 3D printer units down

In their full year accounts for 2016, industrial 3D printing company Arcam AB (STO:ARCM) describes, “major investments and a challenging market situation.”

Arcam AB revenue was $73 million for 2016 ($65 million – 2015).

The manufacturers of Electron Beam Melting additive manufacturing systems made a full year loss of $1.2 million compared to a $2.7 million profit for 2015.

New 3D printer sales and demand drivers

During the final quarter of 2016 Arcam AB “delivered 15 EBM systems to customers in the implant and the aerospace industry“. Furthermore, the Swedish company “received 24 new orders and the order book by the end of the quarter amounts to 25 systems. The demand for EBM systems is driven by how quickly our customers in the aerospace and implant industry are moving towards production, a process that is dependent on both technical and commercial factors.”

Arcam AB at Formnext. Photo by Michael Petch.

2016 saw the launch of Arcam Q10plus and Arcam Q20plus 3D printers. As Arcam explains,

The new systems are an enhanced version of the Arcam Q-series EBM systems for Additive Manufacturing. Arcam Qplus offers up to 25 % higher productivity with improved surface finish and precision. With Qplus Arcam also introduces Arcam xQam™, an X-ray based function for high precision auto-calibration and improved beam control.

The industrialization of additive manufacturing

Of course, any news about Arcam AB cannot fail to mention the company as a gleaming prize for General Electric. As part of a restructured $1.4 billion deal that saw the U.S. multinational make a last minute pivot to purchase fellow industrial 3D printer manufacturer Concept Laser, Arcam AB are a core strategic asset.

GE posters at Formnext 2016. Photo by Michael Petch.

As sole manufacturers of the patent-protected EBM 3D printing system Arcam are a valuable component of GE’s supply chain and plans to fulfill an order book for 3D printed aerospace components that now stands at $480 million. The purchases will also allow GE to proceed with the industrialization of metal 3D printing.

GE’s offer was completed on 29 November and GE hold 76.15% of all shares of Arcam. Elliot Management Corporation are the second largest shareholder with 11% of equity.

EBM 3D printing in the healthcare market

Arcam EBM 3D printers are installed at several significant locations of companies who may be considered competitors, or acquisition targets, by GE.

EBM is also widely used to produce components in the healthcare market. A trend for 2017 is the increasing competition for the healthcare market, as Arcam CEO Magnus Rene told me last year, “1 out of 30 hip surgeries involves components that come from an Arcam system. I think that is amazing.”

3D printing materials

Arcam are important suppliers of titanium and other 3D printing materials to the additive manufacturing industry through their subsidiary AP&C.

Arcam’s CEO says with AP&C, “we own more than 50% of the titanium powder market for additive. Maybe we own 70% of the market.” By the end of 2016 Arcam had 8 gas plasma atomization reactors for the production of spherical metal powders operational.

With the present build-out AP&C will reach a capacity by the end of 2017 of at least 750 tons per year. The new plant will be built in modules and can be extended so that we reach a combined total capacity of over 1,200 tons per year in both production plants.

While AP&C have maintained a front-running position as metal powder suppliers for the past decade, new (and old) challengers have begun to appear. PyroGenesis have continued to make noises about a return in strength to the metal powders market throughout the past 12 months, while companies like Arconic and Metalysis are also active in the market.

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Additional details

  • Net sales increased by 12,5% to 648.3 (576.1) MSEK

  • Operating income amounted to -29.8 (50.2 ) MSEK

  • Net income amounted to -10.8 (24.3) MSEK  

  • (the operating income and net sales for the period includes non-recurring costs of 44.8 (0 ) MSEK)  

  • Earnings per share amounted to -0.52 (1.18) SEK

  • 50 (50) EBM systems  were delivered during the period

  • Order intake amounted to 48 (58) EBM systems

  • GE has acquired 76.1% of all shares in Arcam

For the fourth quarter:

  • Sales increased by 18% to 208.1 (176.0) MSEK

  • Operating income amounted to -29.1 (14.0) MSEK

  • Net income amounted to -17.5 (2.7) MSEK

  • (the operating income and net sales for the period includes non-recurring costs of 44.8 (0 ) MSEK)  

  • Order intake amounted to 24 (29) systems

  • 15 (16) EBM systems were delivered in the fourth quarter

Featured image shows Arcam AB rocket nozzle at Formnext. Photo by Michael Petch.

https://3dprintingindustry.com/news/arcam-ab-full-2016-financials-show-12-5-revenue-increase-3d-printer-units-105239/

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