Voxeljet Risk/Reward Isn’t Compelling: CITI

When Voxeljet AG (ADR) (NYSE:VJET) released its first quarterly report last week, investors were initially impressed that the small 3D printer manufacturers had managed to post EPS profits, even small ones, right out of the gate. Then they noticed that the $4.76 million in revenue was almost completely driven by three $1 million unit sales, and that all three involved some kind of in-house financing. What had looked like a great start suddenly looked like a ruse and the Securities and Exchange Commission asked for clarification. With all the facts, the quarterly report is less damning, but Citi analyst Kenneth Wong rates the stock as high risk.