Zortrax growth slowed down in the second half of 2015

The company has created clear in 2015 of its intention to list on the Warsaw Stock Exchange in 2016, depending on the market conditions. It raised $1.5m in July 2015 in a pre-IPO round of bondholders and new investors for 15% of the company. To store informed its shareholders, Zortrax is publishing its financials numbers on a quarterly basis. These accounts demonstrate which the Polish developer experienced quite sturdy growth until mid-2015. In the 2nd half of 2015, the revenue stay quasi stable compared to the initially half of 2015 (+4% in USD terms).

In 2015 the company maintained a healthy margin and managed to store its cost under control. Net profit margin stayed high at 21% of sales in 2015. Total headcount at mid 2015 was 120 folks. Zortrax benefited in 2015 of a sturdy demand for its materials. Share of materials sales went up of 10% to 17% in 2015.

Zortrax is exporting its 3D Printers all over the world with just 10% of its revenue coming of Poland. The company achieved 38% of its revenue in the rest of the European Union and 52% in the rest of the world.

Zortrax early growth has been driven by a contract with Dell to donate 5,000 3D Printers. It is not precisely clear how these sales have been accounted in the 2014 and 2015 sales numbers. In 2015, Zortrax sold 5,500 M200 3D Printers.

With the cash raised in 2015, and the cash flow produced by the operations, Zortrax ended the year 2015 with a healthy cash position. The company can store investing in its R&D in 2016. Cash can in addition be spent to raise Zortrax profile in the create up of the expected IPO. Depending on market conditions and Zortrax cash requirement, management expects to list the company in the 2nd half of 2016.