Objet, which provides inkjet-based 3D printing systems used for prototyping and custom manufacturing, filed on Thursday with the SEC to raise up to $75 million in an initial public offering. Objet's printers can produce both rigid and flexible, rubber-like prototypes and are used by over 2,800 customers in a variety of industries, including automotive (Volkswagen), consumer goods (Black & Decker), medical (Boston Scientific), toys (Hasbro) and sporting goods (Adidas). Objet's solution is unique in its ability to use two materials simultaneously.
Revenue increased 38% to $121 million and net income rose 42% to $15 million in 2011. The revenue per unit declined 15% to approximately $62,000, but the number of 3D printers sold increased 63% to 929. The company also derives revenue from resins designed specifically for use with its printers (40%) and from services (13%).
Proto Labs, which manufactures quick-turn prototypes using traditional manufacturing processes and, like Objet, relies on 3D CAD programmers, has had the second highest IPO return of 2012. The Maple Plain, MN-based company, which booked $99 million in revenue in 2011, is trading at $32.02, up 100% from its $16.00 offer price on 2/23/12.
The Rehovot, Israel-based company, which was founded in 1998, plans to list on the NASDAQ under the symbol OBJT. J.P. Morgan and Goldman Sachs are the joint bookrunners on the deal.
