ExOne (XONE) IPO

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Holland, in his Morningstar report, said that while 3D Systems and Stratasys provide a wide range of printers, "ExOne enters as a pure play in industrial-use metal applications." Its machines can create production-grade castings out of steel, bronze, glass and aluminum.

Holland says ExOne's focus on the industrial market might provide a competitive edge in that niche. The systems range in price from about $500,000 to $1.4 million.

To be sure, ExOne is young.

"We were a bit surprised to see the rather low volume that ExOne has shipped to date, with only 13 units sold in 2012 and four in 2011," Holland wrote. "While the opportunity is great, so is the risk that the company is taking on too much too soon."

ExOne said it sold eight units in the fourth quarter, up from five in the prior nine months.
"We believe the significant increase in machine unit shipments for the three-month period ended Dec. 31 is a strong indicator of the increased acceptance of our 3D printing technology in the marketplace," according to ExOne's prospectus.
The company is based in North Huntingdon, Pa.

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