NEW YORK (TheStreet) -- The long-term viability of the 3-D printing industry is still being contested, but it's tough to ignore the potential value that shares of 3-D printing specialist ExOne  (XONE) - Get Report offer to patient investors.

ExOne, which reports fourth-quarter results on Monday, has struggled to separate itself from 3-D printing competitors such as Stratasys (SSYS) - Get Report and 3D Systems (DDD) - Get Report. But ExOne is altering how its printers functioned in the past to target new markets, which bodes well for its growth prospects.  The North Huntingdon, Penn.-based company recently announced that it has approved the use of six new metals as raw materials with its direct line of 3-D printers, giving industrial customers more choices in how to manufacture their products.

That may give ExOne an extra edge it previously lacked against competitors -- many of whom use an indirect 3-D process that, unlike direct printing, requires a mold for the final product. In ExOne's direct process, customers can save time as well as curb supply costs. That would make the company's printers more attractive to businesses trying to limit operating expenses, potentially expanding ExOne's customer base significantly.

That said, the company does more than sell 3-D printers: It makes money from supplies and replacement parts and offers pre-production collaboration through its service center business. In addition to its U.S. locations, ExOne has production service centers in Germany and Japan. Its products are used in industries including automobiles, energy, heavy machinery and aerospace. 

Based on the company's stock performance, down more than 15% in 2015, investors have their doubts about ExOne's growth potential. But that doesn't mean money can't be made. And recent reports by firms such as IDC suggest ExOne is a name to keep an eye on.

IDC predicts that by 2017, global sales of 3-D printers and their installed base will achieve a combined compound annual growth rate of almost 60%, and shipment value will expand 29%.

Research firm Canalys expects the worldwide 3-D printing market to grow to $16.2 billion by 2018. That implies a compound annual growth rate of roughly 46%, from 2013 levels of just $2.5 billion. 

The question is whether ExOne can execute well enough to seize some of that growth. ExOne posted a net loss of $9.11 million in the third quarter and a loss of $19.5 million for the first nine months of 2014 as executives maintain a long-term focus. With research and development spending remaining the top priority, investors shouldn't expect much in terms of profitability in the near-term.

What investors can expect, however, is constant innovation, such as advanced 3-D printing that can grow ExOne's user base in industries such as automobiles and health care. The company's 316 Stainless Steel and Tungsten Carbide, two of the six newly approved metals, are recent examples. And to the extent these products can help generate the growth industry experts projects, ExOne's investments will have paid off. 

In short, while the shares are risky because the company still operates at a loss, ExOne is making moves to offset those risks. Coupled with a growing 3-D-printing market and an average 12-month price target of $17.50 from analysts-- representing upside of about 20% -- investors can do well placing a bet on ExOne. 

At the time of publication, the author held no position in any of the stocks mentioned.