ROCK HILL, S.C., May 10, 2021 (GLOBE NEWSWIRE) -- 3D Systems Corporation (NYSE:DDD) announced today its financial results for the first quarter ended March 31, 2021.
First Quarter Financial and Operational Results
- Q1 2021 revenue increased by 7.7% to $146.1 million, compared to $135.6 million in Q1 2020
- Organic revenue growth, which excludes businesses divested in 2020, was 16.6% for Q1 2021 compared to Q1 2020
- Q1 2021 gross margins of 44.0% compared to gross margins of 42.1% in Q1 2020
- Q1 2021 GAAP earnings of $0.36 per diluted share compared to a loss of $0.17 per share in Q1 2020
- Q1 2021 Non-GAAP earnings of $0.17 per diluted share compared to a loss of $0.04 per share in Q1 2020
- GAAP operating loss of $2.0 million and GAAP net income of $45.2 million
- Strong revenue growth and cost improvements drove adjusted EBITDA margins of 13.6% and positive operating cash flow of $28.5 million
| Quarter Ended March 31, | ||||||||
| (in millions, expect per share data) | 2021 | 2020 | ||||||
| Revenue | $ | 146.1 | $ | 135.6 | ||||
| Operating loss | $ | (2.0 | ) | $ | (18.2 | ) | ||
| Net income (loss) | $ | 45.2 | $ | (18.9 | ) | |||
| Net income (loss) per share - basic | $ | 0.37 | $ | (0.17 | ) | |||
| Net income (loss) per share - diluted | $ | 0.36 | $ | (0.17 | ) | |||
| Non-GAAP measures for year-over-year comparisons (1) | ||||||||
| Non-GAAP operating income (loss) | $ | 13.1 | $ | (5.0 | ) | |||
| Non-GAAP net income (loss) | $ | 20.9 | $ | (4.5 | ) | |||
| Non-GAAP income (loss) per share - basic | $ | 0.17 | $ | (0.04 | ) | |||
| Non-GAAP income (loss) per share - diluted | $ | 0.17 | $ | (0.04 | ) | |||
| Adjusted EBITDA | $ | 19.8 | $ | 2.2 | ||||
(1) See Appendix for reconciliation of GAAP and non-GAAP operating income (loss), net income (loss) and basic and diluted income (loss) per share.
Summary Comments on Results
Commenting on the results, President and Chief Executive Officer, Dr. Jeffrey Graves said, “During my first year at 3D Systems, we established a clear strategic purpose that is driving our work every day: To be leaders in enabling additive manufacturing solutions for applications in growing markets that demand high-reliability products. We laid out a four-stage plan to reach that goal and I am pleased that these efforts have contributed to impressive Q1 results. We delivered almost 8% year-over-year revenue growth despite divestments of non-core businesses in 2020 and 2021. When we exclude the revenue from these divested businesses, organic revenue grew nearly 17%. Our Healthcare business continues to deliver exceptional growth, posting a 39% year-over-year increase, with strength in both dental and medical applications. Industrial sales continue to stabilize as global economies gradually open up from the pandemic. We believe the exciting growth our company is now delivering is the result of two factors. One is the ongoing opportunity for additive manufacturing to enhance the design and manufacturing processes of our customers, and the second is our ability to leverage our exceptional technology portfolio, solutions strategy, and intense focus on execution.
In conjunction with our topline growth, we have also maintained a tight focus on our cost structure, generating gross margins of 44%, an almost two-point improvement year-over-year, and double-digit adjusted-EBITDA margins. This combination of strong top line growth, profitability, and cash generation distinguishes us in our industry. We attribute this performance to the breadth of our technology portfolio, which includes industrial metal and polymer systems, leading edge software solutions, and a rapidly increasing range of materials for both human and industrial application. This technology base, brought to an intense focus through high value customer applications, creates an exciting environment for sustained value creation for all our stakeholders.”
