ROCK HILL, S.C., Nov. 07, 2023 (GLOBE NEWSWIRE) --
3D Systems Corporation (NYSE:DDD) announced today its financial results for the third quarter ended September 30, 2023.
Third
Quarter Financial Results and Recent Business Highlights
(All numbers are unaudited and are presented in thousands, except per share amounts or as otherwise noted)
- Q3 2023 revenue of $123,791 decreased from the prior year by 6.4% predominantly driven by expected weakness in the dental orthodontics markets
- Q3 2023 gross profit margin of 44.7% and non-GAAP gross profit margin of 44.8% increased from prior year and sequentially, primarily driven by improved operational efficiencies, favorable mix and progress related to technical milestones in our Regenerative Medicine business
- Net loss of $11,704, diluted loss per share of $0.09, and diluted non-GAAP income per share (1) of $0.01
- Q3 2023 Adjusted EBITDA (1) of $4,726, an increase from prior year and sequentially driven primarily by improved gross margin performance, cost optimization from restructuring and lower incentive compensation expense
- Announced restructuring initiative in October 2023 to deliver incremental cost savings of $45 - $55 million by end of 2024
- Technology roadmap targeting the largest number of new releases in company history - 39 new printer systems, significant enhancements to existing printers, material applications and accessories by the end of 2024
| Three Months Ended September 30, | Three Months Ended June 30, | ||||||||||
| (in thousands, except per share data) | 2023 | 2022 | 2023 | ||||||||
| Revenue | $ | 123,791 | $ | 132,253 | $ | 128,194 | |||||
| Gross profit margin | 44.7 | % | 39.8 | % | 39.0 | % | |||||
| Operating (loss) | (13,584 | ) | (33,705 | ) | (31,729 | ) | |||||
| Net (loss) income | (11,704 | ) | (37,398 | ) | (28,895 | ) | |||||
| Diluted (loss) income per share | (0.09 | ) | (0.30 | ) | (0.22 | ) | |||||
| Non-GAAP measures for year-over-year comparisons: (1) | |||||||||||
| Non-GAAP gross profit margin | 44.8 | % | 39.9 | % | 38.9 | % | |||||
| Adjusted EBITDA | 4,726 | (321 | ) | (6,898 | ) | ||||||
| Non-GAAP diluted (loss) income per share | $ | 0.01 | $ | (0.05 | ) | $ | (0.07 | ) | |||
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