ROCK HILL, S.C., Aug. 29, 2024 (GLOBE NEWSWIRE) --
3D Systems Corporation (NYSE:DDD) announced today its financial results for the second quarter ended June 30, 2024.
Second
Quarter Financial Results and Recent Business Highlights
(All numbers are unaudited and are presented in millions, except per share amounts or as otherwise noted)
- Q2'24 revenue of $113.3 million increased 10.1% quarter-over-quarter across printers, materials and services and both Healthcare and Industrial markets. Year-over-year revenue decreased 11.7% primarily driven by lower printer sales, partially offset by growth in services
- Q2'24 gross profit margin of 41.6% and Non-GAAP gross profit margin (1) of 40.9%. Improvements from prior year period primarily driven by favorable mix
- Q2'24 net loss of $27.3 million, diluted loss per share of $0.21, and Non-GAAP diluted loss per share (1) of $0.14, including approximately $2 million (or $0.01 per share) of transient fees related to extended 2023 audit
- Q2'24 negative Adjusted EBITDA (1) of $12.9 million reflects impacts of lower total sales volume, and higher than anticipated operating expenses primarily driven by 2023 audit related costs
- Updating guidance for remainder of FY'2024 to now include expectation for continued sequential quarterly improvement and full-year revenues within the range of $450 million - $460 million
| Unaudited | Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||
| (in millions, except per share data) | 2024 | 2023 | 2024 | 2023 | ||||||||||||
| Revenue | $ | 113.3 | $ | 128.2 | $ | 216.2 | $ | 249.4 | ||||||||
| Gross profit | 47.1 | 50.0 | 88.0 | 97.1 | ||||||||||||
| Gross profit margin | 41.6 | % | 39.0 | % | 40.7 | % | 38.9 | % | ||||||||
| Operating expense | 73.5 | 81.7 | 154.3 | 162.2 | ||||||||||||
| Loss from operations | (26.4 | ) | (31.7 | ) | (66.3 | ) | (65.1 | ) | ||||||||
| Net loss attributable to 3D Systems Corporation | (27.3 | ) | (28.9 | ) | (43.3 | ) | (58.3 | ) | ||||||||
| Diluted loss per share | (0.21 | ) | (0.22 | ) | (0.33 | ) | (0.45 | ) | ||||||||
| Non-GAAP measures for year-over-year comparisons: (1) | ||||||||||||||||
| Non-GAAP gross profit margin | 40.9 | % | 38.9 | % | 40.5 | % | 38.9 | % | ||||||||
| Non-GAAP operating expense | 64.2 | 62.1 | 130.4 | 124.7 | ||||||||||||
| Adjusted EBITDA | (12.9 | ) | (6.9 | ) | (33.0 | ) | (17.0 | ) | ||||||||
| Non-GAAP diluted (loss) income per share | $ | (0.14 | ) | $ | (0.07 | ) | $ | (0.31 | ) | $ | (0.16 | ) | ||||
