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Mar 31, 2024
3D Systems Q1 2024 Earnings Report
Reported a decrease in revenue due to lower printer sales, offset by growth in materials and services, and a net loss impacted by audit fees.
Key Takeaways
3D Systems reported a 15.1% decrease in revenue to $102.9 million, primarily due to lower printer sales. The company experienced a net loss of $16.0 million, which included $5 million in audit-related fees. Despite these challenges, the company anticipates improved performance in the coming quarters.
Q1 2024 revenue decreased by 15.1% year-over-year to $102.9 million.
Gross profit margin was 39.8%, with a non-GAAP gross profit margin of 40.1%.
Net loss for Q1 2024 was $16.0 million, or $0.12 per share, including $5 million in audit fees.
Adjusted EBITDA was negative $20.1 million, reflecting lower sales and higher operating expenses.
3D Systems
3D Systems
3D Systems Revenue by Segment
Revenue by Segment
Healthcare Solutions Revenue
CapyFin.comIndustrial Solutions Revenue
CapyFin.com Forward Guidance
3D Systems expects Q2 2024 revenues to be in the range of $113.0 - $113.5 million, with continued sequential improvement throughout the balance of 2024.
Positive Outlook
- Expecting second quarter revenues within the range of $113.0 - $113.5 million.
- Anticipating continued sequential improvement throughout the balance of 2024.
- Interest in additive applications remains robust.
- Beginning to see signs of encouragement in certain demand markets.
- Top-line performance is expected to improve as the year progresses.
Challenges Ahead
- Unfavorable macroeconomic and geopolitical conditions continue to impact hardware printer sales.
- Extended timeline to conclude the 2023 audit created a significant headwind to overall operating expenses.
- Impact of exceptional audit costs drove operating expense approximately $5 million higher than originally anticipated in the quarter.
- Industrial segment was impacted by an unfavorable capital spend environment.
- Weakness in most sectors offset strong performance from Aerospace and Defense customers.
Revenue & Expenses
Visualization of income flow from segment revenue to net income