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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.
Revenue by Segment
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.
Revenue & Expenses
Visualization of income flow from segment revenue to net income
Historical Earnings Impact
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Avg. Return Before/After Earnings
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