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Jun 30, 2022
3D Systems Q2 2022 Earnings Report
Reported a decrease in revenue due to divestitures and macro factors, but saw growth in non-GAAP revenue excluding divestitures and on a constant currency basis.
Key Takeaways
3D Systems' second quarter results were below expectations due to supply chain disruptions, input cost inflation, and negative foreign exchange impact. The company is lowering its full-year 2022 guidance due to reduced customer spending in selected end markets. However, the company remains confident in the long-term growth drivers for its business and the additive manufacturing industry.
Revenue decreased 13.8% to $140.0 million, primarily due to divestitures of non-core businesses during 2021.
Non-GAAP revenue excluding divestitures and on a constant currency basis grew 7.8% year-over-year.
Gross profit margin decreased to 37.9% compared to 42.4% in the same period last year, primarily due to input cost inflation, supply chain disruptions, and unfavorable product mix.
The company is lowering its full-year 2022 revenue guidance to a range of $530 million to $570 million.
3D Systems
3D Systems
Forward Guidance
3D Systems is lowering its full-year 2022 guidance. The company now expects revenue to be within a range of $530 million to $570 million, reduced from the previous range of $580 million to $625 million. The company expects non-GAAP gross profit margin to be in the range of 39% to 41%. Given its planned investment profile, the company now expects non-GAAP operating expenses to be between $245 million to $250 million.
Challenges Ahead
- Revenue guidance reflects an estimated $20 million of negative foreign exchange impact.
- Reduced customer spending in selected end markets such as dental.
- Reduced customer spending in elective surgeries.
- Reduced customer spending in European and Asia Pacific manufacturers.
- Challenging macro-environment.