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3D Systems
reported its third quarter earnings on Monday. Shares of the company are down five percent.
Below are some key highlights from tis conference call:
• First, we sold 57% more design and manufacturing printer units than the same period last year.
• This category includes our plastic, nylon, composite and metal printers.
• Second, our services revenue increased 29%; and finally, our materials revenue increased 18%.
• Some of our revenue shortfall contributed to a higher order book, which increased by $14 million or 44% sequentially to $46 million and included $4 million increase in printer orders in hand compared to the second quarter order book, more accurately reflecting the robust demand for our products and services.
• What's more, approximately 70% of our order book was comprised of organic products and services.
• Our decision to delay shipments of our consumer printers and our continued direct metal printers manufacturing constraints restricted our organic growth rates to 12% and held our total revenue growth to 23% or $166.9 million for the quarter.
• We're very disappointed that we're not able to monetize all the available demand for our metal printers and capture a greater portion of the consumer printers opportunity during the quarter.
• Having said that, during the quarter, we took decisive measures to remediate this remaining performance gaps.
Financials:
• For the third quarter, we announced net income of $3.1 million and earnings per share of $0.03.
• And on a non-GAAP basis, we earned $0.18 per share.
• For the first nine months, we increased revenue 30% from the prior year to $466.2 million and reported net income of $10.1 million and earnings per share of $0.09.
• For the quarter, we enjoyed a 27% increase in revenue from our design and manufacturing category to $155.2 million.
• Revenue from our rapidly expanding healthcare category increased 121% from last year and 36% sequentially.
• Consumer revenue decreased 13% to $11.8 million as a result of our decision to delay launch of our latest consumer products.
• And despite delayed availability, our quarterly consumer revenue expanded some 60% sequentially, reflecting the early impact of our latest products that began shipping late in the quarter.
• For the first nine months of this year, products revenue grew 27% to $195.6 million, driven by strong placement of our plastic, nylon, composite, and metal 3D printers.
• An expanding customer base and increasing printers utilization fueled the materials revenue increase of 29% to $117.5 million.
• Services revenue rose 35% to $153.1 million, as we expanded our footprint and our range of services.
• For the first nine months of this year, we continued to experience robust growth in all geographic regions.
• Specifically, EMEA revenue grew an impressive 47% in the first nine months. Asia-Pacific revenue grew 39%, and the America's grew 19% over the same period.
• In the third quarter, organic revenue from design and manufacturing products and services grew 26%, despite the capacity constraints for direct metals printers, which limited overall shipments from this category.
• Software grew 23% and materials revenue grew 18%. We expect our products, materials, and software categories to continue to contribute substantially to rising total organic growth rates.
• During quarter, we also entered into a $150 million five-year unsecured revolving credit facility, with an option to increase the aggregate principal amount availability by an additional $75 million.
• We expect to deliver annual revenue in the range of $650 million to $690 million and GAAP earnings per share of $0.18 to $0.28 and non-GAAP earnings per share in the range of $0.70 to $0.80.
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