ROCK HILL, S.C., Aug. 20, 2024 (GLOBE NEWSWIRE) --
3D Systems Corporation (NYSE:DDD) announced today its financial results for the first quarter ended March 31, 2024.
First Quarter Financial Results and Recent Business Highlights
(All numbers are unaudited and are presented in millions, except per share amounts or as otherwise noted)
- Q1'24 revenue of $102.9 million decreased 15.1% year-over-year primarily driven by lower printer sales, partially offset by growth in materials and services
- Q1'24 gross profit margin of 39.8% and Non-GAAP gross profit margin (1) of 40.1%. Improvements from prior year primarily driven by favorable mix
- GAAP Q1'24 Net loss of $16.0 million or diluted loss per share of $0.12, including approximately $5 million (or $0.04 per share) of fees in excess of original estimates related to extended 2023 audit
- Q1'24 Negative Adjusted EBITDA(1) of $20.1 million reflects impacts of lower total sales volume, and significantly higher operating expenses primarily driven by the 2023 audit
- Expect Q2’24 revenues within the range of $113.0 - $113.5 million
- Announces timing of Q2'24 earnings and 1H'24 earnings call on August 29, 2024 after-market
| Three Months Ended March 31, | |||||||
| (in millions, except per share data) | 2024 | 2023 | |||||
| Revenue | $ | 102.9 | $ | 121.2 | |||
| Gross profit | $ | 40.9 | $ | 47.1 | |||
| Gross profit margin | 39.8 | % | 38.8 | % | |||
| Operating expense | $ | 80.8 | $ | 80.5 | |||
| Loss from operations | $ | (39.9 | ) | $ | (33.4 | ) | |
| Net loss attributable to 3D Systems Corporation | $ | (16.0 | ) | $ | (29.4 | ) | |
| Diluted (loss) income per share | $ | (0.12 | ) | $ | (0.23 | ) | |
| Non-GAAP measures for year-over-year comparisons: (1) | |||||||
| Non-GAAP gross profit margin | 40.1 | % | 39.0 | % | |||
| Non-GAAP operating expense | $ | 66.3 | $ | 62.6 | |||
| Adjusted EBITDA | $ | (20.1 | ) | $ | (10.1 | ) | |
| Non-GAAP diluted (loss) income per share | $ | (0.17 | ) | $ | (0.09 | ) | |
