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3D Systems' (DDD) Q4 Earnings & Revenues Surpass Estimates
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3D Systems (DDD - Free Report) reported fourth-quarter 2021 non-GAAP earnings of 9 cents per share, beating the Zacks Consensus Estimate of 3 cents per share. The bottom line remained flat year over year.
In the fourth quarter of 2021, 3D Systems reported revenues of $150.9 million, down 12.6% from the year-ago quarter and 3.5% from the previous quarter. Excluding the impact of business divestments in 2021, revenues surged 13.1% year over year. The top line outpaced the consensus mark of $144.6 million.
Quarter in Detail
In the fourth quarter, product revenues represented 77.9% of the total revenues and jumped 4.5% to $117.6 million. Meanwhile, revenues from Services, which accounted for 22.1% of revenues, plunged 44.6% year over year to $33.3 million.
Revenues from the Healthcare segment fell 12.9% year over year to $74.5 million. The figure declined 2.5% from the prior quarter. Excluding the impact of business divestments in 2021, the segment’s revenues increased 5.1% year over year.
The industrial division revenues decreased 12.3% year over year to $76.4 million and 4.1% sequentially. Excluding the impact of business divestments in 2021, the unit’s revenues increased 22.2%. The company witnessed solid demand for products as well as materials.
3D Systems Corporation Price, Consensus and EPS Surprise
During the fourth quarter of 2021, 3D Systems’ non-GAAP gross profit decreased 10.3% year over year to $66.5 million. However, non-GAAP gross profit margin expanded 120 basis points (bps) to 44.1%. This increase was driven by high production levels and improved inventory management caused by increased supply chain resilience.
Non-GAAP operating expenses decreased 6.4% to $54.3 million. The downside was due to savings achieved from cost restructuring activities, and reduced SG&A expenses.
Non-GAAP operating income declined 23.6% to $12.3 million.
Adjusted EBITDA was $17.9 million. The margin of 11.8% reflected disciplined approach to growth, cost management and focus on core businesses.
Balance Sheet Details
The global leader in additive manufacturing solutions exited the fourth quarter with cash and cash equivalents of $789.7 million, significantly higher from the prior quarter’s $502.8 million. As of Dec 31, 2021, 3D Systems had a total debt of $460 million.
During the full-year 2021, the company generated $48.1 million of operating cash flow.
Full-Year Highlights
For the full-year 2022, 3D Systems reported revenues of $615.6 million, indicating a surge of 10.5% year over year. Excluding the impact of business divestments, annual revenues surged 31.8% year over year. The year-over-year increase in top-line results reflect continued strength in the Industrial segment, growing demand from Healthcare customers and acceleration beyond pre-pandemic performance levels.
The company reported non-GAAP earnings of 45 cents per share compared with a loss of 11 cents reported year ago.
Non-GAAP gross margin expanded 40 bps to 43%. Non-GAAP operating expenses decreased 9.4% to $214.7 million.
Non-GAAP operating income increased from $0.3 million a year ago to $49.8 million in 2021. Consequently, non-GAAP operating margin expanded 150 bps to 19%.
Adjusted EBITDA was $74.1 million for the full-year 2022. The margin stood at 12%.
Guidance
3D Systems expects revenues between $570 million and $630 million for the full-year 2022. It projects non-GAAP gross margin to be 40-44%.
Non-GAAP operating expense is estimated to be $225-$250 million.
Management provided this guidance with the assumption that the pandemic, supply chain disruptions or any geopolitical events will not be of any concern in 2022.
Zacks Rank & Key Picks
3D Systems currently carries a Zacks Rank #5 (Strong Sell).
The Zacks Consensus Estimate for Axcelis’ first-quarter 2022 earnings has been revised upward by 2 cents to 89 cents per share over the past 30 days. For 2022, earnings estimates have moved north by 12.4% to $3.99 per share in the past 30 days.
Axcelis’ earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 30.3%. Shares of ACLS have rallied 74.3% in the past year.
The Zacks Consensus Estimate for Apple’s second-quarter fiscal 2022 earnings has been revised upward by 3.6% to $1.43 per share over the past 30 days. For fiscal 2022, earnings estimates have moved north by 5.7% to $6.15 per share in the past 30 days.
Apple’s earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 20.3%. AAPL stock has appreciated 29.2% in the past year.
The Zacks Consensus Estimate for Analog Devices’ second-quarter fiscal 2022 earnings has been revised upward by 23 cents to $2.08 per share over the past 30 days. For fiscal 2022, earnings estimates have moved north by 79 cents to $8.32 per share in the past 30 days.
Analog Devices’ earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 6%. Shares of ADI have gained 1.1% in the past year.
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3D Systems' (DDD) Q4 Earnings & Revenues Surpass Estimates
3D Systems (DDD - Free Report) reported fourth-quarter 2021 non-GAAP earnings of 9 cents per share, beating the Zacks Consensus Estimate of 3 cents per share. The bottom line remained flat year over year.
In the fourth quarter of 2021, 3D Systems reported revenues of $150.9 million, down 12.6% from the year-ago quarter and 3.5% from the previous quarter. Excluding the impact of business divestments in 2021, revenues surged 13.1% year over year. The top line outpaced the consensus mark of $144.6 million.
Quarter in Detail
In the fourth quarter, product revenues represented 77.9% of the total revenues and jumped 4.5% to $117.6 million. Meanwhile, revenues from Services, which accounted for 22.1% of revenues, plunged 44.6% year over year to $33.3 million.
Revenues from the Healthcare segment fell 12.9% year over year to $74.5 million. The figure declined 2.5% from the prior quarter. Excluding the impact of business divestments in 2021, the segment’s revenues increased 5.1% year over year.
The industrial division revenues decreased 12.3% year over year to $76.4 million and 4.1% sequentially. Excluding the impact of business divestments in 2021, the unit’s revenues increased 22.2%. The company witnessed solid demand for products as well as materials.
3D Systems Corporation Price, Consensus and EPS Surprise
3D Systems Corporation price-consensus-eps-surprise-chart | 3D Systems Corporation Quote
Operating Details
During the fourth quarter of 2021, 3D Systems’ non-GAAP gross profit decreased 10.3% year over year to $66.5 million. However, non-GAAP gross profit margin expanded 120 basis points (bps) to 44.1%. This increase was driven by high production levels and improved inventory management caused by increased supply chain resilience.
Non-GAAP operating expenses decreased 6.4% to $54.3 million. The downside was due to savings achieved from cost restructuring activities, and reduced SG&A expenses.
Non-GAAP operating income declined 23.6% to $12.3 million.
Adjusted EBITDA was $17.9 million. The margin of 11.8% reflected disciplined approach to growth, cost management and focus on core businesses.
Balance Sheet Details
The global leader in additive manufacturing solutions exited the fourth quarter with cash and cash equivalents of $789.7 million, significantly higher from the prior quarter’s $502.8 million. As of Dec 31, 2021, 3D Systems had a total debt of $460 million.
During the full-year 2021, the company generated $48.1 million of operating cash flow.
Full-Year Highlights
For the full-year 2022, 3D Systems reported revenues of $615.6 million, indicating a surge of 10.5% year over year. Excluding the impact of business divestments, annual revenues surged 31.8% year over year. The year-over-year increase in top-line results reflect continued strength in the Industrial segment, growing demand from Healthcare customers and acceleration beyond pre-pandemic performance levels.
The company reported non-GAAP earnings of 45 cents per share compared with a loss of 11 cents reported year ago.
Non-GAAP gross margin expanded 40 bps to 43%. Non-GAAP operating expenses decreased 9.4% to $214.7 million.
Non-GAAP operating income increased from $0.3 million a year ago to $49.8 million in 2021. Consequently, non-GAAP operating margin expanded 150 bps to 19%.
Adjusted EBITDA was $74.1 million for the full-year 2022. The margin stood at 12%.
Guidance
3D Systems expects revenues between $570 million and $630 million for the full-year 2022. It projects non-GAAP gross margin to be 40-44%.
Non-GAAP operating expense is estimated to be $225-$250 million.
Management provided this guidance with the assumption that the pandemic, supply chain disruptions or any geopolitical events will not be of any concern in 2022.
Zacks Rank & Key Picks
3D Systems currently carries a Zacks Rank #5 (Strong Sell).
Some better-ranked stocks from the broader computer and technology sector include the Axcelis Technologies (ACLS - Free Report) sporting a Zacks Rank #1 (Strong Buy), iPhone maker Apple (AAPL - Free Report) and Analog Devices (ADI - Free Report) carrying a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Axcelis’ first-quarter 2022 earnings has been revised upward by 2 cents to 89 cents per share over the past 30 days. For 2022, earnings estimates have moved north by 12.4% to $3.99 per share in the past 30 days.
Axcelis’ earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 30.3%. Shares of ACLS have rallied 74.3% in the past year.
The Zacks Consensus Estimate for Apple’s second-quarter fiscal 2022 earnings has been revised upward by 3.6% to $1.43 per share over the past 30 days. For fiscal 2022, earnings estimates have moved north by 5.7% to $6.15 per share in the past 30 days.
Apple’s earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 20.3%. AAPL stock has appreciated 29.2% in the past year.
The Zacks Consensus Estimate for Analog Devices’ second-quarter fiscal 2022 earnings has been revised upward by 23 cents to $2.08 per share over the past 30 days. For fiscal 2022, earnings estimates have moved north by 79 cents to $8.32 per share in the past 30 days.
Analog Devices’ earnings beat the Zacks Consensus Estimate in each of the preceding four quarters, the average surprise being 6%. Shares of ADI have gained 1.1% in the past year.