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3D Systems (DDD) Q4 Earnings Miss Estimates, Revenues Down Y/Y
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3D Systems (DDD - Free Report) reported a non-GAAP loss of 11 cents per share in fourth-quarter 2023, wider than the Zacks Consensus Estimate of a loss of 7 cents. The company reported a loss of 6 cents per share in the year-ago quarter.
The company reported revenues of $114.8 million, which declined 13.5% year over year and lagged the consensus mark by 7.62%.
In the fourth quarter, Product revenues contributed 65.1% to total revenues and declined 21.1% to $74.8 million. The figure lagged the Zacks Consensus Estimate by 7.4%.
Services revenues, contributing to 34.9% of revenues, rose 5.5% year over year to $40.1 million. The figure missed the consensus mark by 8.27%.
3D Systems Corporation Price, Consensus and EPS Surprise
In the fourth quarter, based on market type, Healthcare revenues fell 15.7% year over year to $51.2 million. On a constant-currency basis, the segment’s revenues fell 16.4% year over year, mainly due to continued softness across the dental orthodontic market.
The Industrial Division’s revenues fell 11.6% year over year to $63.7 million. On a constant-currency basis, the segment’s revenues declined 13.3%. A slowdown in printer sales caused the downside.
3D Systems’ non-GAAP gross profit fell 11.2% year over year to $48.2 million. The non-GAAP gross profit margin expanded 110 basis points to 41.9%, primarily driven by improved operational efficiencies and a favorable mix.
Adjusted EBITDA nosedived $12.3 million compared to a negative adjusted EBITDA of $4.8 million in the year-ago quarter. The downtick was mainly caused by reduced revenues and higher operating expenses, primarily due to investments in Regenerative Medicine and a temporary rise in consulting and outside services expenses.
Balance Sheet
As of Dec 31, 2023, cash, cash equivalents and short-term investments were $331.6 million, lower than $445.6 million as of Sep 30.
As of Dec 31, 2023, 3D Systems had a total debt of $319.3 million, down from $451.5 million as of Sep 30.
Guidance
For 2024, 3D Systems expects revenues between $ 475 million and $505 million.
The non-GAAP gross profit margin is expected to be 42-44% for the full year of 2024.
The non-GAAP operating expenses are projected in the $223-$238 million range for the full year of 2024.
Zacks Rank & Stocks to Consider
Currently, 3D Systems has a Zacks Rank #3 (Hold).
3D Systems’ shares have lost 17.6% year to date compared with the Zacks Computer & Technology sector’s increase of 7.6%.
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3D Systems (DDD) Q4 Earnings Miss Estimates, Revenues Down Y/Y
3D Systems (DDD - Free Report) reported a non-GAAP loss of 11 cents per share in fourth-quarter 2023, wider than the Zacks Consensus Estimate of a loss of 7 cents. The company reported a loss of 6 cents per share in the year-ago quarter.
The company reported revenues of $114.8 million, which declined 13.5% year over year and lagged the consensus mark by 7.62%.
In the fourth quarter, Product revenues contributed 65.1% to total revenues and declined 21.1% to $74.8 million. The figure lagged the Zacks Consensus Estimate by 7.4%.
Services revenues, contributing to 34.9% of revenues, rose 5.5% year over year to $40.1 million. The figure missed the consensus mark by 8.27%.
3D Systems Corporation Price, Consensus and EPS Surprise
3D Systems Corporation price-consensus-eps-surprise-chart | 3D Systems Corporation Quote
Quarter Details
In the fourth quarter, based on market type, Healthcare revenues fell 15.7% year over year to $51.2 million. On a constant-currency basis, the segment’s revenues fell 16.4% year over year, mainly due to continued softness across the dental orthodontic market.
The Industrial Division’s revenues fell 11.6% year over year to $63.7 million. On a constant-currency basis, the segment’s revenues declined 13.3%. A slowdown in printer sales caused the downside.
3D Systems’ non-GAAP gross profit fell 11.2% year over year to $48.2 million. The non-GAAP gross profit margin expanded 110 basis points to 41.9%, primarily driven by improved operational efficiencies and a favorable mix.
Adjusted EBITDA nosedived $12.3 million compared to a negative adjusted EBITDA of $4.8 million in the year-ago quarter. The downtick was mainly caused by reduced revenues and higher operating expenses, primarily due to investments in Regenerative Medicine and a temporary rise in consulting and outside services expenses.
Balance Sheet
As of Dec 31, 2023, cash, cash equivalents and short-term investments were $331.6 million, lower than $445.6 million as of Sep 30.
As of Dec 31, 2023, 3D Systems had a total debt of $319.3 million, down from $451.5 million as of Sep 30.
Guidance
For 2024, 3D Systems expects revenues between $ 475 million and $505 million.
The non-GAAP gross profit margin is expected to be 42-44% for the full year of 2024.
The non-GAAP operating expenses are projected in the $223-$238 million range for the full year of 2024.
Zacks Rank & Stocks to Consider
Currently, 3D Systems has a Zacks Rank #3 (Hold).
3D Systems’ shares have lost 17.6% year to date compared with the Zacks Computer & Technology sector’s increase of 7.6%.
Crowdstrike (CRWD - Free Report) , SEMrush (SEMR - Free Report) and Adobe (ADBE - Free Report) are some better-ranked stocks that investors can consider in the broader sector.
CRWD currently sports Zacks Rank#1(Strong Buy), while SEMR and ADBE have a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Crowdstrike shares have returned 25.8% year to date. CRWD is scheduled to release fourth-quarter and fiscal year 2024 results on Mar 5.
SEMrush’s shares have declined 6.7% year to date. SEMR is set to report its first-quarter 2024 results on Mar 4.
Adobe’s shares have declined 7.4% year to date. ADBE is set to release its first-quarter 2024 results on Mar 13.