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3D Systems Reports Q2 2013 Results

Stocks in this article: DDD

ROCK HILL, S.C., July 30, 2013 (GLOBE NEWSWIRE) -- 3D Systems Corporation (NYSE:DDD) announced today that its second quarter revenue grew 45% from the prior year to $120.8 million on a 108% increase in printers' and other products revenue and 30% overall organic growth resulting in GAAP earnings of $0.10 per share and non-GAAP earnings of $0.20 per share.

Gross profit increased 46% and gross profit margin expanded 40 basis points to 51.8%, contributing to GAAP net income of $9.3 million, and a non-GAAP net income improvement of 36% over the 2012 quarter to $19.0 million.

For the six months 2013, revenue grew 38% to $222.9 million, on an 85% printers and other products revenue increase and 26% organic growth resulting in GAAP earnings of $0.16 per share and non-GAAP earnings of $0.40 per share. Gross profit increased 42% and gross profit margin expanded 140 basis points to 52.1%.

"We are pleased to report record revenue and expanded gross profit margin," said Avi Reichental, 3D Systems' President and Chief Executive Officer. "We believe that our effective advanced manufacturing and consumer growth initiatives are fueling our growth."

3D printers and other products revenue for the second quarter of 2013 more than doubled to $54.2 million primarily on higher professional printer units. Print materials revenue grew $3.1 million over the 2012 quarter to $29.3 million and services revenue rose $6.0 million from 2012 to $37.3 million. Healthcare revenue grew 55% and contributed $18.9 million to our total revenue.

During the second quarter of 2013, the company introduced significant new products including professional 3D printers, advanced 3D print materials and powerful new designer software packages.

"Factoring the significant increase of inbound interest, in the period we made the affirmative decision to step up certain discretionary expenses to accelerate the adoption of our products and services," added Reichental.

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