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3D Systems Reports Q4 And Full Year 2013 Results

Stocks in this article: DDD

  • Record Quarterly and Annual Revenue on Increased Organic Growth
  • Expects 2014 Revenue of $680 million to $720 million on 30% organic growth

ROCK HILL, S.C., Feb. 28, 2014 (GLOBE NEWSWIRE) -- 3D Systems Corporation (NYSE:DDD) announced today that its fourth quarter revenue grew 52% from the prior year to a record $154.8 million on 34% overall organic growth, resulting in GAAP earnings of $0.11 per share and non-GAAP earnings of $0.19 per share for the fourth quarter.

For the fourth quarter 2013, gross profit increased 53% and gross profit margin remained flat at 51.7% compared to the 2012 fourth quarter, and contributed to GAAP net income of $11.2 million, and non-GAAP net income of $19.7 million.

For the full year 2013, revenue increased 45% to a record $513.4 million on 80% printers and other products growth and 29% organic growth, resulting in GAAP earnings of $0.45 per share and non-GAAP earnings of $0.85 per share for the year. Gross profit increased 48% and gross profit margin expanded 90 basis points to 52.1%.

"We are pleased to report another record revenue quarter on robust professional and advanced manufacturing printers' demand, increased materials' growth rate and total unit sales that more than tripled last year's units," said Avi Reichental, 3D Systems' President and Chief Executive Officer.

Fourth Quarter 2013 Revenue Highlights (compared to 2012 quarter) :

  • 3D printers and other products revenue increased 76% to $73.9 million.
  • Print materials revenue grew 39% to $37.2 million.
  • Services revenue rose 33% to $43.7 million.
  • Healthcare revenue increased 67% to $21.8 million.
  • Consumer solutions expanded 162% to $8.9 million.

Full Year 2013 Revenue Highlights (compared to 2012) :

  • 3D printers and other products revenue increased 80% to $227.6 million.
  • Print materials revenue grew 24% to $128.4 million.
  • Services revenue rose 27% to $157.4 million.
  • Healthcare revenue increased 45% to $71.7 million.
  • Consumer solutions expanded 206% to $34.8 million.

"Compared to our late quarter expectations, we are disappointed that our stronger order book didn't convert to higher revenue, but instead, resulted in a near doubling of last quarter's backlog. Despite our higher growth, certain revenue categories fell short of our expectations and the concentration of new product announcements deferred sales and suppressed expected gross profit margin for the quarter," continued Reichental.

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