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3D Systems Reports First Quarter 2014 Financial Results

Stocks in this article: DDD

-Increased demand across the board for products and services was led by a 76% unit sales growth of design and manufacturing 3D printers -Higher placement of advanced 3D printers accelerated the growth rate of materials to 41%, delivering a record $40 million of revenue

ROCK HILL, S.C., April 29, 2014 (GLOBE NEWSWIRE) -- 3D Systems Corporation (NYSE:DDD) announced today that its first quarter revenue grew 45% from the prior year to $147.8 million on 28% overall organic growth, resulting in GAAP earnings of $0.05 per share and non-GAAP earnings of $0.15 per share for the first quarter.

"Our first quarter results reflect expanding demand across all of our revenue categories, led by strong 76% unit sales growth of design and manufacturing printers, and the ongoing placement of manufacturing printers that continued to increase the growth rate of materials," said Avi Reichental, 3DS' President and Chief Executive Officer.

First Quarter 2014 Revenue Highlights (compared to first quarter 2013):

  • 3D printers and other products revenue increased 53% to $60.8 million.
  • Print materials revenue grew 41% to $40.4 million.
  • Services revenue rose 38% to $46.6 million.
  • Healthcare revenue increased 53% to $21.7 million.
  • Consumer revenue expanded 150% to $9.7 million.

The company exited the quarter with $28.8 million of backlog. The March 2014 backlog included $17.9 million of printer orders, in part reflecting increased demand for the company's Direct Metal 3D printers, which continues to outstrip manufacturing capacity.

Gross profit increased 41% and gross profit margin compressed 130 basis points to 51.1% compared to the first quarter of 2013 as printers growth continued to outpace other revenue categories, which contributed to GAAP net income of $4.9 million, and non-GAAP net income of $15.1 million.

"Consistent with our expectations, expanding placement and utilization of our advanced design and manufacturing 3D printers has accelerated our materials' revenue growth-rate, and we are pleased that our 3D printers growth continues to surpass all other product categories, despite the fact that the resulting mix delayed anticipated expansion of our gross profit margin," continued Reichental.

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