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TheStreet Open House

3D Systems Reports Second Quarter And Six Months 2014 Financial Results

-Expanding installed base and increased utilization fueled materials revenue growth of 30%

-Higher demand for design and manufacturing printers drove a 126% unit sales increase for the category

-Increased revenue guidance on strong business fundamentals and recent announcements

-Improving enterprise-wide synergies delivered $19 million of cash from operations

ROCK HILL, S.C., July 31, 2014 (GLOBE NEWSWIRE) -- 3D Systems Corporation (NYSE:DDD) announced today that its second quarter revenue grew $30.7 million, or 25%, from the prior year to $151.5 million on strong demand for its design and manufacturing printers, materials and services, resulting in second quarter GAAP earnings of $0.02 per share and non-GAAP earnings of $0.16 per share.

Organic growth amounted to 10% as additional orders-in-hand, including $23.1 million of printer orders, a 29% sequential increase over the March backlog for printers, expanded the company's second quarter total backlog to a record $31.9 million.

"We are pleased that unit sales of our design and manufacturing printers increased 126% and helped fuel a 30% increase in materials revenue. We believe that the record order book that we exited the quarter with reflects the vibrancy of our business and our organic growth trajectory," said Avi Reichental, 3DS' President and Chief Executive Officer.

Second Quarter 2014 Revenue Highlights (compared to second quarter 2013):

  • Design and manufacturing revenue increased 28% to $144.2 million on a 126% increase in units sold.
  • Growing installed base and increased printer utilization fueled materials revenue growth of 30%.
  • Expanding services menu contributed to a 38% increase in services revenue.
  • Delayed new products availability held consumer revenue to $7.4 million, but didn't impede higher consumer bookings of an additional $7.7 million.
  • Healthcare revenue increased 46% to $27.5 million from expanding services and capabilities.

Gross profit margin shouldered the transitional effects of concentrated new product launches as well as the absorption of legacy products obsolescence and manufacturing expansion costs. Together, these factors and changed mix compressed gross profit margin some 400 basis points from the prior year's quarter to 47.8%.

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