3D Systems (DDD) - Get 3D Systems Corporation Report stock jumped on Tuesday after the 3D printing company posted second-quarter earnings and sales that topped analysts' forecasts thanks to strong demand for its printers and printing materials in the healthcare and industrial sectors.
Shares of 3D Systems were up more than 23% in early trading after the Rock Hill, South Carolina-based 3D printer and printing materials maker said it beat earnings and sales expectations and also saw consecutive quarterly double-digit revenue growth.
Strong post-pandemic interest from companies that want to manufacture goods faster and closer to home without worries about supply chain disruptions continues to drive demand for 3D Systems’ printers, materials and scanners, CEO Jefferey Graves said.
“Not only is the global economy rebounding, but additive manufacturing is being implemented at an increasing rate in production as companies seek a more capable and flexible supply chain for critical components,” Graves said in a statement accompanying the company's earnings release.
Specifically, 3D Systems said its results “… reflect continued strength in healthcare and an increase in demand from industrial customers as compared to last quarter.”
"Perhaps even more importantly, we also saw double-digit revenue growth on a consecutive quarter basis, an important indicator of the momentum we are now experiencing,” Graves added.
For 2021, 3D Systems said it expects gross profit margins of between 40% and 44%.
At last check, shares of 3D Systems were up 23.77% at $35.09. The stock has risen more than 236% year to date and more than 467% in the past 12 months.