3D Systems Reports Q1 2013 Results

  • Delivers Record Quarterly Revenue and Gross Profit on Higher Printer Units
Release Date: 
Tuesday, April 30, 2013 - 08:00

ROCK HILL, South Carolina – April 30, 2013 - 3D Systems Corporation (NYSE: DDD) announced today non-GAAP earnings of 21 cents per share for the first quarter of 2013 and GAAP earnings of 6 cents per share. 

The company reported that its first quarter revenue grew 31% from the prior year to $102.1 million on a 61% increase in printers’ and other products revenue and 22.1% overall organic growth. Gross profit increased 38% and gross profit margin expanded 250 basis points to 52.4%, contributing to non-GAAP net income improvement of 43% over the 2012 quarter to $18.9 million, and GAAP net income of $5.9 million.

“We are very pleased to report outstanding quarterly results on higher printers’ sales,” said Avi Reichental, 3D Systems’ President and Chief Executive Officer. We believe that the vibrancy of our diversified portfolio, productivity of our channels and effectiveness of our strategic growth initiatives will continue to fuel our progress and results.”

3D printers and other products revenue increased $15.0 million to $39.7 million on 81% higher printer units and the addition of 3D authoring tools. Print materials revenue grew $4.1 million over 2012 to $28.7 million and services revenue rose $5.1 million over 2012 to $33.6 million.

During the first quarter of 2013, the company introduced significant new products including personal and professional 3D printers, powerful designer software packages and exciting consumer apps. The company increased its R&D expenditures by $1.6 million compared to last year in support of its expanded product portfolio and extended its sales channels and printer manufacturing capacity.    

The company ended the first quarter with $110.5 million in cash, driven by $10.7 million of cash from operations.

“We continue to experience positive sales momentum that is shaped primarily by increased demand from advanced manufacturing activities. While we may face lingering economic uncertainties in parts of the world, we expect to continue to benefit from robust R&D and manufacturing spending by our customers worldwide,” concluded Reichental.

Conference Call and Webcast Details

3D Systems will hold a conference call and webcast to discuss its operating results for the first quarter 2013 on Tuesday, April 30, 2013 at 9:00 a.m., Eastern Time.  

  • To access this webcast, log onto 3D Systems’ web site at investor.3dsystems.com.  To ensure timely participation and technical capability, we recommend logging on a few minutes prior to the conference call to activate your participation. 
  • To access this conference call, dial 1-866-318-8616 from in the U.S. or 1-617-399-5135 from outside the U.S. and enter participant code 19084856.
  • The webcast will be also be available for replay beginning approximately two hours after completion of the call at: investor.3dsystems.com.

Forward-Looking Statements

Certain statements made in this release that are not statements of historical or current facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Forward-looking statements may involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to be materially different from historical results or from any future results or projections expressed or implied by such forward-looking statements.  In addition to statements that explicitly describe such risks and uncertainties, readers are urged to consider statements in the conditional or future tenses or that include terms such as “believes,” “belief,” “expects,” “estimates,” “intends,” “anticipates” or “plans” to be uncertain and forward-looking.  Forward-looking statements may include comments as to the company’s beliefs and expectations as to future events and trends affecting its business and are necessarily subject to uncertainties, many of which are outside the control of the company.  The factors described under the headings “Forward-Looking Statements,” “Cautionary Statements and Risk Factors,” and “Risk Factors” in the company’s periodic filings with the Securities and Exchange Commission, as well as other factors, could cause actual results to differ materially from those reflected or predicted in forward-looking statements.

Presentation of Information in This Press release

To facilitate a better understanding of the impact that several strategic acquisitions had on its financial results, the company reported non-GAAP measures that adjust net income and earnings per share by excluding the impact of amortization of intangibles, non-cash interest expense, acquisition and severance expenses, litigation settlements, loss on conversion of notes and stock-based compensation expense. A reconciliation of GAAP to non-GAAP results is provided in the accompanying schedule.  

 

About 3D Systems Corporation

3D Systems is a leading provider of 3D content-to-print solutions including 3D printers, print materials and on-demand custom parts services for professionals and consumers alike. The company also provides affordable CAD modeling, reverse engineering and inspection software tools and consumer 3D printers, apps and services.  Its expertly integrated solutions replace and complement traditional methods and reduce the time and cost of designing and manufacturing new products.  3D Systems’ products and services are used to rapidly design, communicate, prototype or produce real functional, parts, empowering customers to create and make with confidence.

More information on the company is available at www.3DSystems.com.

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