ROCK HILL, South Carolina - November 7, 2023 - 3D Systems Corporation (NYSE:DDD) announced today its financial results for the third quarter ended September 30, 2023. 

Third Quarter Financial Results and Recent Business Highlights 

(All numbers are unaudited and are presented in thousands, except per share amounts or as otherwise noted)

  • Q3 2023 revenue of $123,791 decreased from the prior year by 6.4% predominantly driven by expected weakness in the dental orthodontics markets

  • Q3 2023 gross profit margin of 44.7% and non-GAAP gross profit margin of 44.8% increased from prior year and sequentially, primarily driven by improved operational efficiencies, favorable mix and progress related to technical milestones in our Regenerative Medicine business

  • Net loss of $11,704, diluted loss per share of $0.09, and diluted non-GAAP income per share(1) of  $0.01

  • Q3 2023 Adjusted EBITDA(1) of  $4,726, an increase from prior year and sequentially driven primarily by improved gross margin performance, cost optimization from restructuring and lower incentive compensation expense

  • Announced restructuring initiative in October 2023 to deliver incremental cost savings of $45 - $55 million by end of 2024     

  • Technology roadmap targeting the largest number of new releases in company history - 39 new printer systems, significant enhancements to existing printers, material applications and accessories by the end of 2024 

Summary Comments on Results

Commenting on the third quarter results, Dr. Jeffrey Graves, President and CEO of 3D Systems stated, “Our third quarter revenue results reflected increasing headwinds from the current macroeconomic and geopolitical environment.  With inflation taking a toll on consumer discretionary spending, and an increasingly conservative stance by our customers on new manufacturing capital investments, we experienced sharp declines in our dental orthodontics business and, more generally, in new production printer sales in the quarter. While we believe these headwinds will continue into 2024, with inflation beginning to show signs of moderation and continuing positive indications of interest in the adoption of additive manufacturing by customers in both our industrial and healthcare markets, we believe these challenges will abate over the short to medium term, returning our company, and the industry in total, to sustained long-term growth.” 

Dr. Graves continued, “Given the pressure we are seeing in the near-term on sales, our immediate priority is to reduce operating costs and drive internal efficiencies to support profitability and cash performance, while preserving our key investments in new technology platforms that will support the exciting long-term growth we see in our customers’ expanding applications for additive manufacturing in their production environments. As one of the largest companies in our industry, we have the scale and the financial strength to make the investments required to deliver on these initiatives. As such, in October we announced a restructuring plan that will deliver roughly $50 million of savings by the end of 2024, with the majority being implemented by the end of the first quarter. These efforts will include continued optimization of our manufacturing operations and supply chain, the power of which has already been demonstrated in our third quarter gross margin and EBITDA performance, which reflected progress made over the last year. It will also include workforce reductions, elimination of significant third party spend and the rationalization of geographic locations across the company. With this continued focus on execution, we will emerge from this period stronger than ever, ready to leverage our market leading breadth of metal and polymer technologies, and our world-class application expertise to support our global customer base as they increasingly adopt additive manufacturing in their production environments.”

Dr. Graves concluded, "Looking to the future, while we will continue to monitor opportunities for increased scale that would accompany value-creating consolidation in our industry, we are focused on executing our internal efficiency initiatives while investing for the exciting growth opportunities we see ahead. As we look to 2024, we are on a path to release a record number of new products, including market-leading production printers for both metal and polymer systems, exciting new materials for both industrial and healthcare applications, and advanced software offerings. With these new solutions, brought together through our application experts who provide unique solutions to meet our customers’ production needs, we are very well positioned to deliver exciting growth and sustained profitability as the global headwinds ultimately retreat. And, as we look to the horizon, our progress in Regenerative Medicine offers yet another chapter to our growth story. One that we believe will be truly exceptional.”

Summary of Third Quarter Results

Revenue for the third quarter of 2023 decreased 6.4% to $123,791 compared to the same period last year, and revenue on a constant currency basis decreased 8.5%. The decline in revenue primarily reflects lower sales to certain dental orthodontic market customers due to macroeconomic factors that are negatively impacting demand. Revenues in the third quarter 2023 also benefited by approximately $4,500 from progress related to technical milestones in our Regenerative Medicine business.

Healthcare Solutions revenue for the third quarter 2023 decreased18.3% to $52,429 compared to the same period last year.

Industrial Solutions revenue for the third quarter 2023 increased 4.9% to $71,362 compared to the same period last year.

Gross profit margin for the third quarter 2023 was 44.7% compared to 39.8% in the same period last year. Non-GAAP gross profit margin was 44.8% compared to 39.9% in the same period last year. Gross profit margin increased primarily due to improved operational efficiencies and favorable mix. Gross profit margin also benefited from progress related to technical milestones in our Regenerative Medicine business.

Net loss attributable to 3D Systems Corporation decreased by $25,694 to a loss of $11,704 in the third quarter of 2023 compared to the same period in the prior year.  The decrease in net loss attributable to 3D Systems Corporation primarily reflects a reduction in operating expenses, including the reduction in earnout liability associated with a previous acquisition, lower incentive compensation expense and operational efficiencies. The decrease in net loss attributable to 3D Systems Corporation also reflects favorable mix, progress related to technical milestones in our Regenerative Medicine business and an increase in interest income, partially offset by an impairment of intangible assets.

Adjusted EBITDA increased by $5,047 to $4,726 in the third quarter of 2023 compared to the same period last year. Despite the unfavorable impact of lower volumes from the dental orthodontics markets, the increase in Adjusted EBITDA primarily reflects improved operational efficiencies, favorable mix and lower incentive compensation expense. Adjusted EBITDA also benefited from progress related to technical milestones in our Regenerative Medicine business.

Financial Liquidity

At September 30, 2023, the company had cash and cash equivalents and short-term investments of $445,554, a decrease of $123,183 since December 31, 2022. The decrease resulted primarily due to cash used in operations of $71,893, capital expenditures of $20,995, acquisitions and other investments of $29,241, and taxes paid related to net share settlement of equity awards of $4,752. At September 30, 2023, the company had total debt net of deferred financing costs of $451,520.

Q3 2023 Conference Call and Webcast

The company will host a conference call and simultaneous webcast to discuss these results tomorrow, which may be accessed as follows:

Date: November 8, 2023

Time: 8:30 a.m. Eastern Time

Listen via webcast:

Participate via telephone: 201-689-8345

A replay of the webcast will be available approximately two hours after the live presentation at

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 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 many cases, forward looking statements can be identified by terms such as “believes,” “belief,” “expects,” “may,” “will,” “estimates,” “intends,” “anticipates” or “plans” or the negative of these terms or other comparable terminology. Forward-looking statements are based upon management’s beliefs, assumptions and current expectations and 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” 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. Although management believes that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements are not, and should not be relied upon as a guarantee of future performance or results, nor will they necessarily prove to be accurate indications of the times at which such performance or results will be achieved. The forward-looking statements included are made only as the date of the statement. 3D Systems undertakes no obligation to update or revise any forward-looking statements made by management or on its behalf, whether as a result of future developments, subsequent events or circumstances or otherwise, except as required by law.

Presentation of Information in this Press Release

3D Systems reports its financial results in accordance with GAAP. Management also reviews and reports certain non-GAAP measures, including: non-GAAP gross profit, non-GAAP gross profit margin, non-GAAP diluted income (loss) per share, and Adjusted EBITDA. These non-GAAP measures exclude certain items that management does not view as part of 3D Systems’ core results as they may be highly variable, may be unusual or infrequent, are difficult to predict and can distort underlying business trends and results. Management believes that the non-GAAP measures provide useful additional insight into underlying business trends and results and provide meaningful information regarding the comparison of period-over-period results. Additionally, management uses the non-GAAP measures for planning, forecasting and evaluating business and financial performance, including allocating resources and evaluating results relative to employee compensation targets. 3D Systems’ non-GAAP measures are not calculated in accordance with or as required by GAAP and may not be calculated in the same manner as similarly titled measures used by other companies. These non-GAAP measures should thus be considered as supplemental in nature and not considered in isolation or as a substitute for the related financial information prepared in accordance with GAAP.   

To calculate the non-GAAP measures, 3D Systems excludes the impact of the following items:

  • amortization of intangible assets, a non-cash expense, as 3D Systems’ intangible assets were primarily acquired in connection with business combinations; 

  • costs incurred in connection with acquisitions and divestitures, such as legal, consulting and advisory fees; 

  • stock-based compensation expenses, a non-cash expense; 

  • charges related to restructuring and cost optimization plans, impairment charges, including goodwill, and divestiture gains or losses;

  • certain compensation expense related to the 2021 Volumetric acquisition; and

  • costs, including legal fees, related to significant or unusual litigation matters.

Amortization of intangibles and acquisition and divestiture-related costs are excluded from non-GAAP measures as the timing and magnitude of business combination transactions are not predictable, can vary significantly from period to period and the purchase price allocated to amortizable intangible assets and the related amortization period are unique to each acquisition. Amortization of intangible assets will recur in future periods until such intangible assets have been fully amortized. While intangible assets contribute to the company’s revenue generation, the amortization of intangible assets does not directly relate to the sale of the company’s products or services. Additionally, intangible assets amortization expense typically fluctuates based on the size and timing of the company’s acquisition activity. Accordingly, the company believes excluding the amortization of intangible assets enhances the company’s and investors’ ability to compare the company’s past financial performance with its current performance and to analyze underlying business performance and trends. Although stock-based compensation is a key incentive offered to certain of our employees, the expense is non-cash in nature, and we continue to evaluate our business performance excluding stock-based compensation; therefore, it is excluded from non-GAAP measures. Stock-based compensation expenses will recur in future periods. Charges related to restructuring and cost optimization plans, impairment charges, including goodwill, divestiture gains or losses, and the costs, including legal fees, related to significant or unusual litigation matters are excluded from non-GAAP measures as the frequency and magnitude of these activities may vary widely from period to period. Additionally, impairment charges, including goodwill, are non-cash. Furthermore, the company believes the costs, including legal fees, related to significant or unusual litigation matters are not indicative of our core business' operations. Finally, 3D Systems excludes contingent consideration recorded as compensation expense related to the 2021 Volumetric acquisition from non-GAAP measures as management evaluates financial performance excluding this expense, which is viewed by management as similar to acquisition consideration.

The matters discussed above are tax effected, as applicable, in calculating non-GAAP diluted income (loss) per share.

Adjusted EBITDA, defined as net income, plus income tax (provision) benefit, interest and other income (expense), net, stock-based compensation expense, amortization of intangible assets, depreciation expense, and other non-GAAP adjustments, all as described above, is used by management to evaluate performance and helps measure financial performance period-over-period.

A reconciliation of GAAP to non-GAAP financial measures is provided in the accompanying schedules.

3D Systems does not provide forward-looking guidance for certain measures on a GAAP basis. The company is unable to provide a quantitative reconciliation of forward-looking non-GAAP gross profit margin, Adjusted EBITDA, and free cash flow to the most directly comparable forward-looking GAAP measures without unreasonable effort because certain items, including litigation costs, acquisition expenses, stock-based compensation expense, intangible assets amortization expense, restructuring expenses, and goodwill impairment charges are difficult to predict and estimate. These items are inherently uncertain and depend on various factors, many of which are beyond the company’s control, and as such, any associated estimate and its impact on GAAP performance could vary materially.

About 3D Systems

More than 35 years ago, 3D Systems brought the innovation of 3D printing to the manufacturing industry. Today, as the leading additive manufacturing solutions partner, we bring innovation, performance, and reliability to every interaction - empowering our customers to create products and business models never before possible. Thanks to our unique offering of hardware, software, materials and services, each application-specific solution is powered by the expertise of our application engineers who collaborate with customers to transform how they deliver their products and services. 3D Systems’ solutions address a variety of advanced applications in healthcare and industrial Solutions markets such as medical and dental, aerospace & defense, automotive and durable goods. More information on the company is available at

Tables Follow

3D Systems Corporation

Unaudited Consolidated Balance Sheets

September 30, 2023 and December 31, 2022 

3D Systems Corporation

Unaudited Consolidated Statements of Operations 

Three Months Ended  September 30, 2023 and 2022.

3D Systems Corporation

Unaudited Consolidated Statements of Cash Flows

Nine Months Ended September 30, 2023, 2022