Revenue of $152.6 million and gross profit margin of 50.8% Generated $18.1 million of cash from operations CEO Joshi focused on developing strategic plan
ROCK HILL, South Carolina – May 5, 2016 - 3D Systems Corporation (NYSE: DDD) announced today its financial results for the first quarter ended March 31, 2016.
For the first quarter of 2016, the company reported revenue of $152.6 million, a decrease of 5% from the prior year period. Excluding the contribution of consumer products and services that the company no longer sells, revenue decreased 2% year-over-year. The company reported a GAAP loss of $0.16 per share and non-GAAP earnings of $0.05 per share.
Gross profit margin for the first quarter of 2016 was 50.8%, an improvement of 170 basis points compared to the first quarter of 2015, driven primarily by the company’s shift away from consumer products.
For the first quarter of 2016, total operating expenses for the quarter decreased $2.2 million from the first quarter of 2015 to $94.3 million, including flat SG&A expenses of $74.0 million and a 9% decrease in R&D expenses to $20.3 million.
The company reported a first quarter GAAP net loss of $17.8 million, or a $0.16 loss per share. The company reported non-GAAP income of $5.2 million, or $0.05 earnings per share.
The company generated $18.1 million of cash from operations during the quarter and had $169.8 million of cash on hand at the end of March.
“I’ve spent the past month listening to and learning from customers, partners and employees,” commented Vyomesh Joshi (VJ), Chief Executive Officer, 3D Systems. “I will be focusing on improving quality, reliability and supply chain. The next phase for us is to develop a strategy to drive profitable growth with operational excellence and an appropriate cost structure.”
“I am excited to lead this company and believe we have a tremendous market opportunity,” concluded Joshi.
Q1 2016 Conference Call and Webcast
The company expects to file its first quarter 2016 Form 10-Q with the Securities and Exchange Commission on May 5, 2016. 3D Systems plans to hold a conference call and simultaneous webcast to discuss these results on Thursday, May 5, 2016, at 8:30 a.m. Eastern Time.
Date: Thursday, May 5, 2016
Time: 8:30 a.m. Eastern Time
Listen via Internet: www.3dsystems.com/investor
Participate via telephone:
Within the U.S.: 1-877-407-8291
Outside the U.S.: 1-201-689-8345
The recorded webcast will be available beginning approximately two hours after the live presentation at www.3dsystems.com/investor.
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,” “estimates,” “intends,” “anticipates” or “plans” or the negative of these terms or other comparable terminology. Forward-looking statements are based upon managements 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 review any forward-looking statements made by management or on its behalf, whether as a result of future developments, subsequent events or circumstances or otherwise.
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 and stock-based compensation expense. A reconciliation of GAAP to non-GAAP results is provided in the accompanying schedule.
About 3D Systems
3D Systems provides comprehensive 3D products and services, including 3D printers, print materials, on demand manufacturing services and digital design tools. Its ecosystem supports advanced applications from the product design shop to the factory floor to the operating room. 3D Systems’ precision healthcare capabilities include simulation, Virtual Surgical Planning, and printing of medical and dental devices as well as patient-specific surgical instruments. As the originator of 3D printing and a shaper of future 3D solutions, 3D Systems has spent its 30 year history enabling professionals and companies to optimize their designs, transform their workflows, bring innovative products to market and drive new business models.
More information on the company is available at www.3dsystems.com
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