Tue, Aug 20, 8:35 PM (147 days ago)
For the quarter ending March 31, 2024, 3D Systems Corporation reported total revenue of $102.9 million, a decline of 15.1% from $121.2 million in the same period last year. Product revenue decreased significantly, driven by lower printer sales, particularly in the dental sector, while service revenue increased modestly by 5.4%. Gross profit was $40.9 million, with a margin improvement to 39.8%, attributed to higher service margins despite lower product margins. The company experienced a net loss of $16 million, down from a loss of $29.4 million in Q1 2023, aided by a $21.5 million gain from extinguished debt. Adjusted EBITDA fell to -$20.1 million from -$10.1 million, reflecting increased operational challenges and R&D investments in regenerative medicine. Total cash and equivalents decreased to $212 million, primarily due to operational cash outflows and debt repayments. Current liabilities were reduced, but long-term debt remains significant at $211 million. The ongoing restructuring plan aims to yield annual savings of $45-55 million, with substantial completion expected by year-end 2024. Future cash flow and operational stability remain uncertain amid macroeconomic pressures and strategic shifts.