Thu, Aug 29, 8:33 PM (138 days ago)
3D Systems Corporation's Q2 2024 financial results show a decline in revenue and a net loss, reflecting challenges in product sales and operational restructuring. Total revenue decreased to $113.3 million, down 11.7% from $128.2 million in Q2 2023, driven by a 19.6% drop in product sales, particularly in the dental sector. Service revenue rose 6.3%, indicating some resilience in this segment. Gross profit fell to $47.1 million, with a gross margin increase to 41.6%, attributed to improved service profitability. Operating expenses decreased by 12.7% due to cost-cutting measures from the ongoing restructuring plan, which aims to achieve annual savings of $45-55 million. However, the operating loss widened to $26.4 million from $31.7 million in the prior year. Adjusted EBITDA also worsened, indicating ongoing challenges in profitability. Cash reserves decreased significantly to $192.7 million, primarily due to operational cash outflows and debt repayments. The company faces uncertainties regarding its ability to meet future cash requirements, particularly concerning its convertible notes due in 2026. Overall, while restructuring efforts are underway, the company continues to navigate significant financial headwinds.