3D Systems Reports First Quarter 2018 Financial Results

ROCK HILL, S.C., May 02, 2018 (GLOBE NEWSWIRE) -- 3D Systems Corporation (NYSE:DDD) announced today its financial results for the first quarter ended March 31, 2018.

For the first quarter of 2018, the company reported six percent revenue growth to $165.9 million compared to $156.4 million in the first quarter of the previous year. The company reported a first quarter 2018 GAAP loss of $0.19 per share compared to a loss of $0.09 per share in the prior year, and first quarter 2018 non-GAAP loss of $0.03 per share compared to non-GAAP earnings of $0.06 per share in the first quarter of 2017.

“We are pleased with our revenue in the first quarter, which was driven by printers, healthcare and software,” commented Vyomesh Joshi (VJ), chief executive officer, 3D Systems. “While we still have work to do, we believe our investments in go-to-market, process improvements and better execution worldwide are starting to show returns. We remain excited about the new products we plan to bring to market throughout the year and the incremental opportunity we believe they will provide for long term growth.”

The company reported 24 percent higher printer revenue on 44 percent higher printer unit sales as well as growth in software, on demand manufacturing and healthcare solutions.

The company reported GAAP gross profit margin of 46.9 percent for the first quarter of 2018 compared to 51.3 percent in the first quarter of the prior year. The impact of mix of sales and continued investment in services and on demand manufacturing offset cost reductions achieved from ongoing supply chain cost reduction initiatives.

For the first quarter of 2018, GAAP operating expenses were $95.4 million compared to $89.3 million in the prior year period. SG&A expenses increased 5 percent to $69.5 million, which included continued investment in go-to-market and IT transformation. R&D expenses increased 13 percent over the first quarter of 2017 to $25.9 million, including continued investments in support of the previously announced new products the company plans to start shipping throughout 2018.

”We have made significant progress in many areas of the company, and we continue to make strategic investments in organizational and operational improvements which we believe are critical for long term success,” commented John McMullen, executive vice president and chief financial officer. “We remain committed to improving our cost structure over the long term. In line with that, during the first quarter, we put in place a cost optimization plan to drive efficiencies, continue to focus resources around our strategic priorities, and leverage our IT investments.”

During the quarter, the company used $1.5 million of cash in operations and ended the quarter with $121.6 million of unrestricted cash on hand.

“We believe 2018 is a corner turn year in our multi-year turnaround and transformation process. We are focused on execution, operational efficiency and bringing our new solutions to market to drive long-term growth and profitability,” concluded Joshi.

Q1 2018 Conference Call and Webcast
The company expects to file its Form 10-Q for the quarter ended March 31, 2018 with the Securities and Exchange Commission on May 2, 2018. 3D Systems plans to hold a conference call and simultaneous webcast to discuss these results on Wednesday, May 2, 2018, at 4:30 p.m. Eastern Time.

Date: Wednesday, May 2, 2018
Time: 4:30 p.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

A replay of the webcast will be available 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,” “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 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 strategic acquisitions, non-recurring charges and certain non-cash expenses had on its financial results, the company reported non-GAAP measures excluding the impact of amortization of intangibles, non-cash interest expense, acquisition and severance expenses, stock-based compensation expense, litigation settlements and charges related to strategic decisions and portfolio realignment. 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 

Tables Follow

3D Systems Corporation
Unaudited Condensed Consolidated Balance Sheets
March 31, 2018 and December 31, 2017

(in thousands, except par value) March 31, 2018  December 31, 2017
Current assets:   
Cash and cash equivalents$121,607  $136,344 
Accounts receivable, net of reserves — $11,246 (2018) and $10,258 (2017)134,470  129,879 
Inventories110,383  103,903 
Insurance proceeds receivable50,000   50,000  
Prepaid expenses and other current assets 22,761     18,296  
Total current assets 439,221     438,422  
Property and equipment, net 101,675     97,521  
Intangible assets, net 91,800     98,783  
Goodwill 235,323     230,882  
Deferred income tax asset 3,965     4,020  
Other assets, net 25,674     27,136  
Total assets $ 897,658     $ 896,764  
Current liabilities:      
Current portion of capitalized lease obligations $ 661     $ 644  
Accounts payable 55,405     55,607  
Accrued and other liabilities 66,442     65,899  
Accrued litigation settlement 50,000     50,000  
Customer deposits 5,718     5,765  
Deferred revenue 39,694     29,214  
Total current liabilities 217,920     207,129  
Long term portion of capitalized lease obligations 6,932     7,078  
Deferred income tax liability 8,031     8,983  
Other liabilities 46,665     48,754  
Total liabilities 279,548     271,944  
Redeemable noncontrolling interests 8,872     8,872  
Commitments and contingencies      
Stockholders’ equity:      
Common stock, $0.001 par value, authorized 220,000 shares; issued 117,180 (2018) and 117,025 (2017) 116     115  
Additional paid-in capital 1,333,378     1,326,250  
Treasury stock, at cost — 2,358 shares (2018) and 2,219 shares (2017) (9,041 )   (8,203 )
Accumulated deficit (698,157 )   (677,772 )
Accumulated other comprehensive loss (14,137 )   (21,536 )
Total 3D Systems Corporation stockholders' equity 612,159     618,854  
Noncontrolling interests (2,921 )   (2,906 )
Total stockholders’ equity 609,238     615,948  
Total liabilities, redeemable noncontrolling interests and stockholders’ equity $ 897,658     $ 896,764  

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