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3D Systems(DDD) - 2023 Q3 - Quarterly Report
2023-11-08 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________ Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol Name of each exchange on which registered Common Stock, par value $0.001 per share DDD New York Stock Exchange FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SEC ...
3D Systems(DDD) - 2023 Q2 - Earnings Call Transcript
2023-08-09 16:25
3D Systems Corporation (NYSE:DDD) Q2 2023 Earnings Conference Call August 9, 2023 8:30 AM ET Company Participants Mick McCloskey - Vice President, Treasurer and Investor Relations Jeffrey Graves - President and Chief Executive Officer Michael Turner - Executive Vice President and Chief Financial Officer Conference Call Participants Troy Jensen - Lake Street Capital Markets Danny Eggerichs - Craig-Hallum Shannon Cross - Credit Suisse Alek Valero - Loop Capital Markets Tyler Hutin - William Blair Operator Hel ...
3D Systems(DDD) - 2023 Q2 - Earnings Call Presentation
2023-08-09 12:34
August 9, 2023 Second Quarter Welcome and Participants Dr. Jeffrey Graves President & Chief Executive Officer Michael Turner Executive Vice President & Chief Financial Officer Andrew Johnson Executive Vice President, Chief Corporate Development Officer & Chief Legal Officer To participate via phone, Mick McCloskey please dial: Vice President, Treasury & Investor Relations 1-201- ...
3D Systems(DDD) - 2023 Q2 - Quarterly Report
2023-08-08 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________ Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol Name of each exchange on which registered Common Stock, par value $0.001 per share DDD New York Stock Exchange FORM 10-Q ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2023 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITI ...
3D Systems(DDD) - 2023 Q1 - Earnings Call Transcript
2023-05-09 17:02
Financial Data and Key Metrics Changes - Q1 2023 revenue was $121 million, a decrease of 8.8% year-over-year, with a constant currency decrease of 6.5% due to weakness in the dental orthodontics market [39] - Adjusted EBITDA decreased by $12 million to negative $10 million in Q1 2023 compared to the same period last year, primarily due to lower sales volumes and inflationary impacts [42] - Net loss was $29.4 million, resulting in a diluted loss per share of $0.23 [43] Business Line Data and Key Metrics Changes - Healthcare Solutions revenue decreased by 24.3% to $48.7 million, with dental orthodontics down approximately 46% year-over-year [39] - Non-dental markets within Healthcare Solutions saw revenue growth of over 22% on a constant currency basis [40] - Industrial Solutions revenue increased by 5.6% to $72.5 million, with a 9% increase when excluding foreign exchange impacts [41] Market Data and Key Metrics Changes - The dental orthodontics market is expected to decline approximately 35% for the full year 2023, following a strong first half of 2022 and a significant decline in the second half [40] - The orthopedic segment within Healthcare Solutions continues to show robust growth, contributing to the overall positive performance in non-dental markets [40] Company Strategy and Development Direction - The company is focusing on strategic growth in the orthopedic market and expanding its capabilities in additive manufacturing technologies [9][12] - A restructuring initiative has been announced to improve the profit profile and align operations, including a 6% reduction in headcount [33][45] - Investments in regenerative medicine are planned, with $10 million to $12 million allocated for Systemic Bio and other initiatives [34][48] Management's Comments on Operating Environment and Future Outlook - Management noted a bifurcated market, with the dental orthodontics segment softening while other markets remain strong [6][7] - The company anticipates a return to growth in the dental market by 2024, provided a deep recession is avoided [7] - Management expressed confidence in maintaining full-year guidance despite Q1 softness, citing reasonable estimates based on current economic conditions [58] Other Important Information - The company has a strong balance sheet with approximately $530 million in cash and short-term investments, sufficient to support organic growth and investments [44] - The company is pursuing R&D programs that align with its mission to provide high-value additive manufacturing solutions [20][23] Q&A Session Summary Question: What technologies are driving growth in the industrial sector? - Management indicated that growth is broad-based across metals and polymers, with strong demand in various technologies [54] Question: What is the visibility for the second half of the year? - Management maintains a cautious outlook, expecting stability in the market and tracking the clear aligner market closely [58] Question: Are there differences in demand trends across geographies? - Demand trends are uniform across the US and European markets, with no significant differences noted [62] Question: Can you elaborate on the TE Connectivity partnership? - The partnership is expected to be embedded in the initial guidance, with significant potential for future revenue growth [70] Question: What are the details regarding the Wematter acquisition? - The acquisition aims to enhance market share with a unique product that has a small footprint and excellent recycling capabilities [78]
3D Systems(DDD) - 2023 Q1 - Quarterly Report
2023-05-09 16:00
Acquisitions and Investments - The Company completed the acquisition of dp polar for $25.2 million, which includes $19.6 million in cash and $7.1 million in common stock, aimed at enhancing high-speed mass production capabilities [122]. - The acquisition of Kumovis for $37.9 million focuses on utilizing PEEK materials for medical applications, with $3.6 million deferred for up to fifteen months [123]. - Titan was acquired for $39.0 million to address large build volume applications in the Industrial Solutions segment, with the acquisition's near-term impact being dilutive [124]. - A joint venture with the Saudi Arabian Industrial Investments Company was established to expand additive manufacturing in Saudi Arabia, with an initial investment of approximately $6.5 million [126]. - The Company invested $10.0 million for a 26.6% stake in Enhatch Inc., aimed at streamlining the design and delivery of patient-specific medical devices [127]. - The acquisition of Volumetric Biotechnologies for $40.2 million aims to develop bioprinting technologies for human organs, with potential additional payments of up to $355.0 million based on milestones [128]. - The acquisition of Oqton for $187.8 million enhances the Company's software capabilities in manufacturing operations systems, with a dilutive impact on financial results [129]. - Dussur and 3D Systems formed a joint venture in March 2022 to enhance additive manufacturing in Saudi Arabia, with an initial investment of approximately $6.5 million [187]. - As of March 31, 2023, the company holds 49% of the joint venture's common stock, with $3.4 million in escrow and an additional $3.1 million deposited for operations [187]. - Future investments in the joint venture are contingent upon achieving specific milestones [187]. Financial Performance - Total revenue for the three months ended March 31, 2023, was $121.236 million, a decrease of $11.8 million or 8.8% compared to $133.001 million for the same period in 2022 [148]. - Products revenue decreased by $16.2 million or 16.1% to $84.388 million, primarily due to a $19.1 million decrease in sales volume within the Healthcare Solutions segment [146]. - Services revenue increased by $4.4 million or 13.5% to $36.848 million, driven by higher sales volume in both Healthcare Solutions and Industrial Solutions segments [147]. - Gross profit for the three months ended March 31, 2023, was $47.098 million, down $6.697 million or 12.4% from $53.795 million in the same period in 2022 [149]. - Operating loss for the three months ended March 31, 2023, was $33.396 million, compared to a loss of $23.232 million for the same period in 2022 [154]. - Net loss attributable to 3D Systems Corporation for the three months ended March 31, 2023, was $29.421 million, compared to a net loss of $26.799 million for the same period in 2022 [158]. - Adjusted EBITDA decreased from $1.923 million for the three months ended March 31, 2022, to $(10.094) million for the same period in 2023, primarily due to an increase in operating loss [160]. - Selling, general and administrative expenses increased by $2.9 million or 5.2% to $58.285 million, influenced by acquisitions and higher professional services fees [153]. - Research and development expenses increased by $0.6 million or 2.8% to $22.209 million, primarily due to expenses related to acquisitions [153]. - Interest and other income, net for the three months ended March 31, 2023, was $3.875 million, compared to a net expense of $(2.283) million for the same period in 2022 [155]. - For the three months ended March 31, 2023, the company reported a net loss of $29.4 million, compared to a net loss of $26.8 million for the same period in 2022 [163]. - Total revenue for the company decreased by $11.8 million, or 8.8%, from $133.0 million in Q1 2022 to $121.2 million in Q1 2023 [166]. - Healthcare Solutions revenue decreased by $15.6 million, or 24.3%, primarily due to a 46.2% reduction in sales to the dental orthodontic market [167]. - Adjusted EBITDA for Healthcare Solutions decreased by $10.7 million, or 67.9%, driven by decreased revenue and a $2.5 million increase in operating expenses [168]. - Industrial Solutions revenue increased by $3.9 million, or 5.6%, with a 9.8% increase in sales volumes, partially offset by foreign exchange impacts [169]. - Adjusted EBITDA for Industrial Solutions increased by $0.3 million, or 5.1%, due to higher sales volumes, despite cost inflation and increased operating expenses [170]. Cash Flow and Financial Position - Cash and cash equivalents increased by $137.8 million, or 35.5%, from $388.1 million at December 31, 2022, to $525.9 million at March 31, 2023 [174]. - Cash used in operating activities was $27.7 million for Q1 2023, an increase of $12.6 million compared to $15.1 million in Q1 2022 [181]. - Cash provided by investing activities was $167.8 million in Q1 2023, primarily from proceeds of $176.9 million from sales and maturities of short-term investments [182]. - The company had $460 million of outstanding 0% convertible notes maturing in November 2026, with potential for additional long-term financing [185]. - The company believes it has sufficient financial resources to meet cash requirements for the next twelve months, dependent on profitability and working capital management [188]. - The company is in compliance with all covenants of the outstanding 0% convertible notes due November 2026 as of March 31, 2023 [189]. Risks and Internal Controls - Forward-looking statements are subject to risks including geopolitical events, supply chain disruptions, and the ability to meet customer needs [194]. - The company emphasizes the importance of maintaining effective internal controls over financial reporting and managing product inventory [195]. - The company has directors' and officers' insurance coverage to mitigate potential indemnification obligations [190]. - There were no material changes in market risk assessment from December 31, 2022, to March 31, 2023 [197]. - There have been no changes to critical accounting estimates that materially impact the financial statements as of the report date [192].
3D Systems(DDD) - 2023 Q1 - Earnings Call Presentation
2023-05-09 15:57
May 9, 2023 First Quarter Welcome and Participants Dr. Jeffrey Graves President& Chief Executive Officer Michael Turner Executive Vice President & Chief Financial Officer Andrew Johnson Executive Vice President, Chief Corporate Development Officer & Chief Legal Officer To participate via phone, Mick McCloskey please dial: Vice President, Treasury & Investor Relations ...
3D Systems(DDD) - 2022 Q4 - Annual Report
2023-03-15 16:00
UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 __________________ Securities registered pursuant to Section 12(b) of the Act: Title of each class Trading Symbol Name of each exchange on which registered Common Stock, par value $0.001 per share DDD New York Stock Exchange FORM 10-K ☒ ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2022 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES E ...
3D Systems(DDD) - 2022 Q4 - Earnings Call Transcript
2023-03-01 15:05
3D Systems Corporation (NYSE:DDD) Q4 2022 Earnings Conference Call March 1, 2023 8:30 AM ET Company Participants Russell Johnson - Vice President, Treasury & Investor Relations Jeffrey Graves - President & Chief Executive Officer Michael Turner - Executive Vice President & Chief Financial Officer Conference Call Participants Troy Jensen - Lake Street Capital Danny Eggerichs - Craig-Hallum Shannon Cross - Credit Suisse Blake Keating - William Blair Ananda Baruah - Loop Capital Operator Hello, and welcome to ...
3D Systems(DDD) - 2022 Q4 - Earnings Call Presentation
2023-03-01 13:20
Financial Performance - Full Year 2022 - Full Year 2022 revenue was $538.0 million[15], a 12.6% decrease compared to FY 2021[15], but increased by 3.3% excluding divestitures and in constant currency[15] - FY 2022 Gross Margin was 39.8% compared to 42.5% in FY 2021[22], impacted by divestitures, inflation, freight, and mix[22] - Non-GAAP operating expenses for FY 2022 were $241.1 million[26], a 22.1% increase compared to FY 2021[26], due to acquisition costs and increased R&D spending[26] - FY 2022 Adjusted EBITDA was -$5.8 million[31] Financial Performance - Q4 2022 - Q4 2022 revenue was $132.7 million[16], a 12.0% decrease compared to Q4 2021[16], or a 7.6% decrease in constant currency[16] - Q4 2022 Gross Margin was 40.9% compared to 44.1% in Q4 2021[23], impacted by divestitures, inflation, freight, and mix[23] - Non-GAAP operating expenses for Q4 2022 were $64.1 million[27], an 18.2% increase compared to Q4 2021[27] - Q4 2022 Adjusted EBITDA was -$4.8 million[31] Outlook - The company ended the quarter with $568.7 million in cash and short-term investments[33] - Full Year 2023 Revenue Guidance is $545 - $575 million[34], implying 4% revenue growth at the midpoint[34] - Full Year 2023 Non-GAAP Gross Margin Guidance is 40%-42%[34] - The company expects to achieve Break Even to Positive Adjusted EBITDA and Free Cash Flow in FY 2023[13, 34]