3D Systems(US:DDD)2025-03-26 20:20Revenue Performance - Full-year 2024 revenue was $440.1 million, a decrease of 10% compared to the prior year, primarily due to lower hardware systems sales[12]. - Fourth quarter revenue decreased 3% to $111.0 million, including an $8.7 million reduction from a change in accounting estimate related to the Regenerative Medicine program[6]. - Total revenue for Q4 2024 was $111.024 million, a decrease of 3.2% from $114.848 million in Q4 2023[32]. - For the full year 2024, total revenue was $440.1 million, down 9.8% from $488.1 million in 2023[39]. Segment Performance - Healthcare Solutions revenue decreased 21% to $40.4 million in Q4 2024, while Industrial Solutions revenue increased 11% to $70.7 million[7][8]. - Healthcare Solutions revenue declined by 21.1% year-over-year to $40.4 million, while Industrial Solutions revenue increased by 11.0% to $70.7 million[38]. Profitability and Loss - Gross profit margin for Q4 2024 was 31.0%, down from 38.3% in the same period last year, primarily due to accounting estimate changes[9]. - Gross profit for Q4 2024 was $34.445 million, down 21.6% from $43.957 million in Q4 2023[32]. - Net loss attributable to 3D Systems improved by $259.0 million to a loss of $33.7 million in Q4 2024 compared to the prior year[10]. - The company reported a net loss of $33.7 million for Q4 2024, an improvement from a net loss of $292.7 million in Q4 2023[43]. - Adjusted EBITDA for Q4 2024 was a loss of $19.1 million, a decrease of $5.1 million from the same period last year[11]. - Adjusted EBITDA for Q4 2024 was $(19.1) million, compared to $(14.0) million in Q4 2023[43]. - Diluted loss per share for Q4 2024 was $(0.25), significantly better than $(2.25) in Q4 2023[45]. Cost Management and Initiatives - The company announced a new cost reduction initiative expected to deliver over $50 million in annualized savings throughout 2025 and the first half of 2026[4]. - Non-GAAP operating expenses for Q4 2024 were $58.4 million, a decrease from $65.4 million in Q4 2023[41]. - Stock-based compensation expenses for the year ended December 31, 2024, were $18.457 million, compared to $23.504 million in 2023[34]. Cash and Balance Sheet - Cash and cash equivalents totaled $171 million as of December 31, 2024, with total debt of $212 million[16]. - Cash and cash equivalents decreased to $171.324 million as of December 31, 2024, from $331.525 million as of December 31, 2023, representing a decline of 48.3%[30]. - Total assets decreased to $608.846 million in 2024 from $990.660 million in 2023, a reduction of 38.5%[30]. - Total liabilities decreased to $430.695 million in 2024 from $561.901 million in 2023, a decline of 23.3%[30]. - The sale of the Geomagic software platform for $123 million is expected to close in early April 2025, further strengthening the balance sheet[4]. Future Outlook - The 2025 outlook includes revenue guidance of $420 million to $435 million, reflecting flat to modest growth, and an expectation of break-even or better adjusted EBITDA in Q4 2025[18]. - The company plans to focus on market expansion and new product development to drive future growth[39]. Research and Development - Research and development expenses for the year ended December 31, 2024, were $86.479 million, down from $89.466 million in 2023[32]. Asset Management - Asset impairment charges for the year were $145.0 million, down from $304.4 million in 2023, indicating improved asset management[41]. General Guidance - The company does not provide forward-looking guidance for certain measures on a GAAP basis due to the inherent uncertainty of various factors[25].