ROCK HILL, SC, Nov 9, 2022 – 3D Systems Corp. announced its financial results for the third quarter ended September 30, 2022. For the third quarter of 2022, the company reported revenue of $132.3M, down 5.5% compared to $140M in the second quarter of 2022. Net loss was $37.3M.
Comparative analysis based on 3D Systems’ financial results in the last 12 quarters (Result source 3D Systems website)
Comparative analysis based on 3D Systems’ financial results in the last 12 quarters (Result source 3D Systems website)
Commenting on the results, president and CEO Dr. Jeffrey Graves said, “Our third quarter results were consistent with our recent expectations. We are seeing steady demand for our industry-leading suite of additive manufacturing solutions in core end markets such as energy, commercial space, precision micro-castings, and medical devices. However, as we had expected, the difficult global macroeconomic and geopolitical environment has put pressure on consumer discretionary spending, which led to significantly lower sales to key dental market customers during the quarter.”
Dr. Graves also noted, “Regarding our broader business, recent actions we have taken to control operating costs and to streamline our manufacturing and inventory management processes had a positive impact on the company’s profitability metrics during the third quarter. These actions are allowing us to better navigate ongoing supply chain pressures and more efficiently deliver additive manufacturing solutions that solve our customers’ most challenging production needs.”
“Over the last two and a half years, our entire team of talented employees has worked very hard to re-make 3D Systems into a provider of end-to-end additive solutions focused on high-growth applications for industrial and healthcare markets. With this transformation largely complete, our priorities are on operational execution and prudent investments in our broad product line of 3D printing technologies and software applications. In doing so, we are focusing on profitability and cash performance, while laying the foundation for the company to advance in exciting new directions to drive value for our customers and shareholders. An important milestone in this regard was our announcement during the third quarter that 3D Systems has formed a new internal biotech company called Systemic Bio that will apply advanced additive manufacturing techniques to accelerate drug discovery and development.”
Dr. Graves summarized, “Although the challenging macro environment has led to slower growth in certain key end-markets such as dental, I am confident that the long-term fundamentals remain very positive for additive manufacturing, in general, and for 3D Systems in particular. Our focus on operational execution to capitalize on our past investments remains our highest priority, while our strong balance sheet positions us well to continue investing in high margin, high growth areas of our businesses. With new opportunities for large-scale adoption of additive manufacturing opening before us, and entirely new markets being created in bioprinting, we believe we are very well positioned to deliver on our commitment to become a $1 billion revenue company in five years.”
A complete chart of the financial results is available here.
About 3D Systems
More than 35 years ago, 3D Systems brought the innovation of 3D printing to the manufacturing industry. Today, as the leading additive manufacturing solutions partner, they bring innovation, performance, and reliability to every interaction – empowering their customers to create products and business models never before possible. Thanks to their unique offering of hardware, software, materials and services, each application-specific solution is powered by the expertise of their application engineers who collaborate with customers to transform how they deliver their products and services. 3D Systems’ solutions address a variety of advanced applications in healthcare and industrial markets such as medical and dental, aerospace & defense, automotive and durable goods.
More information on the company is available at www.3dsystems.com.