Summary by Moomoo AI
3D Systems reported Q1 2024 revenue of $102.9M, down 15.1% YoY, primarily due to lower printer sales amid unfavorable macroeconomic conditions, partially offset by growth in materials and services. Healthcare Solutions revenue declined 6.8% to $45.4M, while Industrial Solutions fell 20.7% to $57.5M.The company posted a Q1 net loss of $16M ($0.12 per share), improved from a $29.4M loss last year, aided by a $21.5M gain from debt extinguishment. Gross profit margin increased to 39.8% from 38.8% YoY due to favorable product mix. Operating expenses remained flat at $80.8M but included $5M in additional audit-related fees. Cash position decreased to $212M from $331.5M in December 2023.Looking ahead, 3D Systems expects Q2 2024 revenues of $113-113.5M, projecting sequential improvement throughout 2024. The company continues to see strong performance in Aerospace and Defense customers, while its multi-year contract with a dental aligner provider provides growth foundation. Management remains focused on restructuring initiatives to reduce G&A costs by year-end while maintaining R&D investments.
