Summary by Moomoo AI
3D Systems reported Q2 2024 revenue of $113.3 million, down 11.7% from $128.2 million in Q2 2023, with a net loss of $27.3 million. The decline was primarily driven by a 19.6% drop in products revenue to $71.7 million, while services revenue increased 6.3% to $41.5 million. Healthcare Solutions revenue fell 19.7% to $48.9 million, while Industrial Solutions revenue decreased 4.4% to $64.4 million.The company continued executing its restructuring plan announced in 2023, focusing on improving manufacturing efficiencies, reducing headcount, and rationalizing geographic footprint. Cost reduction initiatives helped lower operating expenses, with SG&A expenses decreasing 12.7% to $51.5 million and R&D expenses declining 3.3% to $22.0 million compared to Q2 2023.Looking ahead, 3D Systems expects annualized cost savings of $45-55 million from its restructuring initiatives when completed. The company ended the quarter with $192.7 million in cash and cash equivalents, down from $331.5 million at year-end 2023, partly due to an $87.2 million debt repurchase. Management believes current financial resources are sufficient to meet anticipated cash requirements for the next twelve months.
