ROCK HILL, S.C., Feb. 28, 2022 (GLOBE NEWSWIRE) --
3D Systems Corporation (NYSE:DDD) announced today its financial results for the fourth quarter and full year ended December 31, 2021.
Fourth Quarter Financial Results and Recent Business Highlights
- Q4 2021 revenue of $150.9 million, a decline of 12.6% compared to Q4 2020 driven solely by divestitures of non-core assets; Q4 2021 revenue , adjusted for divestitures (1) , increased 13.1% and 10.4% compared to Q4 2020 and Q3 2021, respectively, reflecting continued strength in both the Industrial and Healthcare Solutions segments
- Adjusted EBITDA margin (1) of 11.8% reflects disciplined approach to growth, cost management and focus on our core business
- Diluted GAAP loss per share of $0.05 and diluted non-GAAP income per share (1) of $0.09 driven by strong revenue and gross profit margins
- Announced two agreements to acquire Titan Robotics and Kumovis, adding extrusion-based technology to our broad suite of offerings supporting both Industrial and Healthcare Solutions segments
- Completed a five-year $460.0 million convertible bond issuance with a 0% coupon, ending the year with a significant cash balance of $789.7 million to support ongoing growth initiatives and investments
Full Year 2021 Financial Highlights
- 2021 revenue of $615.6 million; an increase of 10.5% compared to 2020 revenue of $557.2 million
- Underscoring the successful execution of our strategy, revenue adjusted for divestitures (1) , increased 31.8% from 2020 and 16.9% from pre-pandemic 2019
- Industrial and Healthcare Solutions segments revenue, adjusted for divestitures (1) , grew 24.4% and 40.1%, respectively, from 2020 reflecting success of the company’s vertical and applications focused approach
- Revenue growth, disciplined cost management, and focused operational execution resulted in higher operating income, adjusted EBITDA, and earnings per share (1) for 2021 compared to both 2020 and pre-pandemic 2019 (1)
- Generated $48.1 million of cash from operations
| Quarter Ended December 31, | Year Ended December 31, | ||||||||||||||
| (in millions, expect per share data) | 2021 | 2020 | 2021 | 2020 | |||||||||||
| Revenue | $ | 150.9 | $ | 172.7 | $ | 615.6 | $ | 557.2 | |||||||
| Operating income (loss) | $ | (3.8 | ) | $ | 0.7 | $ | (33.1 | ) | $ | (119.0 | ) | ||||
| Net income (loss) | $ | (6.2 | ) | $ | (19.8 | ) | $ | 322.1 | $ | (149.6 | ) | ||||
| Basic income (loss) per share | $ | (0.05 | ) | $ | (0.16 | ) | $ | 2.62 | $ | (1.27 | ) | ||||
| Diluted income (loss) per share | $ | (0.05 | ) | $ | (0.16 | ) | $ | 2.55 | $ | (1.27 | ) | ||||
| Non-GAAP measures for year-over-year comparisons (1) | |||||||||||||||
| Non-GAAP operating income | $ | 12.3 | $ | 16.1 | $ | 49.8 | $ | 0.3 | |||||||
| Non-GAAP net income (loss) | $ | 11.5 | $ | 10.6 | $ | 56.6 | $ | (13.1 | ) | ||||||
| Non-GAAP basic income (loss) per share | $ | 0.09 | $ | 0.09 | $ | 0.46 | $ | (0.11 | ) | ||||||
| Non-GAAP diluted income (loss) per share | $ | 0.09 | $ | 0.09 | $ | 0.45 | $ | (0.11 | ) | ||||||
| Adjusted EBITDA | $ | 17.9 | $ | 22.9 | $ | 74.1 | $ | 28.7 | |||||||
