ROCK HILL, S.C., Feb. 28, 2023 (GLOBE NEWSWIRE) -- 3D Systems Corporation (NYSE:DDD) announced today its financial results for the fourth quarter and full year ended December 31, 2022.
Fourth Quarter Financial Results and Recent Business Highlights
(All numbers are unaudited and are presented in thousands, except per share amounts or otherwise noted)
- Q4 2022 revenue of $132,732 decreased 12.0% compared to Q4 2021; Non-GAAP Q4 2022 revenue on a constant currency basis (1) decreased 7.6%, reflecting weakness in the dental orthodontics market
- Net loss of $25,553, diluted loss per share of $0.20, and diluted non-GAAP loss per share of $0.06 (1)
- Negative adjusted EBITDA
(1) of $4,808 reflects inflationary impacts on our input costs, unfavorable product mix, and continued investments in growth areas of our business and product portfolio
Full Year 2022 Financial Highlights
- 2022 revenue of $538,031 decreased 12.6% compared to 2021 revenue of $615,639; Non-GAAP revenue adjusted for divestitures and on a constant currency (1) basis increased 3.3%, reflecting solid demand in both the Industrial and Healthcare segments despite macroeconomic challenges, offset by lower sales to certain dental market customers
- Net loss of $122,711, diluted loss per share of $0.96, and diluted non-GAAP loss per share of $0.23 (1)
- Negative adjusted EBITDA (1) of $5,781 reflects inflationary impacts on our input costs and continued investments in growth areas of our business and product portfolio
- Cash and short-term investments of $568,737 position the company for continued growth investments
2023 Outlook
- Continued softness in dental orthodontic market fully offset by strong performance in Industrial and non-dental Healthcare Solutions markets leading to mid-single digit revenue growth
- Positive full year Adjusted EBITDA and free cash flow support an already-strong balance sheet
- Sustained investments in core technologies and emerging regenerative medicine markets
| (in thousands, expect per share data) | Quarter Ended December 31, |
Year Ended
December 31, | |||
| Revenue Growth Rates (%) as reported | (12.0 | )% | (12.6 | )% | |
| Non-GAAP Revenue Growth Rates (%) excluding divestitures | (12.0 | )% | (1.1 | )% | |
| Non-GAAP Revenue Growth Rates (%) excluding divestitures and FX effects | (7.6 | )% | 3.3 | % | |
| Quarter Ended December 31, | Year Ended December 31, | |||||||||||||||
| (in thousands, expect per share data) | 2022 | 2021 | 2022 | 2021 | ||||||||||||
| Revenue | $ | 132,732 | $ | 150,870 | $ | 538,031 | $ | 615,639 | ||||||||
| Operating (loss) | $ | (28,044 | ) | $ | (3,842 | ) | $ | (117,019 | ) | $ | (33,069 | ) | ||||
| Net (loss) income | $ | (25,553 | ) | $ | (6,200 | ) | $ | (122,711 | ) | $ | 322,052 | |||||
| Basic income (loss) per share | $ | (0.20 | ) | $ | (0.05 | ) | $ | (0.96 | ) | $ | 2.62 | |||||
| Diluted income (loss) per share | $ | (0.20 | ) | $ | (0.05 | ) | $ | (0.96 | ) | $ | 2.55 | |||||
| Quarter Ended December 31, | Year Ended December 31, | |||||||||||||||
| (in thousands, expect per share data) | 2022 | 2021 | 2022 | 2021 | ||||||||||||
| Non-GAAP measures for year-over-year comparisons (1) | ||||||||||||||||
| Non-GAAP Revenue | $ | 132,732 | $ | 150,870 | $ | 538,031 | $ | 543,967 | ||||||||
| Non-GAAP operating (loss) income | $ | (9,912 | ) | $ | 12,359 | $ | (26,877 | ) | $ | 33,529 | ||||||
| Non-GAAP net (loss) income | $ | (7,474 | ) | $ | 11,570 | $ | (29,383 | ) | $ | 41,473 | ||||||
| Non-GAAP basic income (loss) per share | $ | (0.06 | ) | $ | 0.09 | $ | (0.23 | ) | $ | 0.34 | ||||||
| Non-GAAP diluted income (loss) per share | $ | (0.06 | ) | $ | 0.09 | $ | (0.23 | ) | $ | 0.33 | ||||||
| Adjusted EBITDA | $ | (4,808 | ) | $ | 17,929 | $ | (5,781 | ) | $ | 56,151 | ||||||
