ROCK HILL, S.C., Feb. 27, 2024 (GLOBE NEWSWIRE) -- 3D Systems Corporation (NYSE:DDD) announced today its financial results for the fourth quarter and full year ended December 31, 2023.

Fourth Quarter Financial Results (Unaudited)
(All numbers are unaudited and are presented in thousands, except per share amounts or otherwise noted)

• Q4 2023 revenue of $114,848 decreased 13.5% compared to Q4 2022 due to significant softness in dental orthodontics and depressed printer sales from delayed customer capex investments
• Q4 2023 gross profit margin of 40.4% and Non-GAAP gross profit margin ⁽¹⁾ of 41.9%. Non-GAAP gross profit margin represents an increase from prior year primarily driven by product mix
• Q4 2023 Net loss of $300,412, diluted loss per share of $2.30, primarily driven by the non-cash impairment of goodwill and other intangible assets, and Non-GAAP diluted loss per share ⁽¹⁾ was $0.11
• Q4 2023 Adjusted EBITDA ⁽¹⁾ decreased by $7,452 to a loss of $12,260, primarily driven by lower revenue and an increase in operating expenses associated with investments in Regenerative Medicine and a short-term increase in consulting and outside services expenses

Full Year 2023 Financial Results (Unaudited)
(All numbers are unaudited and are presented in thousands, except per share amounts or otherwise noted)

• 2023 revenue of $488,069 decreased 9.3% compared to 2022 revenue of $538,031, primarily driven by the exceptional softness in dental orthodontics and slower printer hardware sales
• 2023 gross profit margin of 40.7% increased from 2022 gross profit margin of 39.8%. 2023 Non-GAAP gross profit margin ⁽¹⁾ of 41.1% increased from 2022 Non-GAAP gross profit margin of 39.8%, primarily driven by improved operational efficiencies and favorable mix
• 2023 net loss of $370,432, diluted loss per share of $2.85, primarily driven in large part by the non-cash impairment of goodwill and other intangible assets, and Non-GAAP diluted loss per share ⁽¹⁾ was $0.26
• 2023 Adjusted EBITDA ⁽¹⁾ decreased by $18,744 to a loss of $24,525, primarily driven by lower revenue and an increase in operating expenses associated with investments in Regenerative Medicine and an increase in consulting and outside services expenses
• In December 2023, the company repurchased $135,130 of its Convertible Senior Notes ("Convertible Notes") for $100,614 including transaction expenses, opportunistically reducing its outstanding debt by nearly 30% at a substantial discount to par-value
• Cash and cash equivalents of $331,525 position the company well for support of restructuring and efficiency initiatives, as well as continuity in key growth investments

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