3D Systems, Rock Hill, South Carolina, USA, has announced its financial results for the second quarter ended June 30, 2019, reporting GAAP revenue of $157.3 million, compared to $176.6 million in the second quarter of the previous year.
The company posted a GAAP loss of $0.21 per share in the second quarter of 2019 compared to a GAAP loss of $0.08 per share in the second quarter of 2018, and non-GAAP earnings of $0.00 per share in the second quarter of 2019, compared to $0.06 per share in the second quarter of 2018.
Additive Manufacturing machine unit sales for the quarter were 46.4% higher, said to be driven by sales of its Figure 4 polymer AM platform, while machine revenue decreased by 27.4% compared to the second quarter of the prior year, reportedly due to year-over-year timing of large-enterprise customer orders and the softer macro industrial environment. Year-over-year revenue growth was also said to be impacted by a delay to shipping its new range of Factory metal Additive Manufacturing systems.
Excluding the impact of the large enterprise customer order patterns, revenue for 3D Systems’ Healthcare division, which manufactures both polymer and metal additively manufactured components and devices, increased 11.4% in the second quarter compared to the prior year. Revenue for the company’s On Demand services decreased by 12.4% and Software decreased 0.5% compared to the second quarter of the prior year.
“We continue to see strength in customer demand for our core and new products and solutions, but as expected, year over year revenue growth was impacted by ordering patterns of a large enterprise customer, the delay in shipping Factory metals systems as we complete technical enhancements and weaker macro-economic conditions in some areas of our market,” commented Vyomesh Joshi, President and Chief Executive Officer, 3D Systems.
The company generated $18.7 million of cash from operations during the quarter and had $150.4 million of unrestricted cash on hand at June 30, 2019. Cash generation during the second quarter was said to be driven by improvements in working capital, including planned reductions of inventory.
“We remain confident in our broad portfolio of additive capabilities, workflow solutions and overall market opportunities; and we remain keenly focused on executing on our strategy, reducing costs and driving long-term profitable growth,” concluded Joshi.