NEW YORK - 3D Systems Corporation (NYSE:DDD) reported disappointing third quarter results and lowered its full-year outlook, sending shares down 7.6% in after-hours trading on Tuesday.
The 3D printing company posted a non-GAAP loss of $0.12 per share, missing analyst estimates for a loss of $0.10 per share. Revenue fell 8.8% year-over-year to $112.9 million, below the consensus forecast of $115.74 million.
"Our third quarter revenues continued to be impacted by sluggish capital investments by our customers for new production capacity, particularly in the Industrial markets, impacting the sale of new printing systems," said CEO Jeffrey Graves.
On a positive note, consumables revenue grew nearly 10% year-over-year as capacity utilization for 3D Systems' installed printer fleet increased. Healthcare Solutions revenue also rose 5% to $55.1 million, led by strong growth in dental and personalized healthcare solutions.
However, the company cut its full-year 2024 revenue guidance to a range of $440 million to $450 million, down from its previous outlook of $460 million to $480 million.
3D Systems said it expects non-GAAP operating expenses to decrease to below $60 million in Q4. The company aims to improve profitability and cash flow in the quarters ahead as it manages costs.
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