Boston, MA 04/29/2014 (wallstreetpr) – 3D Systems Corporation (NYSE:DDD) announced the financial results for first quarter of 2014.
Q1’14 Results
3D Systems Corporation (NYSE:DDD) reported that first quarter revenue increased by almost 45% to $147.5 million as compared to the last year. The company reported overall organic growth of 28% this year which resulted in GAAP earnings of as much as $0.05 per share. Non-GAAP earnings were reported to be $0.15 per share. As compared to the first quarter of the prior year, revenue from 3D printers, including some other products, surged almost 53% and reached $60.8 million. Growth in revenue from printing materials increased 41% to $40.4 million. Services revenue increased 38% to $46.6 million. Healthcare and consumer revenue increased 53% and 150% respectively, to $21.7 million and $9.7 million, respectively.
Backlog in the first quarter of 2014 were $28.8 million, including 17.9 million of printer orders. This also demonstrates the increasing demand of Direct Metal 3D printers. 3D Systems Corporation (NYSE:DDD)’s gross profit enhanced 41% while gross profit margin declined 130 basis points. This is a decline of 51.1% as compared to the same quarter results of the previous year. This is on account of the growth in printer revenues which exceeds revenue growth in other categories. GAAP net income was reported to be $4.9 million and non-GAAP net income was reported to be $15.1 million.
Outlook
In the reported quarter, the company was seen to focus on R&D investments along with expansion in sales and marketing. The company focused on accelerating growth, marketplace expansion and development of new products while at the same time enhancing its manufacturing capacity so as to manage the increasing demand. In addition, 3D Systems Corporation (NYSE:DDD) also undertook many acquisitions and partnerships in the first quarter with the intention to improve its 3D printing ecosystem. The company expects revenue in 2014 to be between $680 million and $720 million.
