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3D System’s unaudited statements show 2.6% Q4 revenue increase

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3D Systems Corporation announced that it will delay filing its Annual Report on Form 10-K for the fiscal year ended December 31, 2020. The company will file a Form 12b-25, Notification of Late Filing, with the Securities and Exchange Commission, which extends the deadline to file the Form 10-K.

The company nevertheless released unaudited financial statements for investors’ review prior to its annual report. These statements show an increase revenue after the company’s restructuring in 2020.

DDD 3-month stock price chart
DDD 3-month stock price chart

The company noted the delay in filing is primarily related to the presentation of cash flows associated with the divestiture process for its Cimatron and GibbsCam software businesses. Based on preliminary analysis, the company believes that any financial impact resulting from this review is accounted for within its fourth quarter and full year 2020 results presented below. The delayed filing has no impact on the operations of the company’s business. 3D Systems CEO, Dr. Jeff Graves commented “While we were greatly disappointed that we were not able to conclude the audit in a timely fashion, we are pleased to provide our preliminary financial results for the fourth quarter and full year 2020, and look forward to discussing these results and our progress in positioning 3D Systems for sustained profitable growth on our conference call tomorrow.”

Fourth Quarter Financial and Operational Results (unaudited)

  • Q4 2020 revenue of $172.7 million, compared to $168.2 million in Q4 2019 and $136.2 million in Q3 2020, representing growth of 2.6% and 26.8%, respectively
  • Double-digit revenue growth in both Healthcare and Industrial on a consecutive quarter basis
  • GAAP operating income of $0.7 million and GAAP net loss of $19.8 million
  • Restructuring and efficiency improvements drove non-GAAP operating income of $16.1 million and adjusted EBITDA margins of 13%

Full Year 2020 and Recent Business Highlights (unaudited)

  • Full year 2020 revenue of $557.2 million, compared to $636.4 million in FY 2019, impacted by the COVID-19 pandemic primarily in the first half of the year
  • Introduced and began executing four-stage plan to Reorganize, Restructure, Divest, and Invest
  • Achieved target of $60M run-rate cost savings in 2020
  • Achieved significant milestone with regenerative medicine development partner, resulting in milestone payment that will be re-invested in this business
  • Closed on previously announced sale of non-core software business and paid off outstanding debt
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Adam is a legal researcher and writer with a background in law and literature. Born in Montreal, Canada, he has spent the last decade in Ottawa, Canada, where he has worked in legislative affairs, law, and academia. Adam specializes in his pursuits, most recently in additive manufacturing. He is particularly interested in the coming international and national regulation of additive manufacturing. His past projects include a history of his alma mater, the University of Ottawa. He has also specialized in equity law and its relationship to judicial review. Adam’s current interest in additive manufacturing pairs with his knowledge of historical developments in higher education, copyright and intellectual property protections.

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