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3D Systems +1.8% on in-line numbers, guidance; peers are up

  • 3D Systems' (DDD) Q4 results were in-line with the guidance provided in the company's Feb. 5 warning. Likewise, the 2014 guidance provided at the time - revenue of $680M-$720M and EPS of $0.73-$0.85 - has been reiterated.
  • Q4 gross margin was 51.7%, flat Y/Y but down 90 bps Q/Q. SG&A spend soared 42% Q/Q and 72% Y/Y to $45.6M, R&D jumped 54% Q/Q and 113% Y/Y to $16.6M (10.7% of revenue).
  • Product revenue (inc. 3D printers) +76% Y/Y, an even growth rate with Q3. Print materials growth rose to +39% from 30%, services growth slipped to 33% from 38%. Products made up 48% of revenue.
  • Consumer solutions +162% Y/Y, but still only 6% of revenue. Healthcare +67% and 14% of revenue.
  • Peers are also up moderately: SSYS +1.9%. XONE +1.6%. VJET +2.2%.
  • CC underway. Q4 results, PR.
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