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Dec. 2, 2014, 5:40 PM
- An infringement suit filed by 3D Systems (NYSE:DDD) against private printer maker Formlabs has been dismissed with prejudice, following a settlement. 3D had accused Formlabs of infringing its stereolithography printing techniques. "It's a big deal for us," says Formlabs exec Colin Raney, whose company will be free to continue making its printers.
- The ongoing expiration of key 3D printing patents held by 3D Systems, Stratasys, and others has been expected to make life easier for startups looking to challenge established players. But for now, incumbents have only seen a modest impact - especially in the industrial printing space.
- Meanwhile, 3D Systems chairman Walter Lowenbaum has disclosed he bought 5K shares last Friday at $35.21-$35.23. Lownbaum bought 26,479 shares in mid-November.
Nov. 24, 2014, 1:40 PM
- Beaten-down 3D Systems (NYSE:DDD) has rallied after announcing it's buying manufacturing CAD/CAM software vendor Cimatron. With 36.6M shares shorted as of Oct. 31 (35% of the float and a 52-week high), short-covering is likely helping out.
- Cimatron is the latest in a string of software acquisitions by 3D, as the company tries to create an end-to-end portfolio of hardware, software, materials, cloud services, and manufacturing services for additive manufacturing firms. Others: Geomagic, TeamPlatform, Rapidform.
- Also announced by 3D today: 3DSPRINT, a printing platform that combines a PC app with cloud-based tools for remotely accessing, sharing, and printing 3D printing designs. The solution is integrated with 3D's Quickparts prototyping service, and is offered on a freemium basis - its core features are free, but "premium enterprise features" cost extra.
Nov. 24, 2014, 8:11 AM
- 3D Systems (NYSE:DDD) agrees to acquire Israel's Cimatron (NASDAQ:CIMT) for ~$97M to strengthen its position in the 3D design and manufacturing business.
- CIMT provides CAD and CAM software products and solutions for 3D manufacturing; DDD will pay $8.97/share, a 47.5% premium to CIMT's Nasdaq closing price on Friday.
- CIMT +42.7% premarket, DDD +0.5%.
Nov. 23, 2014, 10:25 AM
- Regulatory concerns are holding back the widespread adoption of 3D printing, a market that is predicted to reach $21B worldwide by 2020, compared with just $3.1B last year.
- The need to satisfy regulators about safety is an "obstacle" to the technology’s advance in certain sectors, says Stratasys (NASDAQ:SSYS) CEO David Reis. "Every part has to go through testing...every technology, every material has to go through certification."
- Manufacturers are facing many hard to win approvals, ranging from the FAA for the production of aerospace parts to the FDA for healthcare devices.
- Related tickers: DDD, VJET, XONE, ONVO, CAMT, OTCPK:AMAVF
Nov. 20, 2014, 2:42 PM
- Jefferies' Jason North has slashed his 3D Systems (DDD -1.8%) target by $4 to $42, albeit while reiterating Buy. Citing execution concerns caused by the company's recent woes, he now assigns 3D a 2016E EV/sales multiple (3.5x) that's 20% below that of peers vs. a prior 10%.
- Meanwhile, North suggests 3D printer/platform launches from the likes of H-P, Autodesk (ADSK -0.9%), and IPG Photonics (IPGP +1.7%) pose challenges for established vendors, albeit not immediately. "After speaking to most of them, we think they could grow to become major 3D printing players but see little overall impact for the next two years."
- North observes Autodesk wants its open-source Spark 3D printing software platform to become an industry standard. However, he sees it mostly being used in low-end devices initially. The CAD software giant's FQ3 report arrives after the bell.
- IPG, currently a top supplier of lasers for metal 3D printers, is working on a powder-feed printer for creating large parts. North doesn't expect a launch before 2017.
- 3D printing stocks sold off last month after H-P unveiled its Multi Jet Fusion 3D printing tech; broad availability isn't expected until 2016. At the time, UBS argued 3D Systems is more at risk than Stratasys (SSYS -1.3%), given H-P's process is "somewhat like 3D Systems' Z Corp binder jetting MJM process more than Stratasys’ Polyjet."
Nov. 17, 2014, 12:13 PM
- 3D Systems (NYSE:DDD) chairman Walter Lowenbaum discloses he bought 26,479 shares last Thursday and Friday. Purchases prices ranged from $33.09-$33.42 - about 64% below where 3D Systems started the year.
- Lowenbaum also bought shares in May. Director Kevin Moore and CTO Charles Hull have made purchases since.
Nov. 14, 2014, 5:38 PM
Nov. 12, 2014, 4:30 PM
- ExOne (NASDAQ:XONE) now expects 2014 revenue of $45M-$50M, below prior guidance of $55M-$60M and a $54.2M consensus.
- CEO Kent Rockwell: "We continue to struggle with predicting timing of our machine sales and therefore we are lowering our expectations for 2014 revenue based on clearer visibility for the remainder of the year."
- 8 printers were sold in Q3, up from 6 in Q2 but flat Y/Y. Only one high-end S-Max printer was sold, down from 3 in Q2 and 4 a year ago.
- Gross margin was 25.8% vs. 22.3% in Q2 and 45.2% a year ago. GAAP R&D spend rose 76% Y/Y to $2.3M, and SG&A spend 24% to $4.6M.
- Bigger rival 3D Systems (NYSE:DDD) has slipped in response to ExOne's numbers.
- Q3 results, PR
Nov. 11, 2014, 3:07 PM
- "We believe management will need to demonstrate several quarters of sound execution to recapture some credibility after consecutive poor showings and for failing to deliver 3 months after raising expectations in Q2," writes Citi, one of many firms reiterating a neutral rating on 3D Systems (DDD -4.7%) following yesterday's Q3 report and guidance reiteration.
- Brean thinks 3D's 2015 revenue and margins are "a moving target" given recent metals and consumer printing challenges, as well as uncertainty about spending rates. However, it's pleased with 3D's relatively subdued Q3 opex, and management's suggestion it's "a precursor for a flattish to perhaps slightly down cadence of Opex as a percentage of Revenue going forward."
- Imperial Capital (still bullish) notes Q3 Y/Y organic growth was only 12%, and thinks execution challenges could continue in 2015. But it also believes 3D has "built an industry leading ecosystem of Additive Manufacturing hardware, materials, software, and services."
- On SA, AtonRa Partners estimates 3D's guidance implies 15%-20% Q4 organic growth. It also thinks "many customers could delay their 3-D printer purchasing decisions ahead of the commercial release of HP's products in early 2016."
- Stratasys (SSYS -3.2%) is joining 3D in selling off today. It followed 3D higher on Monday.
Nov. 10, 2014, 8:26 AM
- 3D Systems (NYSE:DDD) is reiterating the full-year guidance provided in its Oct. 22 warning: Revenue of $650M-$690M and EPS of $0.70-$0.80 (consensus is at $672.7M and $0.73). Q3 results were in-line with the guidance ranges provided in the warning.
- Q3 gross margin was 47.8%, flat Q/Q and down 480 bps Y/Y. As previously announced, volume/mix changes and manufacturing start-up costs took a toll.
- Product revenue +20% Y/Y to $111.9M (Stratasys had 48% product growth); services revenue +29% to $55M. 3D's order book grew by $14M Q/Q to $46M.
- Healthcare revenue (boosted by acquisitions) grew 121% to $37.4M. Consumer revenue totaled $11.8M.
- GAAP SG&A spend rose 67% to $53.7M, and R&D spend 66% to $17.9M.
- Q3 results, PR
Nov. 10, 2014, 8:01 AM
- 3D Systems (NYSE:DDD): Q3 EPS of $0.18 beats by $0.01.
- Revenue of $166.9M (+23.0% Y/Y) misses by $0.81M.
Nov. 9, 2014, 5:30 PM
Nov. 5, 2014, 10:17 AM
- Stratasys beat Q3 estimates and reiterated its full-year revenue guidance, but also cut its full-year EPS forecast - the acquisition of cloud software vendor GrabCAD was blamed - and forecast its capex would soar in 2015. Its shares are currently down 13.6%.
- 3D Systems (DDD -3.8%), Voxeljet (VJET -5.3%), ExOne (XONE -4.9%), and Organovo (ONVO -1.4%) are following Stratasys lower. 3D Systems, which issued a big Q3/full-year warning on Oct. 22, is making fresh 52-week lows.
Nov. 4, 2014, 10:06 AM
- Damon Gregoire, 3D Systems' (DDD +1.1%) CFO since 2007, is being moved over the role of EVP of mergers and acquisitions. Ted Hull, the CFO flash storage module vendor Fusion-io prior to its recent acquisition by SanDisk, will become 3D's new CFO on Nov. 11.
- The news comes a week after 3D announced the hiring of EMC exec Mark Wright - coincidentally, he also has a flash storage background - as COO. Both moves come in the wake of 3D's big Q3/full-year warning.
- Q3 results arrive on Nov. 10.
Oct. 29, 2014, 10:39 AM
- After promising a 3D printing tech breakthrough for months, H-P (HPQ -0.2%) is finally sharing some details. The company plans to leverage a proprietary 4-step inkjet process known as Multi Jet Fusion. H-P claims the process can operate 10K nozzles at once, and allow objects to be printed more than 10x faster than conventional approaches.
- "That means a fundamentally lower cost," says H-P SVP Stephen Nigro. He adds H-P is focusing on the high-end/industrial segment, and suggests its printers will be priced towards the low end of the segment's traditional $150K-$500K price range.
- 3D printer makers aren't taking the news well: DDD -6.2%. SSYS -6.1%. XONE -8.1%. VJET -3.6%.
- H-P's printers won't be widely available until 2016; some customers will get to test them next year. Industry analyst Terry Wohlers thinks H-P's offerings could potentially "put some other companies out of business," and also expand the addressable market for printing sophisticated products.
- Forrester's Sophia Vargas is more cautious: Though calling H-P's solution well-suited for plastic printing, she notes the company hasn't yet proven it can work with metals and other materials.
- Also unveiled by H-P: Sprout, an $1,899 desktop featuring an overhead 3D scanning camera. The camera can turn anything placed on a mat in front of the PC's monitor (objects, sketches, written material) into digital content. It ships next month.
- Gartner recently forecast 3D printer shipments "will more than double every year between 2015 and 2018," reaching 2.3M units in 2018. Total end-user spending is expected to grow to $13.4B in 2018 from $1.6B in 2015.
Oct. 27, 2014, 11:21 AM
- Mark Wright, previously the COO of EMC's flash storage product unit, has been hired by 3D Systems (DDD +1.6%) to fill its newly-created COO position. Wright will work with other 3D execs to "scale the company's commercial and manufacturing operations and leverage its recent investments into sustainable, profitable growth."
- Like the hiring of consumer retail chief Peter Theran, news of Wright's appointment comes in the wake of a Q3/full-year warning blamed on manufacturing problems.
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