3D Systems Corp.NYSE
3D Systems: Pride Comes Before The Fall
Alex Cho • 61 Comments
Alex Cho • 61 Comments
Tue, Nov. 15, 2:06 PM
- Earlier: Stratasys off Q3 forecasts, Q4 projections; -10%
- Related sector components in the red on the day – 3D Systems (DDD -3.9%), Voxeljet (VJET -4.8%) [not helped by that company's own recently posted results], ExOne (XONE -2.5%)
- Materialise (NASDAQ:MTLS), resisting today's downward move in the space, is up on the session 3.5%. Stratasys (NASDAQ:SSYS), meanwhile, is at present registering 17% losses since disclosing the report.
- Stratasys Q3 earnings call transcript
Fri, Nov. 11, 9:28 AM
- Attributed to the insolvency of a major Voxeljet UK customer and worse-than-expected Q3 sales out of the company's German operation.
- Analyst Kenneth Wong lowers price target from $5 to $3.50. Shares are to that target pre-market, lower by 15%.
- Regarding other 3D names, particularly 3D Systems (NYSE:DDD) and Stratsys (NASDAQ:SSYS), expects some potentially mild selling, though due to the specific nature of Voxeljet's issues, considers to be mostly isolated.
Thu, Nov. 3, 9:13 AM
- Results – revenue $156.36M (+3.2% Y/Y, $3.8M below estimates), EPS $0.14 (vs. $0.01 Y/Y, $0.05 above estimates), cash from operations $7.2M, gross profit margin 44.1%, operating expenses $91M, SG&A $64.8M (-22% Y/Y), R&D $26.1M (+16% Y/Y)
- Segment revenues – Products $95.543M (vs. $87.747M Y/Y), Services $61.819M (vs. $63.827 Y/Y)
- CEO Vyomesh Joshi: "We believe strong demand for our production printers, materials and software as well as healthcare solutions during the quarter is indicative of our growth potential and market opportunities."
- 3D Systems (NYSE:DDD) remains lower by around 25% on the month despite the early positive move.
- Prior quarters overview
- Conference call
- Press release
Thu, Nov. 3, 8:02 AM
Wed, Nov. 2, 5:30 PM
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Fri, Oct. 14, 11:04 AM
- 3D printing has been under pressure of late, with 3D Systems (DDD -3.7%) lower by 18%, Stratasys (SSYS -3.3%) 12%, ExOne (XONE -1.8%) 9% and Materialise (MTLS +5.1%) 3.5% this week alone.
- Piper Jaffray's Troy Jensen cites continued weakness in prototyping, growing competition and general macro headwinds negatively impacting the sector.
- On Stratasys (Neutral rating): "While last quarter a few of Stratasys’ largest resellers had better than expected quarters, we believe most of the Stratasys larger resellers fell below expectations in Q3."
- On 3D Systems (Underweight rating): "Given our quarterly survey pointed to weakening system sales, we expect the company to once again report revenues below Street estimates, but due to the company’s ongoing restructuring initiatives we believe EPS will be less at risk. Regardless, we believe meaningful downside remains in shares."
- 3D Systems, Stratasys, ExOne and Materialise to report results next month.
Tue, Sep. 6, 6:55 PM
- GE's $1.4B purchase of a pair of 3D-printer companies sent stocks in the group soaring in today's trade, with 3D Systems (NYSE:DDD) closing +5.5%, Stratasys (NASDAQ:SSYS) +3.7%, Voxeljet (NYSE:VJET) +4.6% and ExOne (NASDAQ:XONE) +5.8%.
- But GE closed 0.7% lower, as analysts say that while 3D printing is promising, GE’s acquisitions are a “net negative” because there are relatively few short-term benefits.
- “This seems like a relatively outsized and expensive bet, with no near-term return, and an incremental opportunity cost when considering the ongoing debate around what we view as finite balance sheet capacity,” says J.P. Morgan's Steve Tusa.
- Cowen analyst Gautam Khanna takes a longer view, saying that “while the deals appear pricey, they help position GE to lead, implement and control additive manufacturing processes that will become important cost-reduction levers long term in Aviation and elsewhere."
- As for the 3-D companies, Citigroup’s Kenneth Wong says that while the GE deal does not present any immediate competition for them, it does not necessarily suggest any buyout implications for the companies since GE is focusing on metal applications.
Tue, Sep. 6, 8:37 AM
Wed, Aug. 31, 3:00 PM
Thu, Aug. 4, 12:44 PM
- 3D Systems (DDD -0.6%) is up more than 15% since reporting Q2 results earlier this week. Stratasys (SSYS -2.8%) reported yesterday and following an initial spike, has fallen nearly 10% from today's open.
- The companies each posted EPS of $0.12 (both beating estimates by $0.06) though registered 5.6% (Stratasys) and 7.3% (3D Systems) declines in Y/Y revenue, continuing a now four-quarter trend. Both have cited weakening demand in the 3D printer market.
- From 3D Systems: "Quarterly revenue benefited from continued strong demand for the company’s healthcare solutions and software as well as higher materials orders from healthcare and industrial customers. However, these gains were not enough to offset the lower demand for 3D printers and on demand manufacturing in the quarter, resulting in a 7% decrease in revenue compared to the second quarter of 2015."
- From Stratasys: "We continue to see weak market demand and longer sales cycles resulting in slow hardware sales across all regions and business units."
- With similar reports and market viewpoints, it's worth observing where the two companies go from here.
Wed, Aug. 3, 3:00 PM
Wed, Aug. 3, 12:48 PM
Wed, Aug. 3, 9:32 AM
- 3D Systems (DDD +5.1%) reported better-than-expected EPS of $0.12 but missed on revenue ($158.1M) by $2.91M, a 7.3% Y/Y decline.
- Revenue decrease attributed to lower 3D printer and on demand manufacturing need.
- Gross profit margin of 50.9% (vs. 47.9% Y/Y), $12.9M of cash from operations.
- Strong demand and growth in healthcare, software and materials segments cited.
- Operating expenses of $84.1M, SG&A expenses of $63.2M and R&D expenses of $20.9M. Cash on hand of $176.2M.
- 3D Systems CEO Vyomesh Joshi: "We were pleased with continued strong demand for our healthcare solutions and software as well as increased materials sales into advanced industrial and healthcare applications. We see clear opportunities for improvements in 3D printers and on demand manufacturing services as we drive operational excellence and focus on providing reliable end-to-end solutions."
- Conference call
- Presentation slides
- Press release
Wed, Aug. 3, 8:01 AM
Tue, Aug. 2, 5:30 PM
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Mon, Jul. 18, 3:00 PM