3D Systems Reports Fourth Quarter and Full Year 2015 Financial Results

ROCK HILL, S.C., March 14, 2016 (GLOBE NEWSWIRE) -- 3D Systems Corporation (NYSE:DDD) announced today its financial results for the fourth quarter and full year ended December 31, 2015.

For the fourth quarter of 2015, the company reported revenue of $183.4 million, a decrease of 2% over the comparable quarter in 2014. The company reported a GAAP loss of $5.32 per share and non-GAAP earnings of $0.19 per share.

“While market conditions remain challenging and uncertain, timing of healthcare and industrial customer orders as well as contributions from acquisitions supported revenue during the quarter,” commented Andrew Johnson, Interim President & Chief Executive Officer and Chief Legal Officer, 3D Systems.

Gross profit margin for the fourth quarter of 2015 was 32.8%, primarily as a result of a $27.4 million charge related to inventory and purchase commitments in connection with the company’s end-of-life of the Cube 3D printer and shift away from consumer products. Excluding the negative impact of this charge, gross profit margin was 47.7%, a decrease of 20 basis points from the fourth quarter of 2014.

For the fourth quarter of 2015, cash operating expenses of $66.7 million remained flat sequentially. Total operating expenses for the quarter were $626.1 million, including a $537.2 million goodwill and intangibles impairment charge. Excluding the impairment charge, operating expenses were $88.9 million inclusive of $22.4 million of R&D expense and $66.5 million of SG&A expense.

The company reported a fourth quarter GAAP net loss of $596.4 million, or a $5.32 loss per share. The company reported non-GAAP income of $20.9 million, or $0.19 earnings per share.

The company generated $7.5 million of cash for operations during the quarter and used $3.1 million during the full year. The company had $155.6 million of cash on hand at the end of December.

For the full year 2015, revenue grew 2% to $666.2 million, resulting in a GAAP loss of $5.85 per share and non-GAAP earnings of $0.27 per share.

“We believe that by leveraging our domain expertise, partner and customer relationships and advanced technology we are well positioned to capitalize on meaningful opportunities in key verticals,” continued Johnson. “We are continuing an extensive and comprehensive review of our business and strategy and taking steps to better prioritize our resources and focus our investments.”

Q4 Conference Call and Webcast
The company expects to file its 2015 annual report on Form 10-K with the Securities and Exchange Commission on March 14, 2016. 3D Systems plans to hold a conference call and simultaneous webcast to discuss these results on Monday, March 14, 2016, at 8:30 a.m. Eastern Time. 

Date: Monday, March 14, 2016
Time: 8:30 a.m. Eastern Time
Listen via Internet: www.3dsystems.com/investor
Participate via telephone:
Within the U.S.:  1-877-407-8291
Outside the U.S.:  1-201-689-8345

The recorded webcast will be available beginning approximately two hours after the live presentation at www.3dsystems.com/investor.

Forward-Looking Statements
Certain statements made in this release that are not statements of historical or current facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995.  Forward-looking statements may involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to be materially different from historical results or from any future results or projections expressed or implied by such forward-looking statements.  In addition to statements that explicitly describe such risks and uncertainties, readers are urged to consider statements in the conditional or future tenses or that include terms such as “believes,” “belief,” “expects,” “estimates,” “intends,” “anticipates” or “plans” to be uncertain and forward-looking.  Forward-looking statements may include comments as to the company’s beliefs and expectations as to future events and trends affecting its business and are necessarily subject to uncertainties, many of which are outside the control of the company.  The factors described under the headings “Forward-Looking Statements,” “Cautionary Statements and Risk Factors,” and “Risk Factors” in the company’s periodic filings with the Securities and Exchange Commission, as well as other factors, could cause actual results to differ materially from those reflected or predicted in forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. 3D Systems undertakes no obligation to update or revise any forward-looking statements, even if experience or future changes make it clear that projected results expressed or implied in such statements will not be realized, except as may be required by law.

Presentation of Information in This Press release
To facilitate a better understanding of the impact that several strategic acquisitions had on its financial results, the company reported non-GAAP measures that adjust net income and earnings per share by excluding the impact of amortization of intangibles, non-cash interest expense, acquisition and severance expenses, an arbitration award related to litigation, loss on conversion of notes and stock-based compensation expense. A reconciliation of GAAP to non-GAAP results is provided in the accompanying schedule.  

About 3D Systems
3D Systems provides comprehensive 3D products and services, including 3D printers, print materials, on-demand manufacturing services and digital design tools. Its ecosystem supports advanced applications from the product design shop to the factory floor to the operating room. 3D Systems’ precision healthcare capabilities include simulation, Virtual Surgical Planning, and printing of medical and dental devices as well as patient-specific surgical instruments. As the originator of 3D printing and a shaper of future 3D solutions, 3D Systems has spent its 30 year history enabling professionals and companies to optimize their designs, transform their workflows, bring innovative products to market and drive new business models.

More information on the company is available at  www.3dsystems.com

Tables Follow

3D Systems Corporation
Unaudited Condensed Consolidated Statements of Operations and
Comprehensive Income (Loss)
Quarter and Year Ended December 31, 2015 and 2014
  Quarter Ended December 31,     Year Ended December 31,    
(in thousands, except per share amounts) 2015   2014   2015   2014  
Products  $     115,973     $     129,094     $     408,119     $     442,198    
Services        67,390           58,344           258,044           211,454    
Total revenue        183,363           187,438           666,163           653,652    
Cost of sales:                        
Products        87,207           68,316           243,639           223,991    
Services        35,996           29,356           130,715           112,227    
Total cost of sales        123,203           97,672           374,354           336,218    
Gross profit        60,160           89,766           291,809           317,434    
Operating expenses:                        
Selling, general and administrative        66,542           63,026           303,784           215,724    
Research and development        22,360           22,512           92,770           75,395    
Impairment of goodwill and other intangible assets       537,179        —          537,179        —   
Total operating expenses        626,081           85,538           933,733           291,119    
Income (loss) from operations        (565,921 )         4,228           (641,924 )         26,315    
Interest and other expense, net        9,000           2,449           13,029           8,928    
Income (loss) before income taxes        (574,921 )         1,779           (654,953 )         17,387    
Provision for income taxes        29,535           75           8,972           5,441    
Net income (loss)       (604,456 )         1,704           (663,925 )         11,946    
Less net income (loss) attributable to noncontrolling interests       (8,090 )         153           (8,433 )         309    
Net income (loss) attributable to 3D Systems Corporation $     (596,366 )   $     1,551     $     (655,492 )   $     11,637    
Net income (loss) per share available to 3D Systems Corporation common stockholders — basic and diluted $     (5.32 )   $     0.01     $     (5.85 )   $     0.11    
Other comprehensive income (loss):                        
Pension adjustments, net of taxes $     62     $     (1,271 )   $     338     $     (1,135 )  
Foreign currency gain (loss)       1,603         (19,920 )         (16,300 )         (29,183 )  
Total other comprehensive income (loss)       1,665         (21,191 )         (15,962 )         (30,318 )  
Less foreign currency translation gain (loss) attributable to noncontrolling interests       1,768         (52 )         (820 )         (123 )  
Other comprehensive income (loss) attributable to 3D Systems Corporation       (103 )       (21,139 )         (15,142 )         (30,195 )  
Comprehensive income (loss)       (602,791 )       (19,487 )         (679,887 )         (18,372 )  
Less comprehensive income (loss) attributable to noncontrolling interests       (6,322 )       101           (9,253 )         186    
Comprehensive income (loss) attributable to 3D Systems Corporation $     (596,469 )   $   (19,588 )   $     (670,634 )   $     (18,558 )  

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