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3D Systems Corporation (DDD-0.96%) has submitted its 10-Q filing for the quarterly period ended September 30, 2024.
The filing reports a decrease in total revenue to $112.94 million from $123.79 million in the same quarter the previous year, driven by lower products and services revenue.
Products revenue declined by 9.3% to $72.97 million, influenced by a negative impact of changes in price/mix, particularly in materials sales to a key dental industry customer.
Services revenue decreased by 7.8% to $39.97 million, partly due to a nonrecurring revenue adjustment recognized in the prior year.
Gross profit decreased to $41.71 million from $55.35 million, with a gross profit margin of 36.9%, down from 44.7% in the previous year.
Operating expenses increased significantly to $222.47 million from $68.93 million, largely due to asset impairment charges totaling $143.73 million.
The company reported a net loss of $178.63 million, compared to a net loss of $11.70 million in the previous year, primarily due to increased operating expenses and asset impairments.
Cash and cash equivalents decreased to $190.01 million from $331.53 million at the end of 2023, with cash used in operating activities totaling $37.11 million.
3D Systems continues to focus on restructuring efforts to improve operational efficiencies, including reducing headcount and rationalizing its geographic footprint.
The company also highlighted ongoing strategic initiatives, such as its investment in the National Additive Manufacturing Innovation joint venture and the acquisition of Wematter to expand its SLS portfolio.
3D Systems faces risks related to macroeconomic conditions, including geopolitical tensions and inflation, which may impact future financial performance.
This content was summarized by generative artificial intelligence using public filings retrieved from SEC.gov. The original data was derived from the 3D Systems Corporation quarterly 10-Q report dated November 26, 2024. To report an error, please email earnings@qz.com.