Advertisement
UK markets open in 3 hours 51 minutes

  • NIKKEI 225

    38,329.39
    +777.23 (+2.07%)
     

  • HANG SENG

    17,126.24
    +297.31 (+1.77%)
     

  • CRUDE OIL

    83.37
    +0.01 (+0.01%)
     

  • GOLD FUTURES

    2,335.40
    -6.70 (-0.29%)
     

  • DOW

    38,503.69
    +263.71 (+0.69%)
     

  • Bitcoin GBP

    53,496.57
    -103.80 (-0.19%)
     

  • CMC Crypto 200

    1,433.79
    +19.03 (+1.34%)
     

  • NASDAQ Composite

    15,696.64
    +245.33 (+1.59%)
     

  • UK FTSE All Share

    4,378.75
    +16.15 (+0.37%)
     
Money:

What is the true cost of the UK state pension?

To get a sense of the true value of the state pension, you can look at how much you would need to save to match it yourself

3D Systems (DDD) Q1 Loss Wider Than Expected, Sales Down Y/Y

Zacks Equity Research
·4-min read

3D Systems DDD reported first-quarter 2023 non-GAAP loss of 9 cents per share, wider than the Zacks Consensus Estimate of a loss of 8 cents. The bottom line came in wider than the prior-year quarter’s loss of 6 cents per share.

In the first quarter of 2023, 3D Systems reported revenues of $121.2 million, down 8.8% from the year-ago quarter, which missed the consensus mark of $130.4 million. Excluding the impact of business divestments in 2023 and on a constant currency basis, revenues decreased 6.5% year over year.

3D Systems’ first-quarter performance reflected the impacts of inflationary pressure and foreign exchange risks, among other ongoing macroeconomic constraints.

3D Systems Corporation Price, Consensus and EPS Surprise

3D Systems Corporation price-consensus-eps-surprise-chart | 3D Systems Corporation Quote

Q1 in Detail

In the first quarter, product revenues represented 69.6% of the total revenues and decreased 16.1% to $84.4 million. Revenues from Services, which accounted for 30.4% of revenues, climbed 13.6% year over year to $36.8 million.

ADVERTISEMENT

Revenues from the Healthcare segment fell 24.3% year over year to $48.7 million. The figure decreased 19.8% from the prior quarter. Excluding the impact of business divestments, the segment’s revenues decreased 23.4% year over year.

The Industrial Division revenues increased 5.6% year over year to $72.5 million while it went up by 0.7% sequentially. Excluding the impact of business divestments, the unit’s revenues increased 9.3%. The unit witnessed solid demand for products as well as materials.

During the first quarter of 2023, 3D Systems’ non-GAAP gross profit decreased 12.4% year over year to $47.2 million. Consequently, the non-GAAP gross profit margin contracted 160 basis points to 39%. This decrease was because of year-over-year product mix changes, due to divestitures and increased supply chain disruptions.

Adjusted EBITDA was negative $10.1 million. The margin of negative 8.3% reflected the inflationary impact on input costs and gradual investments for portfolio & business growth.

Balance Sheet Details

The company exited the first quarter with cash, cash equivalents and short-term investments of $529.9 million, lower than the prior quarter's $568.7 million. As of Mar 31, 2023, 3D Systems had a total debt of $450.2 million, up from the previous quarter’s $449.5 million.

In first-quarter 2023, the company utilized $27.7 million of cash from operational activities.

Guidance

3D Systems expects 2023 revenues between $545 million and $575 million.

The company projects non-GAAP gross margin to be 40-42%.

Zacks Rank & Key Picks

3D Systems currently carries a Zacks Rank #3 (Hold). Shares of DDD have lost 11.2% over the past year.

Some top-ranked stocks from the broader Computer and Technology sector are Meta Platforms META, Momo MOMO and ServiceNow NOW. While Meta Platforms and Momo sport a Zacks Rank #1 (Strong Buy), ServiceNow carries a Zacks Rank #2 (Buy) at present. You can see the complete list of today's Zacks #1 Rank stocks here.

The Zacks Consensus Estimate for Meta Platforms' second-quarter 2023 earnings has been revised 14% upward to $2.79 per share over the past 30 days. For 2023, earnings estimates have moved north by 12.1% to $11.76 in the past 30 days.

META’s earnings beat the Zacks Consensus Estimate in two of the trailing four quarters, missing twice, the average surprise being 15.5%. Shares of the company have gained 18.6% in the past year.

The Zacks Consensus Estimate for Momo’s first-quarter 2023 earnings has been revised southward from 36 cents to 32 cents per share over the past 30 days. For 2023, earnings estimates have moved down by 3 cents to $1.55 in the past 30 days.

MOMO's earnings beat the Zacks Consensus Estimate in all the trailing four quarters, the average surprise being 31.9%. Shares of the company have gained 71% in the past year.

The Zacks Consensus Estimate for ServiceNow’s second-quarter 2023 earnings has been revised northward by 11 cents to $2.04 per share over the past 30 days. For 2023, earnings estimates have moved up by 39 cents to $9.54 in the past 30 days.

NOW's earnings beat the Zacks Consensus Estimate in all the trailing four quarters, the average surprise being 10.4%. Shares of the company have inched up 3.1% in the past year.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

3D Systems Corporation (DDD) : Free Stock Analysis Report

ServiceNow, Inc. (NOW) : Free Stock Analysis Report

Hello Group Inc. Sponsored ADR (MOMO) : Free Stock Analysis Report

Meta Platforms, Inc. (META) : Free Stock Analysis Report

To read this article on Zacks.com click here.

Zacks Investment Research