3D Systems is continuing to shake things up at the top of its corporate ladder after appointing Ted Hull to the office of CFO last week. The company has since promoted Kevin McAlea, previously 3DS’ Chief Impact Officer, to the position of Executive Vice-President & Chief Operating Officer for its healthcare business.
As 3D Systems continues to expand its healthcare division, McAlea will be charged with cultivating and executing the division’s growth strategy, uniting the company’s recent acquisitions and synthesizing them into a suite of products and services. McAlea joined 3DS in 2001 with the acquisition of DTM, originator of selective laser sintering technology. McAlea managed the evolution and sale of the company’s production printers until, eventually, serving as CIO, where he managed the acquisition of Phenix Systems and Laywerise and effectively integrated and commercialized the company’s line of direct metal 3D printers.
CEO of 3DS, Avi Reichental, had this to say about the promotion, “I am delighted that Kevin McAlea is at the helm of our healthcare business. With more than two decades of 3D global business and technology experience, Kevin is uniquely qualified to lead our fast growing healthcare business. Kevin takes the reins of our healthcare operations at an opportune moment. I have full confidence that he will be able to leverage our recent acquisitions of Medical Modeling, Simbionix and Layerwise, as well as our self-developed medical and dental services, to extend our leadership position and first mover advantage in this open-ended vertical.”
This news came just before 3D Systems released its official Q3 earnings, which exceeded analyst expectations and sent shares up 5.80%, at the time of this writing. After revising its 2014 outlook last month, cutting projected revenues, the company’s stock tumbled. But, despite the analyst estimate of $0.17 for 3DS’ Q3 EPS, the company reported an EPS of $0.18. Analysts also predicted the company’s Q3 revenue to come in around $167.71 million, but 3DS’ reported revenue was closer to $166.9 million. In fact, a good deal of revenue was driven by the company’s healthcare division, which grew 121% to $37.4 million, due to new services and capabilities. Even with slightly better than expected earnings for the quarter, the company maintains its lowered year-long projections.
