3D Systems (NYSE:DDD) has reported its fourth quarter and full year financial results for 2017 after a delay to account for product warranty revenue and costs.
Headline revenues for Q4 and FY2017, and GAAP loss exceed minimum expectations for the period.
3D Systems CEO Vyomesh Joshi (VJ), asserts, “We made significant progress in 2017 to stabilize and turn around the company, and we put in place the foundation for scalable growth.”
“This is a multi-year transformation process, but we are pleased with the progress we have made thus far to position the company for long-term growth and profitability.”
Revenue for Q4 2017 was reported at $177.3 million, accounting for $102.3 million for sale of Products, and $75 million in 3D Services. In comparison with Q4 2016, revenue for Q4 2017 had increased by 7% from $165.9 million.
Full year results were anticipated to show increase in revenue of 2%, between $645 million and $647 million. Actual figures reported FY2017 revenue at $646.1 million, confirming a 2% increase on $633.0 million in 2016.
In Q4 2017 the company reported a GAAP loss of $0.08 per share equating to a GAAP loss of $0.59 per share for the full year 2017, compared to a $0.35 loss per share for FY2016.
Driving the shift to 3D prodcution
Key to success is the company’s investment in “organizational and operational improvements.” According to John McMullen, executive vice president and CFO of 3D Systems, this includes implemented solutions to improve IT infrastructure and supply chain optimization.
The news was well received by the financial markets with an initial 11% increase in 3D Systems’ stock price.
VJ concludes, “We are focused on execution, driving operational efficiencies and bringing our new innovative and disruptive products to market to drive the shift to 3D production.”
The Consolidated Statements of Operations for 3D Systems in Q4 and FY 2017 can be found below, along with the Condensed Consolidated Statements of Cash Flows. The full report from 3D Systems can be found online here.
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Featured image shows 3D Systems Figure 4 3D printer. Photo by Michael Petch.