3D Systems Corporation (NYSE:DDD) released its fourth quarter earnings report before opening bell this morning, posting non-GAAP earnings of 19 cents per share on revenue of $154.8 million. Earnings were in line with Wall Street consensus, although the company came up a bit short on revenue, as analysts were expecting $154.98 million.
3D Systems reports solid growth
The 3D printing company reported 52% year over year growth in fourth quarter revenue, which rose to a new record due to 34% overall organic growth. GAAP earnings per share were 11 cents. Gross profits rose 53%, while gross profit margin was flat at 51.7% compared to the same quarter a year ago. GAAP net income was $11.2 million, while non-GAAP net income was $19.7 million for the quarter.
For the full 2013 year, 3D Systems Corporation (NYSE:DDD)’s revenue rose 45% to a record $513.4 million, with 80% growth in printers and other products. The company saw organic growth of 29% for the full year, which resulted in GAAP earnings per share of 45 cents and 85 cents per share in non-GAAP earnings. Gross profits rose 48%, while gross profit margin grew 90 basis points to 52.1% for the full year.
Breaking down 3D Systems’ results
3D Systems Corporation (NYSE:DDD) reported that revenue from 3D printers and other products rose 76% to $73.9 million for the fourth quarter. The company’s print materials revenue increased 39% to $37.2 million, while services revenue increased 33% to $43.7 million. Revenue from healthcare grew 67% to $21.8 million, while consumer solutions revenue increased 162% to $8.9 million during the quarter.
For the full year, revenue from 3D printers and other products rose 80% to $227.6 million, while revenue from print materials increased 24% to $128.4 million. Services revenue increased 27% to $157.4 million, healthcare revenue rose 45% to $71.7 million and consumer solutions revenue increased 206% to $34.8 million for the full year.
3D Systems guides for 2014
3D Systems Corporation (NYSE:DDD) also provided guidance for the full year, saying it expects revenue to be between $680 million and $720 million. It projects GAAP earnings to be between 44 cents and 56 cents per share and non-GAAP earnings per share to be between 73 cents and 85 cents. Management said they will continue to focus on accelerating growth and expanding market share.
“We believe that 3D Printing is at the cusp of accelerated growth and that the ultimate measure of our success will be the sustainable value we create from our share and scale gains over time,” said Avi Reichental, 3D Systems’ President and Chief Executive Officer, in a statement. “While our stepped up actions and investments pressured our quarterly earnings, we believe that our actions set the stage to substantially compress the time it will take us to extend and solidify our leadership position and deliver greater value.”