3D Systems misses by $0.31, misses on revs; withdraws guidance
- Reports Q3 (Sep) loss of $0.20 per share, $0.31 worse than the Capital IQ Consensus of $0.11; revenues fell 2.2% year/year to $152.9 mln vs the $162.22 mln Capital IQ Consensus.
- "While third quarter results did not meet our expectations, we believe actions taken during the quarter both organizationally and operationally better position the company for long term success," commented Vyomesh Joshi (VJ), Chief Executive Officer, 3D Systems. "During the quarter, we reorganized the go to market team, changing key leadership positions in both the Americas and the Asia Pacific region while shifting to a worldwide go to market structure. We also completed a deep and comprehensive review of our portfolio based on year to date demand, market trends and a solid understanding of where we meet and will continue to meet customers' expectations." Demand from healthcare and industrial customers as well as strong execution in EMEA was more than offset by softer sales in the Americas and Asia Pacific regions.
- Full Year 2017 Guidance Management is focused on building the company for long term growth, profitability and success. This includes significant transformational work in solving for legacy issues while at the same time addressing current and go forward execution. Predictability has been difficult in this environment, and therefore, management believes it is prudent to withdraw guidance at this time.
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