3D Systems shares fall on disappointing Q3 results
3D Systems published lower-than-expected third quarter financial results on Tuesday, sending shares down in after-hours trading.
The company reported a third quarter non-GAAP loss of 20 cents per share on revenue of $152.9 million. A year prior, it reported non-GAAP earnings of 14 cents per share on revenue of $156.4 million.
Wall Street was looking for non-GAAP earnings of 12 cents per share on revenue of $162.91 million.
After 3D printing and manufacturing companies had a rough year in 2016, 3D Systems stepped up its focus on specific verticals, such as the dental industry. However, 3D Systems said Tuesday that demand from its healthcare and industrial customers was more than offset by soft sales in the Americas and Asia Pacific regions. The company reported strong execution in the EMEA region.
"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," CEO Vyomesh Joshi (VJ) said in a statement.
Specifically, he said 3D Systems has reorganized its go-to-market team, changed key leadership positions in both the Americas and the Asia Pacific region and shifted to a worldwide go-to-market structure. The company also completed a deep and comprehensive review of its portfolio.
3D Systems declined to give any outlook for the fourth quarter of the full fiscal year 2017.
"Predictability has been difficult in this environment, and therefore, management believes it is prudent to withdraw guidance at this time," the company said.