3D Systems on Tuesday published first quarter financial results that fell well below market expectations. The company reported a non-GAAP earnings loss of 9 cents per share on revenue of $152 million. A year prior, it reported a non-GAAP net loss of 3 cents per share on revenue of $165.9 million.
Wall Street was looking for a non-GAAP loss of a penny per share on revenue of $164.69 million. Shares of 3D Systems fell more than 10% in late trading.
The company said it had to use $15.2 million of cash in operations due to low sales and an abundance of new product inventory.
"While we expected seasonality in our revenue this year from ordering patterns of enterprise customers, the first quarter was lower than anticipated as a result of shipment timing and additional on demand weakness," said chief executive Vyomesh Joshi. "We are taking actions to improve performance for the balance of the year, including accelerating cost reductions."
For the current quarter, analysts expect 3D Systems to deliver earnings of 4 cents a share on revenue of $176.18 million. 3D Systems didn't provide guidance as part of its earnings release.