At the beginning of February this year we informed that the president of 3D Systems – Vyomesh Joshi, will soon resign and retire. In the article, we also described the current financial situation of the company and the circumstances that led it to this state. At the same time, we emphasized that we still do not know the official results for the last quarter of last year and the whole of 2019. Well, now everything is clear – 3D Systems published a financial report at the end of the week, which shows that… nothing changes – the company is constantly recording a slight decline in revenues, gradually losing cash on operating activities.
3D Systems is historically the first company in the world producing 3D printers, and one of the leaders of the global 3D printing market. Unfortunately, we have been describing its deepening problems for nearly a year – on the one hand, the company is still launching many new products on the market and implements commercially innovative projects in the field of additive technologies, on the other, it constantly spends more than it earns, noting a permanent loss from quarter to quarter.
This was also the case this time… In the fourth quarter of 2019, 3D Systems achieved revenues of $ 164 million, i.e. $ -16.7 million less than last year ($ 180.7 million). Revenue from sales of 3D printers decreased by as much as -22,8%. Revenues from the medical sector fell by -5.9%, from 3D printing services by -17.2%, and from software sales by -10.2%. Instead, revenues from sales of consumables increased + 7.3%. The loss was $ -4.7 million and was also higher than in the fourth quarter of 2018 ($ -4.2 million). Quite a lot, considering that everything happened during the best quarter of the year and the fact that the company reduced its own costs by -14.6%.
In the whole of 2019 it looked similar. 3D Systems generated revenues of $ 629.1 million, i.e. $ -58.6 million less than in 2018 ($ 687.7 million). All yearly sales revenues decreased:
- -24.3% 3D printers
- -0.6% 3D printing materials
- -3.5% medical & healthcare products and services
- -13.5% 3D printing service
- -2.7% software.
The loss for the whole year amounted to $ -69.88 million and was higher by $24.38 million than the loss for 2018 ($ -45.50 million). The operating loss was slightly lower and amounted to $ -57 million. The company reduced its own costs by -8.8%. At the end of the year, 3D Systems had $ 134.6 million in cash, cash equivalents, and restricted cash. In August 2019, the company had just over $ 150 million…
Finally, two interesting facts from the published report. The first is information that last year, nearly 200 million parts were produced on 3D Systems machines, making the company one of the absolute leaders in the global 3D printing market. The second is the growing share of medical solutions in the offer and revenues of 3D Systems – last year 34.2% of revenues was generated by this type of equipment, services and software.