3D Systems announced financial results for the fourth quarter and the entire year 2022. In the fourth quarter, the company generated revenue of $132 million, down -12% from the same period last year. The negative adjusted EBITDA of $4.8 million is due to the impact of inflation on costs, unfavorable product offerings and continued investment in business and product development, according to the company. Throughout 2022, 3D Systems generated revenues of USD 538 million – also -12.6% compared to last year’s revenues, when the company achieved a result of over USD 615 million. 3D Systems also ended last year with a loss of -122 million dollars. On the other hand, the company has $568.7 million in cash and short-term investments, which puts it in a fairly good position for further investment activities.
Revenues for the fourth quarter of 2022 decreased by -12.0%, which the company explains by lower sales in the dental market and macroeconomic factors that negatively affect the demand for planned investments. Revenues from the industrial sector decreased by -5.7% and from the medical sector decreased by -18.5% year-on-year. The gross profit margin in the fourth quarter of 2022 was 41.2% compared to 43.9% in the same period last year. The decreases were mainly due to inflation of production costs and “unfavorable product mix”.
Operating costs increased by +18.0% compared to the same period a year ago. 3D Systems explains this with the expenses incurred by the acquired companies, research and development works and investments in corporate infrastructure.
Revenue for full 2022 decreased by -12.6% year-on-year. Revenues from the industrial sector fell by -10.5% and from the medical sector by -14.8%. Gross profit margin for the full year 2022 was 39.8% compared to 42.8% in the previous year. Operating expenses increased by +11.6%, including expenses for acquired companies, research and development and investments in corporate infrastructure, as well as an increase in legal and other settlement costs, partially offset by the lack of expenses from divested enterprises.
3D Systems forecasts that in 2023 it will achieve comparable revenues of USD 545-575 million.
Source: www.3dsystems.com