Q4 2024 3D Systems Corp Earnings Call Transcript
Key Points
- 3D Systems Corp (DDD) reported stabilization and strengthening in customer demand for new capacity in Q4 2024, particularly in industrial printers.
- The company's orthodontics business grew over 30% in 2024, contributing positively to material sales.
- 3D Systems Corp (DDD) has a strong position in the dental market, with a significant opportunity estimated at over $1 billion in the US alone.
- The company announced cost reduction and restructuring actions targeting over $50 million in annualized savings, expected to improve profitability.
- 3D Systems Corp (DDD) has a strong balance sheet with over $170 million in cash and cash equivalents, and expects to be in a net cash positive position following the divestiture of its Geomagic software platform.
- 3D Systems Corp (DDD) experienced a $9 million reduction in revenue and gross margin in Q4 2024 due to a change in accounting estimates related to its Regenerative Medicine program.
- The company's Healthcare Solutions segment saw a 21% decline in Q4 2024 revenues, impacted by the accounting change and softness in printer sales.
- Full year 2024 revenues declined 10% from the prior year, primarily due to broader macroeconomic pressures on printer sales.
- Non-GAAP gross margin for Q4 2024 decreased to 31.3% from 39.8% in the prior year, largely due to the change in accounting estimates.
- 3D Systems Corp (DDD) reported a negative adjusted EBITDA of $66.4 million for the full year 2024, a decline of $40 million from the prior year.
Greetings, and welcome to the 3D Systems fourth quarter and fiscal year 2024 earnings conference call and webcast. (Operator Instructions) As a reminder, this conference is being recorded.
It's now my pleasure to turn the call over to Mick McCloskey, Investor Relations. Mick, please go ahead.
Hello, and welcome to 3D Systems fourth quarter and full year 2024 conference call. With me on today's call are Dr. Jeffrey Graves, President and CEO; and Jeff Creech, EVP and CFO. The webcast portion of this call contains a slide presentation that we will refer to during the call. Those following along on the phone who wish to access the slide portion of this presentation may do so on the Investor Relations section of our website.
The following discussion and responses to your questions reflect management's views as of today only and will include forward-looking statements as described on this slide. Additional information about factors that could potentially impact our financial results is
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