While some were expecting the armageddon – after the excessive euphoria of the 2013-2014 period – the company seems to be doing just fine with 3D Systems 2016 revenues decreasing just slightly for the full fiscal year. To be precise, revenues decreased 5% to $633.0 million compared to $666.2 million in 2015, which included approximately $20 million of revenue from consumer products that the company discontinued at the end of 2015. The company reported a GAAP loss of $0.35 per share for 2016 compared to a loss of $5.85 per share in 2015 and non-GAAP earnings of $0.46 per share compared to non-GAAP earnings of $0.27 per share in 2015.
“Continued demand for our production printers and materials reaffirms our belief that our industry is at an inflection point in the transition from prototyping to production. We see tremendous market opportunities for 3D production. With focused innovation and execution, we are delivering solutions for key verticals, use case by use case to drive profitable growth and make 3D production real.” Vyomesh Joshi (VJ), Chief Executive Officer, 3D Systems.
For the full year 2017, management expects revenue growth of 2% to 8% resulting in a revenue range of $643 million to $684 million. Management expects GAAP earnings per share in the range of $0.02 to $0.06 and non-GAAP earnings per share in the range of $0.51 to $0.55. Additionally, management expects to continue to generate positive cash flow from operations in 2017.
“We are seeing clear progress in our initiatives to drive operational excellence and establish an appropriate cost structure. We still have a lot of work to do, but we are making improvements in our key processes, infrastructure and operations. We expect continued positive cash generation and improved profitability while we make investments in IT, go to market and innovation.” John McMullen, Executive Vice President and Chief Financial Officer.
The company generated $18.7 million of cash from operations during the fourth quarter and $56.9 million in the full year 2016, and ended the year with $184.9 million of cash on hand compared to $155.6 million at the end of 2015.