3D Systems on Wednesday published its fourth quarter and full fiscal year 2017 financial results, beating market expectations and hopefully beginning a much awaited turn around. The company reported fourth quarter non-GAAP earnings of 5 cents per share on revenue of $177.3 million. A year prior, it reported non-GAAP earnings of 15 cents per share on revenue of $165.9 million. Wall Street was looking for non-GAAP earnings of 0 cents per share on revenue of $163.47 million.
In a statement, CEO Vyomesh Joshi (VJ) said revenue growth was driven by health care, materials, software and on-demand manufacturing, as well as more balanced regional execution.
“We are pleased with the growth in revenue driven by healthcare, materials, software and on demand manufacturing, as well as more balanced regional execution experienced in the fourth quarter. While we still have work to do, we made significant progress last year, and we believe our investments in go-to-market combined with improved processes and better execution have started to show returns and position the company well going forward.”
Joshi Vyomesh Joshi, 3D Systems CEO
For the full year 2017, revenue increased two percent to $646.1 million compared to $633.0 million in 2016. The company reported a GAAP loss of $0.59 per share for the full year 2017 compared to a loss of $0.35 per share in the prior year, and reported a non-GAAP loss of $0.02 per share for the full year 2017 compared to a non-GAAP earnings of $0.46 per share in 2016. “We made significant progress in 2017 to stabilize and turn around the company, and we put in place the foundation for scalable growth,” Joshi said. “This is a multi-year transformation process, but we are pleased with the progress we have made thus far to position the company for long-term growth and profitability.”
3D Systems’ stock was up significantly on the wake of the Q4 results announcement.