3D Systems Reports Third Quarter 2021 Financial Results

November 8, 2021

ROCK HILL, S.C., Nov. 08, 2021 (GLOBE NEWSWIRE) -- 3D Systems Corporation (NYSE:DDD) announced today its financial results for the third quarter ended September 30, 2021.

Third Quarter Financial and Operational Results

  • Revenue of $156.1 million reflects double-digit growth versus third quarter 2020
  • Revenue adjusted for divestitures(1) was 35.9% higher and 21.2% higher than third quarter 2020 and pre-pandemic third quarter 2019, respectively – reflecting the continued strong growth momentum of the business
  • Increasing revenue and sustained cost management drove strong profitability, with adjusted EBITDA margin of 10.5%; diluted GAAP earnings per share of $2.34, which includes gains from divestitures, and diluted Non-GAAP earnings per share of $0.08(1)
  • Financial performance yielded positive operating cash flow of $20.7 million, the fourth consecutive quarter of positive cash flow from operations
  • Closed on previously announced divestitures, increasing cash on the balance sheet to $502.8 million with no debt
  • Two recently announced acquisitions, Oqton, closed on November 1, and Volumetric Biotechnologies, anticipated to close in the fourth quarter 2021, are expected to position the company for continued high-margin growth
    Quarter Ended September 30,
(in millions, expect per share data)   2021   2020
Revenue   $ 156.1       $ 136.2    
Operating loss   $ (17.2 )     $ (67.6 )  
Net income (loss)   $ 292.7       $ (72.9 )  
Net income (loss) per share - basic   $ 2.39       $ (0.61 )  
Net income (loss) per share - diluted   $ 2.34       $ (0.61 )  
         
Non-GAAP measures for year-over-year comparisons (1)    
Non-GAAP operating income (loss)   $ 10.6       $    
Non-GAAP net income (loss)   $ 10.0       $ (4.1 )  
Non-GAAP income (loss) per share - basic   $ 0.08       $ (0.03 )  
Non-GAAP income (loss) per share - diluted   $ 0.08       $ (0.03 )  
Adjusted EBITDA   $ 16.3       $ 7.2    

(1) See Appendix for reconciliation of non-GAAP to GAAP measures

Summary Comments on Results

Commenting on the results, President and Chief Executive Officer, Dr. Jeffrey Graves said, “In the third quarter last year we experienced the beginnings of a recovery from the depths of the COVID-19 pandemic.   Businesses were opening up, and customers were returning.   A year later, global economies are much stronger.   We still see continued challenges with COVID-19, and new challenges around supply chains, but thanks to the great work by our team here at 3D Systems, we are pleased to report another strong quarter of double-digit growth as compared to the same period in both 2020 and pre-pandemic 2019, adjusted for divestitures.   While we were delivering these results through our core portfolio of business, we also completed our divestitures of non-core assets and began the transition to a strategic growth phase.   Our focus during this phase is investing in significant opportunities that we believe will drive high-margin recurring revenue, as evidenced by our acquisition in the software space of Oqton, and the hiring of a new Chief Scientist to further advance our technology development.   More recently we made two announcements in the exciting area of regenerative medicine:   the acquisition of Volumetric Biotechnologies and the expansion of our development agreement with United Therapeutics to include two additional human organs.   The acquisition brings unique biological talent to our organization, including a new Chief Scientist for Regenerative Medicine, that we believe will allow us to expand and accelerate our growth in human and laboratory applications for bioprinting.   These investments in software, products platforms, and regenerative medicine compliment an existing business portfolio that generated $20.7 million in cash from operations during the third quarter to bolster a balance sheet that boasted $503 million of cash, ready to support additional growth.”

Dr. Graves summarized, “I couldn’t be more pleased with our performance this quarter, both organic and inorganic.   We will continue to focus investment in areas that we believe solve customers’ complex needs, drive adoption of additive manufacturing, and generate high margin, recurring revenue streams.”   

Summary of Third Quarter Results

Revenue for the third quarter of 2021 increased 14.6% to $156.1 million compared to the same period last year and increased 35.9% when excluding businesses divested in 2020 and 2021. The results reflect ongoing strength in Industrial, which had revenue growth of 4.0% to $79.7 million compared to the same period last year. Adjusted for divestitures, Industrial revenue increased 28.1% year-over-year.

Revenue from Healthcare increased 28.3% to $76.4 million, compared to the same period last year. Adjusted for divestitures, Healthcare revenue increased 44.5% year-over-year, as we saw high demand for dental applications, both printers and materials.

Gross profit margin in the third quarter of 2021 was 41.2% compared to 43.1% in the same period last year. Non-GAAP gross profit margin was 41.5% compared to 43.2% in the same period last year. Gross profit margin decreased primarily as a result of businesses divested in 2020 and 2021. Excluding the impact of divestitures, gross profit margin increased 80 basis points in the third quarter of 2021 compared to the same period last year.

Operating expenses decreased 35.4% to $81.5 million in the third quarter of 2021, compared to the same period a year ago, primarily as a result of an impairment to goodwill recorded in the third quarter 2020. On a non-GAAP basis, operating expenses were $54.1 million, an 8.0% decrease from the third quarter of the prior year. The lower non-GAAP operating expenses reflect savings achieved from cost restructuring activities and divestitures, partly offset by spending in targeted areas to support future growth.

2021 Gross Profit Margin Outlook

Updating prior guidance, on a non-GAAP basis the company expects 2021 gross profit margins to be between 41% and 43%.

Financial Liquidity

At September 30, 2021, the company had cash on hand of $502.8 million and no debt. Cash has increased $418.4 million since December 31, 2020, driven primarily by net proceeds from divestitures of $427.3 million and cash generated from operations of $62.7 million, partially offset by capital expenditures and repayment of debt.

Q3 2021 Conference Call and Webcast

3D Systems expects to file its Quarterly Report on Form 10-Q for the quarter ended September 30, 2021 with the Securities and Exchange Commission today, November 8, 2021. The company will host a conference call and simultaneous webcast to discuss these results tomorrow morning, which may be accessed as follows:

Date: Tuesday, November 9, 2021
Time: 8:30 a.m. Eastern Time
Listen via webcast: www.3dsystems.com/investor
Participate via telephone: 201-689-8345

A replay of the webcast will be available approximately two hours after the live presentation at www.3dsystems.com/investor.

Forward-Looking Statements

Certain statements made in this release that are not statements of historical or current facts are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the company to be materially different from historical results or from any future results or projections expressed or implied by such forward-looking statements. In many cases, forward looking statements can be identified by terms such as “believes,” “belief,” “expects,” “may,” “will,” “estimates,” “intends,” “anticipates” or “plans” or the negative of these terms or other comparable terminology. Forward-looking statements are based upon management’s beliefs, assumptions and current expectations and may include comments as to the company’s beliefs and expectations as to future events and trends affecting its business and are necessarily subject to uncertainties, many of which are outside the control of the company. The factors described under the headings “Forward-Looking Statements” and “Risk Factors” in the company’s periodic filings with the Securities and Exchange Commission, as well as other factors, could cause actual results to differ materially from those reflected or predicted in forward-looking statements. Although management believes that the expectations reflected in the forward-looking statements are reasonable, forward-looking statements are not, and should not be relied upon as a guarantee of future performance or results, nor will they necessarily prove to be accurate indications of the times at which such performance or results will be achieved. The forward-looking statements included are made only as the date of the statement. 3D Systems undertakes no obligation to update or revise any forward-looking statements made by management or on its behalf, whether as a result of future developments, subsequent events or circumstances or otherwise, except as required by law.

Presentation of Information in this Press Release

3D Systems reports is financial results in accordance with GAAP. To facilitate a better understanding of the impact that strategic acquisitions, non-recurring charges and certain non-cash expenses had on its financial results, management reviews certain non-GAAP measures, including non-GAAP revenue, non-GAAP revenue adjusted for divestitures, non-GAAP Cost of Sales, non-GAAP Operating Income, non-GAAP Net Income (Loss), non-GAAP Basic and Diluted Income (Loss) per Share, non-GAAP Gross Profit, non-GAAP Gross Profit Margin, non-GAAP Gross Profit Margin adjusted for divestitures, non-GAAP SG&A Expenses, non-GAAP R&D, non-GAAP Other Income and Expense and non-GAAP Operating Expenses, each of which exclude the impact of amortization of intangibles, acquisition and severance expenses, stock-based compensation expense, litigation settlements and charges related to strategic decisions and portfolio realignment, and Adjusted EBITDA, defined as non-GAAP Operating Income plus depreciation, and Adjusted EBITDA Margin, defined as Adjusted EBITDA divided by revenue, to better evaluate period-over-period performance. A reconciliation of GAAP to non-GAAP results is provided in the accompanying schedule.

3D Systems does not provide forward-looking guidance on a GAAP basis. The company is unable to provide a quantitative reconciliation of these forward-looking non-GAAP measures to the most directly comparable forward-looking GAAP measures without unreasonable effort because 3D Systems cannot reliably forecast legal, acquisition and divestiture expenses, restructuring expenses, product end of life adjustments and goodwill impairment, which are difficult to predict and estimate. These items are inherently uncertain and depend on various factors, many of which are beyond the company’s control, and as such, any associated estimate and its impact on GAAP performance could vary materially.

About 3D Systems

More than 30 years ago, 3D Systems brought the innovation of 3D printing to the manufacturing industry. Today, as the leading Additive Manufacturing solutions partner, we bring innovation, performance, and reliability to every interaction - empowering our customers to create products and business models never before possible. Thanks to our unique offering of hardware, software, materials and services, each application-specific solution is powered by the expertise of our application engineers who collaborate with customers to transform how they deliver their products and services. 3D Systems’ solutions address a variety of advanced applications in Healthcare and Industrial markets such as Medical and Dental, Aerospace & Defense, Automotive and Durable Goods. More information on the company is available at www.3dsystems.com

Investor Contact: investor.relations@3dsystems.com 
Media Contact: press@3dsystems.com 

Tables Follow

3D Systems Corporation
Unaudited Condensed Consolidated Balance Sheets
September 30, 2021 and December 31, 2020

(In thousands, except par value) September 30, 2021 (unaudited)   December 31, 2020
ASSETS      
Current assets:      
Cash and cash equivalents $ 502,752       $ 75,010    
Accounts receivable, net of reserves — $3,470 and $4,392 89,926       114,254    
Inventories 89,325       116,667    
Prepaid expenses and other current assets 25,963       33,145    
Current assets held for sale       18,439    
Total current assets 707,966       357,515    
Property and equipment, net 57,720       75,356    
Intangible assets, net 30,251       28,083    
Goodwill 139,906       161,765    
Right of use assets 44,514       48,620    
Deferred income tax asset 3,475       6,247    
Assets held for sale       31,684    
Other assets 21,271       23,785    
Total assets $ 1,005,103       $ 733,055    
LIABILITIES AND EQUITY      
Current liabilities:      
Current portion of long-term debt $       $ 2,051    
Current right of use liabilities 8,176       9,534    
Accounts payable 44,946       45,174    
Accrued and other liabilities 78,152       69,812    
Customer deposits 9,405       7,750    
Deferred revenue 27,509       30,302    
Current liabilities held for sale       11,107    
Total current liabilities 168,188       175,730    
Long-term debt, net of deferred financing costs       19,218    
Long-term right of use liabilities 45,533       48,469    
Deferred income tax liability 3,142       4,716    
Liabilities held for sale       2,952    
Other liabilities 39,090       51,247    
Total liabilities 255,953       302,332    
       
Commitments and contingencies (Note 14)      
       
Stockholders’ equity:      
Common stock, $0.001 par value, authorized 220,000 shares; issued 126,758 and 127,626 127       128    
Additional paid-in capital 1,410,576       1,404,964    
Treasury stock, at cost — 1,623 shares and 3,494 shares (10,492 )     (22,590 )  
Accumulated deficit (615,051 )     (943,303 )  
Accumulated other comprehensive loss (36,010 )     (8,476 )  
Total stockholders’ equity 749,150       430,723    
Total liabilities and stockholders’ equity $ 1,005,103       $ 733,055    

3D Systems Corporation
Unaudited Condensed Consolidated Statements of Operations
Quarter Ended September 30, 2021 and 2020

  Quarter Ended September 30,
(in thousands, except per share amounts) 2021   2020
Revenue:      
Products $ 108,884       $ 78,296    
Services 47,212       57,880    
Total revenue 156,096       136,176    
Cost of sales:      
Products 64,252       48,213    
Services 27,529       29,336    
Total cost of sales 91,781       77,549    
Gross profit 64,315       58,627    
Operating expenses:      
Selling, general and administrative 65,737       59,065    
Research and development 15,786       18,866    
Impairment of goodwill       48,300    
Total operating expenses 81,523       126,231    
Loss from operations (17,208 )     (67,604 )  
Interest and other income (expense), net 315,859       (2,419 )  
Income (loss) before income taxes 298,651       (70,023 )  
Benefit (provision) for income taxes (5,995 )     (2,866 )  
Net income (loss) $ 292,656       $ (72,889 )  
       
Net income (loss) per common share:      
Basic $ 2.39       $ (0.61 )  
Diluted $ 2.34       $ (0.61 )  
       
Weighted average shares outstanding:      
Basic   122,663       118,527    
Diluted   125,289       118,527    

3D Systems Corporation
Unaudited Condensed Consolidated Statements of Cash Flows
Nine Months Ended September 30, 2021 and 2020

  Nine Months Ended September 30,
(in thousands) 2021   2020
Cash flows from operating activities:      
Net income (loss) $ 328,252       $ (129,764 )  
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities:      
Depreciation and amortization 26,292       34,830    
Stock-based compensation 43,991       16,621    
Provision for inventory obsolescence and revaluation 1,100       10,894    
Loss on hedge accounting de-designation and termination 721       1,235    
Provision for bad debts 620       1,039    
Gain on the disposition of businesses, property, equipment and other assets (351,981 )     434    
Provision for deferred income taxes and reserve adjustments (9,380 )        
Impairment of goodwill and assets       54,072    
Changes in operating accounts:      
Accounts receivable (2,151 )     12,668    
Inventories 7,095       (23,987 )  
Prepaid expenses and other current assets 5,338       (15,376 )  
Accounts payable 15,517       (9,166 )  
Deferred revenue and customer deposits 5,401       2,714    
Accrued and other liabilities (9,859 )     6,309    
All other operating activities 1,696       4,828    
Net cash provided by (used in) operating activities 62,652       (32,649 )  
Cash flows from investing activities:      
Purchases of property and equipment (14,814 )     (11,015 )  
Proceeds from sale of assets and businesses, net of cash 427,664       552    
Business acquisitions, net of cash acquired (10,936 )        
Purchase of noncontrolling interest (4,000 )     (12,500 )  
Other investing activities (2,273 )     504    
Net cash provided by (used in) investing activities 395,641       (22,459 )  
Cash flows from financing activities:      
Proceeds from revolving credit facilities       20,000    
Payments on revolving credit facilities       (20,000 )  
Repayment of borrowings/long-term debt (21,392 )     (26,547 )  
Proceeds from issuance of common stock       25,003    
Proceeds from inventory financing agreements       2,509    
Payments related to net-share settlement of stock-based compensation (10,386 )     (5,034 )  
Other financing activities (424 )     296    
Net cash used in financing activities (32,202 )     (3,773 )  
Effect of exchange rate changes on cash, cash equivalents and restricted cash (7,737 )     526    
Net increase (decrease) in cash, cash equivalents and restricted cash 418,354       (58,355 )  
Cash, cash equivalents and restricted cash at the beginning of the period (a) 84,711       134,617    
Cash, cash equivalents and restricted cash at the end of the period (a) $ 503,065       $ 76,262    

(a)    The amounts for cash and cash equivalents shown above include restricted cash of $540 and $952 as of September 30, 2021 and 2020, respectively, and $998 and $9,161 as of December 31, 2020, and 2019, respectively, which were included in Other assets, net, and $9,161 as of December 31, 2020, which was included in Current assets held for sale in the condensed consolidated balance sheets.

3D Systems Corporation
Income (Loss) Per Share
Quarter Ended September 30, 2021 and 2020

  Quarter Ended September 30,
(in thousands, except per share amounts) 2021   2020
Numerator:      
Net income (loss) $ 292,656     $ (72,889 )  
Denominator:      
Weighted average shares - basic 122,663     118,527    
Dilutive securities 2,626        
Weighted average shares - diluted 125,289     118,527    
       
Net income (loss) per share - basic $ 2.39     $ (0.61 )  
Net income (loss) per share - diluted $ 2.34     $ (0.61 )  

Appendix
3D Systems Corporation
Unaudited Reconciliations of GAAP to Non-GAAP Measures
Quarter and Nine Months Ended September 30, 2021 and 2020

  Quarter Ended September 30,   Nine Months Ended September 30,
(in millions) 2021   2020   2021   2020
GAAP Revenue - as reported $ 156.1       $ 136.2       $ 464.8       $ 384.6    
Non-GAAP Revenue 156.1       136.2       464.8       384.6    
GAAP Cost of sales - as reported 91.8       77.5       267.2       233.7    
Amortization, stock-based compensation & other       0.1       0.3       0.3    
Legal, acquisition and divestiture related       0.1             0.3    
Cost optimization plan, including severance costs                   0.7    
Product end-of-life adjustment 0.4                   10.9    
Non-GAAP Cost of sales 91.4       77.3       266.9       221.5    
GAAP Gross Profit - as reported 64.3       58.7       197.6       150.9    
Amortization, stock-based compensation & other       0.1       0.3       0.3    
Legal, acquisition and divestiture related       0.1             0.3    
Cost optimization plan, including severance costs                   0.7    
Product end-of-life adjustment 0.4                   10.9    
Non-GAAP Gross Profit 64.7       58.9       197.9       163.1    
GAAP Gross Profit Margin 41.2    %       42.5    %    
Non-GAAP Gross Profit Margin 41.5    %   43.2    %   42.6    %   42.4    %
GAAP Selling, general and administrative - as reported 65.7       59.1       176.8       167.2    
Amortization, stock-based compensation & other 16.1       7.1       51.2       29.0    
Legal, acquisition and divestiture related 11.4       0.1       13.6       0.4    
Cost optimization plan, including severance costs       11.9       1.6       13.8    
Non-GAAP Selling, general and administrative 38.3       40.0       110.5       123.9    
GAAP Research and development - as reported 15.8       18.9       50.0       55.1    
Cost optimization plan, including severance costs                   0.1    
Non-GAAP Research and development 15.8       18.9       50.0       55.0    
Goodwill impairment       48.3             48.3    
GAAP Operating Expenses - as reported 81.5       126.2       226.8       270.6    
Amortization, stock-based compensation & other 16.1       7.1       51.2       29.0    
Legal, acquisition and divestiture related 11.4       0.1       13.6       0.4    
Cost optimization plan, including severance costs       11.9       1.6       14.0    
Goodwill impairment       48.3             48.3    
Non-GAAP Operating expenses 54.1       58.8       160.4       178.9    
GAAP Operating Income (loss) - as reported (17.2 )     (67.6 )     (29.2 )     (119.7 )  
Amortization, stock-based compensation & other 16.1       7.2       51.5       29.3    
Legal, acquisition and divestiture related 11.4       0.2       13.6       0.7    
Cost optimization plan, including severance costs       11.9       1.6       14.7    
Product end-of-life adjustment 0.4                   10.9    
Goodwill impairment       48.3             48.3    
Non-GAAP Operating Income (loss) 10.6             37.5       (15.8 )  
Depreciation 5.6       7.2       18.7       21.7    
Adjusted EBITDA 16.3       7.2       56.2       5.9    
GAAP Other Income and expense, net - as reported 315.9       (2.4 )     354.4       (7.6 )  
Legal, acquisition and divestiture related (315.5 )     0.2       (354.9 )        
Impairment of cost-method investments       1.1             2.2    
Non-GAAP Other Income and expense, net 0.3       (1.2 )     (0.5 )     (5.4 )  
GAAP Net Income (loss) - as reported 292.7       (72.9 )     328.3       (129.8 )  
Amortization, stock-based compensation & other 16.1       7.2       51.5       29.3    
Legal, acquisition and divestiture related(1) (299.1 )     0.4       (336.2 )     0.8    
Cost optimization plan, including severance costs       11.9       1.6       14.7    
Impairment of cost-method investments       1.1             2.2    
Product end-of-life adjustment 0.4                   10.9    
Goodwill impairment       48.3             48.3    
Non-GAAP Net Income (loss) $ 10.0       $ (4.1 )     $ 45.1       $ (23.7 )  
  • Amounts in table may not foot due to rounding

(1) Legal Acquisition and divestiture includes 5.1 million of income tax provision related to divestitures for the quarter and nine months Ended September 30, 2021.

3D Systems Corporation
Unaudited Reconciliations of GAAP to Non-GAAP Measures
Quarter and Nine Months Ended September 30, 2021 and 2020

  Quarter Ended
September 30,
  Nine Months Ended September 30,
  2021   2020   2021   2020
GAAP Net income (loss) per share - basic $ 2.39       $ (0.61 )     $ 2.69       $ (1.12 )  
Adjustments:              
Amortization, stock-based compensation & other 0.13       0.06       0.42       0.25    
Legal, acquisition and divestiture related (2.44 )           (2.75 )     0.01    
Cost optimization plan, including severance costs       0.10       0.01       0.13    
Impairment of cost-method investments       0.01             0.02    
Product end-of-life adjustment                   0.09    
Goodwill impairment       0.41             0.42    
Non-GAAP Net income (loss) per share - basic $ 0.08       $ (0.03 )     $ 0.37       $ (0.20 )  
               
GAAP Net income (loss) per share - diluted $ 2.34       $ (0.61 )     $ 2.63       $ (1.12 )  
Adjustments:              
Amortization, stock-based compensation & other 0.13       0.06       0.41       0.25    
Legal, acquisition and divestiture related (2.39 )           (2.69 )     0.01    
Cost optimization plan, including severance costs       0.10       0.01       0.13    
Impairment of cost-method investments       0.01             0.02    
Product end-of-life adjustment                   0.09    
Goodwill impairment       0.41             0.42    
Non-GAAP Net income (loss) per share - Diluted $ 0.08       $ (0.03 )     $ 0.36       $ (0.20 )  
               
  • Amounts in table may not foot due to rounding

3D Systems Corporation
Unaudited Reconciliation of Prior Years Revenue Excluding Divestitures (non-GAAP)
2019, 2020 and 2021 by Quarter

  2019
  Quarter Ended
(in millions) March 31   June 30   September 30   December 31
Revenue              
Healthcare $ 56.7     $ 63.2     $ 61.4     $ 63.3  
Industrial 96.6     95.4     94.9     104.9  
Total Revenue $ 153.3     $ 158.6     $ 156.2     $ 168.2  
               
Revenue From Divestitures:              
Healthcare $ 11.6     $ 12.4     $ 14.1     $ 15.1  
Industrial 29.0     30.2     29.4     29.4  
Total Revenue $ 40.6     $ 42.6     $ 43.5     $ 44.4  
               
Total Revenue (Excl. Divest.):              
Healthcare $ 45.1     $ 50.8     $ 47.3     $ 48.2  
Industrial 67.5     65.2     65.5     75.6  
Total Revenue (Excl. Divest.): $ 112.6     $ 116.0     $ 112.7     $ 123.8  
  • Amounts in table may not foot due to rounding

      2020  
    Quarter Ended  
(in millions)   March 31   June 30   September 30   December 31  
Revenue                  
Healthcare   $   52.3     $   49.1     $   59.5     $   85.5    
Industrial       83.3         63.6         76.7         87.1    
Total Revenue   $   135.6     $   112.8     $   136.2     $   172.7    
                                           
Revenue From Divestitures:                                          
Healthcare   $   12.2     $   11.7     $   11.9     $   14.6    
Industrial       24.8         21.1         23.6         24.6    
Total Revenue   $   37.0     $   32.8     $   35.6     $   39.3    
                                           
Total Revenue (Excl. Divest.):                                          
Healthcare   $   40.1     $   37.4     $   47.6     $   70.9    
Industrial       58.6         42.6         53.1         62.5    
Total Revenue (Excl. Divest.):   $   98.6     $   80.0     $   100.6     $   133.4    
  • Amounts in table may not foot due to rounding

      2021  
    Quarter Ended  
(in millions)   March 31   June 30   September 30  
Revenue              
Healthcare   $   72.5     $   82.8     $   76.4    
Industrial       73.6         79.7         79.7    
Total Revenue   $   146.1     $   162.6     $   156.1    
                                 
Revenue From Divestitures:                                
Healthcare   $   11.0     $   13.1     $   7.7    
Industrial       13.8         13.1         11.8    
Total Revenue   $   24.8     $   26.3     $   19.4    
                                 
Total Revenue (Excl. Divest.):                                
Healthcare   $   61.5     $   69.7     $   68.7    
Industrial       59.8         66.6         67.9    
Total Revenue (Excl. Divest.):   $   121.3     $   136.3     $   136.7    

3D Systems Corporation
Unaudited Gross Profit Margin Adjusted for Divestitures (non-GAAP)
Third Quarter 2020 and 2021

    Quarter Ended September 30, 2021
(in millions)   Pre-Divestiture   Divested Business   Post-Divestiture
Revenue     156.1       19.4       136.7  
COGS     91.4       10.0       81.4  
Gross Profit   $ 64.7     $ 9.4     $ 55.3  
Gross Profit Margin     41.4 %             40.5 %
  • Amounts in table may not foot due to rounding

    Quarter Ended September 30, 2020
(in millions)   Pre-Divestiture   Divested Business   Post-Divestiture
Revenue     136.2       35.6       100.6  
COGS     77.3       16.6       60.7  
Gross Profit   $ 58.9     $ 19.0     $ 39.9  
Gross Profit Margin     43.2 %             39.7 %

 


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Source: 3D Systems Inc.