ROCK HILL, SC, Apr 1, 2025 – 3D Systems announced its Q4 and full-year fiscal 2024 results, reporting $111M in revenue – a 1.7% decrease from $112.9M in Q3 FY24 – with a loss of $33.7M.
Fourth Quarter Financial Highlights
- Total Revenue:
- Decreased 3% to $111M in Q4 2024 compared to Q4 2023.
- Includes an $8.7M reduction due to a change in accounting estimate in the Regenerative Medicine program.
- Gross Profit Margin:
- GAAP gross margin was 31.0%, down from 38.3% in Q4 2023.
- Net Loss:
- Improved by $259M to a loss of $33.7M in Q4 2024 versus the prior year.
- Improvement largely due to the absence of goodwill and intangible asset impairments seen in the prior year.
- Adjusted EBITDA:
- Decreased by $5.1M to a loss of $19.1M in Q4 2024.
- Decline is driven by lower revenue and margin, primarily from the change in accounting estimates in the Regenerative Medicine program.
Eight-quarter financial trends: A comparative analysis of 3D Systems’ results.
Eight-quarter financial trends: A comparative analysis of 3D Systems’ results.
“While 2024 was a challenging year for sales, reflecting weak customer capex spending on new manufacturing plant capacity through the first three quarters, we were pleased to see a healthy uptick in the sale of new industrial printer systems and global services in the fourth quarter,” said Dr. Jeffrey Graves, president & CEO of 3D Systems. “In addition, with the largest installed base in the additive manufacturing industry, we were pleased to see a return to healthy consumable sales across most markets, reflecting higher utilization rates for existing machines. These positive changes in our core business units were unfortunately masked by the impact of an accounting estimate change in our Regenerative Medicine program related to refinement of technical acceptance criteria associated with a potential change in testing methodology for printed human lungs, which are the focus of this program. This estimate change relates to the incorporation of in vivo human decedent testing protocols, which have recently been successfully demonstrated by our partner, United Therapeutics. While this accounting estimate change was not originally contemplated in our 2024 guidance, I am pleased that our core businesses still delivered within the full-year revenue range communicated in our prior forecast, and that the market showed signs of strengthening in the fourth quarter.”
Dr. Graves continued, “While sales were weak across our industry for the last year, for 3D Systems, 2024 will be remembered as a historic year of innovation, one in which dozens of new products were launched in both our Healthcare and Industrial markets. This strength in new products was a direct reflection of the continuity in R&D investment that we maintained over this challenging period. Naming just a few key milestones, early in the year we announced the largest contract in the Company’s history, securing our leadership in the dental market for the straightening of teeth, while simultaneously building critical momentum in the even larger adjacent market for teeth replacement, culminating in the announcement of our jetted denture solution which was granted clearance by the FDA in September. In our Industrial business, our collaboration with Daimler Truck demonstrated the exceptional savings potential for integrating digital rights management with on-demand localized print capabilities using Oqton work-flow management for critical spare parts, a market that is expected to reach $8 billion for trucks by 2027. With the broadest range of metal and polymer additive manufacturing technology in the entire industry, and our application-first mindset, we believe our organic growth prospects will be a key differentiator in the path ahead.”
Dr. Graves concluded, “With our new products now gaining traction in the market, our focus is increasingly centered on driving gross margin expansion and operating expense improvements in the face of continuing uncertainty in the global markets. Given this potential demand profile, we believe it is prudent to undertake further significant actions to reduce costs and improve operating efficiencies to support our long-term mission of delivering growth with sustainable profitability. Our latest cost initiative, which began in Q1 of 2025, is targeted at delivering over $50 million of incremental annualized savings based on actions taken over the next six quarters. Importantly, while these efforts will not be fully completed until the middle of 2026, we anticipate significant improvements associated with them, in conjunction with those taken previously, leading us to expect break-even-or-better adjusted-EBITDA performance by the fourth quarter of 2025, despite essentially flat-to-modest revenue growth. From a balance sheet perspective, having previously retired over 50% of our Convertible Notes due November 2026, the remainder of which reaches maturity in Q4 of 2026, our cash balance at 2024 year-end of $171 million, supplemented by proceeds from the sale of our Geomagic software platform for $123 million in the coming weeks, positions us well to continue reducing our leverage while supporting the investments needed to deliver long-term growth and profitability.”
A detailed chart outlining the financial results is available here, providing a comprehensive breakdown of key metrics and performance indicators for better insight into the company’s financial standing.
About 3D Systems
Founded in 1986 by Charles “Chuck” Hull, 3D Systems is a founding force in the additive manufacturing industry, credited with inventing stereolithography (SLA) and commercializing the first 3D printer, the SLA-1. Headquartered in Rock Hill, SC, the company offers various 3D printing solutions, including hardware, software, and materials. These cater to diverse industries such as aerospace, automotive, healthcare, dental, and consumer goods, facilitating applications from prototyping to full-scale production. In 2023, 3D Systems reported revenues of $488 million, reflecting its role in advancing manufacturing technologies. As of December 31, 2024, 3D Systems employs approximately 1835 individuals globally. The company’s global presence includes offices, manufacturing facilities, and Customer Innovation Centers, all dedicated to helping businesses integrate 3D printing into their operations for enhanced efficiency and innovation.