3D Systems Corporation (DDD) saw its loss narrow to $9.97 million, or $0.09 a share for the quarter ended Mar. 31, 2017. In the previous year period, the company reported a loss of $17.79 million, or $0.16 a share. On the other hand, adjusted net income for the quarter stood at $7.06 million, or $0.06 a share compared with $5.16 million or $0.05 a share, a year ago.
Revenue during the quarter went up marginally by 2.54 percent to $156.43 million from $152.56 million in the previous year period. Gross margin for the quarter expanded 45 basis points over the previous year period to 51.26 percent. Operating margin for the quarter stood at negative 5.80 percent as compared to a negative 10.99 percent for the previous year period.
Operating loss for the quarter was $9.07 million, compared with an operating loss of $16.76 million in the previous year period.
However, the adjusted operating income for the quarter stood at $7.96 million compared to $4.66 million in the prior year period. At the same time, adjusted operating margin improved 203 basis points in the quarter to 5.09 percent from 3.06 percent in the last year period.
"We are pleased with the continued growth in healthcare and strong demand for our production printers and materials as well as the improvement in on demand manufacturing services in the first quarter," commented Vyomesh Joshi (VJ), chief executive officer, 3D Systems. "We are delighted with early positive industry and customer feedback received during the quarter on our breakthrough Figure 4 technology platform and expansion in the healthcare market with the acquisition of Vertex."
For financial year 2017, 3D Systems Corporation expects revenue to be in the range of $643 million to $684 million. It projects diluted earnings per share to be in the range of $0.02 to $0.06. It projects diluted earnings per share to be in the range of $0.51 to $0.55 on adjusted basis for the same period.
Operating cash flow improves
3D Systems Corporation has generated cash of $19.38 million from operating activities during the quarter, up 6.97 percent or $1.26 million, when compared with the last year period.
The company has spent $40.17 million cash to meet investing activities during the quarter as against cash outgo of $4.48 million in the last year period.
The company has spent $4.44 million cash to carry out financing activities during the quarter as against cash outgo of $1.07 million in the last year period.
Cash and cash equivalents stood at $161.66 million as on Mar. 31, 2017, down 4.78 percent or $8.11 million from $169.77 million on Mar. 31, 2016.
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