3D Systems Reports Fourth Quarter and Full Year 2017 Financial Results

 

  
3D Systems Corporation 
Unaudited Condensed Consolidated Statements of Operations
and Comprehensive Income (Loss)
 
Quarter and Full Year Ended December 31, 2017 and 2016 
             
             
             
  Quarter Ended
December 31,
  Full Year Ended
December 31,
 
  (in thousands, except per share amounts) 2017  2016  2017  2016 
Revenue:            
Products $  102,349  $  99,977  $  379,126  $  380,383  
Services    74,915     65,960     266,943     252,582  
   Total revenue    177,264     165,937     646,069     632,965  
Cost of sales:            
Products    52,758     48,746     203,527     195,428  
Services    39,048     34,301     137,703     127,786  
   Total cost of sales    91,806     83,047     341,230     323,214  
Gross profit    85,458     82,890     304,839     309,751  
Operating expenses:                
Selling, general and administrative      68,195         57,767         264,185         259,776    
Research and development      22,966         21,050         94,627         88,395    
Total operating expenses      91,161         78,817         358,812         348,171    
Income (loss) from operations      (5,703 )       4,073         (53,973 )       (38,420 )  
Interest and other expense, net      (3,425 )       (102 )       (3,548 )       (1,392 )  
Income (loss) before income taxes      (9,128 )       3,971         (57,521 )       (39,812 )  
Provision (benefit) for income taxes      971         (1,212 )       7,802         (547 )  
Net income (loss)     (10,099 )       5,183         (65,323 )       (39,265 )  
Less: net income (loss) attributable to noncontrolling interests     35         (47 )       868         (846 )  
Net income (loss) attributable to 3D Systems Corporation $   (10,134 )   $   5,230     $   (66,191 )   $   (38,419 )  
                         
Net income (loss) per share available to 3D Systems Corporation
common stockholders — basic and diluted
$   (0.08 )   $   0.05     $   (0.59 )   $   (0.35 )  
                         
Other comprehensive income (loss):                        
Pension adjustments, net of taxes $   325     $   (956 )   $   220     $   (902 )  
Gain on liquidation of non-US entity     —         288         —         288    
Foreign currency translation gain (loss)     5,943         (18,525 )       31,728         (12,958 )  
Total other comprehensive income (loss)     6,268         (19,193 )       31,948         (13,572 )  
Less foreign currency translation gain attributable
     to noncontrolling interests
    98         37         259         105    
Other comprehensive income (loss) attributable to
     3D Systems Corporation
    6,170         (19,230 )       31,689         (13,677 )  
                         
Comprehensive loss     (3,831 )       (14,010 )       (33,375 )       (52,837 )  
Less comprehensive income (loss) attributable to
    noncontrolling interests
    133         (10 )       1,127         (741 )  
Comprehensive loss attributable to 3D Systems Corporation $   (3,964 )   $   (14,000 )   $   (34,502 )   $   (52,096 )  
                         

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