3D Systems Reports Fourth Quarter and Full Year 2022 Financial Results

A reconciliation of GAAP to non-GAAP financial measures is provided in the accompanying schedules.

3D Systems does not provide forward-looking guidance for certain measures on a GAAP basis. The company is unable to provide a quantitative reconciliation of forward-looking non-GAAP gross margins and non-GAAP operating expenses to the most directly comparable forward-looking GAAP measures without unreasonable effort because certain items, including legal, acquisition expenses, stock-compensation expense, intangible amortization expense, restructuring expenses, and goodwill impairment, 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 Solutions markets such as Medical and Dental, Aerospace & Defense, Automotive and Durable Goods. More information on the company is available at www.3dsystems.com.

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Tables Follow

3D Systems Corporation
Unaudited Consolidated Balance Sheets
December 31, 2022 and December 31, 2021

(in thousands, except par value) December 31, 2022  December 31, 2021
ASSETS   
Current assets:   
Cash and cash equivalents$388,134  $789,657 
Short-term investments 180,603    
Accounts receivable, net of reserves — $3,114 and $2,445 93,886   106,540 
Inventories 137,832   92,887 
Prepaid expenses and other current assets 33,790   42,653 
Total current assets 834,245   1,031,737 
Property and equipment, net 58,072      57,257  
Intangible assets, net   90,230       45,835  
Goodwill   385,312       345,588  
Right-of-use assets   43,655       46,356  
Deferred income tax asset   7,038       5,054  
Other assets   28,972       17,272  
Total assets $ 1,447,524     $ 1,549,099  
LIABILITIES, REDEEMABLE NON-CONTROLLING INTEREST AND EQUITY      
Current liabilities:      
Current lease liabilities $ 10,075     $ 8,344  
Accounts payable   53,826       57,366  
Accrued and other liabilities   55,571       76,994  
Customer deposits   6,911       7,281  
Deferred revenue   26,464       28,027  
Total current liabilities   152,847       178,012  
Long-term debt, net of deferred financing costs   449,510       446,859  
Long-term lease liabilities   41,650       47,420  
Deferred income tax liability   7,631       2,173  
Other liabilities   44,180       32,254  
Total liabilities   695,818       706,718  
Redeemable non-controlling interest   1,762        
Stockholders’ equity:      
Common stock, $0.001 par value, authorized 220,000 shares; shares issued 131,207 and 128,375 as of December 31, 2022 and 2021, respectively   131       128  
Additional paid-in capital   1,547,597       1,501,210  
Accumulated deficit   (743,962 )     (621,251 )
Accumulated other comprehensive loss   (53,822 )     (37,706 )
Total stockholders’ equity   749,944       842,381  
Total liabilities, redeemable non-controlling interest and stockholders’ equity $ 1,447,524     $ 1,549,099  
               

3D Systems Corporation

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