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3D Systems (NYSE:DDD) dove 24% in late afternoon trading Wednesday after its fourth-quarter earnings and guidance for 2024 failed to inspire confidence.
Fourth quarter revenue fell 13.5% year-over-year to come in at $114.85M, below the market estimate of $119.47M. The company lost $0.11 per share on an adjusted basis during the period, well below the penny per share loss analysts had anticipated.
The company blamed lower sales from dental orthodontic market customers and lower printer sales as a result of “macroeconomic factors that are negatively impacting demand.”
Healthcare Solutions revenue decreased by 15.7% year-over-year to $51.18M while Industrial Solutions revenue fell by 16.4% to $63.66M.
Looking ahead, 3D’s full-year guidance for 2024 calls for revenue ranging from $475M to $505M, which is less than the consensus of $508M.
Competitor printing company Stratasys (SSYS) saw its shares dip 4.25% Wednesday. Stratasys is slated to report fourth-quarter results on March 7. Analysts expect earnings per share of $0.02 on revenue of $154.17M.
HP (HPQ), which also features a large printing component, was relatively flat during late afternoon trading. It is slated to release its latest financial results after the bell today, with analysts expecting earnings per share of $0.81 on revenue of $13.69B.