Q2 2024 3D Systems Corp Earnings Call Transcript
Key Points
- 3D Systems Corp (DDD) reported a sequential revenue growth of over 10% from Q1 to Q2 2024, indicating a recovery from the weak start of the year.
- The company has a strong backlog of new application development requests, driven by both existing and new customers, showcasing increased interest in 3D printing technology.
- 3D Systems Corp (DDD) has successfully reduced its long-term debt by over 50%, strengthening its balance sheet and positioning it well for future investments.
- The healthcare segment, particularly personalized healthcare, showed significant growth with revenues up over 12% from the prior year.
- The company secured a large contract in the dental market, valued at approximately $0.25 billion, positioning it as a key supplier for clear aligners over the next five years.
- 3D Systems Corp (DDD) experienced a 13% decline in first-half revenues compared to the prior year, primarily due to weak printer sales.
- The company faced significant operational expenses due to the extended 2023 audit, impacting its financial performance in the first half of 2024.
- Despite improvements, the company reported adjusted EBITDA losses for both Q1 and Q2 2024, reflecting ongoing financial challenges.
- The macroeconomic environment, including high inflation and geopolitical tensions, continues to create uncertainty and impact customer CapEx spending.
- Printer demand remained weak in the first half of 2024, affecting overall sales performance despite resilience in consumables and services.
Hello, and welcome to the 3D Systems first half 2024 conference call and webcast. (Operator Instructions) As a reminder, this conference is being recorded. It's now my pleasure to introduce your host, Mick McCloskey, Vice President, Investor Relations. Please go ahead, Mick.
Hello, and welcome to 3D Systems' first half 2024 conference call. With me on today's call are Dr. Jeffrey Graves, President and CEO, and Jeff Creech, EVP, and CFO. The webcast portion of this call contains a slide presentation that we will refer to during the call. Those following along on the phone who wish to access the slide portion of this presentation may do so on the Investor Relations section of our website.
The following discussion and responses to your questions reflect management's views as of today only and will include forward-looking statements as described on this slide. Actual results may differ materially. Additional information about factors that could potentially impact our financial results is
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