29-Apr-14 08:08 ET In Play3D Systems reports EPS in-line, beats on revs; reaffirms FY14 guidance (49.26 ) : Reports Q1 (Mar) earnings of $0.15 per share, in-line with the Capital IQ Consensus of $0.15; revenues rose 44.8% year/year to $147.8 mln vs the $145.88 mln consensus; organic growth 28%.
3D printers and other products revenue increased 53% to $60.8 million. Print materials revenue grew 41% to $40.4 million. Services revenue rose 38% to $46.6 million. Healthcare revenue increased 53% to $21.7 million. Consumer revenue expanded 150% to $9.7 million. The company exited the quarter with $28.8 million of backlog. The March 2014 backlog included $17.9 million of printer orders, in part reflecting increased demand for the company's Direct Metal 3D printers, which continues to outstrip manufacturing capacity. Gross profit increased 41% and gross profit margin compressed 130 basis points to 51.1% compared to the first quarter of 2013 as printers growth continued to outpace other revenue categories, which contributed to GAAP net income of $4.9 million, and non-GAAP net income of $15.1 million. "Consistent with our expectations, expanding placement and utilization of our advanced design and manufacturing 3D printers has accelerated our materials' revenue growth-rate, and we are pleased that our 3D printers growth continues to surpass all other product categories, despite the fact that the resulting mix delayed anticipated expansion of our gross profit margin."
During the first quarter, the co continued to increase R&D investments and expand sales and marketing activities in support of accelerated growth, new product development and marketplace expansion, while also increasing its manufacturing capacity to accommodate rising demand.
At the same time, the company executed on acquisitions and strategic partnerships to broaden and enhance its 3D printing ecosystem, extending the 3D printing digital thread across its entire portfolio from consumer to healthcare to industrial manufacturing.
Co reaffirms guidance for FY14, sees EPS of $0.73-0.85, excluding non-recurring items, vs. $0.82 Capital IQ Consensus Estimate; sees FY14 revs of $680-720 mln vs. $701.12 mln Capital IQ Consensus. Additionally, mgmt expects a greater portion of revenue and earnings to be generated during the second half of 2014, as the full impact of its new products and services materializes. |
