ROCK HILL, South Carolina – July 30, 2013 - 3D Systems Corporation (NYSE: DDD) announced today that its second quarter revenue grew 45% from the prior year to $120.8 million on a 108% increase in printers' and other products revenue and 30% overall organic growth resulting in GAAP earnings of $0.10 per share and non-GAAP earnings of $0.20 per share.
Gross profit increased 46% and gross profit margin expanded 40 basis points to 51.8%, contributing to GAAP net income of $9.3 million, and a non-GAAP net income improvement of 36% over the 2012 quarter to $19.0 million.
For the six months 2013, revenue grew 38% to $222.9 million, on an 85% printers and other products revenue increase and 26% organic growth resulting in GAAP earnings of $0.16 per share and non-GAAP earnings of $0.40 per share. Gross profit increased 42% and gross profit margin expanded 140 basis points to 52.1%.
3D printers and other products revenue for the second quarter of 2013 more than doubled to $54.2 million primarily on higher professional printer units. Print materials revenue grew $3.1 million over the 2012 quarter to $29.3 million and services revenue rose $6.0 million from 2012 to $37.3 million. Healthcare revenue grew 55% and contributed $18.9 million to our total revenue.
During the second quarter of 2013, the company introduced significant new products including professional 3D printers, advanced 3D print materials and powerful new designer software packages.
The company nearly doubled its R&D expenditures and accelerated its marketing spending over the second quarter of 2012 in support of its near term opportunities and expanding product portfolio and sales channels. The company also increased its manufacturing capacity amidst heavier demand for its products and services.
Notwithstanding higher costs from its strategic R&D and marketing initiatives and the drag from the acquisition of Phenix Systems, the company reiterated its annual guidance for the full year 2013, expecting its revenue to be in the range of $485 million to $510 million and its non-GAAP adjusted earnings per share to be in the range of $1.05 to $1.20.
"We are experiencing heavy demand for our advanced manufacturing and consumer solutions and expect to continue to benefit from accelerated adoption of our products and services that is driven by our customers' robust R&D and manufacturing spending worldwide," concluded Reichental.
3D Systems will hold a conference call and webcast to discuss its operating results for the second quarter and six months 2013 on Tuesday, July 30, 2013 at 9:00 a.m., Eastern Time.
To access this webcast, log onto 3D Systems' web site at www.3dsystems.com/investor. To ensure timely participation and technical capability, we recommend logging on a few minutes prior to the conference call to activate your participation.
To access this conference call, dial 1-877-474-9505 from in the U.S. or 1-857-244-7558 from outside the U.S. and enter participant code 62870047.
The webcast will be also be available for replay beginning approximately two hours after completion of the call at: www.3dsystems.com/investor.