3D printing provider 3D Systems has announced restructuring and preliminary financial results for the third quarter of 2023. According to the report, revenue fell $9-8 million year-over-year to $123-124 million. The company cites continued weak demand for 3D printers as the reason.
In light of the results and the uncertain economic environment, 3D Systems is withdrawing its 2023 financial outlook. The company also announces another restructuring to reduce costs. This is expected to yield savings of $45-55 million annually by the end of 2024, primarily through workforce reductions and site closures.
According to 3D Systems, the measures are intended to improve profitability in the short term. At the same time, however, the company said it plans to continue investing in new products to capitalize on the growth of the 3D printing market. Specifically, several new 3D printers and materials are planned for 2024, it said.
3D Systems plans to present its final figures for the third quarter in early November. The preliminary figures published now are still subject to review by auditors and could still change.
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