In its latest financial results for the second quarter of 2023, 3D Systems reported an 8.5% year-on-year decline in revenue, with the dental orthodontics market in particular identified as a weak point. Aside from that sector, revenue increased slightly.
Commenting on the results, Dr. Jeffrey Graves, president and CEO of 3D Systems, emphasized that the 3D printing market is at an exciting inflection point. He sees the industry expanding toward mass production in factory environments worldwide. Despite success in the dental orthodontics market over the past few years, a decline in consumer spending in this area has greatly impacted the company, with revenue in this market declining by over $50 million.
Dr. Graves sees two paths to scale for 3D Systems: immediate scale through a merger with Stratasys and organic scale by leveraging the company’s current technology portfolio. Combining with Stratasys would accelerate the process, but so far there have been delays in merger talks.
Despite challenges in the second quarter, the company reported organic revenue growth of about 2% in the non-dental segment. Of particular note was growth in the personalized health solutions segment.
In closing, 3D Systems adjusted its full-year 2023 revenue guidance and now expects revenue between $525 million and $545 million. Despite challenges in the first half of the year, Dr. Graves remains optimistic and sees a bright future for 3D Systems, especially with the steps the company is taking to manage its costs and scale the business.
Detailed quarterly figures can be found directly from 3D Systems.
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