The good news about a healthy additive manufacturing industry continues. 3D Systems Corporation (NYSE: DDD) reported that it earned 26 cents per share diluted, for the second quarter of 2011 on a 57% revenue increase and a 58% gross profit improvement compared to the second quarter of 2010. The company’s quarterly and annual earnings benefitted by 12 cents per share from releasing a portion of its valuation allowance on deferred tax assets.
Net income included $0.4 million of restructuring expenses, $2.2 million of legal expenses and $3.4 million of non-cash expenses related to depreciation, amortization and share-based compensation expense for the 2011 quarter compared to $2.4 million of non-cash expenses and $1.2 million of legal expenses for the 2010 period.
“We are pleased with our organic growth, record printer units sold and the continued strong revenue expansion from all our products and services,” said Abe Reichental, 3D Systems’ President and Chief Executive Officer.
For the second quarter 2011 the company delivered record revenue growth from all its revenue categories. 3D printer units sold tripled over the comparable period and accounted for a $5.5 million revenue increase.
Print materials grew by $2.4 million on strong user demand and an expanded installed base. Services, including custom parts, increased by $12.0 million compared to the second quarter of 2010. Healthcare solutions grew 32% over the prior year and organic growth accounted for 25% of the company’s total revenue increase.
“We remain focused on democratizing access to affordable and viable 3D content-to-print solutions for professionals and consumers alike. We believe that the marketplace for our products and services is largely underpenetrated and that our diversified portfolio makes us more attractive to broader audiences. While the rapid growth rate of our custom parts and printers revenue outpaced our margin expansion rate for the quarter, we remain optimistic about our future and believe that we are on track to achieve our long-term target operating model,” concluded Reichental.
3D Systems Corp.