By Kelly Cloonan
Shares of 3D Systems fell after the company reported lower-than-expected fourth-quarter revenue, despite a narrower loss, as it aims to restructure its business.
The stock fell about 20% to $2.18 Thursday, bringing its slide over the past 12 months to 51%.
The 3D printer company said its fourth-quarter loss narrowed to $33.7 million, or 25 cents a share, from a loss of $292.7 million, or $2.25 a share, a year earlier. 3D Systems said the improvement primarily reflects the year-over-year change in impairment of goodwill and other intangible assets.
Adjusted loss per share was 19 cents, steeper than the loss of 11 cents expected by analysts polled by FactSet.
Revenue fell to $111 million, from $114.8 million a year ago. Analysts expected $115.2 million in revenue for the quarter.
The company said an uptick in sales of its new industrial printer systems and global services in the fourth quarter helped partially offset a decline in sales of its healthcare and industrial solutions segments during the quarter.
The company also revealed restructuring plans, including layoffs, over the next six quarters for an expected $50 million in incremental annual savings.
"With our new products now gaining traction in the market, our focus is increasingly centered on driving gross margin expansion and operating expense improvements in the face of continuing uncertainty in the global markets," Chief Executive Jeffrey Graves said.
Write to Kelly Cloonan at kelly.cloonan@wsj.com
(END) Dow Jones Newswires
March 27, 2025 11:19 ET (15:19 GMT)
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