3D Systems slides to over 15-yr low after Q2 miss

Stratasys

30/08/2024 15:26

** Shares of 3D Systems  DDD.N  slide as much as 9% to $2.12
early Fri, hitting lowest levels since May 2009, after 3D
printer maker's results miss expectations
    ** Co late Thurs posted Q2 rev of $113 mln, down ~12% yr/yr,
vs LSEG estimate of $116.5 mln
    ** Decline primarily due to reduced printer sales to a
specific dental customer and ongoing macroeconomic pressures on
customer capital spending, co said in statement
    ** Q2 adj loss of 14 cents/sh came in wider than consensus
view of 4 cents/sh loss
    ** For 2024, co expects rev of $450-$460 mln
    ** Peer Stratasys  SSYS.O  on Thurs slumped to over
two-decade low after its dour outlook and restructuring plans,
including workforce reduction
    ** 2 of 7 analysts covering DDD rate stock "buy", rest
"hold" with median PT of $4.50 - LSEG
    ** Shares last off 5.1% at $2.21, off 65% YTD

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own)
 ((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-646-279-6380))