US-based 3D printer manufacturer 3D Systems (NYSE: DDD) has released its financial results for full-year 2024 (FY 2024), and fourth quarter of 2024 (Q4 2024).
FY 2024 revenue came in at $440.1 million, down 9.8% from $488.1 million in FY 2023. Revenue for Q4 2024 reached $111.0 million, a decline of 3.3% year-over-year (Y/Y) from $114.8M in Q4 2023. On a quarter-on-quarter (Q/Q) basis, revenue was down by 1.7% from $112.9M in Q3 2024.
Softer customer spending across most of the year, especially in capital equipment, weighed on performance, as economic uncertainty continued to affect purchasing decisions industry-wide. Still, toward year-end, modest gains in industrial printer sales, stronger service activity, and increased machine usage helped lift consumables revenue.
Gross margin for FY 2024 came in at 37.2%, down 2.9 pts Y/Y from 40.2% in FY 2023. In Q4 2024, margin dropped to 31.0%, down 7.3% pts Y/Y compared to 38.3% in Q4 2023. Results for the quarter were affected by an $8.7 million revenue adjustment tied to a change in accounting estimates within the company’s Regenerative Medicine program, following the introduction of new preclinical testing protocols by United Therapeutics.
In a press release, Dr. Jeffrey Graves, President & CEO of 3D Systems said, “I am pleased that our core businesses still delivered within the full-year revenue range communicated in our prior forecast, and that the market showed signs of strengthening in the fourth quarter.”
Details on FY 2024 and Q4 2024 results
As usual, 3D Systems reports its financials via its two primary segments: healthcare and industrial.
| Revenue ($) | FY 2024 | FY 2023 | Variance ($) thousands | % |
| Healthcare | 189.7M | 213.2M | -23.5M | -11.0% |
| Industrial | 250.4M | 274.9M | -24.5M | -8.9% |
| Total revenue | 440.1M | 488.1M | -47.9M | -9.8% |
In the healthcare segment, revenue for FY 2024 was $189.7 million, down 11.0% from $213.2 million in FY 2023. Q4 2024 revenue came to $40.4 million, marking a 21.1% decline from $51.2M Y/Y. On a Q/Q basis revenue saw a 26.7% drop from $55.1M in Q3 2024. The $8.7 million adjustment in Q4 contributed to the weaker segment performance, as updated milestone recognition criteria in the Regenerative Medicine program shifted the timing of when revenue could be recorded.
According to the company, the change was procedural and unrelated to operational progress, though it weighed on reported results for the quarter. Margins and earnings also came under pressure from internal manufacturing variances, adding to broader market challenges.
| Revenue ($) | Q4 2024 | Q4 2023 | Variance ($) thousands | % |
| Healthcare | 40.4M | 51.2M | -10.8M | -21.1% |
| Industrial | 70.7M | 63.7M | 7.0M | 11.0% |
| Total revenue | 111.0M | 114.8M | -3.8M | -3.3% |
On the other hand, FY 2024 industrial revenue was $250.4 million, down 8.9% from $274.9 million in FY 2023. However, Q4 2024 showed some recovery, with revenue reaching $70.7 million, an 11.0% increase from $63.7M in Q4 2023. This was up by 22.1% on a Q/Q basis from $57.9M in Q3 2024.
This growth was linked to better sales of newer 3D printer systems and an uptick in services. Higher consumables sales in Q4 also pointed to improved machine utilization, suggesting that some customers who had paused spending earlier in the year were beginning to re-engage.
Across both healthcare and industrial markets, 3D Systems introduced several new products over the course of the year. In healthcare, the company signed its largest-ever contract for dental applications for teeth straightening. It also received FDA clearance for multi-material, 3D printed denture offering in September, allowing for broader use in the U.S.
Moreover, Saudi Arabia’s AM service provider National Additive Manufacturing & Innovation (NAMI) firm acquired multiple metal and polymer 3D printers from 3D Systems to produce parts for the Saudi Electricity Company (SEC), aiming to localize production and cut costs and lead times. The partnership supports SEC’s operations and aligns with Saudi Arabia’s Vision 2030 strategy to strengthen domestic manufacturing across key sectors.
In December 2024, 3D Systems received all necessary regulatory approvals for the sale of its Geomagic software to Hexagon. The $123 million transaction is anticipated to close in early April 2025, with proceeds expected to enhance the company’s balance sheet in the Q2 2025.
On the automotive side, Sauber Motorsports began using the company’s latest polymer 3D printers, including SLA 750 Dual and PSLA 270 models, for wind tunnel testing components. Sauber became the first Formula 1 team to adopt the PSLA technology.
Financial outlook for FY 2025
Looking to 2025, 3D Systems expects revenue between $420 million and $435 million, taking into account the expected sale of its Geomagic software business in early Q2.
The company is aiming for a non-GAAP gross profit margin between 37% and 39%, and operating expenses in the range of $200 million to $220 million. One of the main goals for the year is to break even, or turn slightly positive, on adjusted EBITDA by Q4.
A cost reduction program launched in Q1 2025 is expected to deliver savings gradually throughout the year, with more noticeable effects in the second half.
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Featured image shows 3D Systems’ Dental Director of Application Development, Stijn Hanssen, at LMT Lab Day 2024. Photo via 3D Systems.
