3D SYSTEMS CORP (DDD): restructuring charge — 3D Systems Q1 revenue down 8.8% to $121M; net loss $29.4M; announces 6% headcount reduction

3D SYSTEMS CORP

2023-Q1 EPS reported -$0.23 revenue$121,236,000

Revenue $121.2M, down 8.8% YoY (6.5% constant currency); net loss $29.4M, diluted EPS -$0.23.
Adjusted EBITDA -$10.1M vs +$1.9M a year ago; raises FY23 Adj. EBITDA guidance to >$2M.
Healthcare Solutions revenue down 24.3% due to dental orthodontic weakness (-46.2% YoY); non-dental healthcare up 22.4%.
Restructuring: headcount reduction ~6% (corporate/support in US/EU); expects $4-6M OpEx savings in 2023, $9-11M annualized from 2024.
Combined restructuring savings $6.5-9.5M in 2023 and $14.5-18M annualized from 2024; cash charges $3.5-4.5M.

item 2.02 item 2.05 item 7.01 item 9.01

Key facts

Extracted from this filing and checked against the source text.

Earnings Releases SEC 8-K Item 2.02 confidence 0.9

3D SYSTEMS CORP reported first quarter ended March 31, 2023 results: revenue $121,236, net income $(29,421), EPS $(0.23). Guidance raised.

Period: first quarter ended March 31, 2023
Revenue: $121,236
Net income: $(29,421)
EPS: $(0.23)
Guidance: raised
Result: reported results

Exact text from the filing

Three Months Ended March 31, (in thousands, except per share data) 2023 2022 Revenue $ 121,236 $ 133,001 Operating (loss) $ (33,396 ) $ (23,232 ) Net (loss) income $ (29,421 ) $ (26,799 ) Basic (loss) income per share $ (0.23 ) $ (0.21 ) Diluted (loss) income per share $ (0.23 ) $ (0.21 )

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Restructurings & Charges SEC 8-K Item 2.05/2.06 confidence 0.9

3D SYSTEMS CORP announced a restructuring with charges of $3.5 to $4.5 million affecting Corporate and Business support functions that are predominantly located in the US and Europe (approximately 6% of the Company’s workforce).

Type: restructuring
Charge: $3.5 to $4.5 million
Affected area: Corporate and Business support functions that are predominantly located in the US and Europe
Headcount: approximately 6% of the Company’s workforce

Exact text from the filing

On May 8, 2023, the Company announced the next phase of its multi-faceted restructuring initiative intended to improve operating efficiencies throughout the organization and drive long-term value creation. This phase of the restructuring initiative includes a reduction of headcount by approximately 6% of the Company’s workforce, with the majority of the workforce reduction being made in Corporate and Business support functions that are predominantly located in the US and Europe. The headcount reduction is expected to be completed in the third quarter of 2023. The Company expects this initiative will reduce operating expenses by approximately $4.0 to $6.0 million in 2023 and provide annualized savings of approximately $9.0 million and $11.0 million beginning in 2024. The Company expects to incur cash charges in the range of $3.5 to $4.5 million predominantly related to severance costs.

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Source: SEC EDGAR

accession 0001171843-23-003067

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