Life is good for the 3D Systems Corporation.
The company's third quarter revenue grew 50 percent from the prior year to a record $135.7 million.
What's more, the company is looking to expand its market share in the near future by increasing its budgets for research and development, marketing and field operations. "We are accelerating developments of key products, channels and technologies to capture a broader share of upstream production applications and downstream consumer opportunities," 3D Systems CEO Avi Reichental said.
The third quarter revenue growth came largely as a result of a 76 percent increase in sales of printers and other products as well as a 30 percent overall organic growth.
"We are very pleased to report another record revenue quarter on unprecedented printer units demand that more than tripled last year's unit sales," Reichental said. "Stronger materials sales, increased advanced manufacturing activities and meaningful consumer products revenue contribution fueled our growth."
Overall for the first nine months of 2013, revenue grew 42 percent to $358.6 million. That was the result of an 81 percent increase in sales of printers and other products and 27 percent organic growth.
Third Quarter 2013 Revenue Highlights (compared to 2012 third quarter) include:
- 3D printers and other products revenue increased 76 percent to $59.8 million.
- Print materials revenue grew 30 percent to $33.2 million.
- Services revenue rose 38 percent to $42.7 million.
- Healthcare revenue grew 39 percent and contributed $16.9 million.
- Consumer solutions contributed $13.5 million to total revenue.
The company continued to increase its research and development and marketing expenditures in the third quarter.
For the third quarter in a row, the company also expanded its manufacturing capacity to accommodate increasing demand for products and services.
"For the next few periods, we are going for accelerated market-share expansion ahead of earnings per share," Reichental said. "We believe that our portfolio's diversity, ranging from direct metal printers at the high end to desktop consumer printers at the low end, is best positioned to capture this unprecedented market opportunity, and expect that our decisive actions will extend our first mover advantage in key verticals."