Morningstar | DDD Updated Forecasts and Estimates from 12 Nov 2018
3D Systems seeks to become a one-stop solutions provider in additive manufacturing. It possesses the broadest range of 3D printers and printer materials and offers a full menu of related services, including software, materials, service, and direct manufacturing custom parts.Powerful new entrants and alternative technologies have eroded intangible assets and lowered customer switching costs. 3D Systems must also address legacy issues with inconsistent product quality and customer service. At its heart, 3D printing remains a razor-and-blade business, where high-volume printer sales ideally drive long-lived demand for high-margin proprietary materials, software, and services.Two broad trends include rapid prototyping in design and engineering and mass customization for finished parts in aerospace, healthcare, and defense. The company's ProJet 3D printer series address the rapid prototyping market, while its LayerWise, NextDent, and DentWise units target customization opportunities in medicine and dentistry. Next up is the versatile, modular Figure 4 production printer for high-volume finished parts. 3D printers use consumable materials such as plastics, metals, ceramics, and composites much as a personal printer uses ink cartridges. Sales of proprietary consumables generate gross margins 30-50 percentage points higher than for the printers themselves, potentially extending for many years. Materials properties and performance are critical determinants of surface detail, durability, color, and finish of the final product. Beyond concerns created by a soft global industrial economy and a stronger dollar is the steady drumbeat of new competition. This includes General Electric's purchase of two metal printer makers, HP's rollout of its Multi Jet Fusion printer in 2017, and privately owned Carbon's CLIP technology-based printers.CEO Vyomesh Joshi is moving swiftly to reposition 3D Systems to ensure customer acceptance of its foundational Figure 4 printer platform, range of new materials, and other products. Success will rest on its ability to market its innovations, streamline operations, and deepen penetration of its most critical customers, end markets, and products.3D Systems is a holding company. Through its subsidiaries, the company provides 3D printing solutions, including 3D printers for plastics and metals, materials, software, on demand manufacturing services and digital design tools. The company's solutions support applications in a range of industries and verticals, including healthcare, aerospace, automotive and durable goods. The company's healthcare capabilities include simulation, Virtual Surgical Planning (VSP?), and printing of medical and dental devices, models, and surgical guides and instruments. The company provides 3D printing technologies including Stereolithography, Selective Laser Sintering, Direct Metal Printing, MultiJet Printing and ColorJet Printing.
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