Printer Jams on 3D Systems' First-Quarter Results, but We're Maintaining Our Fair Value Estimate
We are maintaining our $11 fair value estimate for 3D Systems following disappointing first-quarter results. Compared with the first quarter last year, 3D’s top line declined 8% while gross profit margins contracted 400 basis points versus the same period. The first quarter’s 43% gross profit margin was also 300 basis points worse than the fourth quarter in 2018. Management pinned performance in the quarter on weaker sales on a battery of issues, including weak on-demand manufacturing sales, wea...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.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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